Asian Markets Track Wall Street Advance05/06 05:25

   Asian shares were mostly higher on Monday after Wall Street ended last week 
with the stock market's best day in over two months in a rally backed by the 
cooler-than-expected U.S. employment data.

   (AP) -- Asian shares were mostly higher on Monday after Wall Street ended 
last week with the stock market's best day in over two months in a rally backed 
by the cooler-than-expected U.S. employment data.

   U.S. futures edged higher and oil prices rose.

   The Japanese yen weakened slightly after its value swung from a low of 
160.25 to the U.S. dollar to 151.86 late last week following suspected 
government intervention. The dollar bought 153.93 yen, up from 152.90 yen.

   Japanese Finance Minister Shunichi Suzuki told a gathering at the Asian 
Development Bank's annual meeting Friday, held in Tiblisi, Georgia, that rapid 
fluctuations were hurting households and businesses.

   The euro rose to $1.0765 from $1.0763.

   The Hang Seng in Hong Kong lost 0.2% to 18,447.12 while the Shanghai 
Composite index rose 0.9% to 3,133.92 as markets reopened after a weeklong 
holiday. A private sector survey Monday showed the country's services sector 
grew at a slower pace in April due to rising costs although new orders rose and 
business sentiment improved.

   Australia's S&P/ASX 200 rose 0.5% to 7,669.50. Taiwan's Taiex gained 1.2%.

   Japan and South Korea's markets were closed for holidays.

   On Friday, the S&P 500 rose 1.3% to 5,127.79, its best day since late 
February. The benchmark index also erased its losses for the week.

   The Dow Jones Industrial Average rose 1.2% to 38,675.68. The Nasdaq 
composite ended 2% higher and closed at 16,156.33, reflecting strong gains by 
technology sector stocks, which accounted for much of the rally.

   The nation's employers added 175,000 jobs last month, down sharply from the 
blockbuster increase of 315,000 in March, according to the Labor Department. 
The latest hiring tally came in well below the 233,000 gain that economists had 
predicted. Meanwhile, average hourly earnings, a key driver of inflation, rose 
less than expected.

   The modest increase in hiring last month suggests the Federal Reserve's 
aggressive streak of rate hikes may be finally starting to take a bigger toll 
on the world's largest economy. That may help reassure the Fed that inflation 
will ease further, which could move the central bank closer to lowering 
interest rates.

   Friday's market rally was widespread, though technology stocks powered much 
of the gains. Apple jumped 6% after announcing a mammoth $110 billion stock 
buyback. The tech giant reported late Thursday its steepest quarterly decline 
in iPhone sales since the outset of the pandemic.

   Microsoft rose 2.2% and Nvidia added 3.5%.

   Several companies notched gains after reporting strong quarterly results.

   Amgen climbed 11.8% after the biotechnology company gave investors an 
encouraging update on a potential obesity drug. Live Nation Entertainment added 
7.2% after the ticket seller and concert promoter beat analysts' first-quarter 
revenue forecasts.

   Motorola Solutions closed 5.2% higher after the communications equipment 
maker raised its profit forecast for the year.

   Booking Holdings rose 3% after reporting better-than-expected first-quarter 
bookings and revenue. Another online travel company, Expedia Group, didn't fare 
as well, despite its latest quarterly results beating Wall Street targets. Its 
shares slumped 15.3% for the biggest decline among S&P 500 stocks after it 
lowered its full-year bookings guidance because its Vrbo rental unit has been 
slow to recover from its migration to Expedia's platform.

   In energy trading, benchmark U.S. crude rose 23 cents to $78.34 a barrel in 
electronic trading on the New York Mercantile Exchange. Brent crude, the 
international standard, climbed 18 cents to $83.14 a barrel.