06:48 AM EDT, 10/27/2025 (MT Newswires) -- Asian stock markets staged broad rallies Monday after US Treasury Secretary Scott Bessent said prospects of additional 100% import levies on China-produced goods were "off the table," following weekend trade negotiations in Malaysia.

US President Donald Trump and China's Xi Jinping are slated to meet Thursday in South Korea, on the sidelines of the Asia-Pacific Economic Cooperation summit.

Exchanges in Japan, South Korea and Taiwan struck fresh all-time zeniths, with Tokyo's benchmark Nikkei 225 closing above 50,000 for the first time.

Hong Kong and Shanghai also finished in the green, as did other regional exchanges.

In Japan, the Nikkei 225 opened higher on Wall Street cues and rose to the close, finishing up 2.5% on the China-US trade outlook, and expectations for an expansive fiscal policy from the new Japanese Prime Minister Sanae Takaichi.

The benchmark Nikkei 225 rose 1,212.67 to 50,512.32, as gaining issues outnumbered losers 200 to 25.

Leading the upside was Kawasaki Heavy Industries, up 9%, while Shin-Etsu Chemical fell 3.7%.

In Hong Kong, the Hang Seng Index opened higher and held ground, closing up 1.1% after China and US trade negotiators in Kuala Lumpur indicated they had reached a preliminary framework deal.

The broad gauge Hang Seng rose 273.55 to 26,433.70, as gaining issues outnumbered losers 60 to 26. The Hang Seng TECH Index gained 1.8% on the day, but the Mainland Properties Index fell 0.2%.

Leading the upside was search-engine Baidu, gaining 6.2%, while garment-maker Li Ning declined 2.9%.

On the mainland, the Shanghai Composite rose 1.2% to 3,996.95.

In economic news, mainland China industrial profits rose 21.6% on year in September, reported the National Bureau of Statistics (NBS). For the first nine months of the year as a whole, profits at industrial firms recorded an on-year increase of 3.2%, reported the NBS.

On the other regional exchanges, the S. Korean KOSPI rose 2.6%; the Taiwan TWSE inclined 1.7%; the Australian ASX 200 gained 0.4%; the Singapore Straits Times Index rose 0.4%, and the Thai Set inclined 0.7%. In late trading in Mumbai, the Sensex was up 0.7%.