Shares rose Monday in Asia after last week’s strong close on Wall Street snapped a three-week losing streak.
Many regional markets were closed for holidays, while Tokyo and Sydney advanced. Oil prices declined.Many regional markets were closed for holidays, while Tokyo and Sydney advanced. Oil prices declined.The U.S. Labor Department will release its report on consumer prices for August on Tuesday and a report on wholesale prices on Wednesday. On Thursday, Wall Street will get an update on retail sales for August.
Tokyo’s Nikkei 225 NIK gained 1.1% and the S&P/ASX 200 XJO in Sydney surged 1%. Taiwan’s benchmark Y9999 gained 1.6%. Markets in Shanghai, Hong Kong and Seoul were closed for holidays. Those gains punctuated a holiday-shortened week of trading on Wall Street during which the market regained some of the ground it lost after a mid-August slump that wiped away the much of the gains from a mid-summer rally.
Stocks spent July and part of August gaining ground on hopes that the Fed would ease up on its interest rate hikes, but slumped over the last few weeks as it became clear the central bank remained resolute in raising rates.