Asia-Pacific markets set to track Wall Street rally; South Korea and Singapore trade data on deck

Asia-Pacific markets set to track Wall Street rally; South Korea and Singapore trade data on deck


Buildings in the central business district in Singapore, on Wednesday, Feb. 14, 2024. Singapore’s economy expanded by a slightly more modest pace than initially expected in 2023, as manufacturing activity contracted and services growth slowed. 

Nicky Loh | Bloomberg | Getty Images

Asia-Pacific markets were set to round off the week higher, tracking gains on Wall Street overnight after fresh economic data eased recessionary fears in the U.S.

Retail sales increased 1% in July, far surpassing Dow Jones estimate of a 0.3% uptick. Weekly jobless claims also fell for the week.

“Today’s solid retail sales and claims data is a reminder that the sky is not falling on the U.S. economy,” Wolfe Research chief economist Stephanie Roth wrote on Thursday. “Yes, economic momentum has cooled, but we don’t appear to be headed for recession imminently.”

Traders in Asia will parse revised trade data from South Korea and exports data from Singapore. Second-quarter GDP data will be out after market hours from Taiwan and Hong Kong.

Japan’s Nikkei 225 futures pointed to a near 3% jump at open for the market, with the futures contract in Chicago at 37,795 and its counterpart in Osaka at 37,700 compared to the previous close of 36,726.64.

Futures for Australia’s S&P/ASX 200 stood at 7,888, higher than their last close of 7,860.

Hong Kong’s Hang Seng index futures were at 17,308, also higher than the HSI’s last close of 17,109.14.



Source

Thyssenkrupp steel, workers agree on site closures, less working hours in revamp
World

Thyssenkrupp steel, workers agree on site closures, less working hours in revamp

Steel glowing red travels through the rolling mill at the Thyssenkrupp steel plant on April 9, 2025 in Duisburg, Germany. Sean Gallup | Getty Images News | Getty Images Thyssenkrupp and trade union IG Metall on Saturday said they had agreed on reduced working hours, lower bonus payments and site closures as part of a […]

Read More
Trump visits Texas flood zone, defends government’s disaster response
World

Trump visits Texas flood zone, defends government’s disaster response

U.S. President Donald Trump and first lady Melania Trump at Lackland Air Force Base before heading to Kerrville, Texas where they plan to visit with state and local leaders, first responders and victims of last week’s flash flooding. Chip Somodevilla | Getty Images News | Getty Images President Donald Trump defended the state and federal […]

Read More
Google hires Windsurf CEO Varun Mohan, others in latest AI talent deal
World

Google hires Windsurf CEO Varun Mohan, others in latest AI talent deal

Chief executive officer of Google Sundar Pichai. Marek Antoni Iwanczuk | Sopa Images | Lightrocket | Getty Images Google on Friday made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of artificial intelligence coding startup Windsurf. As part of the deal, Google will […]

Read More