Mumbai: Asian equities advanced on Thursday, September 3, following Wall Street higher as easing tensions between the United States and Iran improved risk appetite. Falling crude oil prices also provided support to regional markets.
The MSCI Asia Pacific equities gauge gained 0.5 percent, with South Korean and Japanese stocks largely advancing. South Koreas Kospi rose 0.56 percent, while Japans Topix climbed 0.67 percent.
However, the Nikkei slipped 0.25 percent, bucking the broader trend. Hang Seng futures indicated a 0.5 percent rise.
GIFT Nifty Points Higher
Indian equities could also open firmly, with GIFT Nifty trading more than 90 points higher, signalling a potential gap up start for domestic benchmarks.
Asian markets followed gains on Wall Street, where the S and P 500 snapped a three session losing streak. The Nasdaq 100 advanced 0.2 percent.
Technology shares remained in focus after Broadcom projected stronger demand for artificial intelligence chips over the next two years.
Oil Prices Retreat
Crude prices eased after US President Donald Trump played down concerns about a prolonged confrontation with Iran and suggested any fresh American strikes would probably be short lived.
Brent crude declined 0.6 percent to 95.10 dollars a barrel, while West Texas Intermediate fell 0.4 percent to 90.66 dollars.
Lower oil prices also supported bonds, pulling US Treasury yields down from multi year highs reached earlier this week.
Also read: Jio IPO Gets SEBI Nod, 27 Crore Fresh Shares Planned
Yen Remains in Focus
Currency traders continued monitoring the Japanese yen following its sharp rally in New York. The currency had strengthened to 158.22 against the dollar before retreating.
It traded around 158.83 to 158.86 per dollar during early Asian trading, keeping intervention risks in focus. The offshore yuan was steady at 6.7174 per dollar.
Attention is now shifting towards Fridays US employment report. The data could provide fresh clues about economic momentum and influence expectations surrounding the Federal Reserves next monetary policy decision.
