Asian equities were largely flat on Monday, as investors weighed the renewed hopes for progress in global trade talks and expectations of further stimulus from China.
US Treasury Secretary Scott Bessent said the Trump administration is pursuing bilateral trade agreements with 17 key partners, excluding China, and stressed the need for a de-escalation in tensions with Beijing.
China and Hong Kong stocks trade flat
China’s Shanghai Composite Index slipped 0.2 percent to close at 3,288.41 as investors awaited fresh stimulus measures following a key economic policy meeting.
Finance Minister Lan Fo’an reiterated that China would take action to meet its annual economic growth target of around 5 percent despite rising trade headwinds.
Hong Kong stocks were little changed on Monday as investors showed limited reaction to Chinese officials reaffirming plans to support economic growth, while concerns over tariff tensions with the US and broader economic pressures persisted.
The Hang Seng Index slipped 0.04 per cent to 21,971.96, while the Hang Seng Tech Index edged up 0.1 per cent.
Japanese stocks inch up
Japanese markets posted modest gains ahead of the Bank of Japan’s policy decision later this week, with no major changes expected.
The Nikkei 225 rose 0.38 percent to 35,839.99, extending its rally for a fourth consecutive session on optimism around US tariff negotiations.
The broader Topix Index advanced 0.86 percent to 2,650.61 before Tuesday’s national holiday.
Japan’s top currency official Atsushi Mimura denied a newspaper report that Bessent had called for a stronger yen, helping ease currency market volatility.
Among notable movers, Toyota Motor gained 3.6 percent following news it may invest in key supplier Toyota Industries.
Other regional markets
In South Korea, the Kospi edged up 0.1 percent to 2,548.86, supported by cautious optimism over trade talks between Seoul and Washington.
Industry Minister Ahn Duk-geun stated that South Korea would approach negotiations with the US “calmly and cautiously.”
The US Treasury Department later said discussions aimed to promote an “expanded equilibrium” that encourages trade.
Australian markets extended gains for a third straight session, with technology and energy shares leading the advance.
The S&P/ASX 200 climbed 0.36 percent to 7,997.10 amid growing expectations of an RBA rate cut in May.
Indian equity indices ended higher on April 28, with the Nifty closing near 24,300.
The Sensex gained 1,005.84 points, or 1.27 percent, to settle at 80,218.37, while the Nifty advanced 289.15 points, or 1.20 percent, to close at 24,328.50.
Among the top performers on the Nifty were Reliance Industries, SBI Life, Bharat Electronics, Sun Pharma, and JSW Steel.
Wall Street on Friday
On Wall Street, US stocks ended Friday on a firm note and posted strong weekly gains as optimism grew that tariff-induced uncertainty had peaked.
President Trump told Time magazine that trade negotiations with China were underway and that Chinese President Xi Jinping had called him; Beijing, however, denied the claim and urged Washington to “stop creating confusion.”
Investors largely brushed off disappointing economic data showing US consumer sentiment falling to one of the lowest levels on record and long-term inflation expectations hitting their highest since 1991.
The Nasdaq Composite rallied 1.3 percent, the S&P 500 added 0.7 percent, and the Dow Jones Industrial Average ended flat with a positive bias.
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