Asian Stocks to Get Boost From Bullish Wall Street: Markets Wrap

-- Asian stocks are set to gain Tuesday, led by Japan’s benchmark, following a buoyant session on Wall Street where the S&P 500 advanced for an eighth straight day — the longest winning streak this year.Tokyo equity futures climbed more than 1.5%, with smaller increases in Hong Kong and Sydney.

Stock volume has been trending lower since the trading surge during the early-August selloff as traders are reluctant to place big bets ahead of the Fed’s Jackson Hole economic symposium this week. About 10 billion shares changed hands on exchanges Monday, 14% below the one-month average. “Stocks just need a nod that growth is going to be supported,” Kwon said. “While our view is that risk is to the upside, we do not believe that Jackson Hole will spur the large equity moves that it has in the past when the Fed used it as forum to telegraph upcoming policy decisions.”

“While upside appears to be more muted than when we adopted this stance earlier this year, there remains material upside,” the team led by Andrew Tyler wrote.Advanced Micro Devices Inc. agreed to buy server maker ZT Systems in a cash and stock transaction valued at $4.9 billion, adding data center technology that will bolster its efforts to challenge Nvidia Corp.

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