BEIJING — Most Asian markets rose Monday following a strong week on Wall Street as Chinese trading resumed after a holiday.
The Shanghai Composite Index rose 1.1 percent to 3,383.73 points and Sydney’s S&P-ASX 200 gained 0.6 percent to 5,745.60. Markets in Japan and South Korea were closed for holidays. India’s Sensex added 0.3 percent to 31,908.40. Hong Kong’s Hang Seng shed 0.4 percent to 28,340.78 and Singapore also declined. Benchmarks in New Zealand, the Philippines and Indonesia advanced.
US stocks faded Friday as telecom and energy shares sank, but ended the week near record highs. Attention centered on government jobs data that were much weaker than expected. Economists cautioned not to read too much into them, because they were distorted by hurricanes that disrupted business from Texas to Florida.
“Price action across various asset markets seemed disjointed amidst the noise in US economic data and persisting geopolitical risks,” Johanna Chua of Citigroup said in a report. “Impact of hurricanes was clearly felt in headline payroll change in August for US. However, lower unemployment rate and sharp upside surprise in average hourly earnings continue to support market expectations of further Fed hikes.”