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Asian Stocks Rise, Investors Await Economic Data and US Steel Deal

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ASIA,STOCK MARKET,ECONOMICS

Australian stocks opened higher, following a holiday break, as other Asian markets resumed trading. Investors are looking forward to economic indicators like Singapore's Q4 GDP and China's Caixin manufacturing PMI. Meanwhile, Nippon Steel has reportedly offered the U.S. government veto power in a bid to secure approval for its acquisition of U.S. Steel. US stock futures remain largely unchanged as traders anticipate a new year following strong performance in 2023.

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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Trump to Block Nippon Steel's $14 Billion U.S. Steel AcquisitionPresident-elect Trump announced his intention to use tax incentives to prevent Nippon Steel's acquisition of U.S. Steel, a deal valued at $14 billion, citing concerns over foreign ownership. He plans to act swiftly as president to block the transaction, which faces opposition from President Biden and a powerful U.S. labor union.
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