Asia report: Markets move higher on Macron landslide in France

Most markets in Asia were higher on Monday, after a landslide victory for French presidential candidate Emmanuel Macron in that country’s run-off election on Sunday, defeating controversial far-right candidate Marine Le Pen.

In Japan, the Nikkei 225 rocketed ahead 2.31% to close at 19,895.70, reaching its highest level since December 2015 during the session.

The yen was last 0.13% stronger against the greenback, sitting at JPY 112.56 per $1.

On the mainland, the Shanghai Composite was 0.85% lower at 3,076.79, while the smaller, technology-heavy Shenzhen Composite fell 1.99% to settle at 1,835.59.

Fresh trade data showed exports from China grew 8% in April, while imports were 11.9% higher on dollar-denominated terms.

Both readings were still below analyst expectations, however.

South Korea’s Kospi was up 2.3% at 2,292.76, while the Hang Seng Index in Hong Kong was 0.41% higher at 24,577.91.

Oil prices were higher during Asian trading, as hopes for a fresh output cut grew stronger after a serious sell-off at the end of last week.

Prices slipped as Europe took the trading baton, however, with Brent crude last down 0.04% at $49.08 per barrel and West Texas Intermediate softening 0.02% to $46.21.

In Australia, the S&P/ASX 200 added 0.59% to close at 5,870.89, with the energy and materials sectors underpinning the benchmark, finishing 2.35% and 1.09% firmer, respectively.

Struggling news firm Fairfax Media, which owns a number of newspapers and online properties across Australia and New Zealand, was 2.36% higher in Sydney after private equity firm TPG Capital made an offer for a stable of Fairfax businesses.

Fairfax’s gains led some of its peers into the green, with Nine Entertainment up 5.34% and Ten Network rocketing 19.32%.

New Zealand’s S&P/NZX 50 joined the global rallying cry, rising 0.8% to finish at 7,426.46.

It was a quiet day on the economic front locally, with blue chip stocks the winner of the day, as Air New Zealand rose 2.6% and Fisher & Paykel Healthcare added 2.4%.

Media firm NZME, considered the main competitor to Fairfax in New Zealand, was buoyed by the TPG Capital offer made across the Tasman Sea, adding 5%.

The country’s Commerce Commission had declined a proposed merger between NZME and Fairfax’s New Zealand operations last week, which would have left the island nation with a single major newspaper publisher.

It was a mixed day for the down under dollars, with the Kiwi strengthening 0.23% to NZD 1.4416 against the greenback, while the Aussie weakened 0.18% to AUD 1.3498 per $1.