Stocks rose mostly in Asia on Monday as Chinese leaders began a major meeting expected to make new pledges to help the world’s second-largest economy.
Oil prices rose more than a dollar a barrel after Oil producing countries in OPEC+ They said they would extend production cuts until the end of the year.
No reason was given for this step, which came before the United States Presidential elections Tuesday.
The price of US crude oil rose by $1.27 to reach $70.76 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose $1.30 to $74.70 a barrel.
The Standing Committee of China’s National People’s Congress meets this week and analysts expect the government may endorse major spending initiatives to boost the economy.
“Markets are alive with whispers of a new stimulus package, raising expectations to soaring levels and creating a buzz that is difficult to ignore,” Stephen Innes of SPI Asset Management said in a commentary.
The Hang Seng Index in Hong Kong rose 0.1% to 20,540.44 points, while the Shanghai Composite Index rose 0.3% to 3,281.76 points.
Markets in Tokyo were closed for holiday.
Australia’s S&P/ASX 200 rose 0.2% to 8,134.60 and Seoul’s Kospi jumped 1% to 2,568.85.
Taiwan’s Taiex rose 0.3%.
Friday, Amazon US stock indices rose, while a Surprisingly weak jobs report Similar Some unusual events It boosted bets on Wall Street for another interest rate cut next week.
The Standard & Poor’s 500 rose 0.4% to 5,728.80 points, recovering some of the previous day’s losses, the worst in eight weeks. The Dow Jones Industrial Average added 0.7% to 42,052.19 points, while the Nasdaq Composite Index rose 0.8% to 18,239.92 points.
Amazon stock rose 6.2% after it posted bigger profits in the latest quarter than analysts expected and was the strongest force pushing the S&P 500 higher.
Meanwhile, Intel stock rose 7.8% despite reporting a worse-than-expected loss. Its revenue beat analyst estimates, and it gave forecasts for results in the current quarter that also beat expectations. Cardinal Health was one of the market’s biggest gainers, jumping 7% after beating analysts’ expectations for earnings and revenue in the latest quarter. It also raised its earnings forecast for the fiscal year, which is only in the second quarter.
They helped offset the 1.2% slippage. applewhich said it expects revenue growth in the important holiday quarter to be in the low to mid-percentages. This was lower than many analysts’ expectations.
Treasury yields rose after a highly anticipated report said U.S. employers added just 12,000 workers to their payrolls last month, far short of the 115,000 in hiring economists expected or the 223,000 jobs created by employers in September.
A separate report said US manufacturing contracted more last month than economists expected. It was one of the areas of the economy hardest hit by the Fed holding interest rates at their highest level in two decades through September.
The almost unanimous expectation on Wall Street remains that the Fed will cut its key interest rate by a quarter of a percentage point next week.
The two-year Treasury yield, which closely tracks expectations for the Fed’s actions, initially fell after the jobs report but then rose to 4.20% from 4.18% late Thursday.
The 10-year Treasury yield, which also takes future economic growth and other factors into account, also rose after a knee-jerk decline. It rose to 4.37%, up from 4.29% late Thursday.
The hope on Wall Street is that the economy will still avoid a recession, even with a slowdown in the labor market, thanks in part to upcoming interest rate cuts by the Federal Reserve. The economy has remained comprehensive until now More flexible than feared.
In currency trading early Monday, the dollar fell to 152.05 Japanese yen from 152.42 yen late Friday. The euro fell to $1.0879 from $1.0881.