Asian stocks mixed ahead of tech earnings results

April 24, 2023 (MLN): Asian stocks were mixed on Monday following a muted finish on Wall Street last week, with investors holding their breath ahead of key earnings results from US tech behemoths, as APP reported. 

Wall Street ended slightly up on Friday after a relatively calm week as a wait-and-see mood took hold of markets ahead of earnings data from the likes of Amazon, Microsoft, Google parent Alphabet and Facebook owner Meta.

"Mega tech earnings will be important this week for the rally in risk sentiment since the beginning of the year," Tapas Strickland of the National Australia Bank said.

Traders will also be looking for clues about the US Federal Reserve's next steps on interest rates, with swaps markets suggesting they anticipate a peak around the corner, followed by a series of cuts in the coming months.

Analysts, however, warned that upcoming US data on growth, inflation, and wages could see that forecast change.

"The thought that the Fed is going to aggressively cut into year-end is misleading," Kim Strand, head of fundamental research and ESG integration for Franklin Templeton Investment Solutions, told Bloomberg Television.

"We believe what the Fed is saying: that it will hike and stay there until you see these areas of inflation coming down."

Tokyo was up on Monday, as was Wellington, while Taipei was relatively flat. Hong Kong, Shanghai, Sydney, and Seoul were all down. 

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