Asian Market Review

Asian markets are trading mixed on Monday morning, with some optimism returning to investors after last Friday’s U.S. jobs report had unemployment at a 50 year low. Mainland Chinese markets remain closed for a fifth consecutive session in observance of “Golden Week” and traders will return to the market on Tuesday.

Australia’s S&P/ASX 200 is leading gains in the region, rising 0.4% in morning trade on relief following last Friday’s U.S. jobs report, which reassured investors that the world’s largest economy isn’t slipping into a recession. Banks are trading modestly higher, but mining firms and oil producers are flat.

Japan’s Nikkei trades lower by 0.3% however, with Japanese multi-nationals remaining weak due to the strength of the Yen recently. Shares of Nikon are 2.2% lower, and Canon has a 1.4% loss. Entertainment giant Nintendo is 1.1% lower in morning trade, and retailer Fast Retailing trades down by 0.6%.

In addition to mainland Chinese markets being closed, Hong Kong’s Hang Seng is also closed for a public holiday. The island nation remains a hotbed with thousands of protestors taking to the streets to protest the recent ban on facemasks. Early reports are that protests could turn violent, which would be another blow to markets when they reopen on Tuesday.

In South Korea the Kospi is slightly lower by less than 0.1%, while Taiwan’s Taiex has a solid 0.4% gain in the first hour of trading.

Southeast Asian markets are trading broadly higher with the Straits Times in Singapore rising 0.4%, and Malaysia’s KLCI inching up by less than 0.1%.