Asian equities edge up; Trump’s visa crackdown keeps sentiment in check

Asian stocks drifted higher and the dollar steadied on Monday, with markets weighing the US Federal Reserve’s monetary policy path after a rate cut last week, while President Donald J. Trump’s immigration crackdown on worker visas kept sentiment in check.

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India’s benchmark index slipped after the Trump administration said on Friday it would ask companies to pay $100,000 for new H-1B worker visas, a blow to the tech sector that relies on skilled workers from India and China.

US stock futures eased with the S&P futures down 0.1%, while European futures indicated a subdued open.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1% higher. Tokyo’s Nikkei rose 1.3% and Taiwan stocks gained more than 1% to a record high.

India’s $283 billion information technology sector, which gets more than half of its revenue from the US, will likely feel the pain in the near term amid souring ties between India and the United States.