Asian stock markets rose Monday after Wall Street hit a high despite jitters about the spread of the coronavirus’s delta variant, as investors looked ahead to U.S. earnings reports.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced.

On Friday, Wall Street’s benchmark S&P 500 index ended up 0.4% for the week.

“Wall Street shrugged off ‘delta variant’ concerns,” said Mizuho Bank in a report. “Futures suggest that the optimism will spill over into Asia’s equity trading session.”

The Shanghai Composite Index rose 0.8% to 3,549.80 after the Chinese central bank on Friday reduced the level of reserves commercial banks must hold, freeing up money for lending. That came after forecasters saw signs China’s economic rebound might be weakening.

The Nikkei 225 in Tokyo surged 2.2% to 28,554.56 and the Hang Seng in Hong Kong gained 0.6% to 27,495.07.
The Kospi in Seoul advanced 1% to 3,249.36 and Sydney’s S&P-ASX 200 rose 0.7% to 7,326.10.

India’s Sensex opened up 0.6% at 52,674.18. New Zealand and Southeast Asian markets also advanced.

On Friday, the S&P 500 index rose 1.1% to a record 4,369.55, rebounding from the previous day’s loss.

About 90% of the stocks in the S&P 500 closed higher. Banks, technology companies and industrial stocks powered much of the rally.

The Dow Jones Industrial Average gained 1.3% to a record 34,870.1. The Nasdaq composite added 1% to 14,701.92.