China's Shanghai Composite index ends 0.12% lower

Asian stocks advanced on Monday as new PMI data suggested China's manufacturing had a solid start to 2025 and European leaders pledged to assemble a "coalition of the willing" to develop a plan for ending Ukraine's war with Russia.

On the trade front, speculation swirled over exactly what U.S. President Donald Trump has planned on new tariffs that will come into force from Tuesday.

U.S. Commerce Secretary Howard Lutnick said that Canada and Mexico had done a "reasonable job" securing their borders, but fentanyl continued to flow into the U.S.

That is a fluid situation and the President will determine whether to stick with the planned 25 percent level, Lutnick told the Fox News program, Sunday Morning Futures.

 

However, Trump is expected to raise tariffs on China on Tuesday as scheduled.

Gold inched higher in Asian trade on dollar weakness after a slew of data signalled a weakening U.S. economy.

Oil ticked higher on improved China data and increasingly unclear prospects for peace in Ukraine.

China's Shanghai Composite index slipped 0.12 percent to 3,316.93 as upbeat factory activity data was offset by tariff worries.

China's top policymakers will gather in Beijing this week for the annual "two sessions", the country's biggest political event, where GDP growth and inflation targets are set to be unveiled alongside steps to boost domestic consumption.

China's manufacturing activity logged a faster growth in February underpinned by rises in both output and new orders, survey data published by S&P Global showed on Monday.

The Caixin manufacturing Purchasing Managers' Index rose to 50.8 from 50.1 in the previous month. The reading was seen at 50.4.

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