Asian markets advance as Wall Street declines

Asian markets advance as Wall Street declines

BEIJING AP - Major Asian stock markets advanced Monday after Wall Street declined and a survey showed the downturn in Chinese service activity eased in May as anti-virus controls on Shanghai and other major cities were lifted.

On Friday, the benchmark S&P 500 index lost 1.6% as a result of concerns about higher interest rates and a possible economic downturn and job losses.

In May, activity in Chinese retailing and other service industries shrank but at a slower rate than the previous month, according to a survey. After a two-month shutdown to fight the virus outbreaks and restrictions in the capital, the ruling Communist Party is easing the restrictions on stores, factories and other businesses in Shanghai.

The easing of virus restrictions in Beijing may lead to some pockets of optimism, said Yeap Jun Rong, IG, in a report.

The Shanghai Composite Index, or SHCOMP, rose 1% to 3,228. 93 after business news magazine Caixin said its monthly purchasing managers index for services rose to 41.4 from April's 36.2 on a 100-point scale with numbers below 50 showing activity contracting.

The Hang Seng HSI, in Hong Kong, gained 1.1% to 21,312. 36 and the Nikkei 225 NIK, in Tokyo, added 0.7% to 27,9666. Sydney s S&P -- ASX 200 XJO, was down 0.3% to 7,216. Singapore and Jakarta declined.

The S&P 500 SPX fell to 4,108 on Wall Street. It lost 52 for its eighth weekly loss in the past nine weeks.

The Dow Jones Industrial Average DJIA fell 1% to 32,899. The Nasdaq Composite COMP fell 2.5% to 12,012. In May, U.S. employers added 390,000 jobs, beating expectations of 322,500.

The possibility of Federal Reserve interest rates aimed at cooling inflation that is currently at a four-decade high could cause the U.S. economy to go into a recession, according to investors.

The government report showed wages were slightly lower than predicted in May, which could reduce future pressure on prices. That would reduce pressure on the Fed for more rate hikes.

More than four out of five stocks in the S&P 500 fell. More than 750 owners complained about cars suddenly stopping on highways for no apparent reason while operating on their partially automated driving systems, which caused the price of the Tesla TSLA to fall 9.2%.

Benchmark U.S. crude rose CL. In electronic trading on the New York Mercantile Exchange, the price went from 1, 83 cents to $119.70 per barrel. The contract went up $2 on Friday to $118.87. Brent crude BRN 00, the price basis for international oil trading, advanced 63 cents to $120.48 per barrel in London. The previous session's closing was $2.11 higher at $119.72.

The dollarUSDJPY fell to 130.65 yen from Friday's 130.85 yen. The euro EURUSD was up to $1.0724 from $1.0720.