GLOBAL MARKETS-Asian markets to inch up as U.S. stimulus talks restart

By Imani Moise
NEW YORK, Oct 8 (Reuters) - Asian shares were set to track
Wall Street gains on Friday as revived hopes for a U.S. stimulus
deal helped investors overlook weaker-than-expected jobs data
and growing global coronavirus cases.
In energy markets, oil prices rallied on production
shutdowns ahead of a storm in the U.S. Gulf of Mexico and the
possibility of supply cuts from Saudi Arabia and Norway.
O/R U.S. President Donald Trump on Thursday said talks with
Congress had restarted on targeted fiscal relief, after calling
off negotiations earlier this week.
House Speaker Nancy Pelosi downplayed the likelihood of
stand-alone bills without more comprehensive aid, but the fact
that talks had resumed was enough to lift markets.
Futures for the S&P 500 EScv1 rose 0.44%, Australia's S&P
ASX 200 futures YAPcm1 were 0.20% higher and Japan's Nikkei
225 futures NKc1 added 0.32% in early Asia.
Mixed messages about stimulus will likely continue to
trigger choppy markets, analysts said.
"Optimism over additional fiscal support in the U.S.
resurfaced, but the back and forth between policymakers could
see volatility linger for a while yet," said senior ANZ Research
economist Miles Workman in a note.
The Dow Jones Industrial Average .DJI rose 0.43%, the S&P
500 .SPX gained 0.80% and the Nasdaq Composite .IXIC added
0.5%.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.76%.
Gold also rose on stimulus hopes with the yellow metal
XAU= up 0.1% at $1,889.50 on Thursday and U.S. gold futures
GCcv1 0.2% higher at $1,895.10.
Meanwhile, the number of jobless claims in the U.S. came in
20,000 higher than economists expected at 840,000 showing
unemployment in the world's largest economy remains historically
high and recovery in the labor market losing momentum.
Additionally, the World Health Organization reported a
record one-day increase in global coronavirus cases on Thursday,
led by a surge of infections in Europe. Cases are also rising in
about 30 out of 50 U.S. states including New York, once the
epicenter of the U.S. outbreak, which recently re-implemented
school and business closures to stave off a second wave.
The downbeat economic data and health outlook fueled
risk-off appetite for U.S. treasuries.
U.S. 10-year yields US10YT=RR dropped to 0.766%, from
0.785% late on Wednesday, while yields on U.S. 30-year bonds
US30YT=RR fell to 1.569% from 1.589%.
Oil prices pushed higher amid hurricane-related shutdowns
and possible OPEC production cuts.
Brent crude LCOc1 settled up $1.35, or 3.2% to $43.34,
after falling 1.6% on Wednesday. U.S. West Texas Intermediate
(WTI) crude CLc1 added $1.24 cents, or 3.1%, to $41.19 after
falling 1.8% on Wednesday.
The dollar index =USD was little changed against a basket
of major currencies after Thursday's session settling at 93.60.

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