Asian markets mostly closed higher on Monday, November 10, the opening session of the week, supported by gains in technology stocks, which had led the losses last week. Investors were also buoyed by the release of Chinese inflation figures over the weekend and by optimism in global markets stemming from expectations of an end to the US government shutdown.

Data released Sunday by China’s National Bureau of Statistics showed that the annual Consumer Price Index (CPI), a key measure of inflation, rose 0.2% in October, following a 0.3% decline in September. This exceeded expectations of a 0.1% decrease. The October holidays boosted demand for travel, food, and transportation, while service costs rose 0.2%.

Meanwhile, China’s Producer Price Index (PPI) remained in negative territory, although the rate of deflation slowed to 2.1% year-on-year in October, compared to a 2.3% decline in September, matching market expectations. In related news, the minutes of the Bank of Japan’s meeting this morning revealed a growing inclination among bank members to resume raising interest rates in the near term, possibly at the bank’s December meeting. The minutes indicated that the Governing Council increasingly believes the timing of a rate hike is approaching.

Meanwhile, US media sources reported this morning that Republican and Democratic members of the Senate have agreed on a bill to fund the government until January 30th, temporarily ending the US government shutdown that began in early October and bolstering risk appetite in the markets.

The Nikkei index closed at 50,911 points, up 1.26% or 635 points, while the Topix index of the Tokyo Stock Exchange rose by approximately 1.56%, closing at 3,317. Mercari led the Nikkei’s gains, despite its shares declining by more than 18%. Chinese stock indices declined today, with the broader CSI 300 index falling by approximately 0.28% to close at 4,692 points, while the Shanghai Composite Index closed 0.53% higher at 4,018.

Hong Kong’s Hang Seng Index rose by about 1.57% to close at 26,654 points, with Pop Mart International leading the gains with a rise of over 8%.

In contrast, South Korea’s Kospi index climbed by approximately 3.02% to close at 4,073 points, leading Asian stock gains today, driven by banking and insurance stocks. SK Group was the top performer on the index, surging by more than 9%. India’s Sensex index rose by approximately 0.58% before closing at 83.700, while the Nifty50 index climbed by about 0.54% to trade at 25.629 points.

New Zealand’s stock markets closed higher today, with the NZX50 index rising by approximately 0.13% to close at 13.617. Australia’s ASX200 index also rose by about 0.75% to close at 8.835 points, while Singapore’s benchmark index fell by 0.27% in pre-closing trading.