Japan stocks set to rise; investors look ahead to Australia’s interest rate decision

Japan stocks set to rise; investors look ahead to Australia’s interest rate decision

SINGAPORE — Japan's markets were set to rise as stocks on Wall Street surged for a second session. Japan's Nikkei futures contract in Chicago was at 27,290 while its counterpart in Osaka was at 27,300 — higher than the last close at 27,001. Australia's ASX 200, however, declined 0.32% in early trade. Elsewhere, markets in mainland China, Hong Kong, South Korea and Singapore are closed for a holiday. In economic data ahead, Australia is due to release its interest rate decision, as well as retail sales for December. Japan is also set to release its manufacturing data for January. "It is widely expected the [Reserve Bank of Australia] will end [quantitative easing], and also open up the possibility to rating hikes in 2022, but will view early 2023 as being more probable according to their wages forecasts," wrote Tapas Strickland, director of economics and markets at the National Australia Bank. Over on Wall Street, Monday to wrap up a rough January. The S&P 500 rose 1.89% to 4,515.55, closing out the month down 5.3%. That's its worst month since the 12.5% loss in March 2020, and its biggest January decline since 2009. The  added 406.39 points, or 1.2%, to