A pedestrian looks at an electronic rating board showing the Nikkei 225 index numbers in Tokyo on September 11, 2020.
Kazuhiro Nogi | AFP | Getty Images
SINGAPORE – Asia-Pacific stock markets were broadly higher on Monday, ignoring weaker-than-expected US employment reports in April; while oil futures advanced.
Kospi of South Korea was one of the biggest winners, rising 1.6% in the opening session of the week. In Japan, the Nikkei 225 gained 0.5% and the Topix by 1%.
Greater China markets were mixed. TThe Shanghai composite edged up 0.1%, while Shenzhen stocks jumped 0.2%. Hong Kong’s Hang Seng Index fell 0.3%.
Last week, the widely watched US employment report for April was lower than expected. The report shows that US employers added 266,000 net payrolls last month and the unemployment rate rose to 6.1%.
James Cheo, director of investments in Southeast Asia at HSBC Private Banking and Wealth Management, said the US jobs report would not affect investor sentiment.
“I think that in terms of recovery in employment it will be extremely fragile … but I think that the trajectory is still an improvement in employment so I do not think that it changes the thesis of investment much. , the economic recovery is still very strong, ”Cheo told CNBC’s“ Squawk Box Asia ”Monday.
“And of course those setbacks would mean the Federal Reserve would still keep interest rates extremely low and I think from that point of view we’re still in a sort of golden loop environment that’s still very conductive. for risky assets around the world, ”he added.
In Australia, retail sales for March rose 1.3% from the previous month, slightly missing analysts’ 1.4% forecast in a Reuters poll. But business confidence in the country hit an all-time high in April, according to a National Australia Bank survey.
The ASX 200 jumped 1% on Monday.