GLOBAL MARKETS-Asia stocks set to rise after Wall Street gains on oil rebound

By Katanga Johnson
WASHINGTON, April 22 (Reuters) - Asian equity markets were
poised to edge higher on Thursday after rebounding crude prices
and the promise of more U.S. government aid to ease the economic
pain inflicted by the coronavirus crisis helped calm global
equity markets.
Better-than-expected U.S. corporate earnings also lifted
equities, analysts said, prompting investors to edge out of
perceived safe-haven assets like U.S. Treasuries on Wednesday.
Australian S&P/ASX 200 futures YAPcm1 were up 0.94% at
20:59 GMT, while Japan's Nikkei 225 futures NKc1 were down
0.18%.
The Nikkei 225 index .N225 closed down 1.97% at
19,280.78​​​ on Wednesday. The futures contract is up 0.15% from
that close.​ Hong Kong's Hang Seng index futures .HSI .HSIc1
rose 0.13%.
On Wall Street, all 11 S&P 500 sector indexes traded higher
as the U.S. Senate unanimously approved the new relief package,
adding to trillions of dollars in stimulus that have helped Wall
Street rebound from its March lows.
The House of Representatives is expected on Thursday to
clear the relief, which would be the fourth coronavirus measure
passed by Congress, and would boost the overall federal
financial response to almost $3 trillion. In Europe, traders were buoyed after Italy breezed through a
major debt sale on Tuesday and speculation continued that the
European Central Bank would provide more support measures.
Still, it may take European Union countries until the summer
if not longer to agree on how to finance aid to help economies
recover from the pandemic as major disagreements persist, a bloc
official said on Wednesday. Brent oil LCOc1 rose more than 7%, after earlier in the
day touching its lowest level since 1999, on the prospects for
further production cuts to reduce the glut in the oil market,
sending the S&P 500 energy index .SPNY up 3.6%.
U.S. crude CLc1 was trading up 4.72% to $14.43 per barrel.
Dozens of vessels have been booked in recent days to store
at least 30 million barrels of jet fuel, gasoline and diesel at
sea, as on-land tanks are full or already booked, according to
traders and shipping data reviewed by Reuters. U.S. storage onshore is swiftly filling, with inventories
now at 518.6 million barrels, not far from an all-time record.
On Wall Street, the Dow Jones Industrial Average .DJI rose
456.94 points, or 1.99%, to 23,475.82, the S&P 500 .SPX gained
62.75 points, or 2.29%, to 2,799.31 and the Nasdaq Composite
.IXIC added 232.15 points, or 2.81%, to 8,495.38.
Shares of U.S.-listed Chinese companies may face headwinds
after the head of the U.S. securities regulator warned investors
against putting money into Chinese companies due to ongoing
governance issues with their disclosures. MSCI's gauge of stocks across the globe .MIWD00000PUS >
gained 1.78% following a broad rally in Europe.
The dollar index =USD rose 0.259%, with the euro EUR=
down 0.13% to $1.0808.
The Canadian dollar fell 0.14% versus the greenback at 1.42
per dollar after the nation's death toll from the coronavirus
rose by less than 10% for the third day in a row, data showed on
Wednesday, and some provinces prepared to start lifting
shutdowns imposed to fight the outbreak.
Gains in the oil market helped draw investors into riskier
assets, pulling government bond yields higher.
Benchmark 10-year notes US10YT=RR last rose 4/32 in price
to yield 0.6175%, from 0.619%.

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