BEIJING – Asian stock markets were mixed Thursday after Wall Street retreated from a record high as major banks reported strong profits at the start of the U.S. earnings season.
Shanghai, Hong Kong and Sydney declined while Tokyo and Seoul advanced.
Wall Street's benchmark S&P 500 index closed 0.4% below the previous day's record due to losses for major tech stocks while smaller companies rallied.
Goldman Sachs, JPMorgan Chase and Wells Fargo announced quarterly earnings that beat forecasts. Much of the surge was due to strong trading revenue and expectations for better economic performance, which allowed banks to free up reserves held against the possibility loans might go bad.
The results showed “investment banking and trading are strong and that the party will go on for a couple more quarters,” said Edward Moya of Oanda in a report.
The Shanghai Composite Index lost 1% to 3,381.22 while the Hang Seng in Hong Kong declined 0.9% to 28,628.88.
The Nikkei 225 in Tokyo gained 0.1% to 29,657.66 and the Kospi in Seoul added 0.2% to 3,188.94.
The S&P-ASX 200 in Sydney was up less than 0.1% at 7,025.90. New Zealand and Jakarta declined while Singapore advanced.