Asia report: Shares broadly higher but Hormuz impasse weighs

(Sharecast News) - Asian markets were broadly higher on Monday after a strong showing on Wall Street on Friday after softer jobs data lessened the chance of a rate hike from the US Federal Reserve.

Japan's Nikkei 225 closed 2.22% higher at 67,064, the Hang Seng finished up 1% at 25,937, the Shanghai Composite ended 0.67% higher at 3,966, and South Korea's Kospi rose 0.64% to 6,299. Australia's ASX 200 fell 0.33% to 9,232.

The Nikkei was boosted by demand for tech stocks, with Computer chip equipment maker Tokyo Electron up 4.1%, while chip testing device maker Advantest rose 6.4%.

Sentiment was also tempered by the lack of movement on the Strait of Hormuz impasse. Japan is a large oil importer and the lack of supply has hit its economy.

Brent crude was up to just under $84 a barrel as Iran issued new conditions for the strait's reopening even as Tehran and Oman moved into the final stages of agreeing a deal on new shipping lanes through the key waterway.

Sentiment wasn't helped by comments from US Treasury Secretary Scott Bessent over the weekend, when he said the strait would become "irrelevant" as oil would eventually be redirected through pipelines, ignoring the threat to supplies by Iran-backed Houthi rebels in the Red Sea.

The Houthis also said they had hit Saudi Aramco's Jazan refinery on Sunday.

Reporting by Frank Prenesti for Sharecast.com