U.S. stock markets are due to be closed for the President's Day holiday on Monday, while Asian and European shares were mostly upbeat to begin the trading week.

The main averages on Wall Street ended in mixed fashion on Friday, as investors assessed the implications of U.S. President Donald Trump's decision to announce sweeping reciprocal tariffs, but stop short of imposing new immediate levies.

Trump tasked his economic team with coming up with a proposal for the reciprocal tariffs on any country charging a tax on imported U.S. goods, with officials saying proposals are set to be submitted to the president by April 1. Treasury yields, which typically move inversely to prices, dipped, with analysts noting some relief that the gap in time could lead to an easing in an almost relentless stream of tariff threats from the White House since Trump began his second term in office in January.

The tariffs, particularly their possible impact on Federal Reserve interest rate decisions this year, have contributed to widespread uncertainty in markets. Economists have suggested that the duties could refuel inflationary pressures, clouding the timeline for when the Fed may resume a series of rate cuts that started in 2024.