Japanese and Australian markets rallied Monday after a surprisingly strong U.S. employment report aided an upbeat performance for exporters and stocks in the resource sector.
In Japan, the Nikkei 225 Index ended Monday’s trading up 97.27 points, or 1.1%, to 8,929.20
In Hong Kong, the Hang Seng Index faded 47.04 points, or 0.2%, to 20,709.90. Hong Kong stocks reversed strong early gains, while mainland Chinese and South Korean stocks ended little changed after a higher opening, amid caution over Greek debt talks.
Signs of strength in the U.S. economy boosted copper and crude-oil futures in New York on Friday, lifting several commodity producers, exporters and financial stocks in Asia.
Rio Tinto Ltd. jumped 2.6% and Fortescue Metals Group Ltd. jumped 5.7% in Sydney.
Shares of steelmaker JFE Holdings Inc. and Pacific Metals Co. each advanced 1.9% in Tokyo, and Jiangxi Copper Co. added 1.2% in Hong Kong.
Exporters were also behind the advance in Japan, with Sony Corp. rising 4% and Honda Motor Co. 2.9% higher.
The dollar bought 76.61 yen in late Asian trading hours, little changed from ¥76.62 in late North American trading on Friday.
Lingering worries over talks between Greece and its debt-holders kept investors on edge and induced afternoon volatility in some regional markets.
Over the weekend, Greece’s political parties failed to agree on a coordinated response to reforms outlined by the European Union, the European Central Bank and the International Monetary Fund, in return for more aid, according to reports. Talks between political party leaders will start again on Monday, according to the reports. Greece needs another bailout to head off default in March.
The volatility in Seoul and Hong Kong also came as U.S. stock index futures extended their losses in Asian mid-afternoon trading, before recovering.
In Hong Kong, banking giant HSBC Holdings PLC climbed 1.6% to support the broader market.
CHINA
Meanwhile, the International Monetary Fund also cut China’s gross domestic product estimate for 2012 to 8.25% from 9%.
The Shanghai CSI 300 edged back 1.77 points, or 0.1%, to 2,504.32
But offsetting those gains, Chinese property stocks took a tumble, with China Resources Land Ltd. shedding 4% and China Overseas Land & Investment Ltd. dropping 2.3%.
Telecommunication shares suffered declines, with heavyweight China Mobile Ltd. losing 1.7% and China Unicom Hong Kong Ltd. dropping 4.5%.
Mainland Chinese banks, which had risen earlier in the day, also gave up those gains in afternoon trade. Central Huijin Investment Ltd., the controlling shareholder in several large state-owned lenders, had said Friday that it will allow three top listed banks to cut their dividend payout ratio to 35% from 40% in 2011.
Among those lenders, shares in Industrial & Commercial Bank of China Ltd. dropped 1.3% and China Construction Bank Corp. fell 0.2% in Hong Kong; in Shanghai, ICBC ended little changed, while CCB dropped 0.4%.
In other markets;
New Zealand markets had the day off
Taiwan’s Taiex Index subtracted 53.26 points, or 0.7%, to 7,687.98
Korea’s Kospi Index inched higher 0.79 points to 1,973.15
Singapore’s Straits Times Index added 22.15 points, or 0.8%, to 2,940.10
Australia’s S&P/ASX 200 Index grew 44.81 points, or 1.1%, to 4,295.98
