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Asia Markets Stock Markets are Higher

The Stock Markets in Asia-Pacific were higher on Monday, shrugging off the weaker-than-expected April U.S. jobs reports while oil futures advanced. South Korea’s Kospi is one of the largest gainers, rising 1.63% to close at 3,249.30 in the first session of the week. In Japan, the Nikkei 225 rose 0.55% to end the session at 29,518.34 and the Topix jumped 0.99% to 1,952.27.

Greater China markets were mixed. The Shanghai Composite inched up 0.27% to 3,427.99, while Stock Markets in Shenzhen jumped 0.19% to 2,243.91 at the close. Hong Kong’s Hang Seng Index fell 0.3% in late Monday trade. Last week, the U.S. jobs report for April came in below expectations. The report showed U.S. employers added 266,000 net payrolls last month and the unemployment rate rose to 6.1%.

James Cheo, Southeast Asia chief investment officer at HSBC Private Banking and Wealth Management, said the U.S. jobs report wouldn’t hit investor sentiment. Cheo Squawk Box Asia said that in terms of the jobs recovery it’s going to be extremely fragile but they think the trajectory is still the improvement of a job so Cheo doesn’t think it changes very much the investment thesis, the economic recovery is still very strong.

The U.S. dollar was roughly flat at 90.25 against a basket of its peers. Across the region, the Japanese yen changed hands at 108.98 per dollar, while the Australian dollar was flat at $0.7848.In oil markets, U.S. crude futures advanced 0.54% to $65.25 per barrel as much of one of the largest pipelines in the U.S. remains closed following a cybersecurity attack. Global benchmark Brent was up 0.59% to $68.68 per barrel.

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