Shares advanced Monday in Tokyo and Sydney while most Asian markets were closed for May 1 holidays.
Tokyo’s Nikkei 225 index JP:NIK added 0.8% and the S&P/ASX 200 AU:XJO in Sydney advanced 0.6%. Other markets in the region were closed.
The traditional Labor Day holidays around the globe likely limited initial market reactions to a delay in an expected decision by U.S. regulators on what to do with troubled First Republic Bank. The bank’s stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago.
The economy is slowing under the weight of higher interest rates meant to get inflation under control. Even though most companies so far this reporting season have beaten expectations, those were set low given forecasts that the economy may tip into recession.
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