Australian Market

Australia’s S&P/ASX 200 benchmark index closed 0.1% higher, notching a fourth consecutive gain amid strength in tech and energy stocks. The financial sector inched 0.1% higher, with big banks mixed.

US Market 

U.S. stocks rose as investors bet the Federal Reserve will dial back its interest-rate increases, and braced for a busy week of corporate earnings reports. The S&P 500 added 1.2%, while the Dow Jones Industrial Average gained 0.8%. The Nasdaq Composite Index moved 2% higher. The U.S. central bank is preparing to slow its rate increases for a second consecutive meeting, The Wall Street Journal reported Sunday. Officials are set to consider a smaller quarter-percentage-point lift at the Fed’s policy meeting next week, while deliberating what economic signals they would need to see before pausing rate rises this spring.

Commodities

Gold prices posted a slight gain to finish at their highest since April. February gold inched up by 0.02% to settle at $1,928.60 per ounce on Comex. Prices based on the most-active contract settled at their highest since April 22, FactSet data show. “For now, gold seems to be able to brush off any bearish factors, such as the risk of recession fading a little and a more optimistic tone on stock markets, and has built up sufficient support to keep it close to its highest level since April,” said Rupert Rowling, market analyst at Kinesis Money.

Oil Futures

Oil futures settled on a mixed note, with U.S. prices little changed and global benchmark crude settling higher on continued optimism over energy demand from China. West Texas Intermediate crude for March delivery settled generally flat at $81.62 a barrel on the New York Mercantile Exchange.

March Brent crude, the global benchmark, gained 0.6% to $88.19 a barrel on ICE Futures Europe, the highest front-month finish since Nov. 22. China’s reopening is the “game changer for oil markets, and oil prices will likely fly, especially if international travel continues to open up, ” said Stephen Innes, managing director at SPI Asset Management, in a note.

Forex

Major currencies were mixed against the US dollar in European and US trade. The Euro fell from near US$1.0920 to US$$1.0845 and was near US$1.0865 in late US trade. The Aussie dollar lifted from near US69.60 cents to near US70.40 cents and was around US70.25 cents at the US close. And the Japanese yen eased from 129.55 yen per US dollar to JPY130.85 and was near JPY130.70 at the US close.

European Markets

European sharemarkets rose on Monday with technology stocks driving gains, up 2.3%. Analysts attribute gains to optimism that Europe can avoid a deep recession. Also Reuters noted that hopes for a re-opening of the Chinese economy drove Chinaexposed luxury firms such as LVMH and Kering up by between 0.8% and 1.7% while rate-sensitive euro zone banks added 0.8%. The continent-wide FTSEurofirst 300 index gained 0.5%. The UK FTSE 100 index rose by 0.2%.

Asian Markets

Earlier, in Asia, Japan’s Nikkei Stock Average closed 1.3% higher, led by gains in electronics and tech shares, as the yen’s recent strength eased and concerns about borrowing costs abated. Mainland Chinese markets are closed all week for Lunar New Year.