⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

GLOBAL MARKETS-Asia shares set to gain after manufacturing data, tech stocks boost

Published 04/08/2020, 09:29 am
Updated 04/08/2020, 09:30 am
© Reuters.
US500
-
DJI
-
JP225
-
MSFT
-
LCO
-
JP225
-
HK50
-
IXIC
-
XAU
-

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

By Chris Prentice

WASHINGTON, Aug 3 (Reuters) - Asian shares were on track to open higher on Tuesday, after strong manufacturing data and gains in tech stocks boosted global equities and the U.S. dollar overnight.

Hong Kong futures HSIc1 were up 0.65% and Nikkei futures NKc1 were above the Nikkei 225 index's .N225 previous close, pointing to an opening gain of about 0.88%. Australian shares were also poised to open higher.

Global equities, the dollar and oil futures kicked off the week with gains as manufacturing data from the United States, Europe and China indicated a factory recovery is holding up despite rising cases of COVID-19.

In the United States, manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new infections, the Institute for Supply Management said. stocks received an additional lift from Microsoft MSFT.O , which jumped 5.6% after it formally declared interest in TikTok's U.S. operations on Sunday. Dow Jones Industrial Average .DJI rose 0.89%, the S&P 500 .SPX gained 0.72% and the Nasdaq Composite .IXIC advanced 1.47% to set a record closing high.

"It has been an upbeat U.S. trading session and Asia will absorb the leads accordingly," Chris Weston, head of research at Pepperstone, said in a market note.

The manufacturing data lifted oil prices LCOc1 more than 1% and drove the U.S. Treasury curve to steepen, an indication of improved investor sentiment. gold XAU was down 0.19% in early trade, retreating from a record high of $1,984.66 set on Monday amid support from virus fears. wrapping up talks on Monday over another round of coronavirus economic stimulus, U.S. House Speaker Nancy Pelosi said she will meet with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows the following day to continue the discussion. "only good thing we can say on the political impasse in Washington is that negotiations remain ongoing," analysts at National Australia Bank said in a market note.

Chicago Federal Reserve Bank President Charles Evans on Monday called forcefully for more U.S. government spending to support the economy, saying "demand trouble is brewing" as existing relief policies expire.

Meanwhile, U.S. President Donald Trump told reporters after the market close that a "permanent lockdown" policy is not a "viable path forward" to combating the coronavirus pandemic. Tracking the spread of the novel coronavirus

https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.