(Bloomberg) — Asian stock benchmarks rose as risk sentiment improved after weaker-than-expected U.S. jobs data revived bets that the Federal Reserve would cut interest rate this year. China’s stock market rose as it reopened after the holidays.
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China’s CSI 300 index rose as much as 1.6% as Beijing’s supportive policies added momentum. Hong Kong’s benchmark Hang Seng Index rose for a 10th straight session. Japanese markets are closed for the holidays.
Global stock markets received a boost after data showing U.S. employers cut hiring fueled investor expectations that a data-dependent Fed could begin easing policy later this year.
“China market sentiment seems to be gradually improving,” said Nicholas Yeo, head of China equities at abrdn Plc, referring to strong travel figures, better-than-expected corporate results and stock market reforms. “Increased material support through larger-than-expected fiscal spending and additional aid to the real estate market would go a long way toward significantly improving confidence in China.”
Oil rose in early trading after Israel closed the Kerem Shalom humanitarian crossing into Gaza on Sunday following a barrage of rockets fired by Hamas, in an incident that could derail delicate weeks of security hostages and ceasefire negotiations. Saudi Arabia has raised the price of its crude sales to Asia in a bid to tighten the oil market.
Traders will also be watching for a series of central bank meetings this week, led by a likely more hawkish Reserve Bank of Australia on Tuesday, following stronger-than-expected inflation data last month. Data on Chinese activity as well as inflation figures in the main emerging markets are also expected.
Some notable events this week:
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China Caixin PMI services, Monday
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Eurozone S&P Global Services PMI, PPI, Monday
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Australia rate decision Tuesday
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Eurozone retail sales, Tuesday
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UBS earnings, Walt Disney, BP earnings, Tuesday
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Minneapolis Fed President Neel Kashkari speaks Tuesday
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Brazil rate decision Wednesday
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Rate decision in Sweden, Wednesday
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Toyota results, Wednesday
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Chinese trade, Thursday
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Malaysia rate decision on Thursday
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Mexico CPI rate decision Thursday
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British BOE rate decision on Thursday
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Unemployment in Canada, Friday
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UK industrial production, GDP, Friday
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Chicago Fed President Austan Goolsbee speaks Friday
Some of the main market movements: Stocks
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S&P 500 futures were little changed as of 10:47 a.m. Tokyo time.
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Nikkei 225 (OSE) futures rose 1%
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Australia’s S&P/ASX 200 index rose 0.6%, more than any closing gain since April 29.
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Hong Kong’s Hang Seng fell 0.3%, more than any closing loss since April 19.
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The Shanghai Composite index rose 0.9%, more than any closing gain since April 26.
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Euro Stoxx 50 futures rose 0.3%
Currencies
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Bloomberg Dollar Spot Index little changed
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The euro was little changed at $1.0766
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The Japanese yen fell 0.3% to 153.55 per dollar
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The offshore yuan fell 0.3%, more than any closing loss since April 10.
Cryptocurrencies
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Bitcoin rose 0.6% to $64,146.03
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Ether…
