Asian shares to track global markets higher

ASIAN stocks are set to open stronger today as global markets finished last week higher on solid results and corporate activity.

The main U.S. share indices closed up as much as 0.9 per cent on Friday, as positive results and outlook from big retailers Abercrombie & Fitch and JC Penney Co Inc spurred confidence that consumers would head out to spend in the Christmas holiday season.

The gains offset weaker economic data on both consumer confidence, and the U.S. trade deficit, which was at its widest in close to a decade in September. British and European shares closed up to 0.4 per cent higher, with strong earnings results and merger activity driving gains.

Japanese shares are likely to open firmer, with Nikkei futures traded in Chicago points above the last closing level in Osaka .



A firmer yen may hinder the gains, with the currency gaining as the weak data sent the U.S. dollar lower.

Australian stocks are also set to rise, with share index futures at 4,754, a 47.6 point premium to the underlying S&P/ASX 200 index’s close today.

Oil prices fell on a report showing high inventories in the U.S., stirring fears over weak demand