GLOBAL MARKETS-Tech-led Wall St rebound set to lead Asia higher

* U.S. stocks reverse course to end higher
* Optimism about reopening of economies returns
* Cross-currents seen in bond market
* Mainland China, Japan markets closed for holidays
* Asian stock markets: https://tmsnrt.rs/2zpUAr4

By David Henry
NEW YORK, May 4 Reuters) - A late Wall Street rally is
expected to lead Asian stocks higher on Tuesday after tech
shares and oil rose on easing coronavirus restrictions and
prospects of an economic recovery, overcoming concerns about
renewed Sino-U.S. trade tensions.
Futures on major U.S., Hong Kong and Australian indexes were
up about 0.3% in early Asia trade after major Wall Street
indexes ended up Monday. The tech-heavy Nasdaq Composite .IXIC
closed up 1.2%. Oil rose as much as 5% as countries announced they would
began easing coronavirus lockdowns and crude supply cuts took
effect. The upturn for stocks came on more optimistic statements
from the governors of California and New York for reopening
businesses. Andrew Cuomo of New York on Monday outlined a phased
reopening in the U.S. state hardest hit by the COVID-19
pandemic. "Can you lift restrictions and begin to phase in economic
activity and yet keep the number of cases at bay? That is what
the market is focused on right now," said Quincy Krosby, chief
market strategist at Prudential Financial in Newark, New Jersey.
Early on Tuesday trading in Asia, futures for the S&P 500
ESc1 were up 0.1% and the Australian S&P/ASX 200 futures
YAPcm1 were up 0.32%. Hong Kong's Hang Seng index futures
.HSI HSIc1 rose 0.24%. Japan and mainland China markets are
closed for public holidays.
The Australian dollar fell 0.02% versus the greenback at
$0.643.
The shift in sentiment came too late for European stocks
with the pan-European STOXX 600 .STOXX ending 2.7% lower.
There were also concerns about declines in manufacturing in
Europe and the U.S. MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.69% on Monday. Emerging market stocks lost 3.14%.
The Dow Jones Industrial Average .DJI rose 0.11% on Monday
while the S&P 500 .SPX gained 0.42%.
The S&P 500 rise was powered by Microsoft MSFT.O , Apple
AAPL.O and Amazon AMZN.O . Their strength overcame drops in
airline shares of between 5% to 8% after legendary investor
Warren Buffett said his Berkshire Hathaway BRKa.N had sold its
carrier holdings. U.S. crude CLc1 was up 3.87% at $21.18 per barrel and
Brent LCOc1 was at $27.97, up 5.79% on the day. "The market
continues to price in the idea that things are improving," said
Gene McGillian, vice president of market research at Tradition
Energy in Stamford, Connecticut.
Still, an ambivalence about countervailing forces dominated
in the U.S. Treasury market. Heavy corporate debt issuance
weighed on bond prices after an early round of safe-haven buying
and left the yield on 10-year U.S. Treasury notes US10YT=RR
barely changed at 0.63% compared with 0.64% late on Friday.
"To me that really speaks to...a deep lack of conviction
over what comes next," said Jon Hill, an interest rate
strategist at BMO Capital Markets in New York.
The U.S. dollar index =USD rose 0.258%, and the euro
EUR= was down 0.03% to $1.0903. Spot gold XAU= added 0.1% to
$1,701.44 an ounce.

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