Shares in Asia-Pacific rise as investors await release of China’s benchmark lending rate; oil jumps 2%

SINGAPORE — Shares in Asia-Pacific rose in Monday morning trade, as investors look ahead to the release of China’s latest benchmark lending rate. Oil prices also jumped more than 2%.

The S&P/ASX 200 gained 0.41%, with shares of Macquarie Group and Wesfarmers both up more than 1% each.

South Korea’s Kospi hovered fractionally higher. Markets in Japan are closed on Monday for a holiday.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.04% lower.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 2.16% to $110.26 per barrel. U.S. crude futures climbed 2.4% to $107.21 per barrel.

China’s latest one-year loan prime rate is set to be out at 9:15 a.m. HK/SIN on Monday, with little expectations for change, according to a Reuters survey.

Investors in Asia will also monitor moves in the Hong Kong market on Monday, with the city’s benchmark Hang Seng index finishing more than 4% higher last week following a volatile week which swung between big gains and losses.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.303 — off levels above 98.5 seen recently.