Asia-Pacific markets were mixed after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend. The bill is expected to be voted on later this week.
In Japan, the Nikkei 225 closed 1.03% higher at 31,233.54, after an early surge saw the index jump as much as 2.04% on Monday. The Topix also gained 0.69% to snap a four day losing streak and close at 2,160.65
In Australia, the S&P/ASX 200 climbed 0.87% to end at 7,217.4 and continue a rally that started on Friday, while South Korea was closed Monday for a holiday.
Hong Kong’s Hang Seng index continued sliding to new lows this year, falling 0.92% in its final hour of trade.
In mainland China, the Shanghai Composite rose 0.2% to end at 3,221.45 to record a second straight session of gains, but the Shenzhen Component fell 0.8% to close at 10,822.09, its lowest level since Nov 1, 2022.
U.S. futures also traded higher after Wall Street rallied on Friday, with the Nasdaq Composite posting a fifth straight week of wins.
Dow Jones futures gained 45 points of 0.14% while futures tied to S&P 500 and Nasdaq rose 0.22% and 0.4%, respectively. U.S. markets will be closed for Memorial Day.
