Australian Markets Decline as Prime Minister Albanese Takes Office Again Amid Global Trade Instability

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Waterfront city skyline of Sydney city downtown at night with bright illumination of modern architectural landmarks in Sydney, Australia. Prasit Photo | Moment | Getty Images

Australian stocks fell Monday after Prime Minister Anthony Albanese returned to power, while most Asian markets were closed for holidays. Albanese is the country's first prime minister to secure a second consecutive term in 21 years, reflecting Australians' desire for policy continuity amid an uncertain global macroeconomic outlook.

The benchmark S&P/ASX 200 declined 0.47%, reversing course from strong gains in its last session when it reached its highest level since Feb. 27. The Australian dollar appreciated by 0.45% against the greenback to trade at 0.6471. The offshore Chinese yuan appreciated 0.30% against the U.S. dollar to 7.187, marking its strongest level since November 2024. The New Taiwanese dollar continued to strengthen, gaining nearly 3% against the greenback to 29.795, achieving its strongest position in over two years. Taiwan's benchmark Taiex fell 0.31% in choppy trade. 

Japanese, South Korean, Hong Kong, and Chinese markets were closed for public holidays. Oil prices plunged after OPEC+ agreed to raise production for a second month. Brent crude was down 3.31% at $59.26 a barrel, while West Texas Intermediate crude fell 3.59% to $56.20. 

U.S. futures edged down, reversing course from strong gains on Wall Street last week. The broad-based S&P 500 ended Friday's session 1.47% higher at 5,686.67, marking its ninth consecutive day of gains and its longest winning streak since November 2004. This benchmark also recovered all losses since April 2, when U.S. President Donald Trump announced retaliatory tariffs. The Dow Jones Industrial Average jumped 564.47 points, or 1.39%, to finish at 41,317.43, while the Nasdaq Composite gained 1.51% to 17,977.73.