Investors cautious in Asia as Biden exits presidential race, favoring Trump; tech sector expected growth.

From Investing.com: 2024-07-21 20:26:33

Asian shares tread cautiously as investors brace for a busy week of corporate earnings and key economic data. U.S. President Joe Biden drops out of the election race, boosting Harris’ odds. Markets favor Trump, with stock futures and Nasdaq futures rising. Tech sector expected to surpass S&P 500 in earnings growth this quarter.

MSCI’s index of Asia-Pacific shares dips amid risk-off sentiment. U.S. earnings season begins with Tesla and Alphabet reporting. Tech sector projected to see a 17% earnings increase. LSEG IBES estimates 11% overall S&P 500 earnings growth. Federal Reserve’s favored inflation measure due Friday, potentially impacting September rate cut odds.

U.S. GDP expected to rise to 1.9% in Q2. Atlanta Fed GDPNow indicator suggests potential upside risk. Bank of Canada likely to cut rates by a quarter point. China set to keep loan prime rates unchanged. Beijing releases policy document outlining economic ambitions.

Euro and yen gain slightly on dollar in currency markets. Gold holds near record high at $2,410 an ounce. Oil prices rise slightly as fighting continues in Gaza. Brent crude at $83.02 per barrel, while WTI crude at $80.55 per barrel.



Read more at Investing.com: Asia stocks wary; Wall St unfazed as Biden bows out By Reuters