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Asian shares, US dollar climb on rosy data, tech optimism
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Traders work on the floor at the New York Stock Exchange (NYSE) in New York
City, United States, on May 15, 2024. (Reuters/Brendan McDermid)
A
sian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings.
Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields. US consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday.
Nvidia jumped more than 4 percent yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the US.
"There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone.
If Nvidia comes through with better-than-expected sales and profit margins "the rally is on," he added.
The chipmaker is expected to report that first-quarter revenue surged 66.2 percent to $43.28 billion, according to data compiled by LSEG.
In signs of a thaw between the US and Europe, European Union officials have asked companies for details of their US investment plans, according to two sources familiar with the matter.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent in morning trading while Japan's Nikkei advanced 0.6 percent, climbing a fourth straight session.
The dollar index, which tracks the greenback against a basket of currencies, rose 0.1 percent, adding to Tuesday's 0.6 percent rally. The greenback advanced 0.1 percent to $1.132 against the euro.
Australian shares were up 0.17 percent, but the nation's currency slid 0.2 percent after April consumer price data came in above expectations. The kiwi dollar slid 0.3 percent after the Reserve Bank of New Zealand cut rates as expected.
Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the Ministry of Finance will reduce the issuance of long-dated securities.
Oil prices ticked up in early trading as the US barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply.
Brent crude futures rose 0.4 percent to $64.37 a barrel, while US spot gold rallied 0.1 percent after dropping more than 1 percent on Tuesday.
