Nikkei 225 climbed 0.9% to 39,347.04, S&P/ASX 200 added 0.2% to 7,789.10, Kospi advanced 0.3% to 2,722.89, Hang Seng added 0.3% to 16,778.55
Asian stocks mostly gained Monday as investors looked ahead to earnings reports from top global companies and a consumer prices report that will be a gauge for U.S. inflation.
Japan’s benchmark Nikkei 225 climbed 0.9% in afternoon trading to 39,347.04. Sydney’s S&P/ASX 200 added 0.2% to 7,789.10. South Korea’s Kospi advanced 0.3% to 2,722.89. Hong Kong’s Hang Seng added 0.3% to 16,778.55, while the Shanghai Composite slid 0.6% to 3,050.80.
As risk sentiments look to bounce from earlier jitters, gains may still be somewhat limited, nevertheless, as the lead-up to the key U.S. CPI this week could leave some reservations in place, according to Yeap Jun Rong, market analyst at IG.
The U.S. releases its March report on consumer prices later this week.
Wall Street closed last week with a rally after a surprisingly strong U.S. jobs report. The S&P 500 advanced 1.1%, making up most of the loss from the previous day and moving closer to its record high set last week. The benchmark index still posted its first weekly loss in three weeks.
The DJIA added 0.8% and the Nasdaq composite advanced 1.2%. Technology firms accounted for a big share of the rally.
Treasury yields jumped Friday following the jobs report. The yield on the 10-year Treasury increased to 4.40% from 4.31% just before the report was released. The two-year yield, which moves more on expectations for the Fed, increased to 4.75% from 4.65% just prior to the report.
The Fed’s benchmark interest rate stays at its highest level in two decades as a result of historic rate hikes meant to tame inflation.
Strong employment and consumer spending have raised concerns about getting inflation below 3% and heading toward the Federal Reserve’s target rate of 2% won’t be easy.
The S&P 500 advanced 57.13 points to 5,204.34 Friday. The Dow gained 307.06 points to 38,904.04, and the Nasdaq added 199.44 points to 16,248.52.
