HomeLatest NewsAsia-Pacific stocks mixed as HSBC earnings beat expectations; oil prices rise

Asia-Pacific stocks mixed as HSBC earnings beat expectations; oil prices rise

SINGAPORE — Shares in Asia-Pacific were mixed in Monday trade as investors reacted to the release of HSBC earnings.

Hong Kong’s Hang Seng index rose around 0.1% by the afternoon. Hong Kong-listed shares of HSBC rose 0.54%, with the bank on Monday reporting a pre-tax profit in the third quarter of 2021 that bested expectations.

Shares of embattled developer China Evergrande Group jumped around 4% after the firm announced Sunday it had resumed work on more than 10 projects, according to Reuters.

Mainland Chinese stocks were also higher, with the Shanghai composite gaining 0.38% while the Shenzhen component advanced 0.377%.

Japan’s Nikkei 225 slipped 0.82% while the Topix index shed 0.25%. South Korea’s Kospi gained 0.43%.

Stocks in Australia edged higher, with the S&P/ASX 200 up 0.35%.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.09%.

Meanwhile, the Covid-19 situation in China could weigh on investor sentiment after an official warned that the outbreak could spread further, Reuters reported Sunday.

Oil prices rise

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures rising 0.85% to $86.26 per barrel. U.S. crude futures gained 1% to $84.60 per barrel.

Shares of oil companies jumped, with Beach Energy in Australia rising 5.07% while Japan’s Inpex gained 2.31%. Hong Kong-listed shares of PetroChina also surged 2.05%.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.496 after touching an earlier high of 93.689.

The Japanese yen traded at 113.59 per dollar following its strengthening from above 114 against the greenback late last week. The Australian dollar changed hands at $0.7485, off levels above $0.75 seen in the previous trading week.

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