GLOBAL MARKETS-Asian stocks set to rise on firmer U.S. equities, vaccine hopes

By Katanga Johnson
WASHINGTON, March 25 (Reuters) - Asian markets are set to
open higher on Friday after U.S. equities rose as investors
weighed the outlook for economic growth and inflation and
welcomed progress on vaccination rollouts.
"Market sentiment remains fairly bullish, and volatility, by
post-pandemic standards, is remarkable low," said IG Markets
analyst, Kyle Rodda.
"At the moment – and indeed, this could be a level of
complacency – the week's choppiness in stocks has been taken in
stride."
Australian S&P/ASX 200 futures YAPcm1 rose 0.30% in early
trading, while MSCI's gauge of stocks across the globe
.MIWD00000PUS gained 0.14%.
Emerging market stocks .MSCIEF lost 0.77%. MSCI's broadest
index of Asia-Pacific shares outside Japan .MIAPJ0000PUS
closed 0.55% lower, while Japan's Nikkei 225 futures NKc1 fell
0.02%.
The Nikkei 225 index .N225 closed the overnight session up
1.14% at 28,729.88. The futures contract is up 0.52% from that
close. Hong Kong's Hang Seng index futures .HSI HSIc1 rose
0.37%.
U.S. Labor Department data showed claims for unemployment
benefits dropped to a one-year low last week, a sign that the
U.S. economy is on the verge of stronger growth as the public
health situation improves and temperatures rise. In his first formal news conference, U.S. President Joe
Biden said that he would double his Administration's vaccination
rollout plan after reaching the previous goal of 100 million
shots 42 days ahead of schedule. On Wall Street, stocks closely tied to an economic recovery
led the rebound while some ongoing weakness among high-growth
stocks and shares of energy companies held back the S&P 500 and
other major indexes from moving meaningfully higher.
The Dow Jones Industrial Average .DJI rose 199.42 points,
or 0.62%, to 32,619.48, the S&P 500 .SPX gained 20.38 points,
or 0.52%, to 3,909.52 and the Nasdaq Composite .IXIC added
15.79 points, or 0.12%, to 12,977.68.
Oil tumbled after surging a day prior when a container ship
became stuck in the Suez Canal. The ship may block the vital
shipping lane for weeks. U.S. crude CLc1 was last down 0.09% to $58.51 per barrel
and Brent LCOc1 was at $61.84, down 3.99% on the day.
Weighing on sentiment was a selloff in Chinese technology
shares amid concern https://www.reuters.com/article/us-usa-sec-foreigncompanies/us-sec-begins-rollout-of-law-aimed-at-delisting-chinese-firms-idUSKBN2BG2AI
they will be delisted from U.S. exchanges on worries about a
semiconductor shortage. Shares of Nike Inc NKE.N fell 3.4% as the sporting goods
giant faced a Chinese social media backlash over its comments
about reports of forced labor in Xinjiang. The dollar index =USD hit its highest since November
overnight, at 92.697, breaking its 200-day moving average.
The dollar index =USD rose 0.265%, with the euro EUR= up
0.05% to $1.177.
"The dollar is absolutely critical," said James Athey,
investment director at Aberdeen Standard Investments. "If the
dollar starts rallying, that becomes a problem. It means
commodity weakness and emerging-market weakness and it starts to
provide a disinflationary countervailing narrative."
Benchmark 10-year notes US10YT=RR last rose in price to
yield 1.6332%, from 1.614% late on Thursday.
Spot gold XAU= added 0.1% to $1,727.73 an ounce.

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