After slumping at the end of last week, Asian stock markets were higher in early trading Monday, following wide gains in the Americas and Europe on Friday after the U.S. jobs report. Investors seemed to brush off threats from China on Friday to impose retaliatory tariffs on $60 billion of U.S. goods.
was up 0.4% despite declines by major banks, with Sumitomo Mitsui Financial Group
down 1.1% and Mitsubishi UFJ Financial Group
slipping 1.4%. Manufacturers gained though, with Honda Motor
up 1% and robot-maker Fanuc
Hong Kong stocks rebounded strongly to start the week, after leading the region after fresh selling last week on U.S.-China trade worries. The Hang Seng Index
was up 1.1%. Tencent
rebounded 1.6%, putting it barely into positive territory for August, while fellow heavyweight HSBC
recovered 1.3% ahead of its second-quarter earnings report. And after skidding 15% on Thursday and 16% on Friday, biotech Ascletis
started its fourth public trading day with a 2.4% gain.
Chinese stocks saw volatile early action as trade worries continued to weigh. The Shanghai Composite
was about flat after spending a bit of time in negative territory, helped by a near-1% rebound in financial stocks. Smaller-cap stocks in Shenzhen
fell more than 1% initially, and the index was last down 0.5%. Health-care stocks remained weak, with drug-related names still feeling pressure from the country’s vaccine scandal. But BGI Genomics
bounced 4.8% after property veteran Wang Shi was appointed co-chairman.
South Korea’s Kospi
was on track for its sixth gain in the past eight sessions, with heavyweight Samsung Electronics
climbing 0.8%. Taiwan’s Taiex
rose 0.2%, although Taiwan Semiconductor
fell 0.4% after it had it to shut a number of chip factories over the weekend due to a computer virus. Benchmarks in Singapore
gained as well.
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Source : MTV