Asia stocks set to rise

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Asia stocks set to rise

Main Bazar, Paharganj known for its concentration of hotels, lodges, restaurants, dhabas and a wide variety of shops catering to both domestic travellers and foreign tourists, especially backpackers and low-budget travellers.

Hadynyah | E+ | Getty Images

Asia-Pacific markets were set to rise Monday as investors awaited clarity about U.S. President Donald Trump’s plans to impose impose tariffs this week on key U.S. trading partners.

U.S. Commerce Secretary Howard Lutnick reportedly told Fox News on Sunday that the exact tariff that will be levied against Mexico and Canada starting Tuesday is still “fluid,” which means it could be lower than the proposed 25%. He added that the additional 10% duty on China imports is “set.”

Japan’s benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 37,745 while its counterpart in Osaka last traded at 37,550, against the index’s last close of 37,155.50

Futures for Hong Kong’s Hang Seng index stood at 22,920 pointing to a higher open compared to the HSI’s last close of 22,941.32.

China’s Caixin/S&P Global manufacturing purchasing manager’s index reading for February is expected later in the day. Reuters poll estimates peg it at 50.3 compared with January’s 50.1 reading.

Australia’s S&P/ASX 200 started the day 0.64% higher.

The country’s S&P Global manufacturing purchasing manager’s index reading for February came in at 50.4, similar to the previous month’s 50.6 reading.

Investors will be keeping a watch on Indian stocks after the South Asian economy

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, recovering from a seven-quarter low. The print is higher than the

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in the July to September quarter.

In U.S., the three major averages closed higher on Friday, after a volatile week and monthly losses in February.

The S&P 500 added 1.59% on Friday to close at 5,954.50. The Dow Jones Industrial Average rose 601.41 points, or 1.39%, closing at 43,840.91. The Nasdaq Composite climbed 1.63% to settle at 18,847.28.

Friday’s trading session saw a brief pullback over the heightened geopolitical tensions after U.S. President Donald Trump and Ukraine President Volodymyr Zelenskyy clashed over differing views of how to end the Russia-Ukraine conflict.

Stocks rallied sharply into Friday’s close, partly because of index rebalancing and other technical-buying sources.

— CNBC’s Hakyung Kim and Alex Harring contributed to this report.

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