GLOBAL MARKETS-Asian stocks set to rise as tech, stimulus hopes fuel global rally

By Suzanne Barlyn
NEW YORK, Oct 12 (Reuters) - Asian stocks were set to rise
on Tuesday as a renewed tech rally and fresh optimism that
Washington would deliver a coronavirus relief package helped
lift global equity markets.
Shares in Apple Inc AAPL.O surged 6.4% on Wall Street on
Monday ahead of an expected debut of its latest iPhone on
Tuesday, helping boost technology stocks, while Amazon AMZN.O
rallied 4.8% ahead of its Prime Day shopping event this week.
CommSec Senior Economist Ryan Felsman said a COVID-19
resurgence in Europe and the United States is partly fueling the
tech rally.
"Once again, there is a desire to hold the stay-at-home
types of technology stocks...which will still generate profits
and will be greatly oriented to a more challenging economic
environment," Felsman said.
On Wall Street, the Nasdaq Composite .IXIC on Monday
staged its biggest one-day rally in a month, jumping 2.56%. The
Dow Jones Industrial Average .DJI rose 0.88% and the S&P 500
.SPX gained 1.64%.
The U.S. dollar was pinned near a three-week low and gold,
another safe-haven asset, stayed below a three-week high,
slapped by investor demand for risk. The U.S. bond market is
closed on Monday for Columbus Day.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS closed 0.11% higher.
Australian S&P/ASX 200 futures YAPcm1 rose 1.05% in early
trading. Hong Kong's Hang Seng index futures .HSI HSIc1 rose
0.11%.
E-mini futures for the S&P 500 EScv1 rose 0.01%.
The dollar index =USD fell 0.078%, with the euro EUR=
unchanged at $1.1813.
The pan-European STOXX 600 index .STOXX rose 0.72% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.01%.
Bets that more U.S. stimulus was in the offing came despite
signs that talks in Washington had stalled again, leading the
Trump administration to call on Congress to pass a less
ambitious coronavirus relief bill.
U.S. Senate Republicans said they will go along with what
President Donald Trump wants in coronavirus relief legislation,
a White House spokeswoman said on Monday. Focus in Asia swings to China, which is expected to report
an increase in exports on Tuesday.
Beijing's tensions with Washington are also in view after
the White House moved forward with three sales of advanced
weaponry to Taiwan, sources familiar with the situation said on
Monday.
The move in the run-up to the Nov. 3 U.S. election is likely
to anger China, which considers Taiwan a renegade
province. The yuan CNY= fell 0.8% on Monday, after the central bank
cut foreign exchange forward reserve requirements that
effectively lowers the cost of shorting the yuan. CNY/
Investors are also closely watching the global resurgence in
coronavirus cases after British Prime Minister Boris Johnson on
Monday announced a new system of restrictions on parts of
England. Lawmakers will vote on the move on Tuesday.
Gold XAU= added 0.1% to $1,923.62 an ounce.
In energy markets, oil prices slipped after a force majeure
at Libya's largest oilfield lifted, a Norwegian strike affecting
production ended and U.S. producers began restoring output after
Hurricane Delta.
Brent crude LCOc1 settled down $1.13, or 2.6%, to $41.72 a
barrel. U.S. West Texas Intermediate CLc1 ended 2.9%, or $1.17,
lower at $39.43.
U.S. banks JPMorgan JPM.N and Citigroup C.N will kick
off the third-quarter earnings season on before U.S. markets
open on Tuesday, followed by Goldman Sachs GS.N , Bank of
America BAC.N and Wells Fargo WFC.N on Wednesday and Morgan
Stanley MS.N on Thursday.