Asian shares were mixed in choppy trading Thursday, as inflation worries and the war in Ukraine had investors partly optimistic while staying cautious.
Benchmarks rose in Japan, South Korea and Australia, boosted by the overnight rally in Europe and in the Dow in the U.S. Investors were also watching South Korean trade numbers for April, which showed a trade deficit, although both imports and exports rose.Benchmarks rose in Japan, South Korea and Australia, boosted by the overnight rally in Europe and in the Dow in the U.S.
Netflix slumped 35.1% a day after the streaming giant reported its first decline in subscribers in more than a decade. The company also said it expects a steeper decline during the current quarter. Netflix is now considering changes that it has long resisted, including minimizing password sharing and creating a low-cost subscription option supported by advertising. The stock is now down 67% from the all-time high it reached in November.
Health care stocks made some of the biggest gains. CVS CVS rose 2.7% and medical device maker Boston Scientific BSX added 3%. Investors continue focusing on the latest round of corporate earnings as they try to determine how companies are dealing with rising inflation and cost pressures. American Airlines AAL and Union Pacific UNP are due to report results on Thursday.
Rising prices have prompted the Federal Reserve and other central banks to raise interest rates in order to help temper inflation’s impact. The Fed has already announced a quarter-percentage point rate hike and Wall Street expects a half-percentage rate hike at its next meeting in two weeks.
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