Asian shares started the week with gains in Monday morning trade as investors look ahead to the release of Food delivery behemoth Meituan’s earnings and after the U.S. Federal Reserve takes a dovish stance.
Japan’s Nikkei rose 0.9% soon after the bell, and MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.32% in early trading before Chinese markets had opened.
Mainland Chinese stocks nudged 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.
The S&P/ASX 200 in Australia lagged the broader region, slipping 0.12%. That came after the country’s most populous state New South Wales reported on Monday a record one-day rise in new Covid-19 infections, according to Reuters.
Investors in the region will look ahead to the release of earnings from Chinese food delivery giant Meituan on Monday.
Chinese regulators are eyeing new rules that would restrict domestic internet companies from going public in the U.S., specifically targeting tech firms with user-related data and companies that are less data-heavy such as pharmaceuticals.
The S&P 500 climbed following Chair Powell’s Jackson Hole speech, in which he said the Fed may start paring bond purchases this year but is in no hurry to raise interest rates and will be guided by data on Covid-19 risks.
Elsewhere, the U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.616 following a recent drop from above 93.0.
Gold was slightly higher, with the spot price gold was traded at $1,817.7863 per ounce, up 0.07% and Bitcoin was trading around $49,000.
Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.34% to $72.95 per barrel. U.S. crude futures advanced fractionally to $68.78 per barrel.