Asian shares rally as investors focus on earnings

Asian shares rally as investors focus on earnings

Asian equity markets advanced as investors disregarded the implications of renewed virus lockdowns and emerging Sino-U.S. dispute. Instead, they focused on upcoming company earnings, hoping that global stimulus efforts will render positive outlooks.

MSCI’s broadest of Asia-Pacific shares outside Japan jumped 0.6%, securing a 20-week high as Chinese stocks advanced further.  Japan’s benchmark index Nikkei soared 0.2%.

China’s blue-chip index recorded eight winning sessions on Thursday, gaining a total of 0.6% enough to hit its five-year high. The Shanghai composite index increased by the same margin and at its highest level since 2018.

Australia’s S&P/ASX 200 also advanced with a 0.1% gain. However, New Zealand’s benchmark dropped nearly 2% after a Rio Tinto plan to close an aluminum smelter dragged energy stocks.  

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