Tech shares in Asia climb on Apple results


A television cameraman takes video images in front of a stock quotation board flashing the key Nikkei index of the Tokyo Stock Exchange.
A television cameraman takes video images in front of a stock quotation board flashing the key Nikkei index of the Tokyo Stock Exchange.PHOTO: AFP

SYDNEY (BLOOMBERG) - Asian technology stocks climbed with US equity-index futures on Wednesday (Aug 2) after results from Apple buoyed sentiment in the sector.

Nasdaq futures advanced after Apple projected revenue in the current quarter that topped analysts' estimates, while shares of Honda Motor gained in Tokyo trading following the company's higher profit forecast. 

Company earnings are supporting the case for a firm global economy that's propelling equity gauges to new highs. Still, with many stock valuations well above average, monetary policy in the US tightening and Donald Trump's administration mired in controversy, there remains a degree of caution in markets.

Japan's Topix index gained 0.3 per cent. Australia's S&P/ASX 200 Index fell 0.3 per cent and South Korea's Kospi index added 0.2 per cent.

Nasdaq 100 futures climbed 0.7 per cent as of 9:02am in Tokyo. Apple shares rose more than 6 per cent in after-hours trading, putting the stock on course for a record high when regular trading starts. S&P 500 e-mini futures were up 0.1 per cent.

Futures on Hong Kong's Hang Seng Index were flat.

 

The MSCI All-Country World Index rose 0.5 per cent to close at an all-time high on Tuesday.

The Bloomberg Dollar Spot Index was little changed. It rose 0.2 per cent on Tuesday.

West Texas Intermediate crude retreated from above US$50, falling 0.7 per cent to US$48.82 a barrel. The contract fell 2 per cent on Tuesday, the first decline in more than a week, after an industry report was said to show US crude inventories unexpectedly jumped.

The Bloomberg Commodity Index lost 1 per cent on Tuesday.