Markets in Asia looked set for moderate gains on Thursday after U.S. stocks mostly edged higher in the last session amid improved investor sentiment.
Both the S&P 500 and the Nasdaq composite notched slim gains on Wednesday as robust earnings continued to buoy market sentiment. The S&P 500 closed 0.08 percent higher at 2,708.64 and the tech-heavy Nasdaq composite gained 0.19 percent to end at 7,295.24.
The Dow Jones industrial average slipped 0.16 percent, or 38.56 points, to close at 24,748.07, weighed down by a decline in IBM shares.
Some 79 percent of S&P 500 companies that had reported as of Wednesday morning had topped expectations, according to Thomson Reuters I/B/E/S.
Over in Asia, Nikkei futures traded in Chicago were up 0.23 percent compared to the benchmark’s last close. Australian SPI futures also tipped a positive open, last higher by 0.43 percent.
Of note, oil prices jumped almost 3 percent to their strongest levels since late 2014 in the last session after data showed a drop in U.S. crude inventories. U.S. West Texas Intermediate crude futures gained 2.9 percent to settle at $68.47 per barrel and Brent crude futures advanced 2.7 percent to settle at $73.48.
Other commodities also got a boost in the last session as metals markets digested sanctions imposed on Russia, with aluminum and nickel prices gaining overnight.
The dollar index, which tracks the greenback against a basket of currencies, firmed to 89.623 in the last session. Against the yen, the dollar edged higher to trade at 107.22 at 6:56 a.m. HK/SIN.
Meanwhile, the British pound slipped after touching its highest levels since Brexit earlier this week and last traded at $1.4205. The decline came on the back of March U.K. inflation coming in at a one-year low.
While cooling inflation pressure in March “will not be enough to dissuade the Bank of England from raising rates at the May meeting,” a continued fall will “question the necessity for further rate increases in November,” Elias Haddad, senior currency strategist at Commonwealth Bank of Australia, said in a note.
Here’s the economic calendar for Thursday (all times in HK/SIN):
- 9:30 a.m.: Australia March employment report
- 4:30 p.m.: Hong Kong March jobless rate
Indonesia’s central bank will announce its interest rates decision later in the day and is largely expected to keep rates unchanged.
— CNBC’s Fred Imbert contributed to this report.
