Asia-Pacific markets were mostly closed on Tuesday, with Australia’s benchmark index trading in a tight range as investors monitored developments between the United States and regional economies.
By 11:00 am AEST (1:00 am GMT), the S&P/ASX 200 had edged down 0.1%, while Japan’s Nikkei 225 and South Korea’s Kospi 200 remained closed for public holidays.
Focus remained on potential tariff agreements between the U.S. and Asia-Pacific economies. India has proposed zero tariffs on imports such as steel, auto components, and pharmaceuticals on a reciprocal basis and within set quotas.
Malaysia also signalled progress, stating that the U.S. had agreed to further tariff talks, which could result in reductions.
U.S. Treasury Secretary Scott Bessent said Monday that Washington is “very close to some deals”, reaffirming earlier comments from President Donald Trump suggesting agreements could be finalised this week.
Among data releases, Australia’s building approvals fell 8.8% in March, far below estimates of a 0.6% fall, while the household spending indicator showed a 0.3% fall, below ANZ analysts' estimates of a 0.4% rise.
Overnight in the United States, major benchmarks fell. The Dow Jones Industrial Average declined 98.6 points, or 0.2%, to 41,218.8. The S&P 500 dropped 0.6% to 5,650.4, while the Nasdaq Composite lost 0.7% to close at 17,844.2.
In commodities, Brent crude fell 1.7% to US$60.23 per barrel, marking a new four-year low. Meanwhile, spot gold surged 2.9% to US$3,334.20 per ounce amid renewed safe-haven demand.
Elsewhere in the region, trading was subdued. Hong Kong’s Hang Seng Index, China’s CSI 300 and Shanghai Composite remained closed. India’s BSE Sensex advanced 0.4% to 80,796.8.
European markets were mixed in Monday’s session. The UK’s FTSE 100 was shut for a holiday, while Germany’s DAX rose 1.1% to a six-week high of 23,344.5. France’s CAC 40 dipped 0.6% to 7,727.9.
