Asian Shares Mostly Higher In Thin Trade

(RTTNews) - Asian stocks rose broadly in thin holiday trade on Monday, with Australian, New Zealand and Hong Kong markets closed for Easter holiday.

The dollar edged higher and gold prices fell as solid U.S. jobs figures for March, rising wages and an historically low unemployment rate suggested that the world's largest economy remains on a solid footing despite the nine interest-rate hikes by the Federal Reserve over the past year.

Analysts now expect the Fed to raise interest rates by 25 basis points in its May 2-3 meeting.

A closely watched inflation report as well as the release of minutes of the Fed's March meeting due this week may provide clear guidance about interest rates from the Fed.

As recession worries mount, traders also looked ahead to the 2023 Spring Meetings of the World Bank and the International Monetary Fund taking place in Washington D.C. this week for direction.

Chinese shares fluctuated before ending lower due to dramatic escalation in China-Taiwan tensions. The benchmark Shanghai Composite index dropped 0.37 percent to 3,315.36.

After Beijing started a three-day "combat readiness patrol", the Taiwanese Defense Ministry claimed it had detected as many as 70 Chinese military aircraft and 11 PLAN vessels around Taiwan.

Japanese shares advanced as investors awaited Kazuo Ueda's first news conference as BOJ Governor later in the day.

The Nikkei average rose 0.42 percent to 27,633.66 while the broader Topix index closed 0.56 percent higher at 1,976.53.

Shipping firms led the surge, with Nippon Yusen KK climbing 3.5 percent.

Video game maker Nintendo jumped 4 percent while Disney Park operator Oriental Land rallied 2.7 percent to reach a one-year high.

Seoul stocks rose notably to hit a nearly eight-month high, led by gains in large-cap tech stocks. The Kospi average rallied 0.87 percent to 2,512.08 on signs that inflationary pressure in the U.S. employment is easing.

Samsung Electronics rose 1.1 percent and SK Hynix added 1.8 percent.

LG Energy Solution jumped 2.8 percent and its parent firm LG Chem soared over 5 percent on growing expectations the companies will benefit from a new U.S. law on giving subsidies to electric vehicle buyers.

India's Sensex was up around 0.4 percent. Tata Motors surged 5.6 percent after reporting an 8 percent year-on-year increase in group global wholesales, including that of Jaguar Land Rover (JLR) in the fourth quarter of FY23.