BANGKOK — Shares were higher in Asia on Monday after Wall Street capped a week of losses with a broad rally for stocks Friday.
Hong Kong’s Hang Seng index surged 1% to 20,507.34, while the Shanghai Composite index gained 0.7% to 3,251.54. In Seoul, the Kospi jumped 1.4% to 2,363.36. Australia’sS&P/ASX 500 added 0.5% to 6,637.50.
New Zealand shares edged higher even after the government reported that inflation hit a 32-year high of 7.3% in the April-June quarter. It was 6.9% in the previous quarter.
On Sunday, the New Zealand government announced it would extend until January a program to cut gas taxes and public transport costs.
“We recognize this is a tough time for New Zealanders and the rise in the cost of living is making it hard for many,” said Finance Minister Grant Robertson.
Markets in Japan were closed for a holiday. U.S. futures edged higher while oil prices declined by…
