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Home > News and Opinion > US Earnings Report Sends Asian Shares Higher

US Earnings Report Sends Asian Shares Higher

George Sterling | Wednesday, October 17th, 2012

On Wednesday, positive United States earnings report sent Asian shares higher, allowing them to reach their highest value in more than five months.

On the other hand, since Spain was able to retain an investment grade debt rating, the euro also increased in value, hitting a 30 day high in contrast to the US dollar and the Japanese Yen.

Moreover, gold prices also reacted positively to a weaker dollar, as spot gold reported an increase of 0.2 percent, settling at a value of $1,750.79 per ounce. Spot gold had settled at a one month low value earlier this week.

Amongst the shares that jumped in Asia included the MSCI index of Asia Pacific shares. The shares increased by 1 percent, reaching a 5 and a half month high. On the other hand, shares in Hong Kong also jumped, particularly those related to the resource and shipping sectors. Shares in the particular sectors increased in value and hit seven month high values.

On the other hand, pan-Asian index’s materials sector also outshined others, whereas resource dependent shares in Australia were also on the rising trend. The Australian dollar gained as well, increasing by 0.3 percent, settling at a value of $1.0303 against the U.S dollar.

Moreover, due to the fact that Spain was able to retain investment grade debt ratings, the euro also jumped, settling at $1.3125 against the U.S dollar. The euro climbed to its highest value since September 17, after its credit ratings were downgraded by Moody’s Investor Service.

Additionally, in Asia, the Nikkei index of Japan gained by 1.3 percent, settling at a one week high value. Moreover, since the dollar depreciated against the Yen, traders retained a positive outlook.

The overall sentiment in Asia was positive on Wednesday, as United States corporate earnings report boosted investors’ optimism about the global economy and the world’s largest economy.

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