Japan, Hong Kong Rise Sharply Monday

Shares in Asia-Pacific rose on Monday as investors look ahead to major economic data releases later in the week.

In Japan, the Nikkei 225 raced 587.75 points, or 2.2%, to 27,369.43.

The Japanese yen traded at 127.29 per U.S. dollar, stronger as compared with levels above 127.8 seen against the greenback last week.

In Hong Kong, the Hang Seng Index leaped 426.57 points, or 2.1%, to 21,123.93, as Chinese tech stocks in the city jumped: Tencent rose 2.4%, Alibaba surged 4.3% while Netease advanced 2.6%.

The Australian dollar was at $0.7175 after a climb last week from below $0.71.

CHINA

In Shanghai, the CSI 300 gained 27.72 points, or 0.7%, to 4,029.02.

Regional investor sentiment on Monday may have been boosted by a relaxation of COVID controls over the weekend in the major Chinese cities of Beijing and Shanghai.

Several major data releases are expected later in the week. China is set to announce its official manufacturing Purchasing Managers’ Index for May on Tuesday, with investors looking for clues on the economic impact of COVID-related lockdowns on the mainland.

In other markets

In Taiwan, the Taiex leaped 344.4 points, or 2.1%, to 16,610.62

In Korea, the Kospi index surged 31.61 points, or 1.2%, to 2,669.66.

In Singapore, the Straits Times Index grabbed 8.37 points, or 0.3%, to 3,238.92

In New Zealand, the NZX 50 recovered 80.35 points, or 0.7%, to 11,145.50.

In Australia, the ASX 200 sprang 103.85 points, or 1.5%, to 7,286.56.