By JOE McDONALD, AP Business Writer
BEIJING (AP) — Asian stocks rebounded Monday as Wall Street futures moved higher while U.S. markets were closed for a holiday.
Shanghai, Tokyo, Hong Kong and Sydney gained. Oil prices rebounded to above $110 per barrel.
The future for Wall Street’s benchmark S&P 500 index was up 1.4% after a three-day holiday weekend.
“Today’s gains are attempting to pare back on previous losses, suggesting the presence of dip-buyers,” said Yeap Jun Rong of IG in a report.
The Shanghai Composite Index gained less than 0.1% to 3,318.29 and the Nikkei 225 in Tokyo added 1.8% to 26,225.15. Hong Kong’s Hang Seng advanced 1% to 21,368.85.
The Kospi in Seoul was 0.4% higher at 2,398.95 and Sydney’s S&P-ASX 200 rose 1.2% to 6,509.80.
New Zealand and Southeast Asian markets gained.
Investors worry efforts by U.S. and European central banks to cool inflation that is running at a four-decade high might derail global economic growth.
Japan and China, two of three biggest economies, have avoided joining in rate hikes. On Monday, China’s central bank left its benchmark rates unchanged. The Bank of Japan stuck to its policy of near-zero interest rates last week despite concern that is weakening the yen’s exchange rate.
The S&P 500 has fallen by more than 20% from its Jan. 3 peak, putting it in what traders call a bear market.
Investors are looking for clues of Fed plans for possible additional rate hikes when Chair Jerome Powell speaks before congressional committees this week.
On Monday, European stock markets advanced. Shanghai, Tokyo and Seoul declined.
In energy markets, benchmark U.S. crude jumped $2.47 to $110.45 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price standard for international oil trading, gained $1.46 to $115.59 per barrel in London.
The dollar held steady at 135 to the yen. The euro gained to $1.0529 from $1.0491.
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