Major Asian stock markets closed Monday with gains as investors’ sentiment was lifted by the US debt ceiling deal and optimism that the US Federal Reserve would halt the rate hikes cycle this month following the US jobs report.
US President Joe Biden on Saturday signed the debt ceiling bill into law, aimed at preventing a potential default crisis.
American economy created 339,000 more jobs in May, above a market estimate of 180,000 additions, the Labor Department announced on Friday.
Job additions for April were revised up by 41,000 from 253,000 to 294,000, data from the Bureau of Labor Statistics showed.
The Asia Dow, which includes blue-chip companies in the region, gained 1.01% to 3,493 points as of 1105GMT.
Tokyo’s Nikkei 225 surged 2.1% to close at a fresh 33-year high of 32,217.
The au Jibun Bank Japan composite PMI rose to 54.3 in May, up from 52.9 in April. Business activity in Japan grew for the fifth consecutive month, signaling an accelerated recovery from the COVID-19 disruptions.
The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong exchange, increased 0.84% to reach 19,108 points.
China’s Shanghai Stock Exchange rose 0.07% to 3,232 points on Monday.
The Caixin China General Composite PMI hit 55.6 in May, up from 53.6 in April, thanks to a faster hike in output across both the manufacturing and service sectors.
India’s Sensex index climbed 0.38% to close at 62,3787 and the Singapore index ticked up 0.72% to end the day at 3,189 points.
Retail sales in Singapore grew 3.6% from a year ago in April, cooling from a 4.5% rise in the previous month.
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