Asian stocks traded mostly higher in thin holiday trade on Monday, with Australian, New Zealand and Hong Kong markets closed for Easter holiday.
The dollar gained as solid U.S. jobs data released on Friday bolstered bets the Federal Reserve may raise interest rates by 25 basis points in its May 2-3 meeting.
Investors await a closely watched inflation report as well as the release of minutes of the Fed’s March meeting this week for additional clues on the economic and rate outlook.
Elsewhere, European Central Bank (ECB) officials indicated another rate hike in May.
Gold prices slipped while oil edged higher on the prospect of tighter supplies.
As recession worries mount, traders looked ahead to the 2023 Spring Meetings of the World Bank and the International Monetary Fund taking place in Washington D.C. this week for direction.
Chinese shares were marginally higher while Japan’s Nikkei index rose 0.4 percent as Kazuo Ueda took over the reins at the Bank of Japan.
South Korea’s Kospi average was up nearly 1 percent as U.S. Treasury yields dropped after climbing on Friday.
U.S. and European markets were closed on Friday on the eve of Good Friday.
The U.S. jobs report released on Friday showed strong hiring, slower wage growth and an historically low unemployment rate, raising speculation the Fed will hike rates by another 25 bps at its May meeting.
Business News
Asian Shares Mostly Higher In Thin Holiday Trade
2023-04-10 02:32:05
