Asian Equities Expected to Rebound

Asian index futures rose, signaling a rebound after stocks started the new quarter with declines amid concern over the the U.S. economic recovery. The dollar held losses, while oil dropped after its biggest jump in two months.

Futures on equity gauges from Hong Kong to Australia climbed in recent trading, after MSCI’s Asia Pacific Index slid to a two-week low. Contracts on the Standard & Poor’s 500 Index gained 0.2 percent by 7:36 a.m. in Tokyo following a second day of declines for the index. The dollar was at 119.69 yen after slipping 0.3 percent Wednesday. U.S. oil lost 1.2 percent after surging 5.2 percent. Iron ore tumbled for a sixth day.

Weaker-than-estimated data on U.S. hiring and manufacturing sent stocks and the greenback lower, with the Federal Reserve monitoring economic reports as it considers the first interest rate increase since 2006. Oil arrested its drop after U.S. crude output fell from a record in its first decline since the end of January. In Asia Thursday, Japan updates its monetary base and Australia reports on trade.

Bloomberg

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