Australian dollar surges amid Brexit turmoil, Wall Street jumps on high expectations

10 Juillet, 2018, 08:09 | Auteur: Auguste Feret

Asian stocks pointed to gains after a positive Friday session on Wall Street as investors watched for developments in trade tensions between China and the USA before earnings season gets underway later this week.

Bank stocks were the biggest gainers, with the S&P banks index rising 2.3 percent, on track for its biggest percentage gain in over three months.

JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc are scheduled to report results on Friday, kicking off the second-quarter earnings season in earnest.

A stronger economy and plans for more buybacks are helping bank shares, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

Although there are no immediate signs he US-China trade war is escalating, the key geopolitical risk is whether the United Kingdom is headed for a leadership challenge.

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Caterpillar rose 3.8 percent, providing the biggest boost to the Dow.

A Bank of America Merrill Lynch research report showed earnings per share for S&P 500 companies for 2018 was revised higher amid better-than-expected first-quarter results, higher oil prices and stronger-than-expected US economic growth.

US analysts' estimates for S&P 500 second-quarter profit growth have risen slightly since April, putting the latest forecast at around 21 percent, according to Thomson Reuters data.

Twitter shares fell 5.3 per cent after it was reported the social media company suspended more than 70 million fake accounts, which analysts say will impact user growth.

Advancing issues outnumbered declining ones on the NYSE by a 1.77-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored advancers. China last week said it was retaliating over USA tariffs and President Donald Trump threatened to impose levies on even more Chinese goods. That compares with the 7.0 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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