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Alibaba announces fourth quarter earnings

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SINGAPORE — Shares in Asia-Pacific looked set for a higher Friday start, with investors monitoring shares of AlibabaAfter the Chinese tech giant reported better-than-expected fourth quarter earnings, Hong Kong was left with a feeling of relief.

Futures showed a Japanese stock market with a better start. Chicago’s Nikkei futures contract was 26,960, while Osaka’s counterpart was 26,930. Compare that to Nikkei 225’sLast close: 26,604.84.

Australian stocks are also set to open higher with the SPI Futures contract trading at 7,176 against the S&P/ASX 200’s7.105.90 was the last close. The April Retail Sales Data for Australia will be released at 9:30 AM HK/SIN Friday.

Alibaba, the Chinese tech giant, reported fourth quarter earnings Thursday at 7.95 Yuan ($1.18) per Share, excluding items on revenue of 204.05 Billion Yuan ($30.28 Billion). According to StreetAccount, this was more than analysts expected for earnings of 7.31 Yuan per share on CNY199.25 trillion in revenue.

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Overnight on Wall Street, the S&P 500 jumped 1.99% to 4,057.84. Dow Jones Industrial Average jumped 516.91 point, or 1.61% to 32,637.19. Nasdaq Composite was the tech heavy, rising 2.68% to 11740.65.

Currencies

It U.S. dollar index, which tracks the greenback against a basket of its peers, was at 101.829 — off levels above 102.2 seen earlier in the week.

It Japanese yenIt traded at 127 dollars per dollar, which was still strong than levels above 128.18 that were seen earlier in the week against the greenback. The Australian dollarIt traded at $0.71 and held above $0.705 which it briefly fell below earlier in week.

— CNBC’s Samantha Subin contributed to this report.

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