HONG KONG — Asian stock markets rose Monday, following Wall Street higher after the pace of job losses eased in the world’s largest economy. Benchmarks in Japan, Hong Kong and China added more than 1 percent, while oil prices were little changed above $68 a barrel. The dollar gained against the yen.
While clear evidence of America’s economic woes, the climb in joblessness still gave investors reassurances the Federal Reserve will need to keep its bank lending rate at a record low range of zero to 0.25 percent for the time being. Low interest rates tend to slow demand for the dollar and support liquidity, which can in turn boost stocks.
“The economic sector is still weak, and we can expect no interest rate hike in the near term,” said Linus Yip, strategist at First Shanghai Securities Ltd. in Hong Kong. “So all this is helping the U.S. market and the Hong Kong markets to remain firm.”
Now that Asian investors have digested the U.S. labor market data, their focus will likely shift back to mainland China, Yip said. Several key economic indicators are due out this week, including retail sales, industrial output and the consumer price index.
Hong Kong’s Hang Seng index rose 1.1 percent to 22,063.16, and Japan’s Nikkei stock average edged up 0.4 percent to 9,823.90.
Benchmarks in South Korea, Taiwan, Singapore, Australia and New Zealand also advanced. Mainland China’s was the only major market to decline.
Financial and insurance stocks were sharply higher in several markets.
Australia’s AXA Pacific Holdings Ltd. soared more than 32 percent after the insurer rejected a $10 billion takeover bid from rival AMP Ltd. and French parent AXA SA. The rebuff raised investor hopes for a higher offer.
In Japan, Mitsui Sumitomo Insurance Group Inc. surged 8.8 percent after the nonlife insurer reported better-than-expected earnings results for the April-September half.
The Standard & Poor’s 500 index rose 13.16, or 1.3 percent, to 1,016.40, while the Nasdaq composite index added 35.58, or 1.8 percent, to 2,018.78.
On Friday, the Dow Jones industrial average rose 17.46, or 0.2 percent, to 10,023.42. The Standard & Poor’s 500 index closed up 2.67, or 0.3 percent, at 1,069.30.
U.S. futures pointed to a higher open on Wall Street Monday. Dow futures 17.46 points, or 0.2 percent, to 10,023.42, and S&P futures added 2.67 points, or 0.3 percent, to 1,069.30
Oil prices shot higher in Asia as Hurricane Ida threatened oil installations in the Gulf of Mexico. Benchmark crude for December delivery was up 94 cents to $78.37; the contract fell $2.19 on Friday.
Gold prices continued their march higher, trading up $8.3, or about 0.8 percent, at $1,104.0.
The dollar was trading at 90.08 yen from 89.97 yen late Friday. The euro stood at $1.4934 from $1.4885.
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