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Asian stocks set to follow U.S. higher on China hopes, upbeat data

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Asian markets looked set to rise on Tuesday as investors weighed growing expectations of an economic rebound in China and a resurgent U.S. services industry, brushing off worries about a spike in U.S. coronavirus cases.

Australian S&P/ASX 200 futures climbed 0.52%, while Japan’s Nikkei 225 futures rose 0.07%, and Hong Kong’s Hang Seng index futures were up 0.68%. E-mini futures for the S&P 500 rose 0.08% following a rally in global stocks on Monday.

Jawboning by the Chinese government through a state-sponsored journal on the importance of “fostering a healthy bull market” helped spur the move, said Ray Attrill, head of FX strategy at NAB, in a research note. Stocks also rallied on a sharp rebound in U.S. services industry activity in June, almost returning to pre-pandemic levels, even as new coronavirus cases surged in several states, forcing some restaurants and bars to close again in a setback to the budding recovery.

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