Major U.S indices advanced on Tuesday as House Speaker Nancy Pelosi continued to negotiate with the White House on a $2 trillion stimulus deal. The Dow closed 0.40% higher, the S&P 500 gained 0.47%, and the Nasdaq advanced 0.33%.
Most Asian markets are trading higher on Wednesday, following Tuesday's gains on Wall Street and the uptick in U.S. futures. The Dow futures are trading 0.57% higher on Wednesday, and the S&P500 futures are up 0.66% on the last check.
Japan's Nikkei 225 benchmark has gained 0.41% at press time, led by gains in bank, transport, and energy shares. Investors will be watching the net foreign bonds buying data in Japan, scheduled to release late Wednesday.
China's Shanghai Composite benchmark is the only major Asian index trading lower. The index is down by 0.35% late noon in Shanghai, dragged down by energy, technology, and industrial stocks. The drag is partially offset by marginal gains in bank stocks. There are no major economic events scheduled for Wednesday in China.
Hong Kong's Hang Seng Index is trading higher by 0.60% at publication time, led by gains in technology and industrial stocks. Even as Hong Kong's unemployment rate inched higher, the markets are cheering the government's move to relax partial lockdown restrictions as coronavirus cases dip in the region. Cathay Pacific Airways Limited CPCAY shares jumped more than 4% in Hong Kong as the airlines announced a major restructuring plan to lower costs and shut its regional airline Cathay Dragon. Major airline stocks across Japan and China are trading higher on pin action.
Australia's S&P/ASX 200 is trading higher by 0.13% towards the end of the trading day, driven by gains in energy and financial shares that are partially offset by losses in technology and healthcare stocks. Investors will be watching Reserve Bank of Australia Assistant Governor Guy Debelle's speech on Wednesday.
India's Nifty 50 is extending gains for a fourth straight day, up 0.86% in Wednesday's early trade. All sectors except FMCG are trading higher. Banks and realty stocks are trading higher after Brookfield Asset Management Inc's BAM $2 billion deal. There are no major economic events scheduled on Wednesday.
South Korea's KOSPI is trading higher by 0.35% after the Producer Price Index ticked up 0.1% month-over-month in September.
Forex Trading: U.S. Dollar Index futures are trading 0.19% lower to 92.870 at press time. The dollar has weakened 0.18% against the Japanese Yen to 105.30 and 0.41% against the Chinese Yuan to 6.6479.
Emerging Markets ETFs To Watch: Vanguard FTSE Emerging Markets ETF VWO and SPDR Portfolio Emerging Markets ETF SPEM.
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