Asia-Pacific stocks rise ahead of key economic data this week
SINGAPORE – Shares in the Asia-Pacific region rose in early morning trading on Monday as investors looked ahead to key economic data later in the week.
In Japan, the Nikkei 225 was up 1.74% in morning trading as shares of robot maker Fanuc jumped more than 3%. Topix is up 1.47%.
Hong Kong’s Hang Seng Index advanced 0.94%. In mainland China, the Shanghai Composite rose 0.2% while the Shenzhen component rose 0.355%.
South Korea’s Kospi Index is also up 0.9%, while Australia’s S&P/ASX 200 Index is up 0.9%.
MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.8%.
Several key data are expected later in the week. China is set to release its official May manufacturing PMI on Tuesday, as investors look for clues to the economic impact of the Covid-related shutdowns on the mainland.
“For the next week, keep an eye on PMIs especially from China which may show a modest recovery from the April recession but remain in contraction territory,” analysts at OCBC Treasury Research wrote in a note on Monday.
US jobs data is expected on Friday. Markets in the US are closed on Monday for a holiday.
Currency and oil
The US Dollar Index, which measures the greenback against a basket of its peers, was at 101.637 after the recent decline from levels above 102.
The Japanese yen was trading at 127.09 against the dollar, which is stronger compared to the levels above 127.8 seen against the dollar last week. The Australian dollar was at $0.7165 after rising last week from below $0.71.
Oil prices rose in the morning of Asian trading hours, with international benchmark Brent crude futures up 0.19% to $119.66 a barrel. US crude futures rose 0.44% to $115.58 a barrel.