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· Asian stocks rally, battered bond market tries for stability

Asian shares rallied on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy and sent oil prices higher.

China’s official manufacturing PMI out over the weekend missed forecasts, but Japanese figures showed the fastest growth in two years. Investors are also counting on upbeat news from a raft of U.S. data due this week including the February payrolls report.

Helping sentiment was news deliveries of the newly approved Johnson & Johnson COVID-19 vaccine should start on Tuesday.

· Japan’s Nikkei 225 jumps more than 2%; data show China factory activity growth slowed in February

Stocks in Asia-Pacific rose on Monday, as data releases showed China’s manufacturing activity growth slowing in February.

In Japan, the Nikkei 225 jumped 2.41% to close at 29,663.50, as the index recovered partially from its nearly 4% plunge on Friday. The Topix index gained 2.04% to finish its trading day at 1,902.48.

Mainland Chinese stocks also saw robust gains on the day, as the Shanghai composite gained 1.21% to 3,551.40 while the Shenzhen component jumped 2.412% to 14,857.34.

Hong Kong’s Hang Seng index advanced 1.63% to close at 29,452.57. Shares of CNOOC listed in the city, however, dropped 1.08%. That came after the New York Stock Exchange announced Friday that it will commence delisting proceedings against CNOOC following an update to an executive order signed by former U.S. President Donald Trump in November.

Stocks in Australia edged higher as the S&P/ASX 200 gained 1.74% to close at 6,789.60.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.34%.

South Korea’s markets were closed on Monday for a holiday

· European markets bounce, following global rally as Treasury yields fall; Stoxx 600 up 1.7%

European stocks rose sharply on Monday as global markets rally on falling U.S. Treasury yields and boosted by positive news on the coronavirus vaccine front.

The pan-European Stoxx 600 jumped 1.7% in early trade, with basic resources adding 2.7% to lead gains as all sectors and major bourses entered positive territory.

The sharp rise for European markets comes after U.S. stock futures rose sharply in overnight trading as Treasury yields continued to retreat from their highs from last week. Stocks had been under pressure over the last few weeks as rising yields made equities look less attractive to investors.

The major averages rose for February, bolstered by a strong earnings season, positive news on the vaccine rollout and hopes of another stimulus package. The House passed a $1.9 trillion Covid relief bill, the American Rescue Plan Act of 2021, early Saturday. The Senate will now consider the legislation.

Reference: CNBC, Reuters, Investing