GLOBAL MARKETS-Asian markets set to push higher after overnight gains

By Pete Schroeder
Sept 29 (Reuters) - Asian markets look set to rise on
Tuesday, building on newfound momentum after bargain hunters
helped a recovery in U.S. markets after last week's selloff.
Australian S&P/ASX 200 futures YAPcm1 were up 0.64% in
early trading, while Japan's Nikkei 225 futures NKc1 rose
0.21%. Hong Kong's Hang Seng index futures .HSI .HSIc1 were
up 0.61%.
E-mini futures for the S&P 500 EScv1 were up 0.16%.
Asian markets have been buoyed by positive signs around
China's economic recovery, although the coronavirus pandemic
continues to wreak economic havoc globally and raise concern
about high valuations.
Investors will remain cautious ahead of the first U.S.
presidential debate set to take place later on Tuesday, and as
lawmakers continue sporadic efforts to cobble together
additional economic stimulus.
U.S. consumer confidence and home price data is also due on
Tuesday. Upcoming U.S. economic data should help show how well
the country is positioned to rebound from pandemic lockdowns,
and how necessary more stimulus will be.
"Globally, a loss of momentum and the renewed rise in
COVID-19 infection rates points to the need for additional
fiscal and monetary support. That policy outlook is continuing
to provide a supportive backdrop to equities despite recent
volatility," wrote ANZ Bank New Zealand in an analyst note.
U.S. traders posted strong gains on Wall Street on Monday,
particularly in hard-hit sectors like hotels, banks and airlines
which posted sizeable gains after several days of decline.
On Wall Street, Dow Jones Industrial Average .DJI rose
1.51%, the S&P 500 .SPX gained 1.61%, and the Nasdaq Composite
.IXIC was up 1.87%.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 1.68%, while the STOXX 600's banking stock index was up
5.6%, after hitting a fresh all-time low on Friday .SX7P .
But there were still some signs of caution, as Europe is
experiencing a rise in new COVID-19 infections and some U.S.
states continue to grapple with high case numbers. Safe-haven spot gold XAU= added 1.2% at $1,881.49 an
ounce. U.S. gold futures GCc1 gained 0.89% at $1,874.30 an
ounce.
But the U.S. dollar dropped from a two-month high against a
basket of currencies Monday, with the dollar index falling 0.3%,
its biggest daily percentage drop in roughly three weeks.
The weakening U.S. dollar helped drive up oil prices. Brent
crude LCOc1 settled up 51 cents to $42.43 a barrel, or 1.22%.
U.S. West Texas Intermediate CLc1 settled up 35 cents at
$40.60 a barrel, or 0.87%. U.S. Treasury yields were largely flat, with no fresh data
or issuances shaking up the market. The benchmark 10-year yield
US10YT=RR was up 0.2 basis point on the day at 0.661%.
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