The National Association of Realtors reported that the number of pending home sales ticked up in February, suggesting the US housing market may be rebounding. Meanwhile, Alibaba Group’s announcement that it will split into six distinct firms sent its stock soaring.

ASX futures were leaning 48 points or 0.67% higher as of 7:00am on Thursday, suggesting gains at the start of trade.

US stock indices rose on Wednesday, aided by easing global banking concerns.

• The S&P 500 added 1.4% and the Dow Jones Industrial Average gained 1.0%. The tech-heavy Nasdaq Composite Index climbed 1.8%.

After a string of bank collapses and mergers, lack of news might be good news for stocks. American-traded shares of UBS Group AG rose 3.7% after the bank said Sergio Ermotti would return as chief executive following its recent takeover of Credit Suisse. The lender's Swiss-listed shares also advanced.

Wall Street is still assessing how the recent banking shake-up will affect the broader economy, and how policymakers will respond. The number of houses going under contract in the US unexpectedly rose in February for a third consecutive month.

Technology and other growth stocks, which tend to benefit most from a brighter economic outlook owing to investors' hopes for long-term profits, helped lead Wednesday's charge higher. Micron Technology jumped 7.2% after the chip maker said industry fundamentals were improving. The S&P 500 Information Technology index added 2.1% for the day.

In commodity markets, Brent crude oil dipped 0.5% to $US78.27 a barrel while gold shed 0.5% to US$1,963.64.

Australian government bonds inched lower, with the 2 Year yield dipping to 2.91% and the 10 Year falling to 3.28%. US Treasury note yields also declined, with the 2 Year slipping to 4.09% and the 10 Year down to 3.57%.

The Australian dollar was off at 66.79 US cents after previously closing at 67.06. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, tilted up to 96.34.

Asia

Chinese shares ended the day mixed. Investors entered into a wait-and-see mode as optimism over China's reopening ebbed. Concerns have emerged over the strength of the country's economic recovery after a recent slate of weak corporate earnings. The benchmark Shanghai Composite Index shed 0.2% to close at 3240.06 and the Shenzhen Composite Index dropped 0.05%, while the ChiNext Price Index rose 0.1%. Chip makers outperformed. SMIC rose 0.5% and NAURA Technology Group jumped 9.9%. Energy and telecom stocks were among the losers. China Unicom declined 1.3%, while PetroChina dropped 1.1% ahead of reporting 2022 earnings.

Hong Kong stocks ended the session sharply higher, driven by gains by Alibaba and other tech companies. The benchmark Hang Seng Index jumped 2.1%, logging one of its best one-day percentage gains so far this year, to settle at 20192.40. Alibaba led the pack with a 12% surge, as investors welcomed the tech giant's plan to restructure itself into six independently run companies that could seek separate IPOs. Other Chinese tech stocks further supported the market, with Alibaba Health up by 5.2% and Meituan rising 4.0%. The Hang Seng Tech Index ended 2.5% higher.

Japanese stocks ended higher, led by gains in tech and auto shares, as concerns about the recent turmoil in the global banking sector receded. SoftBank Group surged 6.2% after Alibaba Group Holding's stock jumped on its reorganization plan. Lasertec gained 4.3% and Honda Motor advanced 2.6%. The Nikkei Stock Average rose 1.3% to 27883.78. Investors were paying attention to any signs of weakness in the banking industry as well as economic data for policy implications.

In India, the Sensex rose 0.6% to close at 57960.09. Equities worldwide were mostly higher as easing concerns over the banking sector revived risk appetite, said Deepak Jasani, head of retail research at HDFC Securities. Gains on the benchmark Sensex were led by a mixed bag of companies. HCL Technologies climbed 2.7%, UltraTech Cement added 2.2% and IndusInd Bank rose 1.9%. Meanwhile, Bharti Airtel and Reliance Industries each fell 0.6%.

Europe

European stocks rose after mostly upbeat Asian trading and ahead of an expected higher open on Wall Street. The pan-European Stoxx Europe 600 gained 1.3%, the German DAX added 1.2%, and the French CAC 40 climbed 1.4%. Tech and semiconductor shares were the day’s biggest winners.

The British FTSE 100 ended up 1.1% in a more positive day for equities on both sides of the Atlantic. Stocks made further gains on Wednesday after a mixed session Tuesday, and the continued absence of any fresh banking crisis is another big tick in the risk-on column, IG analyst Chris Beauchamp explained in a market comment.

"The news that Alibaba Group Holding Ltd. will split itself into six units has proven to be quite the tonic for investors, who have taken this sign of corporate activity as an indication that animal spirits are still active despite the turmoil of the past three weeks," Beauchamp said.

North America

US stock indices rose on Wednesday, aided by easing global banking concerns.

• The S&P 500 added 1.4% and the Dow Jones Industrial Average gained 1.0%. The tech-heavy Nasdaq Composite Index climbed 1.8%.

After a string of bank collapses and mergers, lack of news might be good news for stocks. American-traded shares of UBS Group AG rose 3.7% after the bank said Sergio Ermotti would return as chief executive following its recent takeover of Credit Suisse. The lender's Swiss-listed shares also advanced.

"Anyone making near-term forecasts for the US stock market right now needs a considerable amount of humility," said Chris Brightman, chief executive officer and chief investment officer at Research Affiliates. "There always is uncertainty, but it's especially higher today."

Shares of First Republic Bank, the beleaguered US regional bank that has come under pressure owing to its similarities to recently failed peers, leaped 5.6%.

Wall Street is still assessing how the recent banking shake-up will affect the broader economy, and how policymakers will respond. The number of houses going under contract in the US unexpectedly rose in February for a third consecutive month.

Technology and other growth stocks, which tend to benefit most from a brighter economic outlook owing to investors' hopes for long-term profits, helped lead Wednesday's charge higher. Micron Technology jumped 7.2% after the chip maker said industry fundamentals were improving. The S&P 500 Information Technology index added 2.1% for the day.

Stocks have largely trotted higher this year: The Nasdaq Composite is set to gain 14% in the first quarter, snapping a yearlong losing streak. Investor optimism has persisted, despite bank failures and lingering macroeconomic issues.

Anxiety that rushed into the market during the recent banking turmoil seems to have leaked back out. The Cboe Volatility Index, or VIX, hovered around 19, a level indicative of complacency. The VIX, sometimes referred to as Wall Street's "fear gauge,” measures options pricing tied to the S&P 500 in about a month. Just a couple of weeks ago, it had crossed 30, signifying investors were racing to protect themselves from a downturn.

As of now, traders seem to be betting the banking crisis is in the rearview mirror.

To be sure, the stock market’s jolt might be fueled in part by weaker trading activity. Banking turmoil and reignited economic uncertainty might be keeping investors away from the market, allowing fewer traders to generate bigger swings. Stock volumes in major exchanges hit their lowest levels of the year on Tuesday, according to Dow Jones Market Data.