BEIJING (Xinhua) — On Tuesday, Asian equities rose in lockstep with Wall Street ahead of US earnings reports, which are expected to reveal solid profits for big banks. The Shanghai Composite Index SHCOMP, +0.24 percent increased by 0.2 percent, while the Nikkei 225 NIK, +0.61 percent in Tokyo increased by 0.8 percent. In Hong Kong, the Hang Seng HSI, which is up 1.86 percent, gained 1.9 percent. The Kospi 180721, +0.71 percent in Seoul gained 0.7 percent, while the S&P/ASX 200 XJO, +0.22 percent in Sydney gained 0.3 percent.

New Zealand’s NZ50GR, +0.10%, Taiwan’s Y9999, +0.51%, and Singapore’s STI, +0.66% rose, while Jakarta’s JAKIDX, -0.12% fell. China’s trade data was awaited by investors. The S&P 500 index gained 0.3 percent overnight to a new high, powered by banks, communications, and consumer-oriented firms. In a report, Oanda’s Edward Moya stated, “Wall Street is prepared for a tumultuous week as market participants are divided on a bevy of concerns, including whether to bet on growth or cyclicals and if inflation acceleration worsens.” The S&P 500 index increased 0.35 percent to 4,384.63 on Wall Street. The Dow Jones Industrial Average DJIA, +0.36% increased 0.4 percent to 34,996.18 points. The Nasdaq composite COMP, +0.21 percent increased by 0.2 percent to 14,733.24. In recent tumultuous trading, the indexes have touched multiple highs. Expectations for corporate profits are high as corporations, led by Wall Street banks, disclose quarterly results on Tuesday. In oil markets, the New York Mercantile Exchange’s benchmark U.S. crude CLQ21, +0.31 percent increased 13 cents to $74.23 per barrel in electronic trading. On Monday, the contract slipped 46 cents to $74.10. Brent crude BRNU21, +0.25 percent, the worldwide oil price benchmark, rose 10 cents to $75.26 per barrel in London. It rose 39 cents to $75.16 a barrel in the previous session. The dollar USDJPY increased by 0.01 percent to 110.37 yen from 110.34 yen./nRead More