
Stocks mixed with trade and earnings in focus
Hong Kong (AFP)Equity markets were mixed on Tuesday as traders kept an eye on earnings from Wall Street titans this week while tracking US trade talks just over a week before the deadline for a deal.Investors took a more cautious path after a largely positive day on Wall Street, where the S&P ended above 6,300 points for the first time and the Nasdaq chalked up yet another record.Equities continue to rally on expectations key trading partners will strike agreements with Washington before August 1 to avoid Donald Trump's sky-high tariffs, with the US president saying several deals were close. Just three have been struck so far.His press secretary Karoline Leavitt said more could be reached before next Friday but also warned the president could unveil fresh unilateral tolls in that time.While Trump's initial tariff bombshell on April 2 rattled global markets before he delayed introducing the measures twice, they have seen more muted reactions to successive threats as traders expect him to eventually row back again.That optimism has been helped by data indicating the US economy remained healthy despite the imposition of other levies that are beginning to be felt on Main Street.And SPI Asset Management's Stephen Innes warned traders could be in for a shock next week."The new tariff regime isn't being priced -- full stop," he wrote."Markets have seen this movie before: tough talk, last-minute extensions, and deal-making in overtime. But this time, Trump isn't bluffing. He's already posted 'No extensions will be granted'."The new rates -- 30% on the EU, 35% on Canada, 50% on Brazil -- are politically loaded and economically radioactive. If they go live, there's no soft landing."Hong Kong has been the standout in Asia this year, piling on around a quarter thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.The Hang Seng Index continued its advance Tuesday, pushing to its highest close since late 2021, while Shanghai, Sydney, Manila and Mumbai also gained.There were losses in Singapore, Seoul, Wellington, Taipei, Jakarta and Bangkok, while London, Paris and Frankfurt struggled in the morning.Tokyo dropped after an early rally fizzled out as investors returned from a long weekend to news that Prime Minister Shigeru Ishiba's ruling coalition lost its majority in Japan's upper house elections Sunday, months after it suffered a similar fate in the lower house.His refusal to leave helped stocks and the yen in opening exchanges but observers warned the government's tenure remained fragile and investors remained nervous.The yen sat around 147.70 per dollar in the afternoon, having struck 147.08 earlier, though it is still stronger than Friday's 148.80.Focus also turns this week to earnings from some of the world's biggest names, including Tesla, Google-parent Alphabet, General Motors, Intel and Coca-Cola.
While there will be plenty of attention given to the results, the firms' guidance will be key as investors try to gauge companies' pulses in light of Trump's trade war.
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