Australia

Australian shares are set to open higher, following a strong session on Wall Street.

ASX futures were up 0.94% or 73 points as of 8:00am on Thursday, suggesting a higher open.

In the US, another run-up in Tesla shares helped push the S&P 500 and the Nasdaq Composite to fresh records in a shortened trading session ahead of the July 4 holiday.

The tech-heavy Nasdaq rose 0.9%, logging its 23rd record close of 2024, while the benchmark S&P 500 hit its 33rd of the year, up 0.5% on the day. The indexes have gained 21% and 16% for the year, respectively. The Dow Jones Industrial Average edged down 0.1%, or 24 points.

In commodity markets, Brent crude oil was up 0.9% to US$87.05 a barrel, while gold was up 1.2% at US$2,356.20.

In local bond markets, the yield on Australian 2 Year government bonds was up at 4.23% while the 10 Year yield was also up at 4.42%. US Treasury notes were down, with the 2 Year yield at 4.71% and the 10 Year yield at 4.36%.

The Australian dollar was 67.03 US cents, up from its previous close of 66.66.

Asia

Chinese shares ended lower, dragged by software stocks. The benchmark Shanghai Composite Index fell 0.5% to 2,982.38, the Shenzhen Composite Index was 0.8% lower, while the ChiNext Price Index declined 0.3%. Among software names, iFlytek declined 1.8% and Beijing Kingsoft Office Software dropped 0.9%. Among gainers, CATL added 1.9% and SMIC was 1.8% higher. China Tourism Group Duty Free jumped 10% as investors view a potential consumption tax in China as a positive catalyst for the company. Investors are watching for key political meetings in July for more clues on further policy support by Chinese authorities.

Hong Kong shares ended higher, supported by tech and auto stocks. The benchmark Hang Seng Index rose 1.2% to 17,978.57 and the Hang Seng Tech Index gained 2.5%. Li Auto led gains, up 5.35%, after Chinese automakers reported robust sales in June. NIO added 4.4%. Meituan and Tencent advanced 4.4% and 2.8%, respectively. Among individual movers, Zhonggan Communication (Group) slid 46% in its Hong Kong debut. Meanwhile, China Merchants Bank declined 2.0% and Haier Smart Home was down 1.6%. Investors are awaiting more signs on policy to come from China's upcoming Third Plenum meetings.

Japanese stocks ended higher, led by gains in electronics and heavy industry stocks due to a weaker yen and hopes for Fed rate cuts. Murata Manufacturing gained 6.4% and Mitsubishi Heavy Industries climbed 6.5%. The Nikkei Stock Average rose 1.3% to 40,580.76. Investors are focusing on economic data, including U.S. private-sector jobs data due later in the day, and their implications to monetary policy. The 10-year Japanese government bond yield was down half a basis point at 1.095%.

India's Sensex briefly rises above 80,000 for the first time and is now 0.6% higher at 79,901.91. Consumer and financial stocks lead gains amid continuing hopes for domestic economic growth and the Fed's potential rate cuts. HDFC Bank is up 2.4% and Nestle India is 0.8% higher. Among individual movers, KEC International climbs 6.6% after winning INR10.17 billion of new orders in its transmission and distribution business and its renewable business. Investors are focusing on monthly business updates from companies ahead of the earnings season.

Europe

Stocks in the U.K. rose Wednesday, as the FTSE 100 Index rose 0.6% to 8171.12.

Among large companies, Hammerson PLC was the biggest gainer during the session, surging 6.2%, and Inchcape PLC surged 5.8%. International Consolidated Airlines Group S.A. rounded out the top three movers on Wednesday, as shares surged 5.5%.

JD Sports Fashion PLC posted the largest decline, falling 4.0%, followed by shares of Indivior PLC, which fell 4.0%. Shares of John Wood Group PLC fell 2.0%.

In Europe, shares closed higher, with the STOXX Europe 600 Index adding 0.7% to 514.67, Germany's DAX rose 1.2% to 18,374.53 and France's CAC 40 gained 1.2% to 7,632.08.

North America

Another run-up in Tesla shares helped push the S&P 500 and the Nasdaq Composite to fresh records in a shortened trading session ahead of the July 4 holiday.

The tech-heavy Nasdaq rose 0.9%, logging its 23rd record close of 2024, while the benchmark S&P 500 hit its 33rd of the year, up 0.5% on the day. The indexes have gained 21% and 16% for the year, respectively. The Dow Jones Industrial Average edged down 0.1%, or 24 points.

U.S. stock and bond markets will be closed Thursday to mark Independence Day.

The gains came after fresh labor-market data reaffirmed investors' belief that the Federal Reserve can begin cutting interest rates during its September meeting. The central bank has tried to balance slowing economic growth to curb inflation while keeping momentum going enough to avoid a recession.

Private-sector employment rose by 150,000 jobs in June, down from a rise of 157,000 in May, according to the ADP National Employment Report published Wednesday, marking a third month in a row in which job creation slowed. Meanwhile, the number of Americans applying for first-time unemployment benefits in the week ended June 29 edged up to 238,000, from 234,000 the week before.

"It's just that Goldilocks scenario," said Gina Bolvin, president of Bolvin Wealth Management Group, of the labor market. "It's cooling just enough that we're not heading into a recession but yet it's going to help ease inflation a little bit."

Bolvin said she's awaiting the jobs report Friday for further information on the labor market.

Calming inflation and potential interest-rate cuts have helped the stock market surge higher, with investors expecting that consumers will continue spending -- a major determinant in the state of the U.S. economy.

Tesla shares added 6.5%, up for seven sessions in their longest winning streak since June 2023. Shares jumped 10% Tuesday after the company said vehicle deliveries slid for a second consecutive quarter -- but not as much as analysts expected.

Paramount Global shares jumped 6.9% on the news that an on-again, off-again deal involving the Hollywood business and its parent company -- Shari Redstone's National Amusements -- was on again.