Asia-Pacific stocks advance as Nikkei crosses 70,000 mark

Major equity benchmarks across the Asia-Pacific region traded largely higher on Monday, buoyed by shifting global monetary expectations. Japan’s Nikkei 225 led regional gains, surging 1,728.15 points, or 2.53%, to close at 70,037.61, while the broader TOPIX index climbed 47.57 points, or 1.16%, to 4,138.57 amid strong buying momentum.

Australia’s S&P/ASX 200 edged up 0.13% to 8,693.50, whereas Hong Kong’s Hang Seng dipped 68.47 points, or 0.29%, to 23,903.82. Mainland Chinese markets remained closed, with the CSI 300’s latest prints dating back to September 30.

Regional sentiment was underpinned by weaker-than-anticipated US September payrolls data, which significantly dialed back market expectations of an October interest rate hike by the Federal Reserve.