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Asia-Pacific stocks set for mixed start as investors seek clarity on Evergrande situation

SINGAPORE — Stocks in Asia-Pacific looked set for a mixed start on Friday, as investors continue to watch developments surrounding China Evergrande Group.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 30,200 while its counterpart in Osaka sat at 29,770. That compared against the Nikkei 225’s last close at 29,639.40.

Australian stocks looked set for an opening dip, with the SPI futures contract at 7,356.0, against the S&P/ASX 200’s last close at 7,370.20.

The Wall Street Journal reported Thursday that Chinese authorities have told local officials to prepare for a potential demise of Evergrande. Uncertainty also remains around whether Evergrande will pay the interest that was due Thursday on a dollar-denominated bond.

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Overnight on Wall Street, the Dow Jones Industrial Average jumped 506.50 points to 34,764.82 while the S&P 500 gained 1.21% to 4,448.98. The Nasdaq Composite advanced 1.04% to 15,052.24.

Thursday’s gains left the major averages on Wall Street in positive territory for the week, recovering from earlier losses.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.462 — still above levels around 93 seen earlier in the week.

The Japanese yen traded at 110.28 per dollar, having weakened days earlier from around 109.2 against the greenback. The Australian dollar changed hands at $0.7301 following its climb yesterday from below $0.724.


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