Investing.com - Asian-Pacific stock markets are poised for gains on Thursday, taking cues from a moderately positive performance on Wall Street as oil prices and bond yields eased.
The S&P/ASX 200 opened 0.2% higher at 9:10 am AEST (11:10 pm GMT), while futures for the KOSPI 200 and Nikkei 225 also suggested a higher opening.
Asian currencies, including the Australian dollar, Korean Won, Thai Baht, Vietnamese Dong, and Indonesian Rupiah, traded within a 0.1% range.
In bond markets, the yield on Australian 2-Year government bonds rose to 3.965%, while the 10-Year yield fell to 4.355%. U.S. Treasury notes were lower, with the 2-Year yield at 4.986% and the 10-Year yield at 4.558%.
Commodity markets saw Brent fall 0.1% to US$85.54 a barrel, while gold ticked up by 0.1%.
Investors will be closely monitoring the release of Australian MI inflation expectations and Japan's core machinery orders, ahead of the key US CPI release later in the session.
Major U.S. indices closed higher on Wednesday, marking their fourth consecutive day of gains. The S&P 500 rose 0.4%, the tech-heavy NASDAQ Composite increased 0.7%, and the Dow Jones Industrial Average added 0.2%.
Stocks have bounced back in recent sessions as bond yields retreated, reversing a quick surge in yields that had pressured equities. Leading Federal Reserve officials have recently hinted that the central bank might halt raising interest rates if long-term yields remain near highs and inflation continues to cool.
A report released on Wednesday showed that producer prices climbed 0.5% in September from the previous month, hotter than economists had expected. However, core producer prices, which exclude volatile food and energy categories, rose just 0.2% from the previous month.
Traders are predicting a roughly 91% probability of the Fed leaving its cash rate unchanged at its November policy meeting.
Investors this week have also been monitoring the Israel-Hamas conflict and the potential impact of geopolitical tensions on financial markets.
In other news, shares of Birkenstock Holding ltd (NYSE:BIRK) declined in their debut on the New York Stock Exchange, a discouraging sign for an IPO market that was just beginning to rebound. The company's initial public offering was priced at $46 a share—then the stock opened at $41 and closed at $40.20.
US-listed shares of Novo Nordisk A/S (NYSE:NVO) rose 6.3% after the Danish drugmaker reported that a trial showed its blockbuster diabetes drug, Ozempic, could delay the progression of kidney disease. Shares of Eli Lilly (NYSE:LLY), which produces a rival weight-loss drug, also gained 4.5%. Shares of kidney dialysis company DaVita dropped 17%.
LVMH Moet Hennessy Louis Vuitton OTC:LVMUY) listed shares fell 2.5% after the world's largest luxury goods company reported a sharp slowdown in sales growth as it struggled to attract big-spending Chinese consumers.
Exxon Mobil Corp (NYSE:XOM) shares dropped 3.6% after the company agreed to buy Pioneer Natural Resources Co (NYSE:PXD) in a $60 billion deal.
The U.S. reporting season is set to kick off tomorrow, with major U.S. financial giants including JPMorgan Chase & Co (NYSE:JPM), Citigroup Inc (NYSE:C), and Wells Fargo & Company (NYSE:WFC), reporting quarterly results.