Global Stocks Steady as Greece Relief Rally Runs Dry

HONG KONG (AP) — Most Asian stock markets were modestly higher Tuesday after positive USA earnings reports boosted sentiment.

Tech firms linked to Apple retreated after the world’s biggest company’s latest earnings report left investors disappointed.

Hong Kong’s Hang Seng lost 206.99 points or 0.81 percent to trade at 25,329.44.

The Chinese benchmark has rebounded 14 percent since July 8, following a month-long rout that cost shareholders nearly $4 trillion, as policy makers introduced a spate of measures to bolster equities.

“Since the market had been rising, such bad news can take a toll”, Daiwa Securities senior technical analyst Hikaru Sato said.

Other Asian suppliers to Apple were similarly afflicted. Germany’s DAX slipped 0.1 percent to 11,728.09.

“As goes Apple, as goes the USA stock market”. The figures raised concerns about the upcoming U.S. earnings season.

On Wall Street, the Dow Jones Industrial Average tumbled 1.00 per cent, while the broad-based SP 500 dropped 0.43 per cent and the tech-rich Nasdaq Composite Index fell 0.21 per cent.

Last week Fed chief Janet Yellen said she saw a rise taking place before 2016 – a rate hike is a plus for the dollar.

The dollar was at 123.76 yen in Tokyo Wednesday, down from 123.86 yen in New York, and much lower than 124.35 yen in Tokyo earlier Tuesday.

The euro bought $1.0825 and 134.61 yen, little changed from $1.0824 and 134.55 yen in United States trading.

The single currency was given some buoyancy by the progress in Greece on securing a fresh bailout.

“The euro is higher as progress continues to be made toward a third financial assistance programme for Greece”, said Nick Bennenbroek, head of currency strategy at Wells Fargo Securities.

ENERGY: Benchmark US crude slipped 18 cents to $49.97 a barrel in electronic trading on the New York Mercantile Exchange.

Crude oil futures remained under pressure as investors anxious about ample supply.

Gold fetched $1,103.54 after falling as low as $1,072 per ounce in Asia trade Monday.

Reliance Industries soared 4.26 percent to 1050.45 rupees but pharmaceutical company Lupin slumped 3.29 percent to 1824.05 rupees.

Seoul’s KOSPI index dropped 1% to 2,063.03 in line with the sell-off in the rest of the region.

The FTSEurofirst 300 index of top European shares (.FTEU3) was down 0.3 percent at 1,609.57 points after rising to a six-week high in the previous session.

– Taipei gained 0.34 per cent, or 30.96 points, to 9,005.96.

Microsoft also posted its biggest ever quarterly loss as a result of a writedown on its failed Nokia mobile business.

That fell just short of expectations for a 0.8% increase and followed a 0.2% rise in the first quarter. Australia’s S&P/ASX 200 climbed 0.2 percent to 5,694.30.