Emkay Global said another round of dollar appreciation looks likely, which would hurt equities and the currency, making the February 2025 rate cut much more difficult.

Asia shares are mostly declining as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners

Solid results from Apple are buoying spirits, as investors brace for PCE inflation and weigh Trump's renewed tariff threat.

Investors are bracing for a potential trade war that could hit the earnings of major companies and dent global growth. Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised to respond with "corresponding countermeasures" and vowed to challenge Trump's move at the World Trade Organization.

Asian stocks plunge as Trump’s tariffs spook markets Stock markets in Asia dropped on Monday after US tariffs on China, Canada and Mexico triggered fears of a hit to global growth. Japan's Nikkei index tumbled as much as 2.