SINGAPORE – Shares in the Asia-Pacific region traded higher on Monday as investors rated inflation and fears of a recession.
Hong Kong’s Hang Seng index led gains in the region, rising 2.43% after trading more than 3% higher during the session. The Hang Seng Tech index jumped about 4%. Shares of Alibaba in the Chinese city rose 3.95%, while Meituan rose about 3.79%.
Mainland China’s markets also won. The Shanghai Composite rose 1.11% and the Shenzhen component rose 1.55%.
Japan’s Nikkei 225 rose 1.66%, while Topix rose 1.19%. In Australia, the S & P / ASX 200 rose 2%.
Kospi in South Korea rose 2.15% and Kosdaq was 3.17% higher.
MSCI’s broadest Asia-Pacific stock index rose 2%.
Russia has defaulted on foreign currency government debt for the first time in more than 100 years, Bloomberg reported. The country’s central bank reserves remain frozen.
At the G7 summit, US President Joe Biden and other world leaders announced a $ 600 billion infrastructure program that focuses on key areas such as building health systems and information and communication technology networks.
Construction materials company James Hardie Industries, which is listed in Australia, saw its shares rise 3.23%. Shares of Boral rose 2.9%.
In the news of the company Trip.com will report its financial results for the first quarter on Monday in the United States after the market closes. The company’s shares in Hong Kong were 7.28% higher before the announcement.
Later this week, China and Japan will report data on the purchasing managers’ index, while Hong Kong will mark its 25th anniversary. Chinese President Xi Jinping will attend the anniversary events, state media Xinhua reported over the weekend.
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Shares in the United States rose on Friday to break previous series of losses.
“This only underscores the fact that markets will be very volatile until we pass this peak of inflation and the prospects for central banks to be as hawkish as they are,” said Kerry Craig, global market strategist at JPMorgan Asset Management.
He said markets tend to be turbulent as many central banks in developed economies enter a new cycle to raise interest rates.
“Once you have clarity on that path forward, then you start focusing on the basics again,” he told CNBC’s Squawk Box Asia on Monday.
Futures rose slightly on Sunday night after returning from last week.
Currencies and oil
The index of the US dollar, which tracks the greenback against the basket of its counterparts, was 103,969.
The Japanese yen traded at 134.74 per dollar, rising from above 136 against the greenback last week. The Australian dollar was $ 0.6928.
Oil futures fell in afternoon trading in Asia. US crude fell 0.35 percent to $ 107.24 a barrel, while international benchmark Brent crude fell 0.2 percent to $ 112.89 a barrel.
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