Asian stocks rise on easing in China

Asia-Pacific stocks rose on Monday as China eased virus testing rules in some cities, signaling further easing in the country that has been under strict Covid-related restrictions for more than two years. Hong Kong’s Hang Seng index rose 3.4% in early trade to lead gains in the region, with the Hang Seng Tech index up 5.94%. In mainland China, the Shanghai Composite added 1.03% and the Shenzhen Composite added 0.72%. Oil prices rose 2% as OPEC+ stuck to its policy of cutting oil output and China relaxed some Covid rules. The Nikkei 225 rose 0.11% in Japan and the S&P/ASX 200 rose 0.6% in Australia. South Korea’s Kospi rose 0.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.67%. U.S. stocks fell on Friday after a strong jobs report, but markets later focused on the possibility of smaller Fed hikes and major indexes closed slightly lower.