Chinese factory activity data for November, oil prices

SINGAPORE — Shares in Japan looked set for a positive start on Tuesday as investors look ahead to the release of Chinese factory activity data for November, while also watching out for developments surrounding the omicron Covid variant.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,570 while its counterpart in Osaka was at 28,360. That compared against the Nikkei 225’s last close at 28,283.92.

Shares in Australia rose in morning trade as the S&P/ASX 200 gained 0.76%.

China’s official manufacturing Purchasing Managers’ Index for November is set to be out at 9:00 a.m. HK/SIN on Tuesday.

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Investors in the region will also continue to track any developments surrounding the omicron variant, which the World Health Organization said is likely to spread further and poses a “very high” global risk.

Overnight stateside, the major indexes on Wall Street rose after U.S. President Joe Biden said there’s no need for Covid omicron lockdowns for now. The S&P 500 gained 1.32% to 4,655.27 while the tech-heavy Nasdaq Composite surged 1.88% to 15,782.83. The Dow Jones Industrial Average gained 236.60 points to 35,135.94.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.193 after rising to around 96.4 recently.

The Japanese yen traded at 113.77 per dollar, weaker than levels below 113.4 seen against the greenback yesterday. The Australian dollar was at $0.7143, still struggling to recover after last week’s drop from above $0.725.

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