Asian stocks are set to open strong as China returns from holiday, with US stock futures rising

From Yahoo Finance: 2024-05-05 18:32:27

Asian equity markets are expected to open strong as China returns from holiday and the soft US jobs report increases bets on Fed rate cuts. US stock futures rise after S&P 500 gains, with China-listed Nasdaq shares up 5.5%. Global stocks rose for second consecutive week, Treasuries rallied after payrolls data.

Weak US data points send Citigroup’s Economic Surprise Index to lowest since 2023, with nonfarm payrolls increasing 175,000 in April. Unemployment ticks up to 3.9% and wage gains slow. Market gains confidence in US economy cooling, allowing Fed to potentially ease policy later this year.

Oil edges higher after Israel closes Gaza crossing following rocket barrage by Hamas. Saudi Arabia raises crude prices to Asia to tighten market. Traders anticipate central bank meetings led by hawkish Reserve Bank of Australia. Chinese data and key emerging market inflation readings also on the horizon.

Stock futures show S&P 500 up 0.2%, Hang Seng up 0.6%, S&P/ASX 200 up 0.3%. Euro and other currencies little changed. Bitcoin at $63,787.51, Ether at $3,134.73. Story produced with Bloomberg Automation.



Read more at Yahoo Finance: Asian Stocks Eye Positive Start as China Returns: Markets Wrap