Australia GDP, Wall Street, oil and currencies

Stocks in Asia Pacific were set to trade mixed at the Wednesday open as stocks on Wall Street notched new records overnight. Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 23,260 while its counterpart in Osaka was at 23,180. That compared […]

Stocks in Asia Pacific were set to trade mixed at the Wednesday open as stocks on Wall Street notched new records overnight.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 23,260 while its counterpart in Osaka was at 23,180. That compared against the Nikkei 225’s last close at 23,138.07.

Shares in Australia, on the other hand, looked poised to dip. The SPI futures contract was at 5,950.0, as compared to the S&P/ASX 200’s last close at 5,953.40.

On the economic data front, Australia’s second quarter gross domestic product figures are set to be out at around 9:30 a.m. HK/SIN. 

“Q2 was a tough one for many countries and Australia should be no exception,” Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, wrote in a note dated Sept. 1. “The economy is expected to fall into recession.”

Overnight stateside, the S&P 500 rose 0.8% to close at 3,526.65 while the Nasdaq Composite advanced 1.4% to end its trading day at 11,939.67. Both the S&P 500 and Nasdaq hit all-time highs. The Dow Jones Industrial Average also jumped 215.61 points, or 0.8%, to close at 28,645.66.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.338 after following an earlier bounce from levels below 92.0.

The Japanese yen traded at 105.91 per dollar, having seen levels around 105.5 against the greenback earlier in the week. The Australian dollar was at $0.7372, higher than levels below $0.721 seen last week.

What’s on tap:

  • Australia: Second quarter GDP at 9:30 a.m. HK/SIN

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