Friday, October 7, 2022

Japan’s Nikkei 225 jumps 2% as Asia stocks rise ahead of major economic data this week

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SINGAPORE — Shares in Asia-Pacific rose on Monday as investors look ahead to major economic data releases later in the week.

Japanese stocks led gains among the region’s major markets, with the Nikkei 225 rising 2.19% on the day to 27,369.43 as shares of robot maker Fanuc jumped 4.66%. The Topix index surged 1.86% to 1,922.44.

Hong Kong’s Hang Seng index also saw robust gains, climbing around 2% as of its final hour of trading. Over in mainland China, the Shanghai Composite closed 0.6% higher at 3,149.06 while the Shenzhen Component rose 1.043% to 11,310.28.

The Kospi in South Korea closed 1.2% higher at 2,669.66, while Australia’s S&P/ASX 200 ended the trading day up 1.45% to 7,286.60.

MSCI’s broadest index of Asia-Pacific stocks outside Japan traded 2.05% higher.

Regional investor sentiment on Monday may have been boosted by a relaxation of Covid controls over the weekend in the major Chinese cities of Beijing and Shanghai.

Stock picks and investing trends from CNBC Pro:

Several major data releases are expected later in the week. China is set to announce its official manufacturing Purchasing Managers’ Index for May on Tuesday, with investors looking for clues on the economic impact of Covid-related lockdowns on the mainland.

“For the week ahead, watch for the PMIs especially from China which may show a modest rebound from April’s slump but stay in contraction territory,” analysts at OCBC Treasury Research wrote in a Monday note.

U.S. jobs data is expected Friday. Markets in the U.S. are closed on Monday for a holiday.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 101.535 following a recent drop from levels above 102.

The Japanese yen traded at 127.27 per dollar, stronger as compared with levels above 127.8 seen against the greenback last week. The Australian dollar was at $0.7178 after a climb last week from below $0.71.

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 0.26% to $119.74 per barrel. U.S. crude futures gained 0.4% to $115.53 per barrel.

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