Asian Markets Mostly Higher

(RTTNews) - Asian stock markets are mostly higher on Monday, following the broadly positive cues from Wall Street on Friday as surging commodity prices and weaker than expected US job growth in April allayed fears about higher inflation, interest rates and a cutback in stimulus. Asian markets closed mixed on Friday.

However, the upside is limited amid the continued surge in daily coronavirus cases in the region, particularly in Japan and India, as well as the related lockdowns in economic activity in several markets.

The Australian stock market is significantly higher on Monday, with the benchmark S&P/ASX 200 well above the 7,100 level at near record highs, as the continued surge in commodity prices helped lift materials, mining and energy stocks. The cues were also broadly positive from Wall Street on Friday

The benchmark S&P/ASX 200 Index is gaining 73.50 points or 1.04 percent to 7,154.30, after touching a high of 7,167.20 earlier. The broader All Ordinaries Index is up 75.50 points or 1.03 percent to 7,400.70. Australian stocks closed marginally higher on Friday.

Among the major miners, BHP Group and Rio Tinto are gaining almost 3 percent each, while Mineral Resources is adding almost 4 percent and Fortescue Metals is up more than 5 percent.
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