Asia markets mixed at open as investors await Big Tech earnings

After a positive start to the week, Asian markets are trading mixed today as investors await Big Tech earnings out from Wall Street.

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May 28, 2023 • 3 min read

Gross domestic product of South Korea

The price of the climbed by 0.8%

According to estimates by the central bank, the economy grew at a faster rate in the first quarter of this year than it did a year earlier.

The economists had expected a 0.9% increase.

The South Korean GDP grew by 0.3% on a quarterly basis, which was slightly more than the 0.2% economists expected.

South Korea's benchmark

Kospi

The Kosdaq index fell 0.25 percent after the announcement.

-- Lim Hui Jie

Oppenheimer says that even though the Federal Reserve's policy meeting doesn't take place until next Monday, the fact that it is on the horizon could add volatility to this week's market.

The firm's chief investment strategy, John Stoltzfus said that the anticipation of the Federal Reserve FOMC meeting scheduled for the first week in May will add to the volatility and tone of the market.

Many participants in the market expect the central banks to increase interest rates by another quarter percent at their next meeting. Investors are closely monitoring the Fed because they fear that the rate-hike campaign could tip the economy towards a recession or slowdown.

Stoltzfus stated that "a brace of uncertainty" remains for the markets about how long the Fed would continue to raise rates, and if its efforts could push the economy into a recession before the current Fed Funds Hike Cycle concludes.

Alex Harring

Fox

Fox News' announcement that Tucker Carlson would be leaving the cable network caused a lot of pressure.

Effective immediately

Fox's shares of class A and B fell by about 4% each after the announcement.

Stock Chart Icon

Fox's stock dropped after Tucker Carlson quit Fox News.

Carlson's departure follows Fox's settlement of a defamation lawsuit from Dominion Voting Systems, which was worth nearly $800,000,000.

In a Monday statement, the company announced that "FOX Media and Tucker Carlson had agreed to part ways." "We thank him as a network host, and before that as a contributing contributor."

-- Jesse Pound

About one third of

S&P 500

Investors are looking for clues on the health of the economy from technology giants, heavyweights from energy and industrials, and other sectors.

Earnings have so far exceeded expectations. Goldman Sachs reported that 53% of the companies in the index had exceeded consensus estimates by a minimum of one standard deviation. This is higher than the average over the past 25 years of 48%. 15 percent of companies missed consensus estimates at least by one standard deviation. This is lower than the average 25-year rate of 14%.

This week, we've got some of the biggest names in news.

Monday:

Coca-Cola Company

Cadence Design Systems

Ameriprise Financial Services

First Republic Bank

Tuesday:

Google

Microsoft

Visa

PepsiCo

McDonald's

Wednesday: