Weibo listing in Hong Kong, oil and currencies

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SINGAPORE — Stocks in Japan were set to rise, as Wall Street continued rebounding from the recent omicron-induced drop, with tech shares in relief-rally mode.

Japan’s Nikkei futures contract in Chicago was at 28,780 while its counterpart in Osaka was at 28,830. That compared against the Nikkei 225’s last close at 28,455.60.

Japan is due to report its third-quarter GDP on Wednesday.

Australia’s S&P/ASX 200 bounced 0.7% in early trade.

In Hong Kong, Chinese social media giant Weibo is set to make its market debut on Wednesday, in what would be its secondary listing at an offer price of $272.80 Hong Kong dollars ($34.98) per share. Its main listing is on the Nasdaq. This comes as Chinese ride-hailing giant Didi says it will start delisting from the New York Stock Exchange, and make plans to list in Hong Kong instead.

Weibo’s Nasdaq-listed stock has plummeted more than 10% in the past week.

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Stocks stateside continued to rebound from the recent drop, as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant.

The Dow Jones Industrial Average rose 492.40 points, or 1.4%, to 35,719.43. The S&P 500 added 2.07% to 4,686.75 and sat about 1% away from its all-time high. The Nasdaq Composite led the market rally, jumping 3% to 15,686.92. It was the best day since March 1 for the S&P 500, and the best day since March 9 for the Nasdaq.

Tech stocks recovered as investors shook off Covid fears and bought the recent dip, pulling the Nasdaq higher.

Still, investors will continue to keep an eye on omicron Covid developments, with the U.S. CDC saying Tuesday that the new variant has now been found in 50 countries and 19 states across the U.S.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was little changed at 96.296.

The Japanese yen traded at 113.51 per dollar, as it continued to weaken. The Australian dollar was at $0.7118, continuing its ascent since the past week.



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