Asia shares rally on China's gains, Fed cut bets; yen weakens

SINGAPORE -Asian stocks rose to their highest in over a year on Monday on renewed bets that the Federal Reserve would most likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.

Chinese shares offshore posted strong gains last week while mainland markets were closed from Wednesday to Friday for the Labour Day holiday.rose 4.7% last week and on Friday clocked its longest daily winning streak since 2018. It was last down 0.1%.had a catch-up rally and surged to a six-week high of 7.2009 per dollar, while its offshore counterpart last stood at 7.2162 per dollar, having strengthened more than 1% last week.

A long-awaited recovery in the Chinese economy is also gaining momentum, with data on Monday showing the country's services activity expansion slowed a touch amid rising costs, but growth in new orders accelerated and business sentiment rose solidly. " data point to a jobs market that is still tight, but not nearly as hot as it was a year or two ago," said economists at Wells Fargo. "This should support a further slowdown in inflation as the year progresses, even if improvement proceeds only gradually."

The yen gave back some of those gains on Monday and was last 0.6% lower at 153.935 per dollar, after briefly weakening past the 154 level earlier in the session.

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