Markets set for positive start

Asian stocks will probably make a positive start to the last day of the year, as another US indicator pointed to a promising economic picture in early 2010.

Trade in Asia for the last day of 2009 is certain to be light, with Japanese markets closed for a public holiday. Most other markets will be closed on Friday for New Year's Day, with trade resuming on Monday.

Wall Street managed to squeeze into positive territory as profit-taking and investor caution cancelled out the positive mood from a surprise jump in an indicator of midwest business activity. A firmer US dollar also kept a lid on gains, with the currency hitting its highest in more than three months against the yen .

British and European markets snapped winning streaks to finish as much as 0.7 percent lower, succumbing to profit taking in thin volumes.

Australian shares are set for a positive start, with stock index futures at 4,850, a 16.7 point premium to the underlying index's close on Wednesday. WELLINGTON, Reuters