Asia-Pacific stocks rise after volatile week as investors look to economic data from China


SINGAPORE — Stocks in the Asia-Pacific region rose on Monday as investors watched a slew of Chinese economic data.

Japan’s Nikkei 225 gained 1.54%, while the Topix advanced 0.93% in early trading.

The Kospi in South Korea rose 0.46% and the Kosdaq 1.43%.

In Australia, the S&P/ASX 200 climbed 0.73%.

MSCI’s broadest index of Asia-Pacific stocks outside Japan gained 0.33%

Stock indices in Asia and around the world have been volatile over the past week due to inflation fears. Tech stocks and cryptocurrencies were hit hard, although bitcoin has since pared some losses. US stocks rebounded on Friday, but still posted losses for the week.

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China will release data on April’s industrial production, retail sales, fixed asset investment and unemployment on Monday – investors are looking in these figures for clues about the impact of the country’s zero Covid policy on the economy .

“While Shanghai has provided some positivity to markets, it’s unclear when China will swing back to life with Covid,” Tapas Strickland, director of economics at National Australia Bank, said in a note. NAB expects April economic data to slow sharply.

Shanghai authorities said on Sunday that some businesses would begin to resume in-store operations, Reuters reported.

Markets in Singapore, Malaysia, Indonesia and Thailand are closed for a public holiday on Monday.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 104.553, slightly above last week’s levels.

The Japanese yen was trading at 129.45 to the dollar, still stronger than the 130 levels seen last week. The Australian dollar was at $0.6943.

Oil futures rose early in Asian trading. U.S. crude futures climbed 0.23% to $110.74 a barrel, while international benchmark Brent crude futures rose 0.8% to $111.77 a barrel.


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