Asia-Pacific markets set to mostly climb following tech rally on Wall Street

Asia-Pacific markets were set to mostly climb Thursday following a tech rally overnight on Wall Street that lifted the S&P 500 and Nasdaq Composite, even as growing fears around the economy weighed on equities.

Japan’s benchmark Nikkei 225 is set to open higher, with the futures contract in Chicago at 42,140 while its counterpart in Osaka last traded at 42,110, against the index’s last close of 41,938.89.

Australia’s benchmark S&P/ASX 200 is set to climb marginally, with futures standing at 8,756, higher than the index’s close of 8,738.8.

Futures for Hong Kong’s Hang Seng index stood at 25,332, slightly lower than its last close of 25,343.43.

Australia is set to release its household spending data for July later in the day.

Global bond markets will continue to be in focus with long-dated borrowing costs around the world under pressure. The U.S.30-year Treasuryyield nudged above 5% on Wednesday morning for the first time since July amidquestions over the future of tariff revenuesfollowing a court ruled that mostof the Trump administration’s tariffs are illegal.

Japan’s30-year bond yieldwas at arecord high on Wednesday, with a 100 basis point rise this year driven by high inflation, low real rates and political uncertainty.

Overnight stateside, the three major averages closed mixed. The S&P 500 rose Wednesday, boosted by tech shares after a federal court decision in anAlphabetantitrust case fueled optimism that the tech giants would be able to weather regulatory threats.

The tech-heavy Nasdaq Composite gained 1.03% to end the day at 21,497.73, while theS&P 500climbed 0.51% to finish at 6,448.26. TheDow Jones Industrial Averagelagged, falling 24.58 points, or 0.05%, to settle at 45,271.23.

— CNBC’s Jenni Reid, Sean Conlon and Pia Singh contributed to this report.