Asian Stocks Rise Following US Gains and Oil Declines – Asia Market Wrap

Following Wall Street’s advances, Asian stocks saw increases following Friday’s better-than-expected US payrolls statistics. As traders kept an eye on the geopolitical unrest in the Middle East, oil fell more than 1%.

Taiwanese and South Korean stocks rose, while Japanese equities led the region. Chinese stocks declined as a winding up petition for Shimao Group subdued mood.

Redmond Wong, a market strategist at Saxo Canital Markets, stated that although the US jobs report “once again shows that US economy remains resilient in the face of high interest rates,” attention will be focused on this week’s US CPI release, which will be a bigger test of whether or not the recent inflation bump is a trend.

Following Iran’s decision to refrain from attacking Israel or its overseas assets over the weekend, which helped to calm markets, oil prices declined from their opening levels on Monday. After Israel launched a deadly attack on an Iranian consulate in Syria last week, the Islamic Republic pledged to strike again.