Stocks were mostly higher in Asia on Monday as Chinese leaders began a major meeting expected to bring fresh pledges of aid to the world’s second-largest economy.

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

No reason was given for the decision, which preceded that of the United States. presidential election 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.

The Standing Committee of China’s National People’s Congress meets this week and analysts predict the government could approve major spending initiatives aimed at boosting the economy.

“Markets are driven by rumors of a new stimulus package, setting expectations very high and creating a buzz that is hard to ignore,” Stephen Innes of SPI Asset Management said in a commentary.

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 a public holiday.

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

Taiwan’s Taiex rose 0.3%.

Friday, Amazon led US stock indexes higher, while a surprisingly weak jobs report spoiled by some unusual events cemented bets on Wall Street for another interest rate cut next week.

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

Amazon climbed 6.2% after reporting a profit for the latest quarter that was bigger than analysts expected and was the main force pushing the S&P 500 higher.

Intel, meanwhile, rebounded 7.8% despite a worse-than-expected loss. Its revenue topped analyst estimates and it gave earnings guidance for the current quarter that also beat expectations. Cardinal Health was another of the market’s biggest gainers and jumped 7% after beating analysts’ forecasts for earnings and revenue in the most recent quarter. It also raised its profit forecast for its fiscal year, which is only in its second quarter.

They helped to offset a drop of 1.2% for Applewhich said it expects revenue growth during the important holiday quarter to be in the low to mid-single digits. This is 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 short of the 115,000 hires economists expected or the 223,000 jobs created by employers in September.

Another report said the U.S. manufacturing sector contracted more last month than economists expected. It is one of the sectors of the economy most affected by the Federal Reserve’s maintenance of interest rates until September at their highest level in two decades.

The almost unanimous expectation on Wall Street remains that the Fed will cut its main interest rate by a quarter of a percentage point next week.

The two-year Treasury yield, which closely tracks expectations for Fed actions, initially fell following the jobs report but then climbed to 4.20%, from 4.18% on Thursday evening.

The yield on the 10-year Treasury note, which also takes into account future economic growth and other factors, also rose after a sharp fall. It climbed to 4.37%, compared to 4.29% Thursday evening.

The hope on Wall Street is that the economy will still manage to avoid a recession, even with the labor market slowing, thanks in part to upcoming Fed interest rate cuts. The global economy has so far remained more resilient than feared.

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