Asia-Pacific shares rise in ‘fragile’ market environment, oil jumps more than 2%
Asia-Pacific markets traded higher Monday as investors reacted to last week’s U.S. jobs report that trounced expectations and fueled hopes for a faster economic recovery.
Australian shares were in the green. The benchmark ASX 200 climbed 1.69% as all sectors traded higher, with the heavily-weighted financials subindex adding 1.39%. Major banking and mining stocks rose: Shares of Commonwealth Bank jumped 1.86% while Rio Tinto added 3.56%, Fortescue was up by 2.22% and BHP gained 3.05%.
In Japan, the Nikkei 225 rose 0.96% as banking stocks advanced. Mitsubishi UFJ Financial Group shares gained 2.35%, Sumitomo Mitsui Financial Group added 2.32% and Nomura shares were up 3.58%. Elsewhere, the Topix index added 0.91%.
Meanwhile, South Korea’s Kospi rose 0.55%.
Monday’s session in Asia-Pacific followed a wild day in U.S. markets last Friday, where stocks roared back from a sharp sell-off as a stronger-than-expected nonfarm payrolls report improved optimism for a quicker economic recovery.
The U.S. Senate passed a $1.9 trillion coronavirus relief package over the weekend that includes direct payments of up to $1,400 to most Americans. The bill is expected to pass in the Democratic-held House this week and sent to President Joe Biden for his signature before a March 14 deadline to renew unemployment aid programs.
Reference: CNBC
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