Asia-Pacific stocks set to rise ahead of US midterm elections, more economic data to come

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A man looks at an electrical quotation board displaying the key Nikkei index of the Tokyo Stock Exchange in Tokyo.

Kazuhiro Hogi | AFP | Getty Images

Asia-Pacific stocks are expected to trade higher on Monday as investors assimilate the latest U.S. news employment report and anticipating the mid-term elections.

The Nikkei futures contract in Chicago was at 27,480 while its counterpart in Osaka was at 27,400 higher than Nikkei 225 last close at 27,199.74.

In Australia, the S&P/ASX 200 traded 0.34% higher.

China is expected to release trade data later today, while Apple suppliers in the region will be the focus as the company warned of Covid restrictions in China hurts iPhone production.

Following the surge in risk appetite that soared on Friday on speculation of ‘conditional’ plans to reopen in China, officials’ denial of those rumors over the weekend is likely to dampen sentiment. of the market.

U.S. and European markets rose on Friday on hopes the Federal Reserve would cut future interest rate hikes following the latest jobs report, which marked the slowest pace of job creation since December 2020 despite stronger than expected growth.

Wall Street rallied as the Dow Jones Industrial Average gained nearly 402 points, or 1.3%. The S&P 500 rose 1.36% and the Nasdaq Composite 1.28%. Still, the major averages ended the week with losses. The Dow Jones ended a four-week winning streak on rate hike fears.

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