(RTTNews) – Asian stocks rose broadly on Monday as a strong US jobs report helped ease concerns about slowing global growth.
The bullish momentum was limited by the escalation in the Ukraine crisis after Ukraine accused Russia of carrying out a “massacre” in the city of Bucha, and Western nations reacted to the images of dead bodies with calls for new sanctions. against Russia.
Shanghai’s markets were closed for a holiday as the city’s Covid-19 lockdown entered its second week.
Hong Kong’s Hang Seng Index jumped 2.10 percent to 22,502.31. Tech stocks outperformed after the China Securities Regulatory Commission on Saturday removed a key hurdle preventing full US access to audits.
Japan’s Nikkei average rose 0.25 percent to 27,736.47, with Sony Group, Japan Petroleum, Inpex and SoftBank Group adding between 1 percent and 4 percent. Semiconductor stocks fell, with Advantest and Tokyo Electron falling 1.3 percent and 2.7 percent, respectively.
Australian markets finished slightly higher, led by gains in the mining sector. The benchmark S&P/ASX 200 index rose 0.27 percent to 7,513.70 ahead of the Reserve Bank of Australia’s interest rate decision on Tuesday.
Fortescue Metals Group jumped more than 3 percent after Chinese iron ore futures closed at a nearly 8-month high on Friday on hopes of more economic stimulus in China.
Mineral sands explorer Iluka Resources rose 6.1 percent after announcing the final decision on its $1.2 billion refinery. Pendal Group soared 18.1 percent after receiving a non-binding takeover offer from asset manager Perpetual Ltd.
Seoul shares rose sharply as falling oil prices and another strong US jobs report helped investors brush off lingering concerns about potential rate hikes and the Ukraine crisis. The Kospi average rose 0.66 percent to close at 2,757.90. Technology, chemicals and steel stocks paced the gainers.
New Zealand stocks ended slightly lower due to confusion among Air New Zealand investors. Shares of the airline, which is seeking to raise $1.2 billion from shareholders, fell 28.5 percent after a mistake by New Zealand stock exchange NZX in pricing its shares and rights. The benchmark NZX-50 index closed down 0.30 percent at 12,053.19.
US stocks fluctuated before finishing modestly higher on Friday as a key part of the US Treasury yield curve portion inverted briefly after the release of strong jobs data that showed solid job gains in March and the unemployment rate fell to a new pandemic-era low. .
The Dow Jones rose 0.4%, while the tech-heavy Nasdaq Composite and the S&P 500 rose about 0.3%.
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