Crowds walk below neon signs on Nanjing Road. The street is the main shopping district of the city and one of the world’s busiest shopping districts.
This is CNBC's live blog covering Asia-Pacific markets.
Asia-Pacific markets mostly climbed on Monday, with investors keeping a close watch on Chinese equities.
Mainland China's CSI 300 closed 0.24% lower at 3,996.79, while Hong Kong's Hang Seng Index rose 0.77% in its final hour.
The Chinese government on Sunday announced a "Special Action Plan to Boost Consumption" to revive consumption by boosting people's incomes. Other measures include plans to stabilize the stock and real estate market and raising the country's birth rate.
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China's retail sales rose by 4.0% in the January-February period from a year ago, compared with the 3.7% year-on-year growth in December and in line with Reuters estimates. Meanwhile, urban investment in the country rose 4.1% year-on-year in the January-February period, surpassing the 3.6% forecast by Reuters.
In Japan, the benchmark Nikkei 225 ended the day 0.93% higher at 37,396.52, while the broader Topix index rose 1.19% to close at 2,748.12.
Yields on 40-year Japanese Government Bonds (JGBs) rose seven basis points to hit a record high of 3.007%. Meanwhile, yields on 30-year JGBs rose slightly to hit a 19-year high of 2.635%.
Money Report
Over in South Korea, the Kospi index advanced 1.73% to close at 2,610.69 while the small-cap Kosdaq added 1.26% to 743.51.
India's benchmark Nifty 50 had ticked up 0.35%, while the BSE Sensex increased 0.26% as at 1.20 p.m. local time.
Australia's S&P/ASX 200 ended the day 0.83% higher at 7,854.10.
On Wall Street, U.S. futures fell after ending in negative territory last week on the back of new tariff threats from Trump.
The Dow Jones Industrial Average rose 674.62 points, or 1.65%, to close at 41,488.19 on Friday. The S&P 500 climbed 2.13% to end at 5,638.94, and the Nasdaq Composite advanced 2.61% to settle at 17,754.09. It was the best day in 2025 for both the S&P 500 and the Nasdaq.
Big tech shares that were rattled earlier this week saw a sharp recovery on Friday. Nvidia shares popped more than 5%. Tesla jumped nearly 4%, and Meta Platforms gained close to 3%. Amazon and Apple also rose.
— CNBC's Lisa Kailai Han and Alex Harring contributed to this report.
India's wholesale inflation edges up 2.38% in February
India's wholesale inflation reading edged up to 2.38% year-on-year in February, up from 2.31% the month prior and marginally above economist expectations.
The reading was led by higher prices of manufactured food products and textiles, according to data released by India's Ministry of Commerce and Industry.
The Indian rupee strengthened 0.18% against the U.S. dollar to 86.970 shortly after the inflation numbers were released.
— Amala Balakrishner
Japanese 30-year bond yields hit 19-year high ahead of BOJ meeting
The yield on 30-year Japanese government bonds (JGBs) rose slightly to touch 2.63% — hitting a new 19-year high, according to Reuters.
It comes ahead of the Bank of Japan's decision on interest rates later this week.
Last week, Japan's revised GDP for the fourth quarter came in at 2.2% on an annualized basis, below economists' expectations and the previous estimate of 2.8% growth. The country's inflation rate climbed to a 2-year high of 4% in January.
The Japanese yen depreciated 0.27% against the U.S. dollar on Monday to $149.01.
— Amala Balakrishner
Trump reportedly says no exemptions on steel and aluminum tariffs
U.S. President Donald Trump said he has no intention of applying exemptions on steel and aluminum tariffs, according to Reuters.
As such, reciprocal and sectoral tariffs will be imposed on April 2 alongside automotive duties, the report added, citing Trump's comments to reporters on Air Force One.
This follows the 25% tariffs on steel and aluminum imports by the White House, which came into effect last Wednesday.
Countermeasures swiftly came through from the U.S.' trading partners. For instance, the European Union said it would impose tariffs on 26 billion euros ($28.33 billion) worth of U.S. goods from April.
— Amala Balakrishner
Toshiba and Bain Capital-backed Kioxia Holdings surges nearly 9%
Shares in Japanese chipmaker Kioxia Holdings rose as much as 8.78% on Monday, extending gains from its previous session.
The increase follows its announcement on the development of its new LC9 series featuring its generation 8 3D flash memory technology.
Kioxia Holdings is backed by private equity firm Bain Capital and electronics conglomerate Toshiba.
China’s retail sales strengthen at start of the year, meeting expectations
China's economic data for the first two months of the year showed a modest pickup as Beijing reiterated its plan to bolster domestic consumption.
Retail sales rose by 4.0% in the January-February period from a year ago, compared with the 3.7% year-on-year growth in December and in line with Reuters estimates.
Industrial production climbed 5.9% in the first two months of the year from a year ago, slower than the 6.2% growth in December, but faster than a 5.3% expansion forecast by analysts in a Reuters poll.
Read the full story, here.
— Anniek Bao
Mitsubishi Heavy Industries shares gain over 10%
Shares in Japanese conglomerate Mitsubishi Heavy Industries gained as much 10.52% on Monday in line with a rally in Japanese defense stocks.
Other stocks in the sector which saw strong gains include Kawasaki Heavy Industries, which was up around 4.92% and Ihi which rose 4.73% as at 10.09 a.m. Singapore time.
— Amala Balakrishner
Samsung Electronics' shares surge over 5% in early trade
Shares in Samsung Electronics surged as much as 5.67% in early trade on Monday following strong gains in South Korea's Kospi index.
The company's shares also rallied in part because of comments from its chairman Lee Jae-yong, who reportedly urged executives to "face the crisis with the determination of 'Sa-jeuk-saeng (if you decide to die, you will live)'."
His comments come amid a bleak outlook for Samsung Electronics. Estimates of 21 securities firms compiled by Yonhap Infomax indicate that its operating profit is expected to drop 22.54% year-on-year, reports by Businesskorea show.
— Amala Balakrishner
Upbeat outlook for Chinese companies, Standard Chartered strategist says
The outlook for Chinese companies appears upbeat amid robust government support, according to Fook Hien Yap, senior investment strategist at Standard Chartered Bank.
"I think in terms of the policies that [are] being rolled out, the support of the government for the private companies there are very good," he told CNBC's "Squawk Box Asia" on Monday.
His comments come shortly after fresh plans from the Chinese government to revive consumption by boosting wages, rising birth rates and stabilizing the stock and real estate market.
The strategist is playing the market with an "overweight or barbell" approach in tech stocks on Hong Kong's Hang Seng Tech Index as well as "high dividend" non-financial state-owned enterprises.
"What we've seen has been a lot of valuation re-rating in terms of the Hang Seng technology and China technology — and the valuation is still attractive," Fook said.
— Amala Balakrishner
