Asian stocks rose on Monday following a strong rally in U.S. markets, marking the best day since November’s election, and amid stronger-than-expected factory data from China.
Later in the day, Chinese officials were scheduled to brief the media on Beijing's efforts to boost consumer spending. Economists argue that increased consumer spending is essential for reviving the economy, though most have called for broader reforms to build confidence and enhance purchasing power.
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Hong Kong's Hang Seng gained 1.3%, reaching 24,276.64, while the Shanghai Composite rose by 0.6% to 3,429.30. China's industrial output increased nearly 6% in the first two months of the year compared to last year, and retail sales grew by 4%. However, there was continued weakness in the property market, with home prices falling and real estate investment down nearly 10% from the previous year.
In Japan, the Nikkei 225 index rose 1.3% to 37,539.36, while Seoul's Kospi surged 1.7% to 2,608.68. Australia's S&P/ASX 200 added 0.6%, reaching 7,838.20, and Taiwan’s Taiex rose by 0.9%. In contrast, Bangkok’s SET index dropped 0.7%.
On Wall Street, U.S. stocks surged on Friday, but the market still ended its fourth consecutive losing week, the longest streak since August. The S&P 500 climbed 2.1%, recovering from a correction, closing at 5,638.94. This followed a sharp decline that began less than a month ago. The last significant rally occurred the day after President Donald Trump's election, when optimism was high about his return to the White House.
The Dow Jones Industrial Average rose 1.7% to 41,488.19, while the Nasdaq composite gained 2.6% to 17,754.09. Ulta Beauty saw a 13.7% surge after reporting better-than-expected profits for the quarter.
The market was further supported by gains in Big Tech and AI-related stocks, which had been under pressure due to concerns that their prices had risen too much in the AI frenzy. Nvidia rose 5.3%, reducing its 2025 losses to under 10%, while Apple increased by 1.8%, cutting its weekly loss that had initially been on track to be its worst since the 2020 COVID-19 crash.
Senate actions to avoid a partial U.S. government shutdown also helped ease some market fears.
However, the biggest uncertainty remains the escalating trade war, with questions about how much economic pain President Trump is willing to inflict through tariffs and other policies to reshape the country and world. Trump has said he aims to bring manufacturing jobs back to the U.S. and reduce the size of the government workforce.
Although stock prices may be near completing their adjustment for tariffs scheduled to begin in April, concerns about the impact of federal spending cuts on the economy are expected to persist. U.S. households and businesses have reported declining confidence due to the uncertainty surrounding Trump’s shifting policies, raising fears that reduced spending could slow economic growth.
A preliminary survey by the University of Michigan released on Friday revealed that consumer sentiment had fallen for the third consecutive month, primarily due to concerns about the future, even though the job market and economy remain relatively strong.
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In early Monday trading, U.S. benchmark crude oil increased by 48 cents to $67.66 per barrel, while Brent crude rose 49 cents to $71.07 per barrel. The U.S. dollar gained slightly against the Japanese yen, rising to 148.93 from 148.81, while the euro dropped slightly to $1.0880 from $1.0882.