SINGAPORE — Hong Kong’s Hang Seng index led gains among the major Asia-Pacific markets on Monday as Chinese tech stocks in the city jumped.
The city’s chief executive Carrie Lam announced she will not be pursuing a second term in office.
Markets in mainland China are closed on Monday and Tuesday this week for holidays.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.55% higher.
A closely watched part of U.S. Treasury yields inverted on Friday as short-term rates jumped following the release of jobs data stateside, raising concerns over a potential recession on the horizon.
Yield curve inversions have historically happened ahead of recessions, though many economists believe the curve needs to stay inverted for a substantial amount of time before it gives a valid signal.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.573, as compared to levels below 98 seen in late March.
The Japanese yen traded at 122.61 per dollar, stronger than levels above 124 seen against the greenback last week. The Australian dollar was at $0.751, having traded in a range between $0.747 and $0.753 for much of last week.
— CNBC’s Patti Domm contributed to this report.