Japan shares set for constructive begin following in a single day Dow surge; Alibaba’s cloud division turns worthwhile
SINGAPORE — Stocks in Japan were set to trade higher at the Wednesday open following an overnight surge on Wall Street.
Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,460 while its counterpart in Osaka was at 28,470. That compared against the Nikkei 225’s last close at 28,362.17.
Shares in Australia rose in morning trade as the S&P/ASX 200 gained about 0.6%.
In corporate news, investors will monitor Hong Kong-listed shares of Alibaba after the Chinese tech giant reported its cloud division was profitable for the first time.
A private survey on China’s services sector activity in January is also set to be released, with the Caixin/Markit services Purchasing Managers’ Index expected around 9:45 a.m. HK/SIN.
Overnight stateside, the Dow Jones Industrial Average soared 475.57 points to close at 30,687.48 — its best daily performance since November. The S&P 500 rose 1.4% to finish its trading day at 3,826.31 while the Nasdaq Composite gained 1.6% to close at 13,612.78.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.052 following its rise from levels below 90.8 earlier this week.
The Japanese yen traded at 105.06 per dollar, still weaker than levels below 104 against the greenback seen last week. The Australian dollar changed hands at $0.7609, off levels above $0.762 seen yesterday.
Here’s a look at what’s on tap:
China: Caixin/Markit services Purchasing Managers’ Index at 9:45 a.m. HK/SIN