The global stock rally
that saw U.S. equities cap their longest advance this year looked set
to continue in Asia, with index futures from Japan to Hong Kong
signaling further gains. The dollar and the yen maintained losses.
Futures on stock
gauges in Tokyo and Seoul climbed more than 1 percent in recent trade,
with speculation the Federal Reserve will hold off raising interest
rates until 2016 boosting riskier assets, and helping the Standard &
Poor’s 500 Index to its fifth day of gains. Australia’s dollar hovered
near a two-week high before the central bank there reviews already
record-low borrowing costs, while U.S. oil held above $46 a barrel.
Stocks have been
rallying since capping their worst quarter in four years, as unexpected
weakness in the U.S. labor market pushes out the probable timeline for
rate increases. Odds the Federal Reserve will pull the trigger on
tightening this month have fallen to 10 percent, suppressing the dollar
while bolstering assets in emerging and riskier markets that have
benefited from the era of cheaper money. Global equity values have
climbed back above $60 trillion this month after almost $10 trillion was
erased last quarter.
Futures on Japanese
indexes foreshadowed similar gains for stocks there, with contracts on
the Nikkei 225 Stock Average bid up 1.4 percent in the Osaka pre-market,
to 18,320. Yen-denominated futures on the index traded in Chicago
dropped 0.2 percent to 18,330 after jumping 2.7 percent in the previous
session.
In Australia, where
markets didn’t settle Monday, the S&P/ASX 200 Index surged of 1.2
percent Tuesday, while futures on South Korea’s Kospi index added 1.1
percent. New Zealand’s S&P/NZX 50 Index, the first major stock gauge
to start trading each day in the Asia-Pacific region, climbed 0.7
percent in a third day of gains.
Futures on Hong Kong’s
Hang Seng Index increased 1.2 percent in recent trading, rising with
contracts on the Hang Seng China Enterprises Index, a gauge of mainland
equities listed in the city. Mainland Chinese markets remain closed
through Wednesday for the week-long National Day holidays.
Source : Bloomberg
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