BANGKOK (AP) — Stocks started the week higher in Asia, led by gains in China, as monthly surveys showed improving conditions for manufacturing.
Oil prices rose and US futures fell slightly.
Both official and private surveys of factory managers showed strong new orders and export orders, possibly linked in part to efforts by US importers to head off potential tariff increases by newly elected President Donald Trump once he comes to power.
On Saturday, newly elected President Donald Trump threatened 100% tariffs on the so-called BRIC bloc of nine countries if they acted to undermine the US dollar. The BRICs include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Trump said he wants the bloc to promise it will not create a new currency or otherwise try to undermine the U.S. dollar.
“Asian markets are riding a wave of optimism, gaining significant tailwinds from Wall Street’s record day on Friday and further supported by new signs that China’s economic crisis may be easing,” said Stephen Innes of SPI Asset Management commented.
He noted that investors are also anticipating further steps by Chinese authorities to stimulate the economy ahead of Trump’s inauguration next month.
Hong Kong’s Hang Seng rose 0.2% to 19,468.27, while the Shanghai Composite index rose 1% to 3,360.38. Taiwan’s Taiex rose 2.4%.
In Tokyo, the Nikkei 225 index rose 0.7% to 38,482.47.
The shares of car manufacturer Nissan Motor Corp. fell 1% after reports said the company’s CFO, Stephen Ma, plans to resign as the company cuts jobs and production due to weakening sales in China and other markets.
In South Korea, the Kospi rose 0.4% to 2,466.24, while Australia’s S&P/ASX 200 rose 0.1% to 8,440.00.
In Bangkok, the SET remained virtually unchanged.
Friday’s post-Thanksgiving session ended with the S&P 500 up 0.6% to 6,032.38, while the Dow Jones Industrial Average rose 0.4% to 44,910.65. The Nasdaq gained 0.8% to 19,218.17 points.
Some retailers jumped ahead as Black Friday unofficially kicked off the holiday shopping season, even though retailers had been offering early deals for weeks. Macy’s and Best Buy each gained about 2%.
Tesla shares rose 3.7% on Friday, posting a monthly gain of more than 38%. The electric vehicle maker is expected to benefit from CEO Elon Musk’s support for Trump.
Musk also boosted Hasbro’s stock after sparking takeover speculation when he asked in a post on X how much the toy and games company was worth. Hasbro, owner of the role-playing game Dungeon & Dragons, rose 2%.
