Japan’s Nikkei 225 jumps close to 2% as Asia stocks rise ahead of major economic data this week

SINGAPORE — Shares in Asia-Pacific rose in Monday morning trade as investors look ahead to major economic data releases later in the week.

In Japan, the Nikkei 225 rose 1.74% in morning trade as shares of robot maker Fanuc jumped more than 3%. The Topix index traded 1.47% higher.

Hong Kong’s Hang Seng index advanced 0.94%. Over in mainland China, the Shanghai Composite edged about 0.2% higher while the Shenzhen Component rose 0.355%.

The Kospi in South Korea also climbed 0.9%, while Australia’s S&P/ASX 200 edged 0.9% higher.

MSCI’s broadest index of Asia-Pacific stocks outside Japan traded 0.8% higher.

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Several major data releases are expected later in the week. China is set to announce its official manufacturing Purchasing Managers’ Index for May on Tuesday, with investors looking for clues on the economic impact of Covid-related lockdowns on the mainland.

“For the week ahead, watch for the PMIs especially from China which may show a modest rebound from April’s slump but stay in contraction territory,” analysts at OCBC Treasury Research wrote in a Monday note.

U.S. jobs data is expected Friday. Markets in the U.S. are closed on Monday for a holiday.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 101.637 following a recent drop from levels above 102.

The Japanese yen traded at 127.09 per dollar, stronger as compared with levels above 127.8 seen against the greenback last week. The Australian dollar was at $0.7165 after a climb last week from below $0.71.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.19% to $119.66 per barrel. U.S. crude futures gained 0.44% to $115.58 per barrel.

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