Asian stocks headed higher after rallies in U.S. indices on positive economic data, and commodities extended their advance.
Markets opened higher in China and Hong Kong. Shares also rose in Japan, South Korea and Australia. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.5% to 14,867 as of 8:45 a.m.
U.S. contracts climbed after renewed gains in U.S. benchmarks overnight, which included a fresh record for the Dow Jones Industrial Average. Copper soared to an all-time high on expectations that rebounding economies will spur a boom in global demand.
China’s open shrugged off news overnight that the Biden administration is likely to preserve limits on U.S. investments in certain Chinese companies.
U.S. economic reports helped sentiment, as applications for state unemployment insurance fell to a fresh pandemic low, and separate data showed a rebound in productivity. Traders now turn to Friday’s payrolls numbers. Treasuries were steady with yields well below recent highs.
Elsewhere, spot iron ore broke $200 a tonne for the first time, while oil climbed.
Back home, Hero MotoCorp, Tata Consumer, Blue Star, Adani Power, Adani Transmission, P&G Health may react as the companies reported quarterly results after the market closed Thursday. HDFC, UltraTech, Dabur, Cholamandalam, Kansai Nerolac are among the companies scheduled to report earnings Friday.
Carlyle Group plans to sell up to 3.5% stake in SBI Life at minimum Rs 945 a share. Foreign investors sold net Rs 458 crore of stocks on May 5, according to the NSDL website.