Shanghai urban skyline and the bund, China.
Comezora | Moment | Getty Images
Asia-Pacific markets were muted Monday as investors assessed China’s promises to support domestic businesses as well as developments in trade negotiations between the U.S. and countries in the region.
Over the weekend, China’s finance minister Lan Fo’an said that the Asian powerhouse will “adopt more proactive macroeconomic policies to promote the realization of the expected growth target for the whole year and continue to bring stability and momentum to the global economy,” according to a Google translation of a statement posted on the ministry’s website.
Chinese authorities are slated to hold a press conference later in the day.
Mainland China’s CSI 300 index and Hong Kong’s Hang Seng Index were nearly flat in choppy trade.
Over in Japan, the benchmark Nikkei 225 added 0.37% while the broader Topix index advanced 0.9%.
In South Korea, the Kospi index eked out a 0.13% gain while the small-cap Kosdaq fell 1.04%.
India’s benchmark Nifty 50 moved up 0.74% in early trade while the broader BSE Sensex increased 0.34%.
Australia’s S&P/ASX 200 rose 0.65%.
Investors will also be keeping tabs on developments in trade negotiations between the U.S. and countries in the region, after U.S. President Donald Trump indicated that another pause to his “reciprocal tariffs” was unlikely, according to Bloomberg reports.
— CNBC’s Lisa Kailai Han and Sean Conlon contributed to this report.
Toyota Motor shares surge over 5% on reports it might invest in a potential $42 billion buyout of Toyota Industries
Shares of Toyota Motor surged 5.61% as of 11.20 a.m. Japanese time Monday, following reports that it was exploring to invest in a potential $42 billion buyout of automotive parts manufacturer Toyota Industries.
Toyota Motor, which spun off from Toyota Industries in 1937, noted in a regulatory filing on April 26 that it was “exploring various possibilities, including partial investment” in Toyota Industries. Toyota Motor has a market cap that is nearly 10 times that of Toyota Industries, its key parts supplier.
The Japanese automaker added that it will “continuously evaluate the most optimal approach, but no decisions have been made at this time.”
Shares of Toyota Industries remain untraded Monday, with buy orders piling up. LSEG data indicates that the counter’s bid and ask are set to hit the daily upper limit of 16,225 Japanese yen ($112.85), which is a 23% surge from its Friday close of 13,225 yen.
Correction: This post was updated to reflect that Toyota Motor is reportedly exploring to invest in a potential buyout of Toyota Industries.
— Amala Balakrishner
Bitcoin slides after crossing $95,000 in previous session
Bitcoin fell early Monday, reversing course from gains in the previous session when it crossed $95,000.
The cryptocurrency fell 1.31% to $93,076.30 as of 9.30 a.m. Singapore time.
Bitcoin prices
— Amala Balakrishner
Spot gold extends slide after last week’s record high
Spot gold extended its slide after crossing the $3,500 threshold and hitting a record high last week as investors awaited clarity on U.S. tariff negotiations with its trading partners.
The precious metal slid 0.35% as of 9.15 a.m. Singapore time on Monday to trade at $3,306.42 per ounce.
Spot gold
— Amala Balakrishner
