March 7 (Reuters) - A look at the day ahead in Asian

markets.

As you were.

Asian markets are set for a positive open on Thursday

following a widespread 'risk on' move on Wednesday, while

investors in the region await trade figures from China and

Australia, and an interest rate decision from Malaysia.

Global stocks and risk assets on Wednesday shrugged off the

previous day's jitters and resumed their climb higher while U.S.

bond yields drifted lower, after Federal Reserve Chair Jerome

Powell kept the door open to interest rate cuts later this year.

If Powell's goal was to play a straight bat in his three

hours of questioning from U.S. House of Representative lawmakers

on Wednesday and avoid any market ructions, he more than met it.

The MSCI Asia ex-Japan index had already risen 0.77% on

Wednesday before Powell spoke, its biggest rise in two weeks.

The dollar slide, lower bond yields and rise on Wall Street

after his testimony should give regional sentiment a further

boost on Thursday.

The main economic indicator in Asia on Thursday is Chinese

trade. Beijing this week said it is aiming for GDP growth this

year of around 5% again, but many analysts are skeptical - the

performance of imports and exports in recent months suggests

trade will not be a major driver.

Export growth likely slowed in the January-February period,

suggesting manufacturers are still struggling for overseas

buyers and in need of further policy support at home.

Data for the January-February period is expected to show

exports grew 1.9% year-on-year in U.S. dollar terms compared

with 2.3% growth in December, according to a Reuters poll, while

import growth accelerated to 1.5% from 0.2%.

Several Asian countries publish their latest foreign

exchange reserves holdings on Thursday. At the last count, the

six jurisdictions - China, Japan, Hong Kong, Malaysia, Indonesia

and Singapore - held a combined $5.55 trillion, nearly half of

the global total.

China and Japan are the world's largest holders with $3.22

trillion and $1.29 trillion, respectively. Changes in FX reserve

holdings are very small, but China's numbers in particular are

always closely watched.

Malaysia's central bank, meanwhile, announces its latest

interest rate decision. Bank Negara Malaysia (BNM) is expected

to leave its overnight policy rate (OPR) unchanged at 3.00% and

hold it there until at least 2026 as inflation was expected to

pick up, a Reuters poll found.

Although inflation eased to 1.5% in January, having peaked

at 4.7% in August 2022, economists expect price pressures to

rise in the second half of this year, suggesting a rate cut from

the central bank was unlikely anytime soon.

Here are key developments that could provide more direction

to markets on Thursday:

- China trade (February)

- China, Japan FX reserves (February)

- Malaysia interest rate decision

(By Jamie McGeever;)