GLOBAL MARKETS-Asian stocks set to rise as focus swings to recovery prospects

By John McCrank
NEW YORK, July 8 (Reuters) - Asian stocks were expected to
rise on Thursday, as hopes of a robust economic recovery offset
concerns over flare-ups in the coronavirus pandemic, and as
investors looked ahead to earnings season.
Australian S&P/ASX 200 futures YAPcm1 were up 0.85%,
Japan's Nikkei 225 futures NKc1 added 0.16%, and Hong Kong's
Hang Seng index futures .HSI HSIc1 rose 0.82%.
E-mini futures for the S&P 500 EScv1 edged up 0.08%.
"Risk sentiment remains resilient ahead of next week's key
earnings reports," said NAB economist Tapas Strickland.
He singled out earnings from JPMorgan, Citigroup, and Wells
Fargo on Tuesday, as well as tech heavyweights of Microsoft and
Netflix on Thursday.
Demand for technology stocks lifted U.S. shares and helped
the Nasdaq add 1.44% to 10,492.50, its fourth record closing
high in five days.
The Dow Jones Industrial Average .DJI rose 0.68% and the
S&P 500 .SPX gained 0.78%.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS closed 1.29% higher, helped by Chinese stocks,
which have rallied for seven-straight days. Emerging market
stocks rose 1.67%.
Gold XAU= also gained. Concerns over the pandemic and the
extraordinary amounts of fiscal and monetary stimulus unleashed
around the world to counteract its economic impact led some
investors to seek safety in the yellow metal, which soared past
the $1,800, its highest level since September 2011. passing of the key technical threshold for gold came as
the U.S. coronavirus outbreak crossed a grim milestone of over 3
million confirmed cases, and as seven states reported record
numbers of new infections. In separate appearances, three U.S. Federal Reserve
officials said the pace of the economic recovery may be
stalling, though another, St. Louis Fed President James Bullard,
said on CNBC he felt many lost jobs will be regained by year's
end. Global coronavirus cases exceeded 12 million on Wednesday,
according to a Reuters tally. Investors will look to U.S. jobless claims on Thursday for
the latest snapshot of U.S. recovery.
In China, inflation readings are on tap and expected to show
factory-gate prices continued their declines in June.