SINGAPORE – Stocks in Asia-Pacific rose during Monday morning trading as investors continue to monitor coronavirus developments.
The S & P / ASX 200 rose more than 0.6%, as the shares of major miners BHP Group and Fortescue jumped 3.4% and 4.72% respectively.
South Korea’s Kospi added 0.9%.
The largest MSCI index of Asia-Pacific stocks outside of Japan traded 0.18% higher.
Investors will watch shares of airlines in Hong Kong and Singapore, including Cathay Pacific and Singapore Airlines, after a delay of an expected air bubble between the two cities. This came as Hong Kong has seen a recent increase in coronavirus cases.
On the economic data front, Singapore’s economy contracted 5.8% in the third quarter, according to a press release released Monday by the country’s Ministry of Trade and Industry. The economy is now expected to contract 6% to 6.5% in 2020 from a year ago, and rebound to growth in 2021, the ministry said.
Japanese markets are closed on Mondays for a public holiday.
Developments surrounding the coronavirus will likely continue to weigh on investor sentiment. South Korea is set to impose stricter distancing regulations for the greater Seoul area and the southwest region in an attempt to stem a resurgence of the coronavirus, according to Yonhap. Meanwhile, the United States recently reported nearly 200,000 new cases of the virus less than a week before Thanksgiving.
Currencies and oil
The US dollar index, which tracks the greenback against a basket of its peers, was at 92.33 after falling recently from levels above 92.6.
The Japanese yen traded at 103.83 per dollar after firming from levels above 104.4 against the greenback last week. The Aussie changed hands at $ 0.7311 after a turbulent trading last week that saw the currency above $ 0.732 and below $ 0.729.
Oil prices edged up on morning trading hours in Asia, as international benchmark Brent futures rose 0.42% to $ 45.15 a barrel. US crude futures also edged up to $ 42.45 per barrel.
Here’s an overview of what’s on offer:
- Singapore: Consumer Price Index for October at 1 p.m. HK / SIN