As the Lunar New Year holidays begin in many parts of the Asia-Pacific region, markets have responded with a surge in activity. The Lunar New Year, also known as the Spring Festival, is celebrated in many countries in the region, including China, Japan, South Korea, and Taiwan.

In China, the Shanghai Composite Index rose 1.1%, while the Shenzhen Component Index rose 0.7%. The Hang Seng Index in Hong Kong rose 1.2%. In Japan, the Nikkei 225 index rose 0.8%, while the Topix index rose 0.9%.

South Korea’s Kospi index rose 1.3%, while Taiwan’s Taiex index rose 0.7%. In Australia, the S&P/ASX 200 index rose 0.7%.

Analysts attributed the gains to the Lunar New Year holidays, which are traditionally seen as a period of increased optimism and spending. With many countries in the region observing the holiday, investors are expecting increased economic activity in the coming weeks.

The markets also received a boost from news of the US and China signing a Phase 1 trade deal, which has eased tensions between the two countries.

Overall, the markets in the Asia-Pacific region have responded positively to the Lunar New Year holidays, and investors are hopeful that the increased activity will continue in the weeks ahead.