Asian markets seen firmer after Wall Street turns positive
By Jessica DiNapoli NEW YORK (Reuters) - Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.
By Jessica DiNapoli
NEW YORK (Reuters) - Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.
The U-turn in U.S. stocks, however, was already reflected in some markets, so the impact in Asia may be muted, said Rodrigo Catril, a senior FX strategist at National Australia Bank.
"We still expect markets to open with a positive turn, but we don't expect a meaningful acceleration of it," Catril said. "It should be a positive open but not a bombastic open."
Australian S&P/ASX 200 futures
MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 1.44%.
Wall Street ended higher on Wednesday after investors ploughed into technology stocks, taking advantage of the recent dip. Stay-at-home companies such as Facebook Inc
The Dow Jones Industrial Average <.DJI> rose 439.58 points, or 1.6%, to 27,940.47, the S&P 500 <.SPX> gained 67.12 points, or 2.01%, to 3,398.96 and the Nasdaq Composite <.IXIC> added 293.87 points, or 2.71%, to 11,141.56.
Oil prices recovered some of the losses they saw in the prior trading session when they hovered near three-month lows.
Stephen Innes, chief global markets strategist at Australian financial services firm AxiCorp, said in a note that "in the background ... continues to be COVID-19 concerns and the delicate balancing act needed to return economies to a new normal and manage the likely rise in cases in the northern hemisphere when social activities move indoors, and (COVID-19) could spread more aggressively."
The U.S. dollar slid from a four-week high on Wednesday, led by losses against the euro after a report about European Central Bank officials becoming more confident in their outlook for the region's recovery.
The dollar index <=USD> fell 0.325%, with the euro
The safe-haven greenback was also hit by investors' growing appetite for risk as U.S. stocks rebounded.
U.S. Treasury yields rose on Wednesday after the government sold $35 billion in 10-year notes to slightly soft demand.
(Reporting by Jessica DiNapoli; editing by Richard Pullin)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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