Asian shares looked set to rise on Monday following significant gains stateside, which saw major U.S. indexes touch record highs in the last session.
U.S. stocks were given a lift on Friday on the back of expectation-topping corporate results. As of Friday, 82 percent of companies that have announced fourth-quarter earnings have beaten expectations, according to Thomson Reuters I/B/E/S.
The Dow Jones industrial average rose 0.85 percent, or 223.92 points, to close at 26,616.71, the S&P 500 advanced 1.18 percent to end at 2,872.87 and the Nasdaq composite rose 1.28 percent to finish the session at 7,505.77.
Markets stateside also digested fourth-quarter GDP numbers released Friday, which showed the U.S. economy expanded by 2.6 percent, short of the 3 percent forecast in a Reuters poll.
In Asia Pacific markets, futures pointed to a higher open for Japanese equities at the open. Nikkei futures traded in Chicago were 0.48 percent higher at 23,745 compared to the benchmark’s previous close. Osaka futures were up 0.25 percent at 23,690.
Over in Sydney, the S&P/ASX 200 edged up 0.28 percent as markets resumed trade following a long weekend due to Australia Day last week.
Meanwhile, the dollar index, which tracks the U.S. currency against a basket of six peers, stood at 89.019 at the end of last week.
The greenback fell last week following comments from U.S. Treasury Secretary Steven Mnuchin about how a weaker currency benefits trade. The currency later edged up after President Donald Trump said Mnuchin had been misinterpreted, but subsequently resumed its slide.
On Monday, the dollar was mostly steady against the yen at 108.71.
The Australian dollar, which closed above the $0.81 handle on the back of the softer dollar last week, traded at $0.8106.
China’s banking regulator issued fines on 12 banks amounting to 295 million yuan ($46.7 million), local media said on Saturday. The fines were issued due to illegal bill trading, although authorities did not specify what was unlawful about the trading, Reuters reported. Postal Savings Bank of China was among the banks fined.
Meanwhile, shares of Hong Kong-listed Wynn Macau are in focus following a Wall Street Journal report detailing sexual misconduct from casino magnate Steve Wynn. Shares of Wynn Resorts tumbled more than 10 percent on Friday following the news.
Here’s the economic calendar for Monday (all times in HK/SIN):
- 8:00 a.m.: Australia new home sales
- 10:00 a.m.: Vietnam inflation rate, industrial production and retail sales
- 1:00 p.m.: Singapore producer prices
This week, investors in the region will also keep an eye on a fairly packed calendar of events stateside, with Trump’s State of the Union address expected on Tuesday U.S. time.
The Federal Reserve will also announce its interest rates decision on Wednesday during U.S. hours.
