U.S. markets finished higher on Thursday ahead of Asia’s Friday trading day as investors awaited developments regarding tax reform. In Asia, markets will await the release of trade data out of China for clues about the health of its economy.
Tax reform was in focus on Wall Street as investors anticipated potentially lower corporate taxes ahead. A top Republican indicated on Thursday that the GOP’s final tax bill could see certain deductions being adjusted. A joint tax bill now has to be ironed out after the House and Senate earlier passed separate versions.
U.S. stocks ended higher on Thursday as tech shares notched gains. The Dow Jones industrial average rose 70.57 points, or 0.29 percent, to close at 24,211.48, the S&P 500 advanced 0.29 percent to end at 2,636.98 and the Nasdaq composite added 0.54 percent to finish at 6,812.84.
The dollar index, which tracks the U.S. currency against a basket of six major currencies, was firmer at 93.769. Against the yen, the dollar traded at 113.07, its highest level in more than three weeks.
Meanwhile, bitcoin soared above $19,000 on Thursday, but later tumbled some 20 percent from that level. The cryptocurrency, which started the year under $1,000, has experienced massive moves in recent days.
In Asia, futures implied yet another higher open for Japanese equities after markets recorded a sharp decline earlier in the week. Nikkei futures traded in Chicago were up 0.48 percent at 22,605 and Osaka futures were 0.54 percent higher at 22,620.
Down Under, the S&P/ASX 200 rose 0.35 percent in early trade.
The Australian dollar took a hit following the release of poorer-than-expected trade data on Thursday. At 6:36 a.m. HK/SIN, the Aussie dollar traded at $0.7510, after falling as low as $0.7502 during the session. Ahead, moves in the currency will likely be influenced by trade data out of China due later in the session.
LG Display said “nothing has been set in detail” regarding a deal which would see the South Korean company supply OLED panels to Apple. The panel maker added that it would make an announcement about any developments “in a month,” according to local media.
Elsewhere, Taiwan Semiconductor Manufacturing Company said it would be investing approximately $20 billion in its latest planned plant, Reuters said. The new chip plant will reportedly be focused on 3 nanometer technology.
Oil prices rose overnight after tumbling more than 2 percent in the previous session. U.S. crude futures tacked on 1.3 percent to settle at $56.69 per barrel and Brent crude rose 1.6 percent to settle at $62.20.
Also of note was a possible disruption in Nigeria after one of the country’s main oil unions warned it could go on strike after an alleged “mass sacking,” Reuters reported.
Here’s the economic calendar for Friday (all times in HK/SIN):
- 7:50 a.m.: Japan third-quarter GDP growth
- 8:30 a.m.: Australia home loans
- 4:00 p.m.: Taiwan balance of trade
- 7:30 p.m.: India loan growth
- China trade data is also due
Source: cnbc china
Asia shares to take cues from Wall Street's move higher; China trade data due