Asian Stocks to Rise as Tech Lifts Wall Street: Markets Wrap

-- Equities in Asia were set for early gains after stocks and bonds rallied on Wall Street Thursday, ahead of crucial US jobs data due later Friday.Share futures for Australia and Hong Kong edged higher while markets in Japan and mainland China are closed for a holiday. The S&P 500 advanced 0.9% and tech-heavy Nasdaq 100 climbed 1.3% on Thursday, only to strengthen further in futures trading following better-than-estimated results from Apple Inc..

The moves come ahead of US nonfarm payrolls data that will help identify the path forward for Federal Reserve policy. Economists surveyed by Bloomberg forecast a 240,000 gain in payrolls, which would be the slowest pace since November.The Fed decided Wednesday to leave the target range for the benchmark rate at 5.25% to 5.5% following a slew of data that pointed to lingering price pressures. Yet Chair Jerome Powell said it’s unlikely that the Fed’s next move would be to raise rates.

“Markets will likely still react more to a weaker print than strong data as investors have turned more hawkish,” said Oscar Munoz and Gennadiy Goldberg at TD Securities. “However, the recent string of upside surprises to economic data is unlikely to be sustained for long as expectations continue to reset higher.”

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