Australia

Australian shares are set to open higher, with US investors focus on earnings lifting US benchmarks.

ASX futures were up 0.35% or 27 points as of 8:00am on Wednesday, suggesting a higher open.

Technology shares led US stock indexes higher Tuesday ahead of a spate of major earnings reports.

The tech-heavy Nasdaq Composite jumped 1.6%, the S&P 500 rose 1.2%, and the Dow Jones Industrial Average was 0.7% higher.

In commodity markets, Brent crude oil was up 1.7% to US$88.45 a barrel, while gold was down 0.2% at US$2,322.02.

In local bond markets, the yield on Australian 2 Year government bonds was down at 3.89% while the 10 Year yield was also down at 4.27%. US Treasury notes were down, with the 2 Year yield at 4.93% and the 10 Year yield at 4.60%.

The Australian dollar was 64.85 US cents, up from its previous close of 64.48. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was down at 100.17.

Asia

Chinese shares closed broadly lower, dragged by metal and oil stocks. Jiangxi Copper and Aluminum Corp. of China dropped 6.2% and 5.75%, respectively. Zangge Mining was down 5.2%. Zijin Mining shed 4.3% despite 1Q net profit rising 15%. PetroChina and Cnooc were down 2.6% and 1.8%, respectively. The medical sector led gains, with Hangzhou Tigermed Consulting advancing 6.8% and Jiangsu Hengrui Pharmaceuticals rising 5.3%. Investors will be watching the Beijing Auto Show, which begins Thursday, for any possible effects on shares of EV and supply-chain companies. The benchmark Shanghai Composite Index fell 0.7% to 3021.98 and the Shenzhen Composite Index shed 0.2%. The ChiNext Price Index closed 0.15% higher.

Hong Kong's Hang Seng Index closed 1.9% higher at 16828.93, tracking Wall Street's gains overnight. Consumer-related names were among the best performers on the benchmark index. Chinese shopping-and-delivery platform Meituan rose 7.95%, pork producer WH Group added 5.8% and Chinese sportswear company Li Ning was up 5.7%. Meanwhile, Sichuan Baicha Baidao Industrial closed 27% lower after its trading debut. The Hang Seng Tech Index ended 3.4% higher at 3449.10. Investors could be watching for Hong Kong trade data due out later this week.

Japanese stocks end higher, led by gains in financial stocks and trading houses, as fears about a further escalation in the conflict in the Middle East ebb for now. Daiwa Securities Group climbs 1.3% and Itochu gains 1.3%. The Nikkei Stock Average rises 0.3% to 37552.16. The 10-year Japanese government bond yield rises half a basis point to 0.885%. Investors are focusing on U.S. economic data and their policy implications.

India's benchmark Sensex index edged 0.1% higher to close at 73738.45, tracking U.S. stock futures. Markets could be watching the Indian elections, which are under way, and awaiting speakers from the Bank of England for possible hints on inflation and the rate-cut trajectory. Among advancers, Bharti Airtel rose 3.4%, Nestle India gained 1.8% and Maruti Suzuki added 1.5%. Among decliners, Reliance Industries lost 1.4% after it reported a decline in 4Q net profit. Mahindra & Mahindra shed 1.0% and Tech Mahindra was 0.6% lower.

Europe

European stocks rose, with the pan-European Stoxx Europe 600 index up 1.1% at 507.79, the CAC 40 added 0.8% to 8,105.78, and the DAX 40 climbing 1.6% to 18,137.65.

The FTSE 100 closed up 0.3% to finish at 8,044.81.

North America

Technology shares led US stock indexes higher Tuesday ahead of a spate of major earnings reports.

The tech-heavy Nasdaq Composite jumped 1.6%, extending its rebound from a recent selloff to a second consecutive day. The S&P 500 rose 1.2%, and the Dow Jones Industrial Average was 0.7% higher.

Investors were encouraged by strong earnings reports before the opening bell from General Motors, United Parcel Service and GE Aerospace, which reported earnings as a stand-alone company for the first time since separating from General Electric's power business.

Tesla reported a sharp drop in first-quarter profit and falling revenue after the close, but said it was accelerating the launch of new vehicles, including affordable models. Investors sent the shares higher in postmarket trading. Elon Musk's electric-vehicle maker was down more than 40% this year through Tuesday.

Stocks' hot start to the year had recently been brought to a halt by fears of a broader conflict between Iran and Israel, rising oil prices and climbing bond yields; the S&P 500 fell more than 5% in under a month. Now oil prices have dropped off their highs and Treasury yields have stabilized, and investors appear more optimistic.

For the year, the S&P 500 is up 6.3%.

"The commotion around Iran and Israel is dissipating and investors have been able to focus on earnings and fundamentals," said Art Hogan, chief market strategist at B Riley Wealth Management.

Brent crude, the international oil benchmark, rose to close at $88.42 a barrel, but remained off its recent high of $91.17 hit earlier this month.

The benchmark 10-year Treasury note yield fell to 4.597%, from 4.622% Monday . Yields had risen quickly in recent weeks after a string of strong economic data had investors questioning whether the Federal Reserve will cut interest rates this year at all.

The latest S&P Global PMI survey out Tuesday showed the U.S. private sector growing in April but at a slower pace, an encouraging sign for investors worried that the economy is running too hot.

"Today's data is helping alleviate fears of the central bank staying restrictive for too long," wrote José Torres, senior economist at Interactive Brokers.

Other data out Tuesday showed new-home sales jumping in March from the previous month and exceeding economist expectations. A State Street ETF tracking home-builder stocks had its best day of the year, jumping 2.7%.

In single stock moves, GM, GE Aerospace and Danaher all jumped at least 4% after reporting earnings. Stock index compiler MSCI was among the day's laggards, dropping 13% after its revenue missed expectations.

Overseas, European stocks climbed, lifted by strong Novartis and SAP earnings.

The earnings onslaught continues later this week, with Meta, Microsoft and Google-parent Alphabet all set to report results. Traders will be closely watching Microsoft's commentary on the outlook for its artificial-intelligence products to see if it matches the lofty expectations AI-mania investors have priced in.