By Ese Erheriene
Asia-Pacific stocks began the week mostly higher, buoyed by Friday’s gains in the U.S., after solid jobs data there boosted the dollar and brightened overall market sentiment.
Meanwhile, the Group of 20 meeting of world leaders made little impact on markets, as there was less discord than expected.
As the dollar pushed above ¥114 in Asian trading — the pair reached levels not seen in two months — Japanese stocks helped lead the way in morning action.
The Nikkei /zigman2/quotes/210597971/delayed JP:NIK -3.34% rose 0.8%, rising back above the 20,000 after closing at a three-week low on Friday. That helped Japan’s exporters. Panasonic /zigman2/quotes/201785256/delayed JP:6752 -4.81% rose 1.8%, Nintendo climbed 3.7% and Tokyo Electron /zigman2/quotes/202883609/delayed JP:8035 -2.25% added 2.3%.
Meanwhile, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.60% rebounded 0.4% after Friday’s 1% decline. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.27% ended up 0.6%, while the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.60% fell 0.2%.
Oil stocks, though, were lower in Australia and across the region after Friday’s latest crude selloff — stoked by a rebound in the U.S. dollar, which recorded its best week of 2017, according to the WSJ Dollar Index.
While oil rose nearly 1% in Asian trading, oil firms’ shares fell. Japan Petroleum Exploration /zigman2/quotes/201212147/delayed JP:1662 -5.82% fell 0.7% and Australia’s Santos /zigman2/quotes/207349564/delayed AU:STO -2.04% slid 1.4%.
“Another strong rise in oil rig activity in the U.S. could see oil prices come under further downside pressure earlier this week,” ANZ Research said.
Elsewhere — and after U.S. Treasury yields rose Friday — the Bank of Japan’s end-of-week action kept domestic rates in check on Monday. The 10-year yield for Japanese government bonds was recently unchanged at 0.085%.