Australia

Australian shares are set to open flat, after US markets were closed for the Easter long weekend.

ASX futures were unchanged 0.76% or 60 points as of 8:00am on Tuesday, suggesting a flat open.

US stocks ended the shortened week on a mostly strong note.

The S&P 500 edged up 0.1% on Thursday. The Dow Jones Industrial Average also gained 0.1%, or 47 points. The Nasdaq Composite ended the day down 0.1%.

In commodity markets, Brent crude oil was up 0.9% to US$87.74 a barrel, while gold was up 1.0% at US$2,251.44.

In local bond markets, the yield on Australian 2 Year government bonds was up at 3.75% while the 10 Year yield was down at 3.96%. US Treasury notes were up, with the 2 Year yield at 4.71% and the 10 Year yield at 4.31%.

The Australian dollar was 64.88 US cents down from its previous close of 65.12. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was up at 99.41.

Asia

Chinese shares ended higher as fresh signs of economic recovery buoyed sentiment. The benchmark Shanghai Composite Index rose 1.2% to 3077.38, notching the biggest daily gain since February 29. The Shenzhen Composite Index added 2.4% and the ChiNext Price Index gained 3.0%. Beijing reported solid PMI data over the weekend, while a private gauge of manufacturing activity this morning was also upbeat. The PMIs add to wider evidence of a stimulus-driven pickup in activity, Capital Economics says. However, while it expects the recovery to continue near term, the rebound likely won't prove durable. Among major stocks, Ganfeng Lithium jumped 8.3% and Oppein Home rose 7.3%. Decliners included China Mobile, which fell 1.1% and China Telecom, which lost 1.0%.

Hong Kong shares ended higher ahead of the Easter long weekend, supported by tech gains. The benchmark Hang Seng Index rose 0.9% to 16541.42 and the Hang Seng Tech Index gained 2.5%. Meituan and JD.com were up 6.3% and 5.6%, respectively. Bilibili climbed 8.0%. Xiaomi closed 1.2% higher as investors await pricing of its first electric-vehicle model due later today. China Overseas Land rose 6.0% after the developer reported midday that net profit and revenue rose for 2023. Country Garden Services led losses, dropping 4.9% after sluggish earnings. Among other property stocks, Henderson Land Development shed 2.4% and Link REIT fell 1.9%.

Japanese stocks end lower, dragged by falls in chip-related and financial shares, after the Bank of Japan's quarterly tankan survey for March showed sentiment among large Japanese manufacturers worsened for the first time in four quarters. Screen Holdings drops 6.0% and Nomura Holdings loses 5.4%. The Nikkei Stock Average falls 1.4% to 39803.09. The 10-year Japanese government bond yield rises 1.5 bps to 0.740% after the tankan survey showed severe labor shortages and solid inflation expectations. Investors are focusing on economic data and their policy implications.

Indian shares closed 0.5% higher at 74014.55, led by gains in steel stocks. The upturn tracked broadly optimistic market momentum in the region. JSW Steel closed up 4.8%, Tata Steel was 4.6% higher, while UltraTech gained 2.4%. HDFC Bank's shares rose by 1.5% following the announcement that the bank plans to divest itself of its entire equity stake in HDFC Education and Development Services. Among the decliners, Titan Co. was 1.8% lower, while Nestle India was down 1.4%, and IndusInd Bank shed 0.8%.

Europe

European shares ended the week mostly higher, with the STOXX Europe 600 Index up 0.92 points or 0.18% today to 512.67, the CAC 40 Index flat at 8,205.81, and the DAX up 15.4 points or 0.08% to 18,492.49.

London's blue-chip index closed 0.26% higher at 7,952.62 points on Thursday, the last trading session of the first quarter. "A 3% gain for the quarter might not be the most impressive return, but the index has made great strides over the past three months" IG analyst Chris Beauchamp wrote in a market comment. "Improving earnings, less hawkish monetary policy and rebounding fund flows seem to put the index in a good place for the rest of the year, countering some of the gloom from this morning's GDP figures," he added.

North America

Stocks ended the shortened week on a mostly strong note.

The S&P 500 edged up 0.1% on Thursday. The Dow Jones Industrial Average also gained 0.1%, or 47 points. The Nasdaq Composite ended the day down 0.1%. The 10-year Treasury yield edged lower, settling at 4.192%.

All three stock indices had a strong quarter, with the S&P leading the pack with a 10% increase, marking the index's best start to the year since 2019. Estee Lauder was the day's best performer on the S&P 500, rising 6.3% after BofA Securities raised the stock to "buy" with a $170-a-share price target.

Shares of Trump Media & Technology Group slid 6.4% after a steep rally in the first two days of trading. Based on a tweet on X this morning, "Bond King" Bill Gross may have cashed in on the stock's volatility, and Heard Editor Spencer Jakab has some ideas on how he might have done so. Columnist James Mackintosh lays out a few ways Mr. Trump might cash in on his highly-valued stake in the company.

RH shares jumped 17% on Thursday after the company reported worse-than-expected results post-market close on Wednesday but gave hopeful guidance based on its new furniture catalog launches.