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Asia-Pacific stocks mixed as HSBC earnings beat expectations; oil prices rise

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SINGAPORE — Shares in Asia-Pacific were mixed in Monday trade as investors reacted to the release of HSBC earnings.

Hong Kong’s Hang Seng index rose around 0.1% in afternoon trade. Hong Kong-listed shares of HSBC rose about 1% after the bank on Monday reported a pre-tax profit in the third quarter of 2021 that bested expectations.

Shares of embattled developer China Evergrande Group slipped 0.37% after surging nearly 6% earlier. The firm announced Sunday it had resumed work on more than 10 projects, according to Reuters.

Mainland Chinese stocks were also higher, with the Shanghai composite gaining 0.32% while the Shenzhen component advanced 0.259%.

The Covid-19 situation in China may have weighed on investor sentiment regionally after an official warned that the outbreak could spread further, Reuters reported Sunday.

Japan’s Nikkei 225 slipped 0.92% while the Topix index shed 0.48%. South Korea’s Kospi gained 0.32%.

Stocks in Australia edged higher, with the S&P/ASX 200 up 0.41%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded mildly higher.

Oil prices rise

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures rising 0.8% to $86.21 per barrel. U.S. crude futures gained 0.92% to $84.53 per barrel.

Shares of oil companies in Asia-Pacific jumped, with Beach Energy in Australia rising 5.43% while Japan’s Inpex gained 2.42%. Hong Kong-listed shares of PetroChina also surged 2.05%.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.514 after touching an earlier high of 93.689.

The Japanese yen traded at 113.63 per dollar following its strengthening from above 114 against the greenback late last week. The Australian dollar changed hands at $0.7486, off levels above $0.75 seen in the previous trading week.

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