Asia-Pacific markets were mostly lower on Monday as investors weighed the Trump administration’s threats to Greenland over the weekend, as well as key economic data from China released on Monday.
Over the weekend, US President Donald Trump and European leaders exchanged tense rhetoric over the Arctic territory, with Trump threatening tariffs on eight European countries and demanding control over Greenland, which is part of Denmark.
European leaders responded by calling the threats “completely wrong” and “unacceptable”.
In Asia, China released fourth-quarter GDP data, along with data on retail sales, urban investment and industrial production in December.
Hong Kong’s Hang Seng index fell 1.05%, while China’s CSI 300 weakened slightly.
Japan’s Nikkei 225 lost 0.97%, leading losses in Asia, while the Topix fell 0.47%. Yields on long-term Japanese government bonds rose to new records.
The yield on benchmark 10-year Japanese government bonds hit a record 2.244%, the highest level since 1999. Yields on 20-year and 30-year Japanese government bonds also reached record levels, SEEbiz reports.
South Korean markets bucked the broader trend, with the Kospi up 0.81%, while the small-cap Kosdaq gained 0.68%.
Car maker Hyundai hit a record high, with its shares rising as much as 12.59% on Monday.
Australia’s S&P/ASX 200 fell 0.48%, dragged down by declines in tech stocks.
In the commodity market, spot silver and gold prices reached record levels. Silver was last up more than 3.63% at $93.17 an ounce, while gold last traded up 1.58% at $4,668.19 an ounce.
