Investing.com – Most Asian stocks rose on Monday, recovering some of last week’s losses, although more signals are expected on U.S. inflation and interest rates later this week.
Regional markets took some positive cues from a strong close on Wall Street on Friday as gains in technology stocks helped push the stock to a record closing high.
U.S. stock index futures fell slightly in Asian trading, with volumes expected to remain subdued ahead of the Memorial Day holiday.
China is growing, industrial profits are rising
China’s indexes rose about 0.1%, recovering slightly from losses seen last week.
Data on Monday showed China’s economic growth was robust in April compared with the previous month, signaling steady improvement in one of the country’s largest industries.
However, chilling optimism over Beijing’s recent stimulus curbed gains in Chinese markets. While the government has announced a number of measures to support the economy, especially the housing market, analysts are questioning how these measures will be implemented and financed.
Hong Kong’s index fell 0.4%, dragged down by losses in mainland Chinese stocks.
Asian shares show limited gains, PCE data awaited
Gains in most Asian markets were limited as anticipation of key U.S. inflation data later this week kept investors on edge.
The data – the Federal Reserve’s preferred measure of inflation – will be available this Friday and is expected to factor into its US rate forecast.
Easing expectations for a US interest rate cut were a key influence on Asian shares last week as traders largely discounted bets on a September interest rate cut.
Japan rose 0.3%, in line with the broader index. Key and data from Japan will also be released later this week.
South Korean shares added 0.7%, helped by some gains in technology stocks. The hype around artificial intelligence, especially after high-profile results from AI darling NVIDIA Corporation (NASDAQ:), has pushed the memory chip maker SK Hyniks Inc. (KS:) rose 4% to a record level.
It was also seen that China, Japan and South Korea are starting trilateral trade negotiations.
Australian shares rose 0.7%, recovering from losses last week.
India index futures are pointing to a moderately positive opening, with the index remaining ahead of recent record highs.