Shares were mostly higher Monday in Asia after Wall Street ended last week on a high note.
BANGKOK — Shares mostly advanced in Asia on Monday after Wall Street benchmarks ended last week on a high note.Bangkok’s SET index rose 0.4% on forecasts for a turnaround for the economy, which has been battered by the pandemic.
The year has begun with optimism that cooling inflation trends could get the Federal Reserve to ease off soon on its sharp hikes to interest rates. Such increases can drive down inflation, but they do so by slowing the economy and risk causing a recession. They also hurt investment prices. The Dow Jones Industrial Average DJIA rose 0.3% to 34,302.61. The Nasdaq COMP rose 0.7% to 11,079.16.JPMorgan Chase JPM rose 2.5% after beating analysts’ expectations for earnings and revenue. Bank of America BAC also shook off a morning stumble to rise 2.2% after reporting better results than expected. Bank of New York BK Mellon rose 1.8% following its earnings release and announcement of a program to buy back up to $5 billion of its stock.
If the economy does fall into a recession, as many investors expect, sharper drops for profits may be set for 2023. That’s why the forecasts for upcoming earnings that CEOs give this reporting season may be even more important than their latest results.
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