Asia-Pacific stocks rise ahead of key economic data this week

SINGAPORE — Shares in Asia-Pacific rose Monday morning as investors anticipate 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 was trading up 1.47%.

Hong Kong’s Hang Seng Index rose 0.94%. In Mainland China, the Shanghai Composite edged up around 0.2% while the Shenzhen Component rose 0.355%.

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

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

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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 PMIs, particularly from China, which may show a modest rebound from the April drop but remain in contractionary territory,” analysts at OCBC Treasury Research wrote in a note from Monday.

US jobs data is due Friday. Markets in the United States are closed on Mondays for a public holiday.

Currencies and oil

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

The Japanese yen was trading at 127.09 to the dollar, stronger than levels above 127.8 seen against the greenback last week. The Australian dollar was at $0.7165 after climbing below $0.71 last week.

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

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