Asian Stocks Sag Amid Caution On Earnings, Politics

By ELAINE KURTENBACH, AP Business Writer, Seattle Post-Intelligencer: Business
Tue, 07/25/2017 - 12:51am

TOKYO (AP) — Asian share benchmarks sagged Tuesday as investors awaited a slew of corporate earnings reports. The Nasdaq is up 19.1 percent this year, nearly double the rise for broader-market indexes as investors have massed into technology stocks in their search for strong growth as the global economy remains sluggish. The government announced a new economic plan promising to boost incomes and improve the country's sagging social safety net. [...] despite an upgrade in the growth forecast for Asia's fourth largest economy, to 3 percent from 2.6 percent, shares fell as investors cashed in profits after a long spate of record-high closes driven by optimistic expectations for corporate earnings. ANALYST VIEWPOINT: "The high level of trepidation continues to weigh on market sentiments as a congressional hearing of White House advisers all but guarantees some headline risk and a possible escalation of the Russia- Gate bluster," Stephen Innes of OANDA said in a commentary.

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