Asian stocks looked set to open higher on the first trading day of the week after U.S. markets notched Friday gains on an expectation-topping U.S. jobs report.
Nikkei futures traded in Chicago were up by 0.81 percent compared to the benchmark’s Friday close. Australian SPI futures also tracked higher, up 0.57 percent at the end of the last session.
Markets in New Zealand will be closed on Monday.
Trade concerns looked set to persist, with U.S.-China trade talksyielding no major breakthroughs. China threatened that previous trade agreements negotiated by the countries “will not take effect” if the Trump administration goes ahead with a planned tariff increase.
U.S. stocks closed higher on Friday after the release of better-than-expected jobs numbers: The Dow Jones industrial average rose 0.9 percent, or 219.37 points, to close at 24,635.21, the S&P 500 advanced 1.08 percent to 2,734.62 and the Nasdaq composite jumped 1.51 percent to finish the session at 7,554.33.
The U.S. economy added 223,000 jobs last month, topping a forecast of 188,000 in a Reuters poll. The unemployment rate dropped to 3.8 percent, its lowest since April 2000.
The greenback was firmer on the back of Friday’s robust jobs report. Against the yen, the dollar traded at 109.55 at 7:00 a.m. HK/SIN. The dollar index, which tracks the dollar against a basket of rival currencies, stood at 94.192.
In corporate news, PC maker Lenovo’s removal from Hong Kong’s benchmark Hang Seng Index takes effect on Monday. CSPC Pharmaceutical Group, a Chinese drugmaker, will replace the computer maker as part of the index.
Here’s the economic calendar for Monday (all times in HK/SIN):
- 9:30 a.m.: Australia retail sales
- 12:00 p.m.: Indonesia May inflation