Asian Markets are set to open higher after U.S. stocks rose, sending the Standard & Poor's 500 Index to its highest level since July, amid bets that China may act to spur economic growth.
The S&P500 rose 11.38 points, or 0.89%, to 1292.08 with materials sector leading the gains. The Dow Jones Industrial Average finished 69.78 points higher, or 0.56%, at 12462.50, while the Nasdaq rose 25.94 points or 0.97%.
Stocks and commodities rallied as data showed China's import growth fell in December to a two-year low, bolstering speculation policy makers will increase last month's cut in banks' reserve-requirement ratio to boost the economy. The Standard & Poor's GSCI Index of 24 raw materials climbed 0.9%.
The euro edged higher for a second straight day against the dollar on Tuesday as risk appetite improved with solid gains in stocks ahead of a European Central Bank policy meeting and crucial debt auctions from two of the region's larger economies. The euro was last up 0.2% at $1.279.
Oil rose for the first time in four days on renewed concern that Middle East tension will disrupt supply and as equities advanced, raising economic optimism. Crude for February delivery climbed 93 cents, or 0.9%, to settle at $102.24 a barrel on the New York Mercantile Exchange.
Gold futures closed at the highest price in four weeks as a weaker dollar bolstered demand for commodities. Silver, platinum and palladium also surged. Gold futures for February delivery advanced 1.5% to settle at $1,631.50 an ounce.
SPI 200 future
FTSE 100 Index
Bloomberg, Dow Jones News