Asia markets track Wall Street gains; China holds loan prime rates

Asia-Pacific markets mostly rose Monday, tracking Wall Street gains, as investors await economic data from across the region this week.

China held its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively, after the country laid out measures on Friday to boost its property market. The five year LPR is the reference rate for housing mortgages.

Hong Kong’s Hang Seng index rose 0.51% after the announcement, while the mainland Chinese CSI300 gained 0.42%.

Investors await trade, inflation and business activity data out from Japan later this week, while Singapore will release its April inflation data and final figures for its first-quarter gross domestic product.

Japan’s Nikkei 225 climbed 1.5%, while the broad-based Topix gained 1.21%.

South Korea’s Kospi rose 1.09%, but the small-cap Kosdaq slipped 1.02%. The country’s central bank will release its rate decision later this week on Thursday.

Investors will also keep an eye on Taiwan as Lai Ching-te takes over formally as the island’s new president, with the Taiwan Weighted Index up marginally.

The Australian S&P/ASX 200 advanced 0.59%.

On Friday in the U.S., the Dow Jones Industrial Average closed Friday above the key 40,000 level for the first time.

The Dow first hit the 40,000 level during Thursday’s trading session, but cinched its first close over the threshold a day later when it added 134.21 points, or 0.3%, to end at 40,003.59.

The S&P 500 inched 0.1% higher Friday, while the Nasdaq Composite slipped by less than 0.1%.

This market rally should continue at least in the short term, according to Tom Lee, head of research at Fundstrat Global Advisors. Lee highlighted Microsoft Build event from Tuesday to Thursday stateside, and Nvidia’s fiscal first-quarter results due Wednesday as potential catalysts.

— CNBC’s Lisa Kailai Han contributed to this report.