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EghtesadOnline: Asian stocks were mostly higher as oil extended the longest winning streak of the year. The yen swung in the wake of a crushing defeat of Japanese Prime Minister Shinzo Abe’s party in Tokyo elections.

Japan’s Topix rose as a survey showed confidence grew among manufacturers, while stronger Chinese data failed to spark gains among Shanghai shares. Trading volumes across Asia were light at the start of a shortened holiday week in the U.S. that culminates with Friday’s jobs report. The first day of China’s new bond link to the rest of the world started on Monday, with little in the way of a market reaction. The dollar was steady and oil climbed for an eighth straight day, Bloomberg reported.

With global equities trading near a record high on bets of improving growth, stocks continue to be one of the best-performing assets this year, with emerging-market shares soaring in the first six months of 2017. History shows the dollar may be in for more painafter its worst start to a year since 2006, while the euro remains the strongest major currency this year on bets a recovery is broadening.

Central banks stole the limelight last week as a more hawkish tilt spurred some reassessment from investors on policy steps. Attention now turns to a swathe of manufacturing reports. A private gauge of China’s manufacturing exceeded estimates in June, adding to evidence that the economy is maintaining some momentum after a strong start to the year. Japan’s Tankan survey showed confidence among large manufacturers improved for a third straight quarter.

Exit polls indicated the Liberal Democratic Party will probably win the fewest ever seats in the Tokyo assembly, adding to pressure on Abe, who’s been hit by a spate of scandals, and spurring speculation he may reshuffle his Cabinet. Haruhiko Kuroda shouldn’t serve another term as governor of the Bank of Japan because the central bank will need fresh ideas as it moves toward exiting years of unprecedented monetary easing, according to an adviser to the prime minister.

Here are some key upcoming events:

  • Among economic data due this week: Asean PMIs, inflation for Indonesia, the Philippines and Thailand. The Australian and Thai central banks will probably maintain interest rates at current levels, according to analysts surveyed by Bloomberg.
  • China President Xi Jinping visits Russia and Germany.

Here are the main moves in markets:

Stocks

  • The MSCI Asia Pacific Index rose less than 0.1 percent as of 12:43 p.m. in Tokyo, with more shares advancing than declining. The gauge finished the second quarter with a gain of 5.2 percent.
  • Japan’s Topix index increased 0.3 percent. South Korea’s Kospi index fell 0.3 percent and Australia’s S&P/ASX 200 slipped 0.1 percent, with volumes down at least 13 percent from the 30-day average.
  • Hong Kong’s Hang Seng added 0.1 percent and the Shanghai Composite was flat.
  • Futures on the S&P 500 advanced 0.2 percent after the underlying gauge rose 0.2 percent on Friday to round out its worst week since April. The U.S. market will be closed Tuesday for the July 4 holiday.

Currencies

  • The yen fell 0.1 percent to 112.46 per dollar, after erasing an earlier advance of as much as 0.4 percent. The Australian dollar and South Korean won lost 0.2 percent.
  • The Bloomberg Dollar Spot Index rose less than 0.1 percent after dropping 1 percent last week and touching the lowest level since October.
  • The pound fell 0.2 percent, after an eight-day rally. The euro slipped 0.2 percent.

Bonds

  • The yield on 10-year Treasuries rose two basis points to 2.32 percent, adding to a 16-basis point surge last week, the steepest since March.
  • Australia benchmark yields jumped nine basis points to 2.69 percent.

Commodities

  • Crude rose 0.4 percent to $46.20 a barrel. WTI has rallied 8.7 percent over eight days, after tumbling into a bear market.
  • Gold slipped 0.3 percent to $1,237.80 an ounce.
oil prices Yen Shinzo Abe Asia stocks Asia shares Tokyo elections