Asian stocks rose on Monday as Treasury yields stabilized after Friday’s jump and China’s central bank moved to boost liquidity, given concerns over slowing economic growth.

Chinese shares advanced after the country’s central bank cut the amount of money commercial lenders must set aside as reserves in an effort to sustain a recovery from the pandemic.

The benchmark Shanghai Composite index inched up 23.75 points, or 0.67 percent, to 3,547.84 while Hong Kong’s Hang Seng index ended up 170.70 points, or 0.62 percent, at 27,515.24.

Japanese shares rebounded, with cyclicals gaining ground on economic optimism after data showed core machinery orders rose for the third straight month in May.

The total value of core machine orders in Japan climbed a seasonally adjusted 7.8 percent month on month in May, the Cabinet Office said. That exceeded expectations for an increase of 2.6 percent.

On a yearly basis, core machine orders jumped 12.2 percent – again beating forecasts for 6.3 percent after rising 6.5 percent in the previous month.

The Nikkei average jumped 628.60 points, or 2.25 percent, to close at 28,569.02, while the broader Topix index ended 2.14 percent higher at 1,953.33.

Robotics company Yaskawa Electric surged 6.5 percent after raising its annual operating profit forecast by 29 percent. Peer Fanuc soared 6.6 percent and materials maker Showa Denko climbed 5.7 percent while shipping firms led losses. Kawasaki Kisen Kaisha lost 2.7 percent and Nippon Yusen dropped 1.3 percent.

Australian markets rose notably as miners benefited from higher gold and base metals prices.

The S&P/ASX 200 index climbed 60.20 points, or 0.83 percent, to 7,333.50, while the broader All Ordinaries ended up 59.60 points, or 0.79 percent, at 7,604.90.

Mining heavyweights BHP and Rio Tinto jumped 3.2 percent and 1.8 percent,
respectively while gold miners Northern Star Resources and Evolution Mining rose 1-2 percent.

Australian Pharmaceutical Industries soared 19.7 percent after an unsolicited takeover offer from Wesfarmers. Shares of the retail conglomerate ended half a percent higher.

Energy stocks ended broadly lower as oil prices slipped in Asian trade on global growth worries. The big four banks ended up between 0.4 percent and 0.6 percent.

A government report showed the total number of building permits issued in Australia was down a seasonally adjusted 7.1 percent sequentially in May, matching expectations.

Seoul stocks ended higher to snap a three-day losing streak amid optimism that second-quarter corporate earnings could surprise on the upside.

The Kospi average climbed 28.52 points, or 0.89 percent, to settle at 3,246.47 after losing 2.6 percent in the past three sessions on concerns over the rapid spread of the highly transmissible Delta plus variant of the coronavirus.

Pharmaceutical firm Samsung Biologics gained 1.5 percent, automaker Hyundai Motor added 1.8 percent and chemical firm LG Chem rallied 1.9 percent.

New Zealand shares advanced, with the benchmark NZX 50 index rising 73.05 points, or 0.58 percent, to 12,763.40. Software maker Serko rallied 2.7 percent and retirement village operator Summerset Group Holdings advanced 1.9 percent.

U.S. stocks hit record highs on Friday as Treasury yields extended their rise, helping offset lingering worries about the spread of the new COVID-19 variants.

The Dow rallied 1.3 percent, the tech-heavy Nasdaq Composite added 1 percent and the S&P 500 advanced 1.1 percent.

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