Stocks in Asia set to track US gains as tech climbs

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(Sept 10): Asian stocks were primed for gains after U.S. equities rebounded from a three-day rout, with buyers returning to tech and pushing the Nasdaq 100 to its best day since April. The dollar fell.

Equity futures advanced in Japan, Hong Kong and Australia. The S&P 500 Index rose the most since June, though finished well off its session highs. The Nasdaq gains followed an 11% rout that took it down to the average price over the past 50 days. Tesla Inc. also bounced off that closely watched level after suffering its biggest selloff. Computer chip and hardware makers rose. Treasuries retreated, while the pound headed for its longest declining streak since March on worries that talks could collapse over changes to the Brexit withdrawal deal.

Volatility remains elevated and investors will be on guard for any signs the selling in stocks may resume. Thursday brings the European Central Bank’s latest policy decision and weekly jobless claims data in the U.S.

“We are in a recovery but this recovery is about to slow down,” David Kelly, chief global strategist at JPMorgan Asset Management, said on Bloomberg TV. “It’s important for investors at this stage to be disciplined and realize that just because we’ve seen some good economic numbers and because the market seems to be OK here, don’t take your eye off the ball. Recognize that we’ve still got a long way to go before this pandemic is really over.”

Elsewhere, Brent crude oil climbed just above US$40 a barrel in London. Gold advanced.

Here are some key events coming up:

  • The ECB is expected to hold rates steady on Thursday but indicate that downside risks have intensified, suggesting further easing is possible before year-end.
  • The U.S. releases initial jobless claims numbers Thursday.
  • U.S. CPI data is due Friday, with consumer prices expected to have risen in August.

These are the main moves in markets:


  • The S&P 500 rose 2% on Wednesday.
  • Futures on Japan’s Nikkei 225 advanced 1.2%.
  • Hang Seng futures added 0.9%.
  • Futures on Australia’s S&P/ASX 200 Index gained 1.3%.


  • The Bloomberg Dollar Spot Index fell 0.4%.
  • The euro bought US$1.1803.
  • The yen was at 106.18 per dollar.
  • The offshore yuan traded at 6.8317 per dollar.


  • The yield on 10-year Treasuries climbed two basis points to 0.70%.


  • West Texas Intermediate crude climbed 2.8% to US$37.78 a barrel.
  • Gold was at US$1,946.84 an ounce.