ASIAN STOCKS, U.S. FUTURES ADVANCE AS BIDEN SPEAKS
Asian stocks rose Thursday and US equity futures extended gains sparked by robust earnings from technology heavyweights as President Joe Biden laid out a $1.8 trillion social-support plan, Andreea Papuc reported for Bloomberg News on April 29, 2021.
S&P 500 and Nasdaq 100 contracts were in the green, with the latter outperforming after Apple Inc. crushed revenue estimates and Facebook Inc. reported gains in sales and users. Shares outperformed in Hong Kong and were also stronger in South Korea and Australia. Japan is shut for a holiday.
In his first address to Congress, President Biden is unveiling a package of tax credits and domestic priorities including child care, paid family leave and tuition-free community college that would be funded in part by the tax increases on wealthy Americans.
The dollar slid further after the Federal Reserve signaled it’s not ready to consider scaling back policy support.
Treasuries rallied in US hours after the central bank said it will continue with asset purchases and described inflation pressures as likely “transitory.”
S&P 500 futures rose 0.6% as of 10 a.m. in Hong Kong. The benchmark index fell 0.1%. Nasdaq 100 contracts rose 0.9% after the index fell 0.4%.
Australia’s S&P/ASX 200 Index gained 0.3%.South Korea’s Kospi Index rose 0.4%. Hong Kong’s Hang Seng Index climbed 0.9%.
Shanghai Composite Index edged up 0.2%. The yen was at 108.51 per dollar, up 0.1%. The offshore yuan traded at 6.4635 per dollar. The Bloomberg Dollar Spot Index dipped 0.2%.
The euro was at $1.2147, up 0.2%. The yield on 10-year Treasuries declined one basis point to 1.61%. Cash Treasuries won’t trade until the London open. Australia’s 10-year bond yield dropped two basis points to 1.71%. West Texas Intermediate crude rose 0.6% to $64.23 a barrel. Gold edged up 0.4% to $1,789.21, Richard Richtmyer and Vildana Hajric reported for Bloomberg News.