Asian Stocks Set to Follow US Gains on Fed Outlook: Markets Wrap

Equity futures for Japan, Australia and Hong Kong all rose. The S&P 500 advanced for a fourth day Wednesday, extending this week’s gains to 2.5%. The tech-heavy Nasdaq 100 has climbed 3.5% this week.

Australian and New Zealand bonds opened higher after Treasuries made modest gains Wednesday, helped by the weaker-than-expected data. US gross domestic product rose at a 2.1% annualized pace in the second quarter, lower than the government’s previous estimate. An industry gauge of employment showed fewer jobs were added than economists forecast, while a measure of consumer confidence was also softer than expected.

Additional signs of official support for the world’s second largest economy emerged on Wednesday. The People’s Bank of China is drafting preliminary policies to give private businesses better access to funding, local media reported.

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