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Asia Pacific stocks set to trade mixed as Nasdaq touches record closing high


Stocks in Asia Pacific were set for a mixed start to the trading day on Tuesday following gains on Wall Street that saw the Nasdaq Composite touching a record closing high.

Futures pointed to a higher open for Japanese stocks, with the Nikkei futures contract in Chicago at 22,680 while its counterpart in Osaka was at 22,570. That compared against the Nikkei 225’s last close at 22,437.27.

Meanwhile, shares in Australia were set to dip. The SPI futures contract was at 5,935, as compared to the S&P/ASX 200’s last close at 5,944.50.

Investors will watch to see if overnight momentum on Wall Street carries through into the Asia Pacific session. The Nasdaq Composite posted a record closing high as it advanced 1.1% to 10,056.47 while the Dow Jones Industrial Average rose 153.50 points, or 0.6%, to end its trading day at 26,024.96. The S&P 500 closed 0.7%  higher at 3,117.86.

Still, concerns around the coronavirus situation stateside are likely to linger. Texas Gov. Greg Abbott warned Monday that “additional measures are going to be necessary” if coronavirus cases and hospitalizations continued spiking. That came as the states of Nevada, Florida, California and Arizona recently reported record-high single-day infections.

“Investors remain focused on the states re opening strategies with monitors such as restaurant diners tracked by OpenTable and mobility track(ed) by Apple all pointing to an increase in US economic activity,” Rodrigo Catril, senior foreign exchange strategist at National Australia Bank, wrote in a note.

“Investors continue to see a high bar for the re-introduction of containment measures,” Catril said, highlighting White House economic advisor Larry Kudlow’s comments to CNBC on Monday that a “second wave” of coronavirus cases isn’t coming.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.039 after declining from levels above 97.2 earlier.

The Japanese yen traded at 106.93 per dollar after seeing levels around 106.8 against the greenback yesterday.  The Australian dollar changed hands at $0.6925 after rising from levels below $0.686 yesterday.

What’s on tap for Tuesday:

  • Singapore: Consumer Price Index for May at 1:00 p.m. HK/SIN


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