Asian stocks climb on China stimulus hopes; oil prices jump after OPEC+ cuts

Asian markets mostly rose on Monday as China’s leaders began a major meeting, likely to announce new measures to support its economy. Oil prices climbed over $1 a barrel after OPEC+ announced it would extend production cuts until the year’s end. U.S. crude added $1.19, reaching $70.68, while Brent rose $1.15 to $74.25.

Hong Kong’s Hang Seng increased 0.2%, and the Shanghai Composite gained 0.5%. Australia’s ASX 200 increased 0.6%, and South Korea’s Kospi surged 1.4%. Taiwan’s Taiex rose 0.8%, though India’s Sensex fell 1.8%. Tokyo markets were closed.

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In the U.S., the S&P 500 rose 0.4% on Friday, led by Amazon’s 6.2% rally after better-than-expected profits. The Dow and Nasdaq also advanced, while Intel jumped 7.8% despite a weaker-than-anticipated quarterly loss. Cardinal Health surged 7% on strong earnings, counterbalancing Apple’s 1.2% decline due to softer revenue projections.

Treasury yields increased following a jobs report showing lower-than-expected growth, reinforcing expectations of a Fed rate cut next week. The dollar slipped to 151.85 yen, while the euro rose to $1.0900.