In early Asian trading, stocks declined as investors awaited the announcement of new trade tariffs by Donald Trump. Crude oil prices moved up slightly after the president mentioned the possibility of imposing additional tariffs on Russian oil.

Australian shares and futures on the S&P 500 and Nasdaq 100 experienced more than a 0.5% decrease on Monday due to concerns about the impact of trade disputes on the global economy. Futures for stocks in Japan, Hong Kong, and mainland China also indicated losses in early trading. The Australian and New Zealand dollars weakened, while gold reached a new high.

Following a decrease in consumer sentiment, subdued spending, and rising prices, US stocks saw a decline on Friday. More market volatility is expected as Trump is set to introduce reciprocal tariffs on Wednesday. Additionally, the US monthly jobs report and statements from Federal Reserve Chair Jerome Powell are anticipated.

Oil prices rose after Trump suggested the potential for "secondary tariffs" on Russian oil if a ceasefire agreement with Ukraine cannot be achieved. This move could have significant implications for the global economy, especially for key buyers like China and India.

The S&P 500 closed at its lowest level in over two weeks on Friday, while the VIX Index, which gauges market volatility, surpassed 22 before moderating. US Treasuries saw gains across the curve, with the yield on 10-year bonds experiencing the largest drop since January 15. In the Asian market, traders are keeping an eye on Chinese factory activity data to assess the impact of prior stimulus measures on the economy. Additionally, there is a focus on banking stocks as major state banks plan substantial private placements to strengthen their capital reserves as part of efforts to support the economy.