ASX to rise with Wall Street; IGO, PointsBet, Mesoblast report

Asian stocks look set for a steady open Tuesday as traders assess a technology-led rally in US shares and the latest escalation in China’s regulatory crackdown on private enterprise.

Futures were steady for Japan and edged up for Australia and Hong Kong.

US contracts fluctuated after the S&P 500 notched its 12th all-time high in August and the Nasdaq 100 advanced, including a jump in Apple’s market value past $US2.5 trillion.

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Chinese video-gaming stocks listed in the US were under pressure again after Beijing moved to reduce the amount of time children can play such games.

Apple CEO Tim Cook. The gadget and entertainment company’s value surpassed $US2.5 trillion overnight. Credit:AP

The ongoing crackdown will feed into the debate over whether beaten-down Chinese technology equities faces further pain.

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Treasuries pushed higher overnight, adding to gains since Federal Reserve Chair Jerome Powell’s measured comments about a possible reduction in stimulus and any eventual interest-rate hikes. The US dollar was little changed.

Global stocks are set for their seventh monthly advance, helped by strong corporate earnings, expanding vaccinations that are boosting economic reopening hopes and supportive Fed policies. At the same time, concerns about elevated inflation and the spread of the delta coronavirus variant are shadowing the rally.

“Tactical investors should tilt portfolios in favour of stocks over bonds,” said Ryan Detrick, chief market strategist at LPL Financial.

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“This certainly does not mean that an exogenous shock could not cause stocks to correct. However, when looking at the recent pace of earnings, the policy environment and market history, we fail to see a compelling bear case against equities.”

In the latest US data, pending home sales fell in July. Traders are awaiting key payrolls figures Friday for further guidance on the strength of the economy.

Elsewhere, oil was little changed as offshore explorers assess damage from Hurricane Ida. The focus is also shifting to an OPEC+ meeting that could see more supply added to the market.

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A rally in gold lost some momentum. Bitcoin was trading around $US48,000.

Bloomberg

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