Asia’s markets mostly declined amid rising concerns that President Donald Trump may impose tariffs on key US trading partners.
Japan’s Nikkei 225 dropped 2.7% to 38,520.09, and Australia’s S&P/ASX 200 fell 1.8% to 8,379.40. South Korea’s Kospi slid 2.5% to 2,453.95, while Hong Kong’s Hang Seng dipped 0.3% to 20,159.56, and China’s Shanghai Composite edged down 0.1% to 3,250.60.
On Wall Street, the previous week ended in losses. The S&P 500 declined 0.5%, the Nasdaq composite fell 0.3%—marking its first weekly drop in three weeks—and the Dow Jones Industrial Average dropped 0.8%. About 75% of the stocks in the S&P 500 closed lower, with technology and energy companies leading the sell-off.
In energy markets, US benchmark crude oil increased by $1.10 to $73.63 per barrel, while Brent crude, the international benchmark, rose 40 cents to $76.07 per barrel.
In currency trading, the US dollar gained slightly, moving to 155.55 Japanese yen from 155.18 yen, and the euro declined to $1.0226 from $1.0363.
After President Donald Trump warned over the weekend that tariffs on Europe “will definitely happen,” the euro tumbled by as much as 2.3% against the US dollar, falling to a low of $1.0125—its weakest point since November 2022.
Meanwhile, the US dollar experienced a robust surge, rising by up to 0.8% to hit an all-time high of 7.3765 Chinese yuan in offshore trading, while onshore markets remain closed for the holidays. It also appreciated by as much as 2.8% against the Mexican peso, reaching 21.2547 pesos—the strongest level recorded since March 2022—and gained 1.4% to C$1.4755, a rate not seen since 2003.
