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Australia Stocks Open Higher, Asian Markets Resume Trading After Holidays

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Australian stocks started the year with gains, while other Asian markets resumed trading following the New Year's Day holiday. Traders are anticipating key economic indicators from Asia, including Singapore's fourth-quarter GDP and China's Caixin manufacturing PMI for December. U.S. stock futures remained relatively stable as investors await a new year after record-breaking performances in 2023. Nippon Steel is reportedly offering the U.S. government veto power in its bid to acquire U.S. Steel.

Australia stocks opened higher with other Asian markets set to resume trading after New Year's Day holiday.rose 0.17% at open, while Nikkei 225 Chicago futures were trading at 39,605, lower than the index's last close of 39,894.54

Traders in Asia will also look toward Singapore's fourth-quarter gross domestic product. The GDP is forecast to have expanded 3.3% from a year ago, according to a Reuters poll.Other economic indicators on tap include China's Caixin manufacturing PMI for December. Economists anticipate manufacturing activity to come in at 51.7, a modestly higher compared with 51.5 in November, according to LSEG data.U.S.

The S&P 500 recorded an annual gain of over 20% for a second straight year, jumping 23.31%, building on a gain of 24.2% in 2023. The Dow Jones Industrial Average gained 12.88% last year while the Nasdaq was up by 28.64%.Nippon Steel offers U.S. government veto power in bid for U.S. Steel approval, source tells Reuters

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