Chinese stocks catch up as Asian stocks rise: Markets join in

(Bloomberg) — Asian stock benchmarks rose as risk sentiment improved after weaker-than-expected U.S. payrolls data revived bets that the Federal Reserve will cut interest rates this year. The Chinese stock market climbed after it reopened after a holiday break.

Most read from Bloomberg

China's CSI 300 Index climbed as much as 1.6% as Beijing's supportive policy stance boosted momentum. The Hong Kong benchmark Hang Seng Index rose for the tenth straight session. The Japanese markets are closed for a holiday.

Global stock markets have been boosted after data showing U.S. employers have slashed hiring fueled investor expectations that a data-reliant Fed could start easing policy later this year.

Chinese market sentiment appears to be improving incrementally, said Nicholas Yeo, head of China equities at abrdn Plc, citing strong travel data, better-than-expected corporate results and stock market reforms. “More material support through larger-than-expected budget spending and additional help for the real estate market could significantly improve sentiment in China.”

Oil prices rose in early trading after Israel closed the Kerem Shalom humanitarian border crossing into Gaza on Sunday following a barrage of rockets fired by Hamas, an incident that could derail weeks of delicate hostage and ceasefire negotiations. Saudi Arabia has increased the price of crude oil to Asia in an attempt to tighten the oil market.

Traders will also be eyeing a series of central bank meetings this week, led by a likely hawkish Reserve Bank of Australia on Tuesday, following stronger-than-expected inflation data last month. Chinese activity data and inflation rates in key emerging markets will also follow.

Some important events this week:

  • China Caixin serves PMI, Monday

  • Eurozone S&P Global Services PMI, PPI, Monday

  • Tariff decision Australia, Tuesday

  • Eurozone retail sales, Tuesday

  • UBS earnings, Walt Disney, BP earnings, Tuesday

  • Minneapolis Fed President Neel Kashkari speaks Tuesday

  • Brazil interest rate decision, Wednesday

  • Tariff decision Sweden, Wednesday

  • Toyota earnings, Wednesday

  • Chinese trade, Thursday

  • Tariff decision Malaysia, Thursday

  • Mexico CPI, interest rate decision, Thursday

  • British BOE interest rate decision, Thursday

  • Unemployment Canada, Friday

  • UK industrial production, GDP, Friday

  • Chicago Fed President Austan Goolsbee will speak on Friday

Some of the biggest moves in the markets: Stocks

  • Futures on the S&P 500 were little changed at 10:47 a.m. Tokyo time

  • Nikkei 225 futures (OSE) rose 1%

  • Australia's S&P/ASX 200 rose 0.6%, more than any closing gain since April 29

  • Hong Kong's Hang Seng fell 0.3%, more than any closing loss since April 19

  • The Shanghai Composite rose 0.9%, more than any closing gain since April 26

  • Euro Stoxx 50 futures rose 0.3%

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.0766

  • The Japanese yen fell 0.3% to 153.55 per dollar

  • The offshore yuan fell 0.3%, more than any closing loss since April 10

Cryptocurrencies

  • Bitcoin rose 0.6% to $64,146.03

  • Ether rose 0.2%, rising for the fifth day in a row, its longest winning streak since April 8

Bonds

Raw materials

  • West Texas Intermediate crude rose 0.3% to $78.31 a barrel, ending a five-day streak of 6.8% decline

  • Spot gold rose 0.2% to $2,306.59 an ounce

This story was produced with the help of Bloomberg Automation.

–With help from Sangmi Cha.

Most read from Bloomberg Businessweek

©2024 BloombergLP

Related Posts

  • Finance
  • May 15, 2024
  • 13 views
  • 3 minutes Read
Here are the top ten picks for the Mormon church's $55 billion stock portfolio

Getty Images The investment arm of the Mormon church disclosed some of its assets in a 13F filing on Wednesday. The church has built a portfolio of individual stocks worth…

  • Finance
  • May 15, 2024
  • 17 views
  • 4 minutes Read
Florida lawmakers are proposing to change the tax code to provide premium relief for homeowners

Florida lawmakers are proposing to change the tax code to provide premium relief for homeowners Florida Congressman Byron Donalds is working with his colleague Senator Rick Scott on a bill…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Sweden will donate $1.23 billion in military aid to Ukraine

  • May 29, 2024
Sweden will donate $1.23 billion in military aid to Ukraine

The Supreme Court refuses to review the conviction of disgraced attorney Michael Avenatti in the Nike racketeering case

  • May 29, 2024
The Supreme Court refuses to review the conviction of disgraced attorney Michael Avenatti in the Nike racketeering case

72 hours left for the Disrupt early bird sale

  • May 29, 2024
72 hours left for the Disrupt early bird sale

Top adviser to the Dem Senate candidate posted a photo with a religious leader comparing Jews to termites

  • May 29, 2024
Top adviser to the Dem Senate candidate posted a photo with a religious leader comparing Jews to termites

Sunak promises to replace 'rip-off' degrees with apprenticeships

  • May 29, 2024
Sunak promises to replace 'rip-off' degrees with apprenticeships

Illegal alien arrested at Virginia truck stop for kidnapping and taking 'indecent liberties' with minors | The Gateway expert

  • May 29, 2024
Illegal alien arrested at Virginia truck stop for kidnapping and taking 'indecent liberties' with minors |  The Gateway expert

The Wu-Tang Clan's 'Once Upon a Time in Shaolin' is available from the Australian museum: NPR

  • May 29, 2024
The Wu-Tang Clan's 'Once Upon a Time in Shaolin' is available from the Australian museum: NPR

Orlando Pride is an example of a successful ideal rebuild in NWSL, while Utah Royals and San Diego Wave need to be rethought

  • May 29, 2024
Orlando Pride is an example of a successful ideal rebuild in NWSL, while Utah Royals and San Diego Wave need to be rethought

Virginia-based tech company settles allegations over whites-only job openings

  • May 29, 2024
Virginia-based tech company settles allegations over whites-only job openings

Texas Rep. Tony Gonzalez narrowly wins the Republican election against the gun rights activist in a closely watched contest

  • May 29, 2024
Texas Rep.  Tony Gonzalez narrowly wins the Republican election against the gun rights activist in a closely watched contest

Why Cellular SASE Defines the Future of Distributed Enterprises

  • May 29, 2024
Why Cellular SASE Defines the Future of Distributed Enterprises