Asian shares climbed after China pledged more steps to revive consumption. US equity futures slid as Treasury Secretary Scott Bessent dismissed the market’s recent decline as healthy.

Stocks rose in Australia, Japan and South Korea in early Monday trade, with futures in Hong Kong also pointing to a higher open. The gains came after the S&P 500 jumped 2.1% Friday as the government avoided a shutdown, while the tech-heavy Nasdaq 100 advanced 2.1%. The Golden Dragon index rose 2.7% with Chinese authorities set to announce measures to boost consumption on Monday. The dollar was steady.

All eyes are on China after Xinhua reported authorities will provide details on policies to stabilize the stock and real estate markets, lift wages and boost the nation’s birth rate. A swath of Chinese data including industrial production and retail sales prints for February due Monday will also be closely parsed.

“The initiatives announced over the weekend are targeted to boost the flagging animal spirits of the Chinese consumer,” said Tony Sycamore, an analyst at IG in Sydney. That “should help support the relief rally in global equity markets that commenced on Friday and the continued outperformance of China equity markets.”

Treasuries edged higher in Asia trading following Friday’s decline as US stock futures fell and ahead of February retail sales data due Monday. The benchmark 10-year yield dipped 1 basis point to 4.30% after rising 4 basis points on Friday.

Central Bank Bonanza

Investors will also be monitoring to a swath of central bank meetings this week as President Donald Trump’s trade salvos test policymakers’ nerves. The Bank of Japan is expected to keep its rate steady after a hike last month and the Bank of England is expected to stand pat. Federal Reserve Chairman Jerome Powell Jerome faces a tricky task of both assuring investors the economy remains on solid footing and policymakers are ready to step in with support.

“Markets will closely scrutinize the updated Summary of Economic Projections” which are likely to lower estimates by the Fed for economic growth and revise core inflation forecasts a little higher, Commonwealth Bank of Australia strategists including Joseph Capurso wrote in a note to clients. “However, the ‘dot plot’, which captures members best estimate of the Funds rate at the end of each calendar year, may not change if FOMC members expect the increase in core inflation to be temporary.” 

Separately, German Chancellor-in-waiting Friedrich Merz said Friday that an agreement had been reached with the Green party on the debt-funded defense and infrastructure package. The euro strengthened for a second week, and remained near its strongest against the greenback since November ahead of a vote on the plan on Tuesday.

In commodities, oil rose for a second day thanks to the the stimulus pledge by the the world’s biggest importer. Gold edged higher after closing lower Friday for the first time in four days amid risk sentiment.

Key events this week:

  • China property prices, retail sales, industrial production, Monday

  • US retail sales, Empire manufacturing, Monday

  • Canada CPI, Tuesday

  • US housing starts, import price index, industrial production, Tuesday

  • Brazil rate decision, Wednesday

  • Eurozone CPI, Wednesday

  • Indonesia rate decision, Wednesday

  • Japan rate decision, industrial production, Wednesday

  • US Fed rate decision, Wednesday

  • Australia unemployment, Thursday

  • China loan prime rates, Thursday

  • South Africa rate decision, Thursday

  • Sweden rate decision, Thursday

  • Switzerland rate decision, Thursday

  • Taiwan, rate decision, export orders, Thursday

  • UK rate decision, jobless claims, unemployment, Thursday

  • US jobless claims, existing home sales, Thursday

  • EU leaders summit in Brussels to discuss defense spending, Thursday

  • ECB President Christine Lagarde speaks, Thursday

  • Bank of Canada Governor Tiff Macklem speaks, Thursday

  • Chile rate decision, Friday

  • Japan CPI, Friday

  • Malaysia CPI, Friday

  • New York Fed President John Williams speaks, Friday

Some of the main moves in markets: 

Stocks

  • S&P 500 futures fell 0.5% as of 9:05 a.m. Tokyo time

  • Hang Seng futures rose 0.6%

  • Japan’s Topix rose 1.1%

  • Australia’s S&P/ASX 200 rose 0.8%

  • Euro Stoxx 50 futures rose 1.4%

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.0881

  • The Japanese yen was little changed at 148.52 per dollar

  • The offshore yuan rose 0.1% to 7.2304 per dollar

Cryptocurrencies

  • Bitcoin fell 0.6% to $82,679.29

  • Ether fell 0.2% to $1,890.7

Bonds

  • The yield on 10-year Treasuries declined two basis points to 4.29%

  • Australia’s 10-year yield declined two basis points to 4.40%

Commodities

  • West Texas Intermediate crude rose 0.7% to $67.67 a barrel

  • Spot gold rose 0.2% to $2,990.14 an ounce

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