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The Tokyo Stock Exchange is closed for holidays. Hong Kong lost 0.2% while Shanghai rose 0.9%: Chinese stocks recover after holiday break
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While markets in Japan and South Korea remained closed for holidays, Asian stocks were mostly higher after Wall Street closed Friday with its best stock market day in more than 2 months. Hong Kong’s Hang Seng lost 0.2% to 18,447.12 while Shanghai’s Composite index rose 0.9% to 3,133.92 as markets reopened after a week-long holiday. A private sector survey on Monday (May 6) showed the country’s services sector grew at a slower pace in April due to rising costs, although new orders increased and business sentiment improved.
Last week’s rally
Last week’s rally was supported by colder-than-expected US jobs data. For markets, it was a positive sign that the Federal Reserve’s efforts to fight inflation by slowing the economy with high interest rates may be making some progress. The S&P 500 rose 1.3% on Friday, its biggest gain since February. The Dow Jones Industrial Average rose 1.2% and the Nasdaq composite rose 2%. U.S. employers added 175,000 jobs last month, down sharply from March’s sharp increase.
Asian markets
Asian stocks therefore rose on Monday 6 May after Wall Street closed last week with its best day in over 2 months. US futures rose and oil prices rose.
The Japanese yen weakened slightly after its value rose from a low of 160.25 to the US dollar to 151.86 late last week following suspected government intervention. The dollar bought 153.93 yen, from 152.90 yen. The euro rose to $1.0765 from $1.0763.
Japanese Finance Minister Shunichi Suzuki told a gathering of the Asian Development Bank’s annual meeting in Tbilisi, Georgia, on Friday that rapid fluctuations were hurting families and businesses.
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