Asian stocks follow Wall Street higher at start of holiday week

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Asian stocks followed Wall Street higher Monday at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday.

Benchmarks in Tokyo and Hong Kong advanced while Sydney declined. Markets in mainland China, South Korea and Taiwan were closed. Hong Kong and Southeast Asia were due to close later in the week.

Investors have been rattled by the Federal Reserve's decision to try to cool inflation by accelerating plans to raise interest rates and wind down bond purchases and other stimulus that is boosting stock prices. The Nikkei 225 in Tokyo rose 1% to 26,981.89 after the government reported December retail sales fell 1% from the previous month's 2 1/2-year high. That was driven by a 4% fall in food purchases.New Zealand and Singapore gained while Jakarta retreated.

 

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