Asian equities get a Tesla fast charge

Tesla earnings boost Asian markets

With the exception, once again, of China, Asian markets are tracking higher today after Tesla announced impressive results after the New York markets closed. In New York overnight, the meltdown of the Netflix stock price had spread to other companies associated with the streaming sector. That led to a mixed close in New York as the tech-heavy Nasdaq took a beating. The S&P 500 fell by 0.06%, the Nasdaq tumbled by 1.22%. That prompted a growth to value safety move sending the Dow Jones 0.72% higher.

Tesla’s impressive results saw earnings per share rise to USD 3.22 versus USD 2.26 expected. Revenue rose to USD 18.76 billion versus USD 17.80 billion expected. That was enough to send Tesla’s stock 5.0% higher in after-hours trading and has reversed the negative tone on US markets and has had a positive knock-on effect in Asia. S&P 500 futures are 0.50% higher, Nasdaq futures are 0.75% higher, while Dow futures have risen by 0.35%.

In Asia, Japan’s Nikkei 225 has risen by 1.15%, helped by the Bank of Japan conducting rate capping operations in the JGB market. South Korea’s Kospi is 0.60% higher, but Taipei has only managed a 0.15% gain, likely due to weak mainland China equity markets today. Singapore has risen by 0.50%, Kuala Lumpur by 0.15%, Jakarta by 0.70%, Bangkok by 0.30%, and Manila is unchanged. Australia’s All Ordinaries has risen by 0.30%, and the ASX 200 by 0.40%.

China’s markets continue to underperform, weighed down by growth fears and the Covid-zero policy on the mainland, while US delisting fears on dual-listed equities continue to hamstring Hong Kong markets as well. The Shanghai Composite has fallen by 0.95%, the CSI 300 is 0.70% lower, and the Hang Seng has slumped by 1.15%. Any signs of an easing of Covid-zero policies in President Xi’s speech today could provide a welcome bounce.

European markets managed to rally overnight after an ECB official signalled he remained dovish on rate hikes. With the Ukraine conflict entering its next phase, a French presidential election this weekend, and potentially ugly inflation data tomorrow; any sustained rally by European equities is unlikely.

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific, from 2016 to August 2022
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley was OANDA’s Senior Market Analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes.

He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays.

A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others.

He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

Latest posts by Jeffrey Halley (see all)