The Kannai and Chukagai district at night, the hub of Yokohama's Chinese district and thriving Chinatown entertainment and business district, full of shops, cafes, and restaurants.
Copyright Artem Vorobiev | Moment | Getty Images
Asia-Pacific markets rallied Monday after China and the U.S. announced a trade deal, including a 90-day pause on tariffs and a drop in reciprocal tariffs by 115 percentage points.
"The magnitude of this tariff reduction is larger than expected," Tai Hui, APAC Chief Market Strategist at J.P. Morgan Asset Management, noted.
"This reflects both sides recognizing the economic reality that tariffs will hit global growth and negotiation is a better option going forward. The 90-day period may not be sufficient for the two sides to reach a detailed agreement, but it keeps the pressure on the negotiation process," he wrote in a Monday note.
Hui also added that investors would still be awaiting "further details on other terms of this agreement, for example, whether China would relax on rare earth export restrictions."
Hong Kong stocks led gains in the region with the Hang Seng Index surging 2.98% to end the day at 23,549.46, while the Hang Seng Tech index advanced 5.16% to 5,447.35, their highest levels since March 27.
Meanwhile, mainland China's CSI 300 index increased 1.16% to end the day at 3,890.60.
Indian stocks also saw massive gains following the ceasefire between India and Pakistan over the weekend. The arch rivals were involved in intense firing — the worst in nearly three decades — with both sides exchanging fire with missiles and drones.
The benchmark Nifty 50 surged 3.49% while the BSE Sensex gained 3.38% as of 2 p.m. local time.
Japan's benchmark Nikkei 225 ended the day 0.38% higher at 37,644.26 while the broader Topix index added 0.31% to 2,742.08.
In South Korea, the Kospi index advanced 1.17% to close at 2,607.33 while the small-cap Kosdaq moved up 0.4% to 725.40.
Over in Australia, the benchmark S&P/ASX 200 pared gains to end the day flat at 8,233.50.
U.S. futures jumped as investors await further details on the trade deal between the U.S. and China.
This comes after declines in the three key benchmarks on Wall Street in last Friday's session.
The 30-stock Dow Jones Industrial Average lost 119.07 points, or 0.29%, and settled at 41,249.38. Meanwhile, the broad-based S&P 500 inched down 0.07%, closing at 5,659.91, while the Nasdaq Composite ended the session little changed, ending at 17,928.92.
— CNBC's Yun Li, Fred Imbert, Pia Singh and Brian Evans contributed to this report.
Indian stocks on track to hit best one-day gain in nearly a year
Indian stocks extended their gains from earlier in the day, and were on track to log their best session in nearly a year.
As at 1.25 p.m. local time, the Nifty 50 benchmark had gained 3.39% to 24,820.90 while the BSE Sensex had advanced 3.17% to 81,968.22.
Both indexes are on track to recover the 1.5% they lost since India's strikes on neighbor Pakistan last Wednesday.
They could also potentially hit their best single-day jump since June 5, 2024, when India's National Democratic Alliance won the national elections.
Nifty 50
Hang Seng Tech Index surges nearly 6% just before close
Hang Seng Tech ETF
— Amala Balakrishner
Indian and Chinese currencies strengthen
Indian and Chinese markets rallied Monday as investors welcomed the India-Pakistan ceasefire and the U.S.-China trade deal.
The Chinese yuan strengthened by 0.35% against the U.S. dollar to 7.2110, while the offshore Chinese yuan gained 0.47% to 7.2056 as of 3.28 p.m. Singapore time.
Meanwhile, the Indian rupee strengthened by 0.74% against the greenback to 84.7480.
Elsewhere in Asia-Pacific, the Korean won depreciated 0.97% against the U.S. dollar to 1,408.73 while the Japanese yen weakened 1.58% to 147.62.
— Amala Balakrishner
Asian pharmaceuticals tumble on Trump's move to cut U.S. drug prices
Asian pharmaceutical stocks tumbled on Monday, after U.S. President Donald Trump said he would sign an executive order to cut drug prices by 30% to 80%.
This will keep prescription drug prices in the U.S. — which is among the highest in the world — in line with other high-income countries.
Strong declines were seen among drugmakers in Japan, with Chugai Pharmaceutical plunging 10.89%, Daiichi Sankyo Co retreating 8.15% and Takeda Pharmaceutical Co losing 5.27% as at 2.08 p.m. Singapore time.
Over in South Korea, Samsung Biologics, Celltrion and SK Biopharmaceuticals declined by 4.52%, 4.05% and 2.77% respectively.
Shares of Hong Kong's pharmaceutical giants also fell on Trump's announcement, with BeiGene plunged 9.2% while Innovent Biologics was down 6.87%.
Indian pharmaceutical companies also dropped, despite strong gains in the Nifty 50 and BSE Sensex following the India-Pakistan ceasefire.
The Nifty Pharma index was flat. The top three worst performers were Sun Pharmaceutical Industries, which lost 3.43%, Lupin, which dropped by 1.05% and Biocon, which declined by 1%.
— Amala Balakrishner
Pakistani stocks surge over 8% - triggering one-hour trading halt
Pakistani stocks climbed Monday as investors welcomed the ceasefire between India and Pakistan over the weekend. This is a reversal from the massive declines seen last week, which prompted a trading halt.
Pakistan's benchmark KSE-100 index rose 8.84% to 116,650.12, its highest level since January. 3.
Meanwhile, the KSE-30 index — which captures the 30 most liquid stocks on the Pakistan Stock Exchange — surged 9.25% to hit 35,668.76, its highest level since April 23.
The massive jump in the market has triggered a one-hour trading halt.
— Amala Balakrishner
Indian stocks surge over 2.8% following India-Pakistan ceasefire
Indian stocks surged on Monday after a fragile ceasefire with Pakistan over the weekend appeared to hold.
The benchmark Nifty 50 gained 2.86%, while the BSE Sensex surged 2.87% as at 10.15 a.m. local time.
The 50-stock benchmark is up 4.24% since the start of the year while the BSE Sensex has risen 4.42%.
Nifty 50
Strong gains were seen in the Birla Corporation, which surged 19.99%, Hindustan Motors which climbed 12.21% and Reliance Power, which jumped 11.38%
— Amala Balakrishner
Bitcoin falls, but remains above $100,000 threshold
Bitcoin slid on Monday, but continued to hold steady above the $100,000 threshold.
The cryptocurrency was down 0.42% to $103,859.94 as of 11.39 a.m. Singapore time.
The latest move is a reversal from its fast gains in the last week, which pushed investors to forecast that it will soon hit its which happened at the end of January.
Bitcoin prices
— Amala Balakrishner
Chinese defense stocks extend gains despite India-Pakistan ceasefire
Taiwan's Taiex index rises over 1% amid rally in Asia-Pacific stocks
Taiwan's benchmark Taiex index surged 1.12% as of 10.40 a.m. local time, as indexes across Asia-Pacific picked up over optimism of a trade deal between the U.S. and China.
Gains in the Taiex were broad-based and were led by the energy, utilities and technology sectors.
The top three performers were Alchip Technologies, which surged 10%, Lai Yih Footwear, which advanced 9.98% and Machvision, which added 9.97%,
Meanwhile, shares of tech giants Taiwan Semiconductor Manufacturing Co and Hon Hai Precision Industry — known globally as Foxconn — were last seen trading 0.95% and 3.4% higher, respectively,
The iShares MSCI Taiwan ETF shows the index's moves:
iShares MSCI Taiwan ETF
— Amala Balakrishner
Hong Kong shares rally as investors await details on U.S.-China trade deal
Hong Kong's Hang Seng Index surged 1.44% Tuesday, extending its gains for the eighth consecutive session.
Many major Chinese companies are listed on the index, which is up 15.64% since the start of the year. The strong gains were broad-based across sectors.
The Hang Seng Tech Index rose 2.43% as at 10.31 a.m. local time.
Top performers include Sunny Optical Technology Group, which gained 9.24%, Xpeng, which increased 6.65% and BYD Electronic International, which advanced 6.45%.
The Hang Seng Tech Index ETF shows the day's moves:
Hang Seng Tech ETF
— Amala Balakrishner
China-listed shares of CATL surges over 3.4% following HK IPO filing
Australian mining stocks rise on optimism over U.S.-China trade deal
Australian mining stocks rose Monday on the back of optimism over a trade deal between the U.S. and China.
China is the largest importer of Australia's mining products, such as iron ore and natural gas.
Gains were seen in major miners, with Fortescue adding 1.32%, Rio Tinto increasing 1.81% and BHP Group surging 2.26% as at 11.27 a.m. Australian Eastern Daylight Time.
Gold miners, meanwhile, trailed declines in gold prices.
Among the worst-performing stocks in the category were Bellevue Gold, which lost 2.56%, Newmont Corporation, which slid 2.71% and Evolution Mining, which plunged 3.88%.
— Amala Balakrishner
Spot gold sinks as investors cheer progress in U.S.-China trade talks
Spot gold plunged Monday as investors cheered early signs of progress in trade talks between the U.S. and China.
As at 9.20 a.m. Singapore time, the bullion was trading 1.85% lower at $3,262.29 per ounce.
Spot gold
The latest moves in the precious metal — which is a traditional hedge against political and financial instability — is a reversal from the 2.6% gain it notched the week before as investors sought refuge in it.
— Amala Balakrishner
Japan's current account surplus hits $25.2 billion in March in line with estimates
Japan's current account surplus came in at 3.68 trillion yen ($25.24 billion) in March, data released by the Ministry of Finance on Monday showed.
The reading is in line with estimates of economists polled by Reuters, but is a slight drop from the record 4.06 trillion yen surplus in the month before.
– Amala Balakrishner
English (US) ·