Apple suppliers, earnings, currencies, oil, Wall Street

SINGAPORE — Futures in Asia-Pacific are poised to open mixed Friday after a rally on Wall Street. That followed a negative US gross domestic product report, which suggests the Fed would be less aggressive in its tightening cycle.

The Nikkei futures contract in Chicago was at 27,940 while its counterpart in Osaka was at the same level. That compared against the Nikkei 225’s last close at 27,815.48.

In Australia, SPI futures were at 6,861, slightly lower than the S&P/ASX 200’s last close at 6,889.7.

Singapore’s United Overseas Bank reported net profit of 1.1 billion Singapore dollars ($797 million) for the second quarter, up 11% from a year ago.

“Net interest income grew 18% year on year led by strong margin improvement and healthy loan growth,'” the company said in a statement.

Thailand’s market is closed for a holiday Friday.

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US moves

Major US indexes rallied at least 1% each overnight.

The Dow Jones Industrial Average jumped 332.04 points, or 1%, to 32,529.63. The S&P 500 rose 1.2% to 4,072.43, and the Nasdaq Composite added nearly 1.1% to 12,162.59.

US futures rose further after tech companies like Apple and Amazon reported strong earnings.

Those moves came despite the US Bureau of Economic Analysis reporting GDP fell 0.9% at an annualized pace for the April-to-June quarter, according to the advance estimate. GDP slipped 1.6% in the first quarter of the year.

While that is the second-straight negative GDP report, official declarations on whether the US is in a recession come from the National Bureau of Economic Research. That determination could take months or even longer.

currencies

The US dollar index, which tracks the greenback against a basket of its peers, was at 106,351.

The Japanese yen traded at 134.4 per dollar, strengthening from earlier in the week. The Australian dollar is trying to reach the $0.7 level and was last at $0.6997.

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