The Asian stock markets are looking at a positive open on Monday following encouraging news out of Europe and upbeat earnings news from the United States.
European Central Bank president Mario Draghi said on Friday that the Eurozone economy is set to start recovering in the second half of this year, though the positive contagion on financial markets has not yet started reflecting on the wider European market.
Addressing the World Economic Forum in Davos, Draghi said that 2013 started with economic conditions showing a marked improvement, and financial markets experiencing a “relative tranquility.”
In earnings news, Procter & Gamble reported adjusted earnings of $1.22 per share on revenues of $22.2 billion, while analysts had expected earnings of $1.11 per share on revenues of $21.9 billion. The consumer products giant also raised its guidance for 2013.
Starbucks also reported fiscal quarterly earnings that rose year-over-year and came in line with estimates. The company also reaffirmed its full-year guidance.
The major U.S. averages were higher on Friday as the Dow rose 70.65 points or 0.5 percent to finish at 13,895.98, while the NASDAQ climbed 19.33 points or 0.6 percent to close at 3,149.71 and the S&P 500 advanced 8.14 points or 0.5 percent to end at 1,502.96.
The major European markets also were up on Friday as the DAX of Germany climbed 1.42 percent and the CAC 40 of France gained 0.69 percent. The FTSE 100 of the U.K. added 0.31 percent and the SMI of Switzerland was up 0.01 percent.
The Asian markets were mostly higher on Friday as Japan’s Nikkei surged 2.88 percent, while India’s Sensex climbed 0.90 percent, Thailand jumped 0.85 percent, Singapore’s Straits Times gained 0.64 percent, Australia added 0.52 percent, Indonesia gained 0.43 percent and Malaysia collected 0.11 percent.
Moving lower, Hong Kong eased 0.08 percent, while Taiwan lost 0.30 percent, China’s Shanghai Composite dipped 0.49 percent and South Korea’s KOSPI dropped 0.91 percent.
Also, markets in Australia are closed on Monday for Australia Day, and will re-open on Tuesday.
by RTT Staff Writer
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