CANBERA (dpa-AFX) - Asian stocks rose on Monday as weak U.S. data released on Friday cemented expectations the Federal Reserve could strike a dovish stance this week.
Investors also remained hopeful for a U.S.-China trade deal after Xinhua news agency reported the U.S. and China have made further 'concrete progress' on the text of the trade agreement between the two sides.
Chinese shares hit 6-1/2-month high on expectations there is scope to ease monetary policy to support economic growth this year.
The benchmark Shanghai Composite index soared 74.67 points or 2.47 percent to 3,096.42 while Hong Kong's Hang Seng index climbed 1.37 percent to 29,409.01.
Japanese shares rose despite weak February export data. The country's exports fell for a third month in February amid waning external demand, putting pressure on the Bank of Japan to offer more stimulus.
Exports fell an annual 1.2 percent in February due to declines in shipments of semiconductor production equipment and cars, official data showed.
The Nikkei average rose 133.65 points or 0.62 percent to 21,584.50, driven by chip-related stocks. The broader Topix index closed 0.69 percent higher at 1,613.68.
Advantest, Tokyo Electron and Sumco Corp jumped 2-3 percent after tech shares led Nasdaq to its best weekly rise this year on Friday. Index heavyweights Fast Retailing, SoftBank and Fanuc rose between half a percent and 1.6 percent.
Australian markets ended higher as stronger commodity prices amid reports of progress in U.S. China- trade talks boosted mining stocks.
The benchmark S&P/ASX 200 index rose 15.30 points or 0.25 percent to 6,190.50 while the broader All Ordinaries index ended up 18.50 points or 0.30 percent at 6,283.60.
Mining heavyweights BHP and Rio Tinto climbed 1.4 percent and 1.7 percent, respectively while smaller rival Fortescue Metals Group surged as much as 5.4 percent.
Lithium miner Pilbara Minerals ended on a flat note after it exercised an option to enter into a joint venture with steel-maker Posco for manufacturing battery-making materials.
Commonwealth Bank of Australia shed 0.7 percent after it settled a dispute with the Australian Taxation Office (ATO) over research and development claims. The other three big banks ended narrowly mixed.
Construction and mining services group CIMIC Group advanced 1.7 percent on winning a A$1.7 billion ($1.20 billion) mining contract in Botswana.
Bubs Australia soared 4.8 percent on news it will expand its range of children's snacks by launching eight new organic-labeled snacks.
Seoul stocks ended a choppy session higher as institutions went on a massive buying-spree despite global uncertainties.
The benchmark Kospi inched up 3.38 points or 0.16 percent to 2,179.49. Automakers paced the gainers, with Hyundai Motor, Kia Motors and Hyundai Mobis rallying 2-3 percent.
New Zealand shares hit a record high in thin trade. The benchmark S&P/NZX 50 index rose 41.85 points or 0.44 percent to 9,515.12, led by industrials and consumer stocks.
The services sector in New Zealand continued to expand in February, albeit at a slower pace, the latest survey from BusinessNZ showed with a Performance of Services Index score of 53.8, down from the downwardly revised 56.2 in January.
U.S. stocks fluctuated before finishing higher on Friday, as optimism about U.S.-China trade talks as well as indications of more Chinese economic stimulus offset some disappointing U.S. economic data.
The Dow rose half a percent, while the tech-heavy Nasdaq Composite and the S&P 500 added 0.8 percent and half a percent, respectively to reach their best closing levels in five months.
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