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Japan stocks set to rise at the open following overnight gains on Wall Street; RBA rate decision ahead

SINGAPORE — Stocks in Japan were set to trade higher at the open following strong gains overnight for shares on Wall Street.

Futures pointed to a higher open for Japanese stocks, the Nikkei futures contract in Chicago was at 29,975 while its counterpart in Osaka was at 29,850. That compared against the Nikkei 225’s last close at 29,663.50.

Meanwhile, shares in Australia rose in morning trade as the S&P/ASX 200 gained 1.02%. The Reserve Bank of Australia is set to announce its interest rate decision at around 11:30 a.m. HK/SIN on Tuesday.

Wall Street surge

Overnight stateside, the Dow Jones Industrial Average soared 603.14 points to close at 31,535.51 while the S&P 500 advanced 2.38% to finish its trading day at 3,901.82. The Nasdaq Composite jumped 3.01% to close at 13,588.83.

The moves came as the benchmark 10-year U.S. Treasury note yield declined, following a surge last week. The yield on the 10-year was last at 1.4255%.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.006 as it largely held on to gains from late February when it rose from levels below 90.

The Japanese yen traded at 106.81 per dollar, still weaker than levels below 105.7 against the greenback seen last week. The Australian dollar changed hands at $0.7768 following levels below $0.774 seen yesterday.

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