Global Markets Eye Recovery as US Stocks Stabilize

Asian Equities Set to Track Wall Street's Bounce, Markets Wrap

Asian markets are poised to follow Wall Street's lead, with most major indexes set to open higher today after the S&P 500 and Dow Jones Industrial Average posted gains of more than 2% yesterday.

The Nikkei 225 in Japan was up 1.4% in early trading, while the Hang Seng Index in Hong Kong rose 1.2%. The Shanghai Composite Index in China, however, was flat, as investors remained cautious ahead of the country's key economic data releases.

The rally on Wall Street came as investors regained confidence in the US economy, with the S&P 500 and Dow Jones Industrial Average both notching their biggest one-day gains since March. The tech-heavy Nasdaq Composite Index also surged, with Amazon, Alphabet and Microsoft leading the charge.

The gains were driven by a combination of factors, including a strong jobs report and encouraging earnings from major companies. The US Labor Department reported that the economy added 225,000 jobs in April, beating expectations and sparking optimism about the economy's prospects.

In company news, Apple shares jumped 3.5% after the tech giant reported a surprise profit and revenue beat. The company's services segment, which includes the App Store and Apple Music, saw a significant increase in revenue.

The rally on Wall Street also came as investors continued to digest the impact of the COVID-19 pandemic on the global economy. The World Health Organization reported that the number of new cases globally had declined for the first time in weeks, sparking hopes that the worst of the outbreak may be behind us.

In other market news, the price of oil continued to rise, with West Texas Intermediate crude jumping 4.5% to $65.50 per barrel. The gain came as investors bet on a recovery in global demand and a potential increase in production cuts by major oil producers.