Australian Stocks Fall

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 clinch a second consecutive term in 21 years, indicating Australians’ desire for policy continuity amid an uncertain global macroeconomic outlook.In Australia, the ASX 200 lost 80.26 points, or 1%, to 8,157.79The Australian dollar appreciated by 0.68% against the greenback to trade at 0.6487. Similarly, the Singapore dollar strengthened by 0.73% to 1.2884 against the greenback after the ruling People’s Action Party secured a strong mandate.The Japanese yen, which had weakened last week, appreciated 0.74% against the U.S. dollar to trade at 143.86, while the Indian rupee strengthened 0.22% against the greenback to 84.313.The offshore Chinese yuan strengthened marginally by 0.18% against the U.S. dollar to 7.1987, after hitting its strongest level since November 2024 earlier in the session.The Taiwanese dollar continued to strengthen, appreciating 3.52% against the greenback to 29.622, after hitting its strongest level in nearly three years earlier in the day.In other marketsMarkets in Japan, Hong Kong, mainland China and Korea were closed In Singapore, the Straits Times Index captured 12.63 points, or 0.7%, to 3.845.14.In Taiwan, the Taiex Index erased 254.65 points, or 1.2%, to 20,532.99.In New Zealand, the NZX 50 gathered 93.36 points, or 0.8%, to 12,421.25