Most Asian markets fell on Monday as U.S.-China trade worries resurfaced after President Trump accused China of breaching a recent deal—claims Beijing swiftly denied. The sell-off was compounded by Trump's decision to hike steel and aluminum tariffs, stoking policy uncertainty.

Key Drivers of Monday's Decline

• Trade War Resurgence: Trump's allegations against China and talk of new tariffs on Chinese and Indian oil imports unnerved investors.

• U.S. Futures Down: S&P 500 Futures dropped 0.4%, dragging regional sentiment lower.

• Geopolitical Strains: Increased Russia-Ukraine hostilities, ahead of peace talks, weighed on risk appetite.

To track upcoming trade-policy dates and geopolitical events that can trigger volatility, consult the Economics Calendar API.

Market Performance Snapshot

• Hong Kong's Hang Seng: -2.3% (automakers like BYD [HK:1211] under pressure amid fears of a sector price war)

• Japan's Nikkei 225: -1.5%, dragged down by a firmer yen

• Japan's TOPIX: -1.0%

• Australia's ASX 200: -0.2%

• Singapore's Straits Times: -0.4%

• India's Nifty 50 Futures: -0.3% (though India's stronger-than-expected Q1 GDP may limit losses)

FX Impact: Yen Strengthens

Japan's USD/JPY pair fell 0.7%, intensifying pressure on exporters. A stronger yen typically signals risk-off flows out of equities and into safe-haven currencies. For real-time FX rates and historical trends, refer to the Forex Daily API.