Asia Pacific stocks were poised for a muted open on Monday, with several markets remaining closed for the Easter holiday. Meanwhile, new tariffs imposed on U.S. goods by China were likely to be in focus.
Stocks in the region looked set for a subdued start on the first trading day of the quarter, with Nikkei futures traded in Chicago higher by 0.07 percent at 21,470 compared to the index’s last close.
Markets in Australia, Hong Kong and New Zealand will stay closed on Monday for the Easter holiday.
Meanwhile, China said it was implementing tariffs on 128 types of U.S. imports starting Monday. That matched the list of products proposed by Beijing in March and comes as a direct response to U.S. President Donald Trump signing off on tariffs on imported steel and aluminum last month.
Regional markets had closed higher on Friday, with the Nikkei 225 rising 1.4 percent and South Korea’s benchmark Kospi index advancing 0.39 percent following the Thursday rally in U.S. markets.
Markets stateside were closed the previous session for Good Friday.
On the economic front, data released on Saturday showed that manufacturing activity in China expanded more than expected in March.The official Purchasing Managers’ Index rose to 51.5 last month, above the 50.5 estimated in a Reuters survey. That also topped the 50.3 figure seen in February.
A reading above 50 indicates expansion. Conversely, a reading below that figure signals contraction.
Ahead, markets will await the release of the Caixin/Markit PMI reading, which focuses on small and mid-size manufacturing in the country.
In corporate news, Toshiba said in a Friday statement that the planned sale of its memory chip unit would likely be completed in April. It added that the company still intended to close the deal “as soon as possible.” The agreement had been previously slated to be completed by Mar. 31.
Here’s the economic calendar for Monday (all times in HK/SIN):
- 8:30 a.m.: Japan Nikkei manufacturing PMI
- 9:45 a.m.: China Caixin manufacturing PMI
