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Asia-Pacific markets set to rise following overnight Dow bounce

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SINGAPORE — Stocks in Asia-Pacific were set to trade higher at the Friday open, following an overnight bounce for stocks stateside.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 27,770 while its counterpart in Osaka was at 27,710. That compared against the Nikkei 225’s last close at 27,448.01.

Meanwhile, shares in Australia also looked poised to rise. The SPI futures contract was at 7,021.0, as compared with the S&P/ASX 200’s last close at 6,982.70.

In corporate developments, investors will watch Hong Kong-listed shares of Chinese tech giant Alibaba after the firm posted its first operating loss as a public company in its fiscal fourth quarter.

Investors will also continue to monitor the coronavirus situation in India, with more than 4,000 Covid-19 deaths reported for the second straight day on Thursday.

Overnight on Wall Street, the Dow Jones Industrial Average jumped 433.79 points to close at 34,021.45 while the S&P 500 gained 1.22% to finish the trading day stateside at 4,112.50. The Nasdaq Composite advanced 0.72% to close at 13,124.99.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.752 after rising earlier this week from below 90.5

The Japanese yen traded at 109.45 per dollar, after weakening earlier in the week from below 109 against the greenback. The Australian dollar was at $0.7727, having declined from levels above $0.78 earlier this week.

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