TOKYO (AP) — Asian shares were trading mostly higher Thursday, after a Wall Street rally that followed profit reports from major companies.
Japan’s benchmark Nikkei 225 gained nearly 0.5% in afternoon trading to 39,020.16. Australia’s S&P/ASX 200 surged 1.2% to 8,520.70. South Korea’s Kospi edged up 0.7% to 2,526.87. Hong Kong’s Hang Seng rose 0.8% to 20,753.87, while the Shanghai Composite added 1.0% to 3,260.49.
In Japan, Honda Motor Co. stock, which jumped the previous day after Japanese media reported its talks to set up a joint holding company with Japanese rival Nissan Motor Corp. will unravel, pared some of those gains. Nissan shares, meanwhile, recovered to trade higher. The media reports continued Thursday, but there was no immediate confirmation from either company.
On Wall Street, the S&P 500 rose 0.4%, while the Dow Jones Industrial Average added 317 points, or 0.7%, and the Nasdaq composite gained 0.2%.
Toymaker Mattel jumped 15.3% after blowing past analysts’ forecasts for profit in the latest quarter. Strength for its Hot Wheels brand helped make up for some softness for Barbie and other dolls. Mattel also gave a forecast for profit this upcoming year that topped analysts’ expectations.
Amgen rallied 6.5% and was one of the strongest forces pushing upward on the S&P 500. It reported stronger profit for the latest quarter than expected, thanks in part to growth for its Repatha medicine, which can lower bad cholesterol and reduce the risk of heart attack.
They helped offset a 7.3% drop for Alphabet, which sank even though Google’s parent company reported stronger profit for the latest quarter than analysts expected. Investors focused instead on slowing growth for its cloud business, whose revenue fell short of forecasts. They also homed in on the $75 billion Alphabet is budgeting for investments this year, roughly $15 billion more than analysts expected, as it remains in the rush to develop artificial-intelligence technology.
Advanced Micro Devices fell 6.3% even though the chip company beat profit expectations for the latest quarter. While analysts called AMD’s results solid, they also asked why CEO Lisa Su did not give more details about expectations for the performance of its AI offerings specifically.
Uncertainty is also hanging over the global economy because of President Donald Trump’s tariffs. After rocking financial markets around the world at the start of this week, worries about a potentially punishing global trade war have eased a bit after Trump gave 30-day reprieves for tariffs on both Mexico and Canada. That bolstered traders’ hopes that Trump sees tariffs as merely a tool for negotiation, rather than as a long-term policy.
