ASIA STOCKS RISE ON GOOD U.S. DATA REPORTS

Asian stocks headed higher after rallies in U.S. indexes on positive economic data, and commodities extended their advance. The dollar held losses, Emily Barrett reported for Bloomberg News on May 7, 2021.

Markets opened higher in China and Hong Kong. Shares also rose in Japan, South Korea, and Australia. US contracts climbed after renewed gains in US benchmarks overnight, which included a fresh record for the Dow Jones Industrial Average.

Copper soared to an all-time high on expectations that rebounding economies will spur a boom in global demand.

China’s open shrugged-off news overnight that the Biden administration is likely to preserve limits on US investments in certain Chinese companies. US economic reports helped sentiment, as applications for state unemployment insurance fell to a fresh pandemic low, and separate data showed a rebound in productivity.

Traders now turn to Friday’s payrolls numbers. Treasuries were steady with yields well below recent highs.

S&P 500 futures were up 0.2% at 10:50 a.m. in Tokyo, after the index rose 0.8%. Nasdaq 100 contracts rose 0.4%. The index gained 0.8%.

Japan’s Topix Index climbed 0.5%. Hong Kong’s Hang Seng Index climbed 0.7%. The Shanghai Composite was up 0.1%. South Korea’s Kospi was up 0.7%.

Australia’s S&P/ASX 200 Index rose 0.5%. The Bloomberg Dollar Spot Index was steady. The euro traded at $1.2067. The British pound was $1.3895. The Japanese yen was 109.02 per dollar.

The yield on 10-year Treasuries was little changed at 1.57%. Australia’s 10-year yield rose one basis point to 1.69%. West Texas Intermediate crude traded just below $65 a barrel. Gold futures traded at $1,815 an ounce, Vildana Hajric and Rita Nazareth reported for Bloomberg News.

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