Asia-Pacific Markets Trade Higher With Hong Kong Shares Rise Almost 1%

Asia-Pacific Markets Trade Higher With Hong Kong Shares Rise Almost 1%

Asia-Pacific markets trade higher with Hong Kong shares rise almost 1%. On Monday, Asia-Pacific markets advanced with indexes in Australia, Hong Kong, and the Chinese mainland recording gains.

Australia’s benchmark ASX 200 climbed 0.16% as investors await the Covid-19 recovery in the country. The Australian dollar also rose from an earlier level around $0.7326 to $0.7354 against the greenback.

Australia recently reported 280 new Covid cases over 24 hours. Most of the cases are reported from the populous state of New South Wales. According to reports, about 15 million people, or over 60% of the population are now under strict lockdown.

South Korea’s Kospi index traded at 3,269.17. The Kosdaq also retraced its earlier losses to reach 0.05%. Hong Kong’s Hang Seng index jumps 0.97%.

Chinese mainland shares report mixed trade. The Shenzhen component traded lower while the Shanghai Composite rose 0.56%.

The U.S. job opening rose in nearly a year in July despite concerns over the Covid-19 delta variant as well as labor supply issues.

According to records, China’s export showed slow growth while imports lost momentum. Exports advanced 19.3% from a year ago, against a 32.2% gain in June. While Reuters reported a 20.8% profit. Imports surged 28.1% compared to a year earlier.

On Monday Oil prices dropped more than 2% during Asian trading hours.

“The market reacted positively to the strong non-farm payrolls data, with a risk-on move,” analysts from ANZ Research in a Monday morning note said.

U.S. crude ended 2.33% at $66.69 a barrel while global benchmark Brent dropped 2.22% to $69.13.