Asian markets bounce back, led by gains in Hong Kong

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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.

Japan’s Nikkei












NIK, +0.45%










  was up 0.4% despite declines by major banks, with Sumitomo Mitsui Financial Group












8316, -1.16%










 down 1.1% and Mitsubishi UFJ Financial Group












8306, -1.40%










  slipping 1.4%. Manufacturers gained though, with Honda Motor












7267, +1.09%










  up 1% and robot-maker Fanuc












6954, +1.51%










  up 1.5%

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












HSI, +0.85%










  was up 1.1%. Tencent












0700, +1.32%










 rebounded 1.6%, putting it barely into positive territory for August, while fellow heavyweight HSBC












0005, +1.45%










  recovered 1.3% ahead of its second-quarter earnings report. And after skidding 15% on Thursday and 16% on Friday, biotech Ascletis












1672, +3.59%










  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












SHCOMP, -0.77%










  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












399106, -1.58%










  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












300676, +3.77%










  bounced 4.8% after property veteran Wang Shi was appointed co-chairman.

South Korea’s Kospi












SEU, +0.41%










  was on track for its sixth gain in the past eight sessions, with heavyweight Samsung Electronics












005930, +0.55%










  climbing 0.8%. Taiwan’s Taiex












Y9999, +0.09%










  rose 0.2%, although Taiwan Semiconductor












2330, -0.61%










  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












STI, +0.83%










  and Malaysia












FBMKLCI, -0.03%










  gained as well.

Australia’s S&P/ASX 200












XJO, +0.57%










  was 0.6% higher, with the materials sector rebounding nearly 1% following last week’s softness. New Zealand’s NZX 50












NZ50GR, +0.54%










  was up 0.15%.

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Source : MTV