Stocks rose mostly in Asia on Monday as China’s leaders began a key meeting that is expected to bring new promises of aid for the world’s second-largest economy.

Oil prices rose more than $1 per barrel after the OPEC+ oil producing countries They said they would extend production cuts until the end of the year.

No reason was given for the move, which came before the U.S. presidential election on Tuesday.

U.S. benchmark crude oil gained $1.27 to $70.76 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose $1.30 to $74.70 a barrel.

China’s National People’s Congress Standing Committee will meet this week and analysts predicted the government could back major spending initiatives to boost the economy.

“Markets are abuzz with talk of a new stimulus package, driving expectations through the roof and creating a buzz that’s hard to ignore,” SPI Asset Management’s Stephen Innes said in a note.

Hong Kong’s Hang Seng gained 0.1% to 20,540.44, while the Shanghai Composite Index rose 0.3% to 3,281.76.

Tokyo markets were closed for holidays.

Australia’s S&P/ASX 200 rose 0.2% to 8,134.60 and Seoul’s Kospi jumped 1% to 2,568.85.

Taiwan’s Taiex rose 0.3%.

On Friday, Amazon drove the rise of US stock indices, while a surprisingly weak jobs report spoiled by some unusual events It solidified bets on Wall Street for another interest rate cut next week.

The S&P 500 rose 0.4% to 5,728.80, recovering some of its loss from the previous day, the worst in eight weeks. The Dow Jones Industrial Average added 0.7% to 42,052.19, while the Nasdaq composite gained 0.8% to 18,239.92.

Amazon rose 6.2% after posting a bigger profit in the latest quarter than analysts expected and was the strongest force driving the S&P 500 higher.

Meanwhile, Intel rallied 7.8% despite reporting a worse-than-expected loss. Its revenue beat analyst estimates and it gave a profit forecast for the current quarter that also beat expectations. Cardinal Health was another of the market’s biggest winners, jumping 7% after beating analysts’ profit and revenue forecasts in the latest quarter. It also raised its profit forecast for its fiscal year, which is only in its second quarter.

They helped offset a 1.2% drop for Applewhich said it expects revenue growth in the all-important holiday quarter to be in the low to mid-single digit percentages. This was below the forecasts of several analysts.

Treasury yields rose after a highly anticipated report said U.S. employers added just 12,000 workers to their payrolls last month, far below the 115,000 jobs economists expected or the 223,000 jobs employers created. in September.

A separate report said the U.S. manufacturing sector shrank more last month than economists expected. It has been one of the areas of the economy hardest hit by the Federal Reserve keeping interest rates at a two-decade high through September.

The near-unanimous expectation on Wall Street remains that the Federal Reserve will cut its key interest rate by a quarter of a percentage point next week.

The two-year Treasury yield, which closely tracks expectations for Federal Reserve actions, initially fell after the jobs report but then rose to 4.20% from 4.18% on Thursday.

The 10-year Treasury yield, which also takes into account future economic growth and other factors, also rose after a knee-jerk decline. It rose to 4.37%, up from 4.29% on Thursday night.

The hope on Wall Street is that the economy will still avoid a recession, even with the labor market slowing, thanks in part to upcoming interest rate cuts by the Federal Reserve. The overall economy has held up so far Stronger than feared..

In early currency trading on Monday, the dollar fell to 152.05 Japanese yen from 152.42 yen late Friday. The euro fell to $1.0879 from $1.0881.