Asia Pacific Stocks Rise; Australia’s stocks lag as Covid infections rise

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SINGAPORE – Asia Pacific stocks rose mainly in Monday morning trading as investors watch the earnings release of Chinese food supplier Meituan.

In Japan, the Nikkei 225 was up 0.2% while the Topix index was up 0.57%. South Korea’s Kospi was trading 0.32% higher.

Mainland stocks climbed higher as the Shanghai Composite rose 0.21% while the Shenzhen Component hovered above the flatline. Hong Kong’s Hang Seng Index traded 0.28% higher.

Australia’s S & P / ASX 200 lagged the broader region, down 0.12%. It did after the country’s most populous state, New South Wales, reported a record increase in new Covid-19 infections in one day on Monday, according to Reuters.

MSCI’s broadest index for Asia Pacific stocks outside of Japan traded 0.43% higher.

Investors in the region will look forward to the earnings release of Chinese food supplier Meituan on Monday.

As for other Chinese technology developments, Beijing is reportedly considering new rules that the Wall Street Journal said would prevent domestic Internet companies from going public in the US.

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Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its competitors, hit 92.616 after falling above 93.0 recently.

The Japanese yen was trading at 109.74 per dollar, weaker than it was last week against the greenback below 109.5. The Australian dollar changed hands at $ 0.7316 after climbing below $ 0.72 last week.

Oil prices were higher on the morning of Asian trading hours, with international benchmark Brent crude oil futures rising 0.34% to $ 72.95 a barrel. US crude oil futures rose slightly to $ 68.78 a barrel.