Stocks in Asia-Pacific rose on Monday as China relaxed virus testing rules in some cities.
Hong Kong’s Hang Seng index rose 3.4 percent in early trade, leading gains in the region, and the Hang Seng Tech index rose 5.94 percent. In Mainland China, Shanghai Compound gained 1.03%, while Shenzhen Compound was 0.72%.
Oil prices rose 2% as OPEC+ adhered to its reduced oil production policy, and China relaxed some of its Covid rules.
The Nikkei 225 rose 0.11 percent in Japan, and the S&P/ASX 200 rose 0.6 percent in Australia. South Korea’s Kospi rose 0.3 percent. MSCI’s most extensive index of Asia-Pacific shares outside Japan rose 1.67%.
U.S. stocks fell Friday after a vital jobs report, but markets focused on the possibility of smaller Fed hikes later, and major indices closed slightly lower.