Asian stocks open higher; Nasdaq futures rise1 min read . Updated: 29 Apr 2020, 05:53 AM IST
Investors are in search of new catalysts to drive further gains in global equities following the 27% surge from the March lows.
Stocks in Asia edged higher with U.S. equity futures as earnings continued to roll in. The dollar maintained this week’s declines.
Shares in Sydney and Seoul opened with modest gains, though sentiment was capped after a warning from Samsung Electronics Co. that earnings may fall in the second quarter as the pandemic hits demand. Nasdaq futures climbed after Alphabet Inc. reported better-than-estimated sales. U.S. equities saw a volatile session Tuesday with megacap tech stocks retreating amid a slide in consumer confidence and as more companies withdrew earnings guidance. Japan is shut for a holiday and Treasuries won’t trade until the London open.
Investors are in search of new catalysts to drive further gains in global equities following the 27% surge from the March lows. The Federal Reserve’s policy decision is due Wednesday, then the European Central Bank the next day, and earnings are still to come from some of the world’s biggest companies, among them Amazon.com Inc. and Microsoft Corp. At the same time, traders are monitoring coronavirus infection rates and the ongoing discussions of how to restart activity.
“We have some very extreme readings on the blow we’ve just suffered and markets are still bouncing around trying to get a reading on where we will be in the third and fourth quarter," Christopher Smart, chief global strategist at Barings Investment Institute, said on Bloomberg TV. “That is very hard right now without knowing where the disease will be, and how quickly people will feel comfortable going back to work, going back to stores, between now and when there might be a vaccine."
These are the main moves in markets:
- Futures on the S&P 500 Index rose 0.3% as of 8:06 a.m. in Hong Kong. Nasdaq futures rose 0.5%.
- Australia’s S&P/ASX 200 Index added 0.4%.
- South Korea’s Kospi index advanced 0.3%.
- The yen rose 0.1% to 106.75 per dollar.
- The offshore yuan traded at 7.0846 per dollar.
- The euro was at $1.0833, up 0.1%.
- The yield on 10-year Treasuries dipped five basis points to 0.61% Tuesday.
- Australia’s 10-year yield fell two basis points to 0.91%.
- West Texas Intermediate crude rose 7.9% to $13.31 a barrel.
- Gold was at $1,704.96 an ounce, down 0.2%.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.