Stocks surrendered early gains and closed lower after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.

Australian stocks extend gains from the previous session. Japan stocks open flat. Taiwan, South Korea, Hong Kong and China markets are closed for Lunar New Year holidays. Australian markets climbed Thursday,

Several data points are expected out of Japan later today, including CPI for January and unemployment and retail sales figures for December.

Wall Street is pointing slightly lower in early trading but is on track to close the week with solid gains on healthy quarterly earnings reports from large U.S. corporations.

Shares were mixed in thin Asian trading on Monday after U.S. stocks edged back from their all-time high. Oil prices fell and U.S. futures sank, while Chinese shares shed some of their early gains after a survey of manufacturers showed export orders dropping to a five-month low.

Asia markets are mostly higher following gains on Wall Street driven by Tesla, IBM and Meta Platforms after strong profit reports