Asia-Pacific markets traded mixed, with Japan’s Nikkei 225 jumping to a new record, advancing 1.95% to pass the 72,000 mark, while the Topix rose 1.29%.
South Korea’s Kospi rose 1.22%, while the small-cap Kosdaq fell 0.99%. Australia’s benchmark S&P/ASX 200 was marginally higher.
Hong Kong’s Hang Seng index fell 1.74%, while the mainland’s CSI 300 rose 0.28%.
Brent futures turned negative on Monday after brokers Qatar and Pakistan said US and Iranian officials had agreed on a plan to reach a final deal within 60 days.
International benchmark Brent crude oil futures for August rose in early Asian trade before falling 0.38% to $80.26 a barrel. US West Texas Intermediate crude futures for July pared a 3% jump in early trading and rose about 1% to $77.52 a barrel, SEEbiz reports.
The three leading U.S. indexes rebounded on Thursday after Wednesday’s selloff, with the decline fueled by investor uncertainty over the path of monetary policy. Thursday’s recovery – led by gains in chip stocks – helped the indices end the trading week on a higher note.
A key test for the market this week will be Thursday’s release of May’s reading of the personal consumption expenditure price index, the Fed’s preferred inflation gauge. Even excluding volatile food and energy prices, core PCE is expected to have increased since April, according to economists polled by FactSet.
