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Nikkei 225 Jumps In Asian Trade, Investors Focus On Samsung Outlook

Published 10/13/2017, 01:05 AM
Updated 10/13/2017, 01:05 AM
© Reuters.  Asian shares mostly higher

© Reuters. Asian shares mostly higher

Investing.com - Asian shares mostly gained on Friday with the investors noting a management change at South Korea's Samsung Electronics (KS:005930).

The Nikkei 225 jumped 1.15%, while the S&P/ASX 200 rose 0.45%. In Greater China, the Shanghai Compiste gained 0.15% and the Hang Seng index inched up 0.03%.

China reported trade figures for September with the trade balance came in at a surplus of $28.08 billion, compared with a surplus of $39.05 billion seen and imports up 18.7%, compared to a 13.5% gain seen and exports posting an 8.1% rise, below the 8.8% increase expected.

The Kospi eased 0.01%. Samsung Electronics said its vice chairman and chief executive officer, Oh-Hyun Kwon, had decided to step down from management. The announcement came after the company said third-quarter operating profit was likely to increase 179% compared to one year ago. Shares of the company were off 0.51%, having rallied early this week on profit expectations.

Overnight, U.S. stocks retreated from record highs weighed by a slump in financials as better-than-expected earnings from JP Morgan and Citigroup did little to lift sentiment on equities.

The Dow Jones Industrial Average closed lower at 22,841.01. The S&P 500 closed 0.17% lower while the Nasdaq Composite closed at 6591.81, down 0.18%.

U.S. stocks started the session on the back foot as investors mulled over earnings reports from JP Morgan and Citigroup that beat on both the top on bottom lines.

Shares of both JPMorgan Chase & Co (NYSE:JPM) (NYSE:JPM) and Citigroup Inc (NYSE:C) (NYSE:C) fell more than 1%, dragging the broader market into negative territory.

On the economic data front, labor market and wholesale inflation data topped expectations pointing to underlying strength in the U.S. economy.

The U.S. Department of Labor reported Thursday that initial jobless claims fell 15,000 to a seasonally adjusted 258,000 for the week ended Oct. 7, beating forecasts of a 7,000 decline.

In a separate report, the U.S. Department of Labor said its producer price index for final demand increased 0.4% in September. In the 12 months through September, the PPI rose 2.2% after rising 2% in August.

Analysts have been quick to downplay the slump in U.S. stocks, insisting the recent upward trend in markets is not at risk of reversing as earnings will reflect strong fundamentals.

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