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Asia markets rise; data shows Singapore’s economy expanded 1.3% in the first quarter

SINGAPORE — Shares in Asia-Pacific looked set to rise at the open on Tuesday following overnight gains stateside.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,535 while its counterpart in Osaka was at 28,500. That compared against the Nikkei 225’s last close at 28,364.61.

Stocks in Australia also looked poised to rise at the open. The SPI futures contract sat at 7,066, versus the S&P/ASX 200’s last close at 7,045.90.

Investors will monitor technology stocks in Asia-Pacific on Tuesday following a bounce for their counterparts stateside. Overnight on Wall Street, Alphabet, Facebook and Microsoft all rose more than 2%.

Among those tech stocks is China’s Kuaishou Technology, which announced Monday a 36.6% jump in its first-quarter revenues as compared with the same period of 2020.

In economic developments, Singapore is set to post its first-quarter gross domestic product print at 8:00 a.m. HK/SIN on Tuesday. Official advance estimates released in April showed Singapore’s economy unexpectedly growing in the first quarter of 2021 from a year ago.

Overnight on Wall Street, the Dow Jones Industrial Average jumped 186.14 points to 34,993.98 while the S&P 500 rose 0.99% to 4,197.05. The Nasdaq Composite surged 1.41% to 13,661.17.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.844 — lower than levels above 90 seen recently.

The Japanese yen traded at 108.81 per dollar, stronger than levels around 108.9 against the greenback seen yesterday. The Australian dollar changed hands at $0.7752, following a bounce yesterday from around $0.772.

Here’s a look at what’s on tap:

  • Singapore: First-quarter GDP print at 8:00 a.m. HK/SIN

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