Asian bourses mostly rise on more earnings joy as Fed mulls taper

Asian bourses mostly rise on more earnings joy as Fed mulls taper

AFP / Hong Kong

Most Asian markets rose again on Wednesday, joining a global rally fuelled by strong earnings, while investors kept tabs on comments from the Federal Reserve as it prepares to bring an end to its vast financial support programme.

Signs of progress on US President Joe Biden’s massive spending bill provided an extra lift to sentiment, while bitcoin came within touching distance of a new record after a new financial instrument to invest in the cryptocurrency started trading in New York.

Strong profit reports from big-name firms over the past week have reinforced optimism that the corporate sector is, for now, weathering a recent slowdown in economic growth, supply chain issues and surging inflation, providing a much-needed boost to worried traders.

Johnson & Johnson, United Airlines and Netflix were the latest positives from the reporting season, adding to top Wall Street banks including JPMorgan Chase, Bank of America and Morgan Stanley last week.

Tokyo, Hong Kong, Sydney, Wellington, Bangkok and Manila all rose, though there were slight losses in Shanghai, Singapore, Taipei and Seoul.

London and Paris were flat in morning trade while Frankfurt edged up. Rising prices and the end of central bank largesse continued to cast a shadow.

Concerns