Australia Stocks Dip After Albanese Reelected; Asian Markets Mixed Amid Trade Uncertainty

Australian stocks slipped on Monday following Prime Minister Anthony Albanese’s historic re-election, as global trade tensions cast a shadow over investor sentiment.

The S&P/ASX 200 fell 0.83%, retreating from its recent highs and reflecting market caution despite Albanese becoming the first Australian leader in over two decades to secure a second consecutive term.

Albanese’s return signals a vote for policy stability, but regional concerns weighed on broader sentiment. Taiwan’s Taiex index dropped 1.31% in volatile trade, even as the New Taiwanese dollar surged 3.14% against the U.S. dollar — its strongest level in nearly three years.

Meanwhile, the Australian dollar edged up 0.33% to 0.6462, and the Chinese yuan briefly touched its strongest mark since November 2024.

Several key Asian markets — including Japan, South Korea, Hong Kong, and mainland China — remained closed for public holidays.

Oil prices tumbled as OPEC+ moved to boost output again. Brent crude slid 3.62% to $59.07 per barrel, while WTI fell 3.95% to $56.

In the U.S., futures dipped slightly after a strong rally last week, where the S&P 500 marked its longest winning streak since 2004, rebounding fully from April’s tariff-induced losses.