Asia report: Stocks rise on quiet day for region

Stock markets were in the green in Asia on Monday, with travel plays in Japan a particular bright spot amid reports travel restrictions into the country are set to be loosened further.

In Japan, the Nikkei 225 was up 1.16% at 28,542.11, as the yen weakened 0.27% against the dollar to last trade at JPY 142.86.

Automation specialist Fanuc was up 0.96%, fashion firm Fast Retailing jumped 2.29%, and technology conglomerate SoftBank Group was 2.49% firmer.

Travel stocks were in the green after local media reported the government was set to relax tourism restrictions by removing its daily cap on overseas arrivals and dropping the requirement for visitors to be on group tours.

Airlines were in the green with ANA Holdings up 2.54% and Japan Airlines ascending 1.96%, while travel agencies AirTrip and HIS added 8.91% and 2.28%, respectively.

The broader Topix index was 0.75% firmer by the end of trading in Tokyo, settling at 1,980.22.

On the mainland, markets were closed for a public holiday, as were those in Hong Kong and South Korea.

“Asian markets were positive amid light trading in view of holidays in South Korea and China,” said Interactive Investor head of markets Richard Hunter of the situation on Monday.

“Even so, retail and industry data later in the week from China will be viewed for more positive developments during August, particularly given its recent travails on the back of weakening consumer sentiment, a property sector under duress and new lockdowns in face of a zero tolerance stance on Covid-19.”

Oil prices were higher at the end of the Asian day, with Brent crude futures last up 1.13% on ICE at $93.89 per barrel, and the NYMEX quote for West Texas Intermediate ahead 1% at $87.66.

In Australia, the S&P/ASX 200 was up 1.02% at 6,964.50, while across the Tasman Sea, New Zealand’s S&P/NZX 50 rose 0.47% to 11,813.21.

The down under dollars were both stronger on the greenback, with the Aussie last ahead 0.29% at AUD 1.4575, and the Kiwi advancing 0.39% to NZD 1.6307.

Reporting by Josh White at Sharecast.com.