Asian stocks rise after Wall St breaks string of declines

BEIJING (AP) — Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil stayed above $110 per barrel.

On Wall Street, the benchmark S&P 500 index finished Friday up 6.6% for its biggest weekly gain in 18 months after surging inflation declined in April. U.S. markets will be closed Monday for a holiday.

“Markets rallied into the long weekend, providing a positive tone at the start of this week,” ING economists said in a report.

The Shanghai Composite Index advanced 0.5% to 3,145.77 after more factories and shops in Beijing and Shanghai were allowed to reopen. Shanghai, China's commercial capital, announced tax breaks and subsidies to help businesses recover from a two-month shutdown.

The Nikkei 225 in Tokyo surged 2.3% to 27,382.03 and the Hang Seng in Hong Kong gained 1.9% to 21,093.21. The Kospi in South Korea advanced 1.2% to 2,668.31.

Sydney's S&P-ASX 200 was 1.4% higher at 7,2890.10.

India's Sensex opened up 2.1% at 56,025.84. New Zealand and Singapore gained while Indonesia retreated.

On Wall Street, the S&P 500 rose 2.5% on Friday to 4,158.24, propelled by gains for tech companies.

Investors were relieved after Commerce Department data showed U.S. inflation, which has prompted the Federal Reserve to raise interest rates, decelerated to 6.3% over a year earlier in April, its first decline in 17 months.

Markets are worried about whether the Fed can control inflation that is running at a four-decade high without tipping the biggest global economy into recession.

The Dow Jones Industrial Average rose 1.8% to 33,212.96. The Nasdaq, dominated by tech stocks, gained 3.3% to 12,131.13.

The U.S....