Asia Leaps on Oil Surge

Asia-Pacific markets largely rose on Monday as investors further digested key manufacturing data in the region.

In Japan, the Nikkei 225 jumped 146.67 points, or 0.9%, to 28,188.15.

Japan’s factory activity showed a softer contraction in five months. The manufacturing purchasing managers index rose to 49.2% for March, higher than February’s figure of 47.7%, based on a private survey.

Brent crude futures and U.S. West Texas Intermediate crude futures (WTI) surged as much as 8% after OPEC+ members agreed to cut more than one million barrels per day to extend through the end of 2023.

In Hong Kong, the Hang Seng Index gained 9.07 points to 20,409.18.

Japan’s Panasonic rose 2.45% in Asia’s afternoon trade, alongside South Korea’s Samsung SDI rising by more than 1%. LG Chem inched up 0.3%.


In China, the CSI 300 progressed 39.64 points, or 1%, to 4,090.57.

Tesla suppliers in Asia mostly rose after a report said Elon Musk is planning to visit China to meet with Chinese Premier Li Qiang, citing people familiar.

Shenzhen-listed shares of Hengdian Group DMEGC Magnetics rose 2.28% and Anhui Shiny Electronic Technology gained 1.23%.

Meanwhile, Contemporary Amperex Technology, or CATL, fell 1.6% in mainland China.

In other markets

Markets in Taiwan were shuttered for holiday.

In Singapore, the Straits Times climbed 22.18 points, or 0.7%, to 3,281.08.

In Korea, the Kospi dropped 4.52 points, or 0.2%, to 2,472.34.

In New Zealand, the NZX 50 stumbled 45.71points, or 0.4%, to 11,838.79.

In Australia, the ASX 200 added 45.26 points, or 0.6%, to 7,223.02.