SINGAPORE — Asia-Pacific markets rose Monday, with Japan's Nikkei 225 leading gains.
The Japanese benchmark index was up 0.8% in early trade while the Topix added 0.67%. In South Korea, the Kospi index was up 0.13%.
Australia's ASX 200 advanced 0.17%, with most sectors trading up. But, major miners came under pressure as shares of Rio Tinto fell 0.2%, Fortescue was down 0.67% while BHP traded near flat.
The session follows after last week the Dow Jones Industrial Average and the S&P 500 stateside posted their fourth and second consecutive negative week of losses. U.S. stock index futures were little changed.
Last week, data showed strong comeback by the services sector both in the U.S. and Europe as businesses reopened following prolonged lockdown and benefited from a global demand recovery.
"The debate in financial markets is now not so much about how quickly GDP can recover but rather the shape of recoveries," wrote analysts at ANZ Research in a morning note. They explained it will take time to answer questions around inflation, but expect the U.S. Federal Reserve to guide the market appropriately.
"We see little prospect that Fed speakers will change recent guidance that price increases are transitory, but that the Fed will respond appropriately if not," the analysts wrote.
Currencies and oil
In the currency market, the U.S. dollar traded around 89.989 against a basket of its peers, slipping from an earlier level around 90.080.
Among the major currency pairs, the Japanese yen changed hands at 108.91, weakening from levels near 108.60 previously. The Australian dollar traded at $0.7733, staying relatively flat compared to its previous close.
Oil prices rose Monday during Asian trading hours. U.S. crude was up 0.46% at $63.87 a barrel while global benchmark Brent was up 0.41% to $66.71.
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May 24, 2021 at 06:54AM
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Asia-Pacific markets trade mixed; oil prices jump 0.8% - CNBC
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