A
rally in metals burnished the outlook for Asian stocks, with index
futures foreshadowing gains from Japan to Australia ahead of data on
Chinese industrial company profits.
Futures
on equity gauges in the region climbed at least 0.1 percent after signs
that China may act to prop up metals prices saw copper to zinc and
aluminum jump to their highest levels in at least a week. U.S. index
futures rallied Thursday with most other markets there closed for
Thanksgiving, while oil retreated in electronic trading. The dollar held
on to gains near a seven-month high versus the euro as investors mulled
the outlook for American interest rates and the potential for further
global monetary policy divergence.
While
trading was muted given the U.S. holiday, metals led market gains
Thursday, with their advance bolstering equities from Europe to Canada.
Prospects China that may intervene in the domestic metals industry to
stop excessive short selling underpinned price gains, with the largest
copper and nickel suppliers planning to meet this week to weigh their
response to the slump in prices, according to people with knowledge of
the matter. With concern over China’s slowdown weighing on commodities
this year, Friday’s profits data will garner particular attention, along
with an update on Japanese consumer prices.
New
Zealand’s S&P/NZX 50 Index added 0.1 percent as of 7:49 a.m. Tokyo
time, rising for a second day to be headed for a 1.4 percent advance in
the week.
In
Japan, futures on the Nikkei 225 Stock Average were up 0.3 percent to
20,000 in Osaka, while contracts on Australia’s S&P/ASX 200 index
gained 0.3 percent despite losses in London-traded stock of BHP Billiton
Ltd., the world’s biggest mining company. The shares fell 2.4 percent
Thursday after the United Nations said waste from a deadly mine spill in
Brazil was toxic and BHP, along with its partner in the project Vale
SA, hadn’t taken sufficient steps to prevent harm.
Futures
on Hong Kong’s Hang Seng Index added 0.4 percent in most recent
trading, while those on the Hang Seng China Enterprises Index, a gauge
of mainland stocks listed in the city, were up 0.5 percent. Futures on
the Kospi index in Seoul gained 0.1 percent as contracts on the FTSE
China A50 Index rose 0.3 percent.
The
Shanghai Composite Index is headed for a second week of gains, with the
measure having pared its losses since China’s shock currency
devaluation in August roiled global markets.
Taiwan also issues a final reading on third-quarter gross domestic product Friday, while U.S. markets close early.
Source: Bloomberg
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