Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.
In Tokyo, the Nikkei 225 index vaulted 144.35 points, or 0.7%, Monday to 20,563.16, as shares of convenience store operator FamilyMart surged 8.7%.
The Japanese yen traded at 106.37 against the U.S. dollar following volatile movements in the previous week that saw it touching highs below 105.5.
In Hong Kong, the Hang Seng Index leaped 557.62 points, or 2.2%, to 26,291.84, as life insurer AIA’s stock surged 3.2%.
Shares of airline Cathay Pacific rose 1.3%, following the resignation of its CEO last Friday "in view of recent events." The firm has come under political pressure from Beijing following the discovery that two of its pilots were involved in ongoing protests in Hong Kong that have rocked the city for weeks.
Treasury yields rebounded last Friday, touching a high after reports that Germany would boost spending by issuing more debt.
The yield on the U.S. benchmark 10-year Treasury note was last at 1.58%, while the rate on the 30-year Treasury bond was at 2.06%.
The Australian dollar changed hands at $0.6782 after seeing lows below $0.675 last week.
CHINA
In Shanghai, the CSI 300 added 80.55 points, or 2.2%, to 3,791.09
On Saturday, the People’s Bank of China said it will improve the mechanism used to establish the loan prime rate from this month, allowing it to “use market-based reform methods to help lower real lending rates. ” That comes as Beijing attempts to prop up a slowing economy that has been hit by its ongoing trade war with Washington.
In other markets
In Korea, the Kospi index regained 12.73 points, or 0.7%, to 1,939.90
In Taiwan, the Taiex gained 67.88 points, or 0.7%, to 10,488.75
In Singapore, the Straits Times Index re-stocked 13.42 points, or 0.4%, to 3,128.45
In New Zealand, the NZX 50 recovered 47.11 points, or 0.4%, to 10,702.48
In Australia, the ASX 200 picked up 61.91 points, or 1%, to 6,467.43
