Australian shares rose on Monday with technology stocks catching the tailwind from a bounce on Wall Street, even as investors fretted over rapid inflation and recession, while container supplier Brambles soared after early talks of a takeover offer.

The S&P/ASX 200 index was up 0.9% at 7,139.1, as of 0047 GMT.

The benchmark closed 1.9% higher on Friday, but posted its fourth consecutive weekly loss.

Global markets saw a heavy selloff last week, battered by investors maintaining a cautious stance over rate-hike worries and as tightening COVID-19 restrictions in Shanghai fuelled concerns about a possible recession.

Japan’s Nikkei was up 1.27% at 26,762.62 on Monday and S&P 500 E-minis futures were up 0.22%. Domestic technology stocks emerged as the top gainer in the benchmark with a 3.3% jump.

ASX-listed shares of Block Inc rose more than 5% while accounting software firm Xero Ltd jumped up to 7.5% to hit its highest since May 6. Miners edged 0.3% higher on stronger commodity prices with Fortescue Metals Group adding 0.5%.

Financial stocks added 0.5% with the

“Big Four” banks trading in positive territory.

Australian shares rebound but set for fourth weekly drop

Energy stocks rose nearly 1% after oil prices soared with possible resumption of demand as China looked to ease pandemic restrictions while supply is expected to be tight if European Union bans Russian oil.

Sector major Santos Ltd and Woodside Petroleum Ltd added around 1% each.

Australia’s Brambles Ltd jumped 13.3% to its highest level in eight months, on an unsolicited takeover offer by Europe’s private-equity giant CVC Capital. New Zealand’s benchmark S&P/NZX 50 index was up 0.7% at 11,245.10 points.