Investing.com - Sharemarkets across the APAC region opened higher on Monday.
By 10:40 am AEST (12:40 am GMT) the ASX 200 and KOSPI 200 added 0.7% and 1.2%, respectively, while the Nikkei 225 remained closed for a public holiday.
US stocks edged higher on Friday, with major indexes ending a volatile week with minimal losses. The Dow Jones Industrial Average rose 51 points, or 0.1%, to 39,497. The S&P 500 gained 0.5% to 5,344, and the NASDAQ Composite added 0.5% to 16,745. For the week, the DJIA slipped 0.6%, the Nasdaq lost 0.2%, and the S&P 500 was nearly flat.
Stocks dropped on Monday due to mild labor data and a sharp selloff in Japan as funds unwound yen carry trade bets. However, a drop in initial jobless claims on Thursday eased some economic worries, reducing concerns about the Fed needing to act swiftly to stem a slide.
The technology sector was the best performer on Friday, with six of the Magnificent 7 stocks gaining.
In commodity markets, Brent crude oil rose 0.6% to US$79.66 a barrel, while gold was up 0.2% at US$2,431.32.
Chinese shares closed lower, dragged down by consumer products and services stocks. Despite July CPI and PPI data beating expectations, deflationary concerns remain. Zhongbai Holdings fell 9.9%, and Sanjiang Shopping Club was down 5.3%. Offcn Education Technology closed 9.2% lower. However, semiconductor stocks led gains, with Ingenic Semiconductor up 0.7%. Bank stocks also rose, with Bank of Hangzhou and Bank of Shanghai up 0.5% and 0.4%, respectively. The Shanghai Composite Index closed 0.3% lower at 2,862.19. The Shenzhen Composite Index dropped 0.7%, and the ChiNext Price Index ended 1.0% lower.
Hong Kong shares ended higher, with the Hang Seng Index advancing 1.2% to 17,090.23. Tech stocks led the gains, driven by better-than-expected US labor data, easing recession concerns. The Hang Seng Tech Index was up 2.1%. Xiaomi rose 3.5%, NetEase (NASDAQ:NTES) gained 3.1%, and SMIC added 4.9% after beating 2Q expectations. Conversely, China Unicom fell 3.8% and China Mobile dropped 1.3%.
Japanese stocks ended higher, led by gains in banks and trading houses as concerns about the US labor market eased. Sumitomo Mitsui Financial Group gained 3.7%, and Itochu Corp. climbed 6.1%. The Nikkei Stock Average rose 0.6% to 35,025.00. The 10-year Japanese government bond yield was up 2.5 basis points at 0.855%. Investors are focusing on earnings and any potential escalation of conflicts in the Middle East.
India's Sensex closed 1.0% higher at 79,705.91, with auto stocks broadly advancing. Markets experienced a relief rally as US jobless claims figures suggested the previous week's data was an anomaly, and US stocks rebounded strongly overnight. Tech Mahindra rose 2.7%, while Tata Motors and Mahindra & Mahindra each gained 2.5%. EV maker Ola Electric Mobility rose 20% in its trading debut. Meanwhile, Kotak Mahindra Bank edged 0.2% lower.
Stocks in the U.K. rose on Friday, with the FTSE 100 Index adding 0.3% to 8,168.10. Deliveroo PLC was the biggest gainer, surging 5.1%, followed by Domino's Pizza Group PLC at 4.4%, and Coats Group PLC at 4.1%.
Ocado (LON:OCDO) Group PLC posted the largest decline, dropping 6.0%, followed by shares of Indivior PLC at 4.9%, and Hill & Smith PLC at 4.2%.
Elsewhere in Europe, markets closed higher, with the STOXX Europe 600 Index up 0.6% at 499.19, Germany's DAX gaining 0.2% to 17,722.88, and France's CAC 40 rising 0.3% to 7,269.71.