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Asian stocks poised for gains after late Wall Street dash
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A visitor wearing protective face mask, following an outbreak of the coronavirus, walks past in front of an electric screen displaying Nikkei share average outside a brokerage in Tokyo, Japan March 2, 2020. REUTERS/Issei Kato (REUTERS/Issei Kato)
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sian stocks were set to open higher on Friday as a late Wall Street rally supported global sentiment although weak US data and uncertainty about a stimulus package in Washington have kept a lid on confidence.
US stocks ended positive in choppy trade on Thursday, led by a dogged comeback in the technology sector, having initially sold off on higher than expected unemployment claims.
“What we’ve seen for equity markets is there is quite a good deal of resilience,” said Tom Piotrowski, a market analyst at Australian broker CommSec. “Commentators like to stack up all of the negatives markets face, the US election being among them, but I think there is a sense that there is an underlying resilience in the market.”
In early Asian trade, Australia’s S&P/ASX 200 futures rose 0.12 percent and Japan’s Nikkei 225 futures added 0.13 percent. Hong Kong’s Hang Seng index futures rose 0.45 percent. MSCI’s gauge of stocks across the globe shed 0.43 percent.
Democrats in the US House of Representatives are working on a US$2.2 trillion coronavirus stimulus package that could be voted on as soon as next week, with House Speaker Nancy Pelosi reiterating she is ready to negotiate on it with the White House.
The Dow Jones Industrial Average rose 0.2 percent, the S&P 500 gained 0.30 percent and the Nasdaq Composite added 0.37 percent.
The US dollar lost ground as investor confidence returned. The dollar index fell 0.056 percent.
US Treasury yields fell, but moved off lows after a stronger-than-expected report on the housing sector.
Oil prices were steady as a new wave of coronavirus cases in Europe led several countries to re-impose travel restrictions, offsetting a drop in US crude and fuel inventories.
US crude recently fell 0.12 percent to $40.26 per barrel and Brent was flat.
