Australia

Australian shares are set to open higher, after US stocks regained ground lost earlier in the week.

ASX futures were up 0.76% or 60 points as of 8:00am on Thursday, suggesting a higher open.

U.S. stocks rallied following three days of losses as investors are looking for a soft landing for the economy ahead of expected rate cuts later this year.

DJIA gained 477 points, or 1.2%, to 39760, the S&P 500 rose 0.9% to 5248 and the Nasdaq climbed 0.5% to 16399.

In commodity markets, Brent crude oil was up 0.1% to US$86.35 a barrel, while gold was up 0.7% at US$2,194.79.

In local bond markets, the yield on Australian 2 Year government bonds was down at 3.64% while the 10 Year yield was also down at 4.00%. US Treasury notes were down, with the 2 Year yield at 4.57% and the 10 Year yield at 4.19%.

The Australian dollar was unchanged at 65.31 US cents. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was unchanged at 98.93.

Asia

Chinese shares ended lower, led by tech stocks, with the benchmark index falling below the psychologically important 3000 level. The Shanghai Composite Index fell 1.3% to close at 2993.14, while the Shenzhen Composite Index and the ChiNext Price Index declined 2.8% each. This week's focus will be on March PMI data, which is scheduled to be released over the weekend. Among the session's worst performers, Sangfor Technologies dropped 7.1%, 360 Security Technology declined 6.7% and Qi An Xin Technology lost 6.0%. Gainers included China Mobile and China Telecom, which rose 1.25% and 1.2%, respectively.

Hong Kong shares ended lower, dragged by the tech sector. The benchmark Hang Seng Index fell 1.4% to 16392.84 and the Hang Seng Tech Index lost 2.25%. Baidu dropped 4.7% and Xiaomi fell 3.5%. Meituan and JD.com were down 2.5% and 2.4%, respectively. China Mengniu Dairy led declines among Hang Seng Index constituents, falling 9.9% after it reported lower net profit in 2023. BYD fell 6.1% after broadly in line quarterly and annual results, with analysts waiting for its 1Q forecast. Among the top gainers, Shenzhou International rose 10.5% amid investor hopes for a better year as it cleared out inventory. Investors are also watching for any announcements after Chinese President Xi Jinping's meeting with U.S. businessmen and scholars earlier in the day.

The Nikkei Stock Average rose 0.9% to 40762.73, led by gains in real-estate stocks, as the yen briefly hit its weakest level in nearly 34 years. Sumitomo Realty & Development climbed 5.2% and Daito Trust Construction gained 2.7% following news that average land prices in Japan increased 2.3% in 2023, the biggest rise since 1990. USD/JPY rose to 151.97, its highest level since July 1990, after Bank of Japan board member Naoki Tamura's comments dented hopes for further BOJ tightening. USD/JPY was at 151.74, compared with 151.55 as of Tuesday 5 p.m. Eastern Time. The 10-year Japanese government bond yield fell 1.5 basis points to 0.720%.

India's Sensex rose 0.7% to close at 72996.31. Traders appear confident in upcoming Fed rate cuts, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in commentary. Robust U.S. growth doesn't seem to scare them as long as inflation continues to ease, the analyst added. Among the best performers on the benchmark index, conglomerate Reliance Industries rose 3.6%, automaker Maruti Suzuki India added 2.4% and nonbank Bajaj Finance was up 1.6%. Meanwhile, Adani Power fell 1.0% after the Competition Commission of India approved its planned acquisition of Lanco Amarkantak Power.

Europe

European shares closed higher, with the STOXX Europe 600 Index up 0.66 points or 0.13% today to 511.75, the CAC 40 Index up 20.06 points or 0.25% to 8204.81, and DAX up 92.74 points or 0.50% to 18477.09.

London's blue-chip index finished Wednesday's quiet trading session flat ahead of the Easter weekend. By market close, the FTSE 100 had edged up 0.01% to finish at 7,931.98 points, continuing to consolidate at around one-year highs. "Sterling weakness has played a key role in the short-term move, but in the longer-term it looks like we could see further gains as international fund flows continue to return to U.K. markets thanks to the better outlook for the U.K. economy," IG analyst Chris Beauchamp wrote in a market comment. The FTSE 100 has gained 6.16% on a 12-month basis.

North America

U.S. stocks rallied following three days of losses as investors are looking for a soft landing for the economy ahead of expected rate cuts later this year.

DJIA gained 477 points, or 1.2%, to 39760, the S&P 500 rose 0.9% to 5248 and the Nasdaq climbed 0.5% to 16399.

Utilities and real estates sectors gained over 2%, while all the S&P 500 sectors ended higher.

Merck gained 5% to a record high after its new drug treating a potentially deadly lung disease was approved in the U.S.

Thursday brings a flood of data including 4Q GDP, weekly jobless claims and consumer sentiment, ahead of the market holiday on Friday.