Asia stocks gain amid progress in Russia-U.S. talks

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes surged 1.5% and 1.2%, respectively, Nifty 50 index surged 1.5%, while Nikkei 225 and TOPIX indexes gained 0.8% and 0.5%, respectively

Most Asia stocks gained on Monday as risk appetite was supported by some signs of progress in Russia- U.S. dialogue over a Ukraine ceasefire, with Japanese shares at record highs.

Chinese and Indian markets outperformed amid hopes that a swift resolution to the Russia-Ukraine conflict will help remove U.S. objections on New Delhi and Beijing’s purchases of Russian oil.

Gains in Asian markets came as U.S. stock index futures gained in regional trade, with S&P 500 Futures up 0.2%. Most regional markets were also sitting on gains from the prior week, amid growing bets that the Federal Reserve will lower interest rates in September.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes surged 1.5% and 1.2%, respectively. The SSEC hit a nine-year high, while the CSI300 was at its highest since October 2024.

Hang Seng index lagged, adding 0.6% as losses in property and technology stocks lagged.

Nifty 50 index surged 1.5% in morning trade, hitting a three-week high.

Chinese and Indian markets were boosted by hopes that the U.S. will not disrupt their buying of Russian oil, especially if a peace deal is reached between Moscow and Kyiv.

A peace deal stands to limit Trump’s ire over India and China buying Russian oil, which he recently claimed was funding Russia’s war against Ukraine.

Trump outlined 50% tariffs on Indian exports to the U.S. as a counter-measure on India for buying Russian oil, with the duties set to take effect later in August.

Nikkei 225 and TOPIX indexes remained key outperformers in Asia, gaining 0.8% and 0.5%, respectively, while also hitting record highs.

KOSPI slipped 1.3% after a long weekend, with tech stocks catching up to late last-week losses in their U.S. peers.