Shares in Asian Markets Rally after Gain on Wall Street Last Week

Asian markets opened higher on Monday after a rally on Wall Street last week, oil prices declined, easing investor concerns about sustained inflation and the aggressive Federal Reserve’s response to that risk.

As of 9.32 hrs. local time in Thailand,  Hong Kong’s Hang Seng index was up 1.97%, while mainland Chinese market’s Shanghai Composite rose 0.77%.

Japan’s Nikkei climbed 1.033%. In Australia, the S&P/ASX 200 was 1.54% higher.

Meanwhile, South Korea’s Kospi surged 1.74%.

Reuters reports Rob Carnell, chief economist for Asia-Pacific at ING, as saying, “We’ve had a decent end to the week in the U.S. markets and I think that’s going to be the main scene for Monday here in Asia,”

Stocks in the United States saw gains of more than 800 points on the Dow Jones Industrial Average on Friday, ending recent consecutive losses.

The Dow increased by 823.32 points, or 2.68%, to 31,500.68 during the final hour of trade. The S&P 500 index rose 3.06% to 3,911.74. The Nasdaq Composite rose 3.34%, closing at 11,607.62.

China and Japan will release Purchasing Managers’ Index data this week, while Hong Kong will celebrate the 25th anniversary of its handover. China state-run media outlet Xinhua reported over the weekend that President Xi Jinping is set to visit Hong Kong for the event.