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Hong Kong shares rise over 2% to lead gains in Asia after Trump pauses tariffs on consumer electronics

Amala Balakrishner

This is CNBC's live blog covering Asia-Pacific markets.

Tumjang | Moment | Getty Images

Asia-Pacific markets climbed Monday as U.S. President Donald Trump paused tariffs on some consumer electronics, boosting risk sentiment.

Hong Kong stocks led gains in the region, with the Hang Seng Index ending the day 2.4% higher at 21,417.40 to and Hang Seng Tech Index moving up 2.34% to 5,015.12.

Mainland China's CSI 300 rose 0.23% to close at 3,759.14.

Japan's benchmark Nikkei 225 ended the day 1.18% higher at 33,982.36%, while the broader Topix index rose 0.88% to 2,488.51.

In South Korea, the Kospi index added 0.95% to close at 2,455.89, while the small-cap Kosdaq advanced 1.92% to 708.98.

Meanwhile, Australia's S&P/ASX 200 increased 1.34% to close at 7,748.60.

Indian markets were closed for a public holiday.

Trump exempted smartphones and computers as well as other devices and components such as semiconductors from his new "reciprocal" tariffs, according to a U.S. Customs and Border Protection guidance issued late Friday.

However, Trump and U.S.' Commerce Secretary Howard Lutnick suggested Sunday that the exemptions were not permanent, stirring up more uncertainty.

Trump said in a Truth Social post that these products were still "subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff 'bucket.'"

Several countries in the region are also preparing for trade negotiations with the U.S. this week.

Trump is engaging in negotiations with countries including Vietnam, India, South Korea and Japan, and is prioritizing existing trading partners that are strategic to countering China, according to two people close to the White House, reports from Politico show.

Japan's top trade representative Akazawa Ryosei is slated to visit the U.S. this week for talks with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, according to local broadcaster NHK.


U.S. futures were up after stocks capped a volatile week with a rise last Friday, following comments from the White House that Trump is "optimistic" that China will seek a deal with the U.S.

The S&P 500 advanced 1.81% to end at 5,363.36. The Dow Jones Industrial Average rose 619.05 points, or 1.56%, and closed at 40,212.71 while the Nasdaq Composite climbed 2.06% to settle at 16,724.46.

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— CNBC's Sean Conlon, Hakyung Kim and Pia Singh contributed to this report.

Indonesia's Jakarta Composite Index rises nearly 2% to over 2-week high

Indonesia's benchmark Jakarta Composite Index was up 1.99% to 6,389.39 as at 11.57 a.m. local time, its highest level since March 27.

This marks the index's third straight day of gains.

Other markets in Southeast Asia were also mostly in positive territory Monday.

Singapore's 30-stock benchmark Straits Times Index was last seen up 1.99%, while Malaysia's KLCI was up 1.42%.

Elsewhere, Vietnam's VN Index was up 0.6% while the Philippines' benchmark PSI rose 0.54%.

Thailand's Set Index, however, was trading 0.47% lower.

— Amala Balakrishner

Australia's benchmark rises nearly 1.4%

Australia's S&P/ASX 200 share average surged 1.38% as at 1.40 p.m. Australian Eastern Standard Time, reversing course from declines in its previous session.

Gains were seen among names in mining as well as banking and financials.

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S&P/ASX 200

— Amala Balakrishner

Goldman Sachs lowers oil forecast for 2025 and 2026

Goldman Sachs forecasts a decline in oil prices this and next year on the back of the rising risk of a recession and higher supply from the OPEC+ group.

The investment bank expects the Brent Crude to edge down to $63 a barrel through the end of this year and $58 next year. Meanwhile, it expects the West Texas Intermediate to average at around $59 a barrel for the rest of this year and $55 in 2026.

Oil prices fell Monday on the back of uncertainties on the rollout of U.S. President Donald Trump's tariff rollout.

Brent Crude fell 0.37% to trade at $64.52 per barrel as of 11.35 a.m. Singapore time, while the WTI dropped 0.39% to $61.26.

— Amala Balakrishner

China exports skyrocket over 12% in March while imports extend declines, official data shows

China's exports jumped more than expected in March as businesses kept frontloading outbound shipments to avoid prohibitive U.S. tariffs, while imports extended declines as domestic demand continued to weaken.

Exports jumped 12.4% last month in U.S. dollar terms from a year earlier, according to data released by customs authority on Monday, beating Reuters' poll estimates of a 4.4% growth.

Imports slipped 4.3% in March from a year earlier, compared with the economists' expectations of a 2% decline.

Read the full story, here.

— Anniek Bao

Goldman Sachs raises end-2025 forecast for gold to $3,700 per ounce

Goldman Sachs has raised its year-end forecast for gold to $3,700 per ounce from $3,300 previously.

Declines in spot gold moderated by 0.18% to $3,230.92 per ounce as at 10.59 a.m. Singapore time Monday, after the precious metal recorded a fresh record high of $3,245.42 earlier in the session.

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Spot gold

— Amala Balakrishner

Hong Kong shares rise; Hang Seng and Hang Seng Tech up over 2.6%

Hong Kong's Hang Seng Index surged 2.67% as at 10.12 a.m. local time on Monday.

The gains were broad-based and led by the basic materials, healthcare, and industrials sectors.

Meanwhile, Hong Kong's Hang Seng Tech Index advanced 3.17%.

Among the best performers in the index were Nio which added 6.14%, SenseTime Group which rose 5.63% and Lenovo Group which increased 5.48%

The Hang Seng Tech Index ETF shows the day's moves:

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Hang Seng Tech ETF

— Amala Balakrishner

Asian tech giants climb after Trump's pause on consumer electronics tariffs

Technology stocks in Asia-Pacific climbed Monday after U.S. President Donald Trump paused tariffs on phones, computers and consumer electronics.

Taiwan's Hon Hai Precision Industry - which assembles iPhones for Apple - was up 4.46% as at 10 a.m. Singapore time.

Over in Japan, gains were led by Nvidia supplier Advantest Corp, which added 3.89%, and SoftBank Group, which was up 2.29%.

Meanwhile, South Korean parts maker LG Innotek, which gets a substantial chunk of its revenue from Apple, was last seen up 7.26%.

In Hong Kong, the best performers were Nio which surged 6.33%, Alibaba which gained 5.73% and Xpeng which advanced 5.6%.

— Amala Balakrishner

Spot gold edges down over uncertainty on tariff rollout

Spot gold edged down on Monday following uncertainties over U.S. President Donald Trump's tariff rollout.

The precious metal had fallen 0.61% to trade at $3,217.23 per ounce as at 9.07 a.m. Singapore time, after recording its best day since October 2023 last week.

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Spot gold

— Amala Balakrishner

Singapore dollar edges up after central bank eases monetary policy; Other Asian currencies fluctuate

The Singapore dollar edged higher Monday, following the central bank's decision to ease monetary policy for the second straight time.

As at 8.45 a.m. local time, the Singapore dollar had strengthened marginally by 0.1% against the U.S. dollar to 1.3186.

The move also comes alongside a slump in the U.S. dollar, following U.S. President Donald Trump's back-and-forth on tariffs.

The dollar index was last seen down 0.38% to 99.727.

Other Asian currencies fluctuated sharply on Monday.

Gains in the Japanese yen moderated to 0.19% against the dollar to 143.27, after the currency, which is traditionally perceived as a haven during periods of market tumult, hit its strongest level since September 2024 last week.

The Australian dollar also rose 0.16% against the dollar to 0.6296 while the Philippine peso rose 0.41% against the greenback to 56.995.

Meanwhile, the Thai baht lost 0.66% against the dollar to 33.55 while the Korean won fell 0.67% against the greenback to 1,428.79.

— Amala Balakrishner

Singapore eases monetary policy for a second straight time as city-state cuts growth forecast

Singapore on Monday eased its monetary policy for the second straight time, as the city-state posted a lower-than-expected GDP growth of 3.8% for the first quarter.

The Monetary Authority of Singapore had eased its policy stance in its January meeting, loosening policy for the first time since 2020.

The MAS said Monday it will reduce the rate of appreciation of its policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER.

Read the full story, here.

— Lim Hui Jie

There's still 'mass uncertainty' despite Trump tariff exemption being 'right move,' according to Dan Ives

While the Trump administration's move to exempt smartphones, computers and semiconductors, among other electronic devices and components, from "reciprocal" tariffs may have been a win for Big Tech, the market could still be facing "mass uncertainty" around President Donald Trump's tariff policy, says Wedbush analyst Dan Ives.

"The White House made the right move in our view as tech leaders and the overall tech industry knew that if these tariffs went into effect it would essentially be a shut off valve for getting products to the US consumers," Ives wrote in a note dated Sunday.

"[B]ut still there is mass uncertainty, chaos, and confusion about the next steps ahead with all focus on China tariff negotiations being front and center and any progress on this game of high stakes poker between Beijing and DC being crucial to the markets and the economy this week," he continued.

— Sean Conlon