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.

The benchmark S&P/ASX 200 lost 0.84% in its last hour of trade, reversing course from strong gains in its last session when it hit its highest level since Feb. 27.

The Australian dollar appreciated by 0.33% against the greenback to trade at 0.6462.

The offshore Chinese yuan was up marginally against the U.S. dollar at 7.2049, after hitting its strongest level since November 2024 earlier in the session.

The New Taiwanese dollar continued to strengthen, appreciating 3.16% against the greenback to 29.738, hitting its strongest level in nearly three years.

Taiwan’s benchmark Taiex pared losses to 0.72%, in choppy trade.

India’s benchmark Nifty 50 added 0.66% in early trade while the BSE Sensex rose 0.57%.

Representatives for Indian billionaire Gautam Adani and his companies reportedly met with officials from U.S. President Donald Trump’s administration to discuss the dismissal of the criminal charges levied against him in an overseas bribery probe, Bloomberg reported.

The talks which began earlier this year have picked up speed in recent weeks and could lead to a resolution in the coming month or so if the pace continues, the report added. It also highlighted that Adani’s representatives are trying to make the case that his prosecution doesn’t align with Trump’s priorities and should be reconsidered.

Shares of flagship Adani Enterprises surged by 4.66%, while Adani Port rose 4.22%. Adani Power gained 4.05%. Adani Green shares advanced 3.45% while Adani Energy added 3.38%.

Meanwhile, Indonesia’s economy expanded 4.87% year on year in the first quarter, lower than the 5.02% growth seen in the previous quarter, government data showed. This is the slowest pace of growth since the third quarter of 2021, and falls short of 4.91% penciled in by economists polled by Reuters.

Japanese, South Korean, Hong Kong and mainland China markets were closed for public holidays.

Oil prices plunged after OPEC+ agreed to raise production for a second month. Brent crude was last down 3.59% at $59.09 a barrel, while the West Texas Intermediate crude fell 3.89% to $56.02 per barrel.

U.S. futures edged down, reversing course from strong wins in Wall Street last week.

The broad-based S&P 500 ended Friday’s session 1.47% higher at 5,686.67. This marked its ninth consecutive day of gains and is its longest winning run since November 2004. The benchmark also managed to recover all losses incurred since April 2, when U.S. President Donald Trump announced retaliatory tariffs.

The Dow Jones Industrial Average jumped 564.47 points, or 1.39%, to end at 41,317.43, and the Nasdaq Composite gained 1.51% to 17,977.73.

— CNBC’s Sean Conlon and Hakyung Kim contributed to this report.