Asian stocks ended mixed on Monday as investors awaited clarity on the next round of tariffs from U.S. President Donald Trump set for April 2.
Oil and gold prices edged up slightly in Asian trading as the dollar resumed its fall after a modest recovery in recent days.
China's Shanghai Composite Index edged up by 0.2 percent to 3,370.03 after Trump said his top trade chief, Jamieson Greer, will hold talks with his Chinese counterpart this week on tariffs.
Chinese Premier Li Qiang said the country is prepared for "shocks that exceed expectations" from the looming tariff announcement.
Hong Kong's Hang Seng Index climbed 0.9 percent to 23,905.56 amid signs of improving global sentiment towards China.
Japanese stocks ended slightly lower to extend losses for a third straight session as a survey showed Japanese business activity shrank for the first time in five months in March.
The Nikkei 225 Index slipped 0.2 percent to 37,608.49, with exporters and financials leading losses. The broader Topix Index settled 0.5 percent lower at 2,790.88 ahead of a looming deadline for implementing additional U.S. tariffs.
SoftBank, which is marching ahead on its ambitions to build out a major AI operation in its home market of Japan, rose 3 percent.
Seoul stocks fell after South Korea's Constitutional Court dismissed the impeachment of Prime Minister Han Duck-soo and reinstated him as acting president, ruling the accusations against him weren't against the law or weren't serious enough to remove him from office. The Kospi ended down 0.4 percent at 2,632.07.
Australian markets ended on a flat note despite strong gains in the banking sector and upbeat Judo Bank Purchasing Managers Index data.
The flat close came as Australia's Treasurer Jim Chalmers sounded the alarm over the "seismic" economic impact of U.S. tariff policies.
James Hardie Industries plunged 14.5 percent after the building materials company struck an $8.7bn cash-and-stock deal to buy decking manufacturer Azek.
Helia Group shares plummeted 25.6 percent. The mortgage insurance provider said its lenders mortgage insurance (LMI) contract with Commonwealth Bank is at risk.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index inched up 0.1 percent to 12,128.21.
U.S. stocks ended mostly higher on Friday after having fallen sharply earlier following downbeat comments from both FedEx and Nike about the economic outlook.
All three major averages fell by nearly 1 percent earlier in the day before closing higher as President Trump indicated he'd retain "flexibility" when it comes to a reciprocal tariff plan expected on April 2.
The S&P 500 edged up by 0.1 percent and the tech-heavy Nasdaq Composite added half a percent to snap four-week losing streaks, while the Dow ended on a flat note.
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March 28, 2025 11:47 ET Revised growth data for the U.S. economy was the highlight of the week that also had some key reports from other major economies. The fourth quarter growth figures underwent revision in the latest report. Elsewhere, a survey revealed the U.S. consumers’ view on the economy. In mainland Europe, a survey in Germany revealed the business leaders’ assessment of the current situation and their hopes for the future. In other news, inflation data from the U.K. and Australia were in focus.