Asian stocks poised for gains after late Wall St dash

© Reuters.

By Jessica DiNapoli

NEW YORK (Reuters) – Asian stocks were set to open higher on Friday as a late Wall Street rally supported global sentiment although weak U.S. data and uncertainty about a stimulus package in Washington have kept a lid on confidence.

U.S. 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 U.S. 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% and {{178|Japan’s Ni () added 0.13%.

Hong Kong’s Hang Seng index futures () () rose 0.45%. MSCI’s gauge of stocks across the globe () shed 0.43%.

Democrats in the U.S. House of Representatives are working on a $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%, the S&P 500 () gained 0.30% and the Nasdaq Composite () added 0.37%.

The U.S. dollar lost ground as investor confidence returned. The () fell 0.056%.

U.S. Treasury yields fell, but moved off lows after a stronger-than-expected report on the housing sector.

READ  UK man who fled to Georgia after speedboat death returns to Britain

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 U.S. crude and fuel inventories.

U.S. crude () recently fell 0.12% to $40.26 per barrel and Brent () was flat.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here