Asian markets looked set to open little changed on Thursday after an oil rally fizzled and copper prices soared overnight. On Wall Street, markets eked out marginal gains in the last session.
U.S. stocks closed slightly higher on Wednesday amid thin trade as gains in real estate and utilities offset losses among energy and telecommunications names. Apple, which had tumbled 2.5 percent on Tuesday following a Taiwanese media report about iPhone X sales forecasts, nudged higher by 0.02 percent.
The Dow Jones industrial average edged up 0.11 percent, or 28.09 points, to close at 24,774.30, the S&P 500 added 0.08 percent to end at 2,682.62, and the Nasdaq composite tacked on 0.04 percent to close at 6,939.34.
Over in Asia, Nikkei futures traded in Chicago were up 0.19 percent at 22,955 while Osaka futures were little changed. Japan’s benchmark Nikkei 225 index had closed at 22,911.21 on Wednesday.
In Sydney, the S&P/ASX 200 inched higher by 0.08 percent early in the morning.
Oil prices, which had run up to a two-and-a-half year high following an attack on a Libyan pipeline, pulled back slightly on Wednesday. U.S. West Texas Intermediate shed 0.6 percent to settle at $59.64 a barrel and Brent crude futures lost 0.9 percent to settle at $66.44.
Copper prices jumped to their highest levels in three-and-a-half years overnight. Three-month copper on the London Metals Exchange was up 1.32 percent at $7,219 per ton following strong import numbers out of China earlier this week.
The base metal is often referred to as “Dr. Copper,” because it frequently provides a good gauge of global economic growth.
The dollar was broadly lower overnight. The dollar index, which measures the U.S. currency against six peers, traded at 93.022 at 7:01 a.m. HK/SIN, compared to levels around the 93.1 handle seen at the end of Asian trade in the last session.
Against the Japanese yen, the greenback last traded at 113.24.
The move lower in the dollar came as U.S. Treasury yields slipped. Yields on the benchmark 10-year Treasury note last stood at 2.41 percent, compared to the 2.47 percent seen on Tuesday.
Commodity-linked currencies were firmer despite the move lower in oil prices in the previous session. The Australian dollar traded at $0.7769 after rising as high as $0.7778 overnight, its highest level in around two months.
Here’s the economic calendar for Thursday (all times in HK/SIN):
- 7:50 a.m.: Japan industrial production and retail sales
- 11:00 a.m.: Thailand unemployment
- 4:30 p.m.: Hong Kong trade
— CNBC’s Evelyn Cheng contributed to this report.
Source: cnbc china
Asian shares look set to open little changed after copper soars