Asia-Pacific markets opened higher on Monday, buoyed by a strong finish on Wall Street last week and optimism ahead of trade negotiations between the United States and China scheduled for later in the day.
By 11:05 am AEST (1:05 am GMT), Japan’s Nikkei 225 had risen 1%, while South Korea’s Kospi 200 was up 1.5%.
Australian markets remained closed for a public holiday.
Among data releases, Japan’s Cabinet Office reported that the economy shrank at an annualised rate of just 0.2% in the first quarter, an upward revision from the initial 0.7% contraction.
Attention also turned to China, where May’s consumer price index (CPI) revealed a year-on-year decline of 0.1% versus expectations of a 0.2% decline, while the producer price index (PPI) dropped 3.3% versus a decline of 3.2% expected.
The upbeat tone followed Friday’s rally on Wall Street, where the Dow Jones Industrial Average gained 1.1%, the S&P 500 climbed 1%, and the Nasdaq Composite advanced 1.2%, driven by strength in the tech sector.
In commodities, Brent crude rose 1.8% to US$66.47 per barrel, while spot gold slipped 1.3% to US$3,309.98 per ounce.
Chinese equities were subdued in Friday’s session. The Shanghai Composite was flat at 3,385.4, while the CSI 300 edged down 0.1% to 3,874.0.
Hong Kong’s Hang Seng Index lost 0.5% to close at 23,792.5, while India’s BSE Sensex added 0.9% to 82,189.0.
In Europe, markets ended mixed. The UK’s FTSE 100 rose 0.3% to 8,837.9, France’s CAC 40 gained 0.2% to 7,804.9, while Germany’s DAX slipped 0.1% to 24,304.5.
