Volkswacht Bodensee - Asian markets creep up on hopes of China fiscal response to Trump tariffs

Investors were also watching for any last-ditch deals to ward off the levies hitting Mexico, Canada and China due to come into force on Tuesday.

Trump has confirmed 25 percent tariffs on products from Mexico and Canada, and further imposed another 10 percent on Chinese goods from this week.

"Traders are on edge for last-minute negotiations to sidestep US tariffs," said Stephen Innes, an analyst from SPI Asset Management.

"In Asia, all eyes are on China's National People's Congress, where traders are betting on a fiscal boost to counter the drag from US tariffs and keep China's blistering 2024 equity rally alive," he said.

Ahead of the key Chinese parliamentary meeting opening on Wednesday, Hong Kong and Shanghai shed early gains while Tokyo was up 1.7 percent.

Chinese stocks had been boosted in part by data released on Saturday that showed manufacturing activity grew in February after a dip the previous month.

Hong Kong was helped by the blockbuster IPO of bubble-tea and drinks giant Mixue Group, which saw its shares jump 40 percent.

Jakarta jumped more than four percent after consumer prices in Southeast Asia's biggest economy eased 0.09 percent year-on-year in February.

Sydney almost rose one percent with Manila and Singapore also in the green while Taipei, Bangkok and Wellington were down.

Bitcoin slipped 2.7 percent in Asian trade after a six percent surge Sunday on the back of Trump's announcement that he was considering adding five digital assets to US strategic reserves.

Bitcoin, one of the most volatile assets, fell below $80,000 last week for the first time since November, with other crypto currencies mirroring its downward trajectory.

Both Trump and his wife Melania recently launched their own branded meme coins, sparking accusations that they were seeking to make money from his political success.

Billionaire Tesla chief executive Elon Musk -- a close political ally whom Trump has tasked with leading a government efficiency drive -- has frequently promoted crypto currencies on his own social media network X.

- Key figures around 0730 GMT -

Tokyo - Nikkei 225: UP 1.7 percent at 37,785.47 (close)

Hong Kong - Hang Seng Index: UP 0.1 percent at 22,974.22

Shanghai - Composite: DOWN 0.1 percent at 3,316.93 (close)

Euro/dollar: UP at $1.0408 from $1.0384 on Friday

Pound/dollar: UP at $1.2599 from $1.2584

Dollar/yen: UP at 150.48 from 149.52 yen

Euro/pound: UP at 82.62 pence from 82.51 pence

West Texas Intermediate: UP 0.16 percent at $69.87 per barrel

Brent North Sea Crude: UP 0.16 percent at $72.93 per barrel

New York - Dow: UP 1.4 percent at 43,840.91 (close)

London - FTSE 100: UP 0.6 percent at 8,809.74 (close)

A.Zbinden--VB