Asian stocks opened muted on Monday (May 5, 2025) amid public holidays in some of the key markets, including Japan, South Korea, Hong Kong and Mainland China. The key MSCI Asia ex Japan index traded higher by 0.45 per cent.

The Hong Kong Stock Exchange (HKEX) is officially shut to observe Vesak Day- a significant public holiday in Hong Kong and other Asian markets.

Meanwhile, Australian stocks were trading lower after Prime Minister Anthony Albanese returned to power. The benchmark S&P/ASX 200 was last trading with a cut of 0.8 per cent, reversing move from its last session when it scaled its highest level since February 27.

US equity indices futures

Following US President Donald Trump’s announcement that he had no intentions to speak with his Chinese counterpart this week, US equity-index futures were down up to 0.8%, continuing their downward trend.

Oil prices

Oil prices tumbled sharply in early trade after OPEC+ agreed to a further increase in output over the weekend, bolstering global supply. Crude oil prices fell over 3 per cent after the group of oil producers maintained a rapid supply revival.

As of the last count, WTI Crude was down nearly 4 per cent at $56.04 per barrel, while the Brent crude traded with a cut of 3.56 per cent at $59.11 bbl.

US equity-index futures dropped 0.5%, extending their decline after US President Donald Trump said he had no plans to talk to his Chinese counterpart this week. There’s no cash trading in Treasuries during the Asian day as Japan is closed for a holiday, along with markets in Hong Kong and mainland China.