TOKYO (AP) — Asian stock markets rose in early trading Monday as sentiment turned upbeat on a report showing U.S. consumers confidence grew to its highest level since early 2008.
Japan’s benchmark Nikkei 225 stock average gained 151.51 points, or 1.6 percent, to 9,856.76 in the morning session. Investors also chased gains in Japanese exporters on an easing yen.
A weak yen helps Japanese exporters as it lifts the value of their repatriated profits, and makes their goods more competitive by price abroad.
South Korea’s Kospi index added 1.1 percent to 1,693.28. Australia’s stock market was closed Monday due to a public holiday.
Hong Kong’s Hang Seng edged up 0.8 percent to 20,024.13. Shanghai’s stock market was closed Monday, while shares in Taiwan rose 0.8 percent in early trading.
Investors took heart from a private report Friday that showed U.S. consumer confidence in June climbed to its strongest level since January 2008. It was encouraging news as consumer spending alone accounts for 70 percent of the American economy.
The Reuters/University of Michigan consumer sentiment index said Friday that U.S. consumer confidence grew to 75.5 — coming in well ahead of forecasts.
In New York on Friday, the Dow Jones industrial average rose 38.54 points, or 0.4 percent, to 10,211.07.
In currencies, the dollar rose to 91.85 yen in Tokyo on Monday from 91.77 yen in New York late Friday. The euro climbed to $1.2175 from $1.2125.
Benchmark crude for July delivery dropped $1.70 to close at $73.78 Friday a barrel on the New York Mercantile Exchange.
