Asian markets climbed on Monday on hopes that China will announce a huge stimulus package that will help offset US President Donald Trump’s looming tariffs against Chinese goods.
Investors were also watching for any last-ditch deals to ward off the levies hitting Mexico, Canada and China due to come into force on Tuesday.
Trump has confirmed 25 percent tariffs on products from Mexico and Canada, and further imposed another 10 percent on Chinese goods from this week.
“Traders are on edge for last-minute negotiations to sidestep US tariffs,” said Stephen Innes, an analyst from SPI Asset Management.
“In Asia, all eyes are on China’s National People’s Congress, where traders are betting on a fiscal boost to counter the drag from US tariffs and keep China’s blistering 2024 equity rally alive,” he said.
Ahead of the key Chinese parliamentary meeting opening on Wednesday, Hong Kong’s Hang Seng and Japan’s Nikkei climbed …