Asian markets rose in early trading Monday, following better-than-expected U.S. jobs numbers Friday and an extension of oil-production cuts by OPEC and its allies on Saturday.
Japan’s Nikkei 225
NIK,
was up 1.2% while Hong Kong’s Hang Seng Index
HSI,
advanced 0.3%. The Shanghai Composite
SHCOMP,
rose 0.3% and the smaller-cap Shenzhen Composite
399106,
edged up 0.2%. South Korea’s Kospi
180721,
inched up 0.1%, and benchmark indexes in Taiwan
Y9999,
, Singapore
STI,
and Indonesia
JAKIDX,
posted solid gains. Markets in Australia were closed for a holiday.
On Friday, the U.S. Bureau of Labor Statistics said the U.S. regained 2.5 million jobs in May and the unemployment rate fell to 13.3%, although the agency said the unemployment rate would be three percentage points higher if household forms had been completed correctly. Still, the numbers indicated a post-pandemic economic recovery has already begun.
Crude-oil futures were rising Sunday night after OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July.
Source : MTV
