GLOBAL MARKETS-Asia shares set to gain after manufacturing data, tech stocks boost

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

By Chris Prentice
WASHINGTON, Aug 3 (Reuters) - Asian shares were on track to
open higher on Tuesday, after strong manufacturing data and
gains in tech stocks boosted global equities and the U.S. dollar
overnight.
Hong Kong futures HSIc1 were up 0.65% and Nikkei futures
NKc1 were above the Nikkei 225 index's .N225 previous close,
pointing to an opening gain of about 0.88%. Australian shares
were also poised to open higher.
Global equities, the dollar and oil futures kicked off the
week with gains as manufacturing data from the United States,
Europe and China indicated a factory recovery is holding up
despite rising cases of COVID-19.
In the United States, manufacturing activity accelerated to
its highest level in nearly 1-1/2 years in July as orders
increased despite a resurgence in new infections, the Institute
for Supply Management said. U.S. stocks received an additional lift from Microsoft
MSFT.O , which jumped 5.6% after it formally declared interest
in TikTok's U.S. operations on Sunday. The Dow Jones Industrial Average .DJI rose 0.89%, the S&P
500 .SPX gained 0.72% and the Nasdaq Composite .IXIC
advanced 1.47% to set a record closing high.
"It has been an upbeat U.S. trading session and Asia will
absorb the leads accordingly," Chris Weston, head of research at
Pepperstone, said in a market note.
The manufacturing data lifted oil prices LCOc1 more than
1% and drove the U.S. Treasury curve to steepen, an indication
of improved investor sentiment. Spot gold XAU was down 0.19% in early trade, retreating
from a record high of $1,984.66 set on Monday amid support from
virus fears. After wrapping up talks on Monday over another round of
coronavirus economic stimulus, U.S. House Speaker Nancy Pelosi
said she will meet with Treasury Secretary Steven Mnuchin and
White House Chief of Staff Mark Meadows the following day to
continue the discussion. The "only good thing we can say on the political impasse in
Washington is that negotiations remain ongoing," analysts at
National Australia Bank said in a market note.
Chicago Federal Reserve Bank President Charles Evans on
Monday called forcefully for more U.S. government spending to
support the economy, saying "demand trouble is brewing" as
existing relief policies expire.
Meanwhile, U.S. President Donald Trump told reporters after
the market close that a "permanent lockdown" policy is not a
"viable path forward" to combating the coronavirus pandemic.
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