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Oct. 11, 2021, 12:12 a.m. EDT

Asian markets mostly higher despite lingering energy worries

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By Associated Press

TOKYO — Asian shares were mostly higher on Monday despite persisting worries about the region’s energy crunch and coronavirus infections.

Benchmarks in Japan and China rose in early trading, while South Korean markets were closed for a national holiday. Shares fell in Australia.

Japan’s new prime minister, Fumio Kishida, calmed worries in Japan by backing away from comments suggesting he favored raising taxes on capital gains and dividends. The possibility of such an increase had spooked investors after he took office a week ago.

U.S. stock indexes closed lower last week following a disappointing jobs report. This week, attention turns to inflation numbers due out on Wednesday, and upcoming corporate earnings.

Tokyo’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.29% jumped 1.4% in morning trading. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.12% dipped 0.4%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.29% surged 2.2%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.21% added 0.4%. South Korean markets were closed for a national holiday. Stocks dipped in Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.53% and were flat in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.83% .

Revving up the world’s third largest economy remains an important mission for Kishida, but he is widely seen as the choice of the old guard of the ruling Liberal Democratic Party, which has dominated politics since World War II. Some critics say change is needed if the nation hopes to remain competitive, especially when the pandemic has created new kinds of problems, ranging from shifts in work styles to supply shortages from abroad.

The rally could be short-lived as other worries remain. Like Europe, Asia is seeing fuel shortages that could hinder recoveries from the pandemic.

“The energy crisis also continues, with India and China both flagging blackouts that will hit supply chains from another angle, and China seeing massive flooding in the coal-producing region it is relying on to keep the lights running,” RaboResearch said in a market commentary.

The weak U.S. jobs report Friday raised questions about the Federal Reserve’s timeline for paring back its immense support for markets. The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% fell 0.2% to 4,391.34. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.17% fell less than 0.1%, to 34,746.25, while the Nasdaq composite /zigman2/quotes/210598365/realtime COMP -1.92% slid 0.5%, to 14,579.54.

Much of Wall Street had assumed that the job market had improved enough for the Fed to soon begin paring back its monthly purchases of bonds meant to hold down longer-term interest rates. But Friday’s jobs report showed that employers added just 194,000 jobs last month, well short of the 479,000 that economists expected.

Inflation remains a concern, and many investors still expect the Fed to stick to its timetable.

In energy trading, U.S. benchmark crude jumped $1.27 to $80.62 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.05 to $79.35 on Friday. Brent crude , the international standard, gained 90 cents to $83.29 a barrel.

In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2189% rose to 112.54 Japanese yen from 112.21 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,948.44
-81.13 -0.29%
Volume: 0.00
Dec. 6, 2021 2:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,249.70
+8.50 +0.12%
Volume: 479,640
Dec. 6, 2021 4:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,460.15
-306.54 -1.29%
Volume: 1.28M
Dec. 6, 2021 1:05p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,615.14
+7.71 +0.21%
Volume: 28.35B
Dec. 6, 2021 1:05p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,573.41
+34.91 +0.53%
Volume: 0.00
Dec. 6, 2021 11:30a
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,127.74
+25.81 +0.83%
Volume: 0.00
Dec. 6, 2021 1:05p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,580.08
-59.71 -0.17%
Volume: 444.85M
Dec. 3, 2021 5:35p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
15,085.47
-295.85 -1.92%
Volume: 4.96M
Dec. 3, 2021 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
113.0590
+0.2470 +0.2189%
Volume: 0.0000
Dec. 6, 2021 12:20a
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