Asian Shares End On Muted Note; Nikkei Rallies On Yen Weakness

(RTTNews) - Asian stocks ended Monday's session on a muted note, though a weaker yen helped Japanese markets close sharply higher for the day.

The downside, if any, remained limited after reports suggested that negotiations for a ceasefire in Gaza are advancing in Cairo.

The dollar was largely steady while gold scaled a fresh record high ahead of speeches by Federal Reserve officials, U.S. inflation data and the release of minutes of the Fed's March FOMC meeting due later in the week.

Investors also geared up for earnings from U.S. banks including JPMorgan Chase & Co. and Citigroup Inc. due on Friday.

Oil slid more than $1 a barrel in Asian trading after logging a second straight weekly gain to hit a six-month high last week.

Chinese markets fell notably as trading resumed after a two-day holiday. The benchmark Shanghai Composite index dropped 0.72 percent to 3,047.05 ahead of key data on inflation and foreign trade due this week.

Hong Kong's Hang Seng index finished marginally higher at 16,732.85 as property sector woes overshadowed cautious optimism around U.S.-China talks and strong data on holiday spending.

Shimao Group Holdings shares plunged 18.7 percent after the property developer said that China Construction Bank (Asia) had filed a liquidation petition against it in Hong Kong.

Japanese markets rebounded after suffering heavy losses last week. The Nikkei average jumped 0.91 percent to 39,347.04 as the yen's weakness against the dollar lifted export-oriented issues. The broader Topix index settled 0.95 percent higher at 2,728.32.

Chip-making equipment giant Tokyo Electron rose 1.1 percent, Uniqlo parent firm Fast Retailing climbed 1.6 percent and automaker Toyota Motor added 2.2 percent.

Nissan Motor, Mitsubishi Motors, Honda Motor and Suzuki Motor rose between 1 percent and 3.5 percent.

The yen weakened after data showed real wages in the country fell for a 23rd straight month.

Seoul stocks edged up slightly, with auto and battery stocks pacing the gainers. The Kospi average closed up 0.13 percent at 2,717.65.

Australian stocks eked out modest gains as rising bullion prices lifted gold miners. Information technology stocks also rose while Beach Energy plunged more than 15 percent after raising its capex forecast for its Waitsia Stage 2 gas project in Western Australia.

The benchmark S&P ASX 200 inched up 0.20 percent to 7,789.10 while the broader All Ordinaries index finished up 0.24 percent at 8,044.90.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index slipped 0.32 percent to 11,973.59 ahead of RBNZ cash rate decision due later in the week.

U.S. stocks rose sharply on Friday as data showed the world's largest economy added more jobs than expected in March and the jobless rate edged down to 3.8 percent from 3.9 percent in February.

Non-farm payroll employment spiked by 303,000 jobs in March after surging by a downwardly revised 270,000 jobs in February.

The report showed muted wage inflation, raising optimism the upcoming CPI report might not surprise to the upside.

The tech-heavy Nasdaq Composite surged 1.2 percent, the S&P 500 added 1.1 percent and the Dow gained 0.8 percent.