But shares in TSMC, the world's largest contract chipmaker have slipped, after US President Donald Trump said he would announce a tariff rate on imported semiconductors over the next week. He did add however, that there would be flexibility on some companies in the sector.

The South African rand strengthened on Monday, boosted by a news report that the country's biggest political party may back down on a plan to raise value-added tax (VAT) and dollar weakness on global markets.

Beijing’s retaliation came after the White House ratcheted up its tariff on Chinese goods to 125 percent, on top of an existing 20 percent tax.