Australia

Australian shares are set to open higher, after US benchmarks extended their gains.

ASX futures were up 0.5% or 38 points as of 8:00am on Tuesday, suggesting a higher open.

U.S. stocks rose again as investors kept rate cut hopes alive following Friday's payrolls report that indicated some slowing in the labor market.

DJIA gained 176 points, or 0.5%, to 38852, the S&P 500 rose 1% to 5180 and the Nasdaq climbed 1.2% to 16349.

In commodity markets, Brent crude oil was down 0.9% to US$82.96 a barrel, while gold was down 0.1% at US$2,301.74.

In local bond markets, the yield on Australian 2 Year government bonds was down at 4.09% while the 10 Year yield was also down at 4.41%. US Treasury notes were down, with the 2 Year yield at 4.82% and the 10 Year yield at 4.51%.

The Australian dollar was 66.08 US cents. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was down at 99.48.

Asia

Chinese shares ended higher in their first trading session after the Labor Day holidays. Markets reacted positively to last week's Politburo meeting and investors are now waiting for more signals from the so-called Third Plenum to be held in July, which will likely focus on policy goals. Among major stocks, Kweichow Moutai added 3.2% and BYD gained 3.6%. Decliners included China Telecom and China Mobile, which shed 1.8% each. The benchmark Shanghai Composite Index rose 1.2% to 3140.72, the Shenzhen Composite Index was 2.1% higher and the ChiNext Price Index gained 2.0%.

Hong Kong's Hang Seng Index closed 0.55% higher at 18578.30, led by consumer-related stocks. Asian markets have been cheering U.S. jobs and services PMI data last week, which helped calm nerves around stagflation and raised Fed rate cuts hopes, Jun Rong Yeap, analyst at IG, writes in a commentary. Among the advancers, Xinyi Glass rose 12%, Trip.com gained 4.2% and Techtronic Industries was 3.6% higher. Li Auto rose 6.1% after reporting strong orders for its L6 model. Among the decliners, Country Garden Services fell 4.3%, China Overseas Land & Investment was 4.1% lower and Wharf REIC shed 3.4%.

Japan arkets were closed for the Children’s Day public holiday.

Indian shares closed flat, as gains in bank stocks offset losses in the consumer sector. Kotak Mahindra Bank ended 5.0% higher after its 4Q net profit rose 17% on year. IndusInd Bank added 1.1% and ICICI Bank rose 0.6%. Titan led losses on the index, dropping 7.2%. Among other consumer-related stocks, Zee Entertainment Enterprises shed 4.5% and Godrej Consumer Products, which is scheduled to report results later in the day, edged 0.1% lower. The benchmark Sensex ended flat at 73895.54.

Europe

U.K. markets were closed Monday for the Early May bank holiday.

European shares ended Monday higher, with the Stoxx Europe 600 index adding 0.5% to 508.22, the CAC 40 also adding 0.5% to 7,996.64 and the DAX 40 gaining 1.0% to 18,175.21.

North America

U.S. stocks rose again as investors kept rate cut hopes alive following Friday's payrolls report that indicated some slowing in the labor market.

DJIA gained 176 points, or 0.5%, to 38852, the S&P 500 rose 1% to 5180 and the Nasdaq climbed 1.2% to 16349.

Technology led the gainers, paced by a 3.8% rise in Nvidia shares.

Earnings continue to drive individual share moves, with Tyson dropping 5.7% after forecasting a bigger operating loss for its beef business and Spirit Airlines losing 9.7% after reporting a wider quarterly loss and lower revenue from a year ago.