Asian stocks rise after OPEC+ cut

Asia-Pacific markets were broadly higher on Monday as investors weighed key manufacturing data from the region. Brent crude futures and U.S. crude (WTI) rose as much as 8% after OPEC+ members agreed to cut more than 1 million barrels a day of production to extend production through the end of 2023. Australia’s S&P/ASX 200 rose 0.88%, while Japan’s Nikkei 225 was 0.53% higher and the Topix added 0.57%. South Korea’s Kospi was marginally higher, while the Kosdaq added 0.66%. Mainland Chinese markets also rose, with the Shenzhen Component Index up 0.49% and the Shanghai Composite Index up 0.14%. Elsewhere, the Hang Seng Index fell 0.13%, while the Hang Seng Tech Index lost more at 0.94%. Japan’s factory activity showed a softer contraction in five months. The manufacturing purchasing managers index rose to 49.2 percent in March, up from 47.7 percent in February, according to a private survey. U.S. stocks rose on Friday after the Federal Reserve’s preferred inflation gauge showed a colder-than-expected rise in prices. The core personal consumption expenditures index, which excludes energy and food costs, rose 0.3 percent in February, below expectations of 0.4 percent. All three major U.S. indexes closed higher, with the Nasdaq Composite leading the way, up 1.74 percent.