FTSE hits record high after Trump moves on Venezuela

The FTSE 100 closed above 10,000 points for the first time following the removal of Nicolas Maduro from power. - Jonathan Ernst/Reuters

The FTSE 100 has closed at a record high after Donald Trump’s ousting of Nicolas Maduro in Venezuela raised fears about Greenland’s future.

London’s main stock index rose 0.5pc to closing at 10,004.57 on Monday, the first time it has closed above 10,000.

Demand for defence stocks helped to lift the FTSE 100, with shares in British aerospace company BAE Systems up close to 5pc and shares in London-headquartered Babcock International up about 4.6pc.

Defence stocks rallied after Mr Trump hinted that he could move on Greenland after the US military action in Venezuela. “Let’s talk about Greenland in 20 days,” he told reporters.

Mette Frederiksen, Prime Minister of Denmark, which has domain over Greenland, said a US attack on the island would signal the end of NATO.

The FTSE 100 was among a number of stock indexes to hit record highs on Monday as investors responded to the US military action in Caracas over the weekend.

The Dow Jones Industrial Average reached a new high of 49,134.78 during trading, led by oil company Chevron, which is the only American company operating in Venezuela. US energy giant ExxonMobil’s stock edged 2pc higher and shares in rival ConocoPhillips increased by almost 3pc.

Energy stocks have been boosted by hopes of an oil investment boom in Venezuela.

Europe’s Stoxx 600 was up nearly 1pc at the close, reaching 600 points in another record first. It was boosted by technology and mining stocks. Copper hit a record high of $13,000 a tonne for the first time amid a global squeeze in supplies caused by fears about Mr Trump’s tariff war.

07:15pm

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That’s all we have for today. Thank you for joining us.

A number of UK, US and European stocks hit record highs after Nicolas Maduro was removed from power in Venezuela.

The FTSE 100 closed above 10,000 points for the first time and the Dow Jones Industrial Average broke through the 49,000 threshold.

Copper hit a new high of $13,000 a tonne as the global supply tightens because of worries about the impact of Donald Trump’s tariffs.

06:33pm

Oil stocks lead gains

Shares in US oil companies have continued to climb after President Donald Trump promised to tap into Venezuela’s oil reserves after ousting Nicolas Maduro.

Oil prices have also risen, with Brent crude up 1.5pc to $61.70.

Chevron, which is the only American company operating in Venezuela, was one of the biggest risers. Its stock jumped by 5.8pc.

US energy giant ExxonMobil’s stock edged 2.5pc higher and shares in rival ConocoPhillips increased by more than 3pc.

06:17pm

Putin isolated as Russia loses another ally

Donald Trump’s action in Venezuela looks to have dented Vladimir Putin’s hopes that oil prices will rise this year and rescue Russia’s sputtering war machine.

Story Continues

Through its reliance on fossil fuel revenues to bankroll its costly invasion of Ukraine, Russia was already struggling with Western sanctions and the global oil glut that has pushed down prices.

But the prospect of a price rebound has sharply receded after the US president effectively seized control of Venezuela’s oil market by ousting its president, Nicolas Maduro.

He has since pledged to upgrade and expand the country’s oil infrastructure, which will inevitably lead to more crude flowing into an already oversupplied market.

05:34pm

Dow Jones reaches record high

The Dow Jones Industrial Average soared to a record high, led by gains in energy stocks.

The US’s main blue-chip stock index rose by 1.5pc to 49,131.11.

It comes as shares in Chevron, which is the only American company operating in Venezuela, jumped by almost 5pc.

04:56pm

FTSE closes above 10,000 points

A number of UK and European stocks closed at record highs following Nicolas Maduro’s removal from power in Venezuela.

The FTSE 100 rose 0.5pc, closing above 10,000 points for the first time.

Germany’s Dax index jumped 1.3pc, hitting a new record high, led by defence shares.

Europe’s Stoxx 600 was up nearly 1pc, reaching 600 points in a record first.

04:11pm

OPEC’s oil reserve figures face scrutiny

The oil reserve figures published by OPEC members are self-reported, John Arnold, founder and former CEO of hedge fund Centaurus Advisors, has claimed.

The billionaire wrote in a post on X: “The enormous caveat is that OPEC just publishes the numbers given to them by its members without any independent audit.

“In late 2000s, Chavez tripled the reported reserves without commensurate new exploration, seeking increased int’l and domestic prestige.”

Mr Arnold said Venezuela’s reported “300 billion is made up”.

03:59pm

Morgan Stanley forecasts future gains for Venezuelan bonds

Analysts at Morgan Stanley expect the removal of President Nicolas Maduro to have its most significant near-term impact on Venezuelan bonds.

The bank is predicting a more limited impact in the near-term on oil prices.

“In the near term, we expect Venezuelan bonds (VENZ and PDVSA) to react the most, with price increases of up to 5 points, as markets price a higher likelihood of a debt restructuring and also a potentially higher recovery rate,” the analysts wrote in a note.

“The impact on oil prices is more nuanced: near-term risks of production disruptions are likely to be offset by the prospect of higher output over the medium term should political conditions stabilize,” they added.

03:31pm

Venezuelan oil drilling could triple after Maduro’s capture

Venezuela could triple its oil output within a decade after the removal of Nicolas Maduro, JP Morgan has said.

The Wall Street bank predicted production could rise from 800,000 barrels a day now to as much as 2.5m barrels a day over the next decade.

Analysts said the capture of the country’s leader “could trigger initial production disruption” of as much as 50pc.

Matthew Lofting said in a note to clients that “recovery is expected to be swift”, with production potentially hitting 1.3m to 1.4m barrels per day in two years.

03:26pm

Venezuelan oil revival ‘will take a decade or more’

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The revival of Venezuela’s dilapidated oil industry will take a decade or more, analysts have warned.

At least tens of billions of dollars will be required to rebuild the country’s oil sector after years of isolation, dictatorial corruption and economic sanctions, experts said.

This will raise questions over the speed at which Donald Trump can upgrade and expand Venezuela’s oil infrastructure after ousting its leader, Nicolas Maduro.Venezuela’s oil production has fallen by over 60pc in the last two decades, despite having the largest reserves in the world - Jesus Vargas/Getty Images

03:05pm

Pound rises despite Trump ramping up global tensions

The pound edged higher even as Donald Trump’s threats against various nations increased global political tensions.

Sterling was up 0.1pc at $1.346 against the US dollar, which has been boosted against most other major currencies after the capture of Nicolas Maduro in Venezuela at the weekend.

The ‍dollar index, which tracks the currency against six others such as the Swiss franc and Japanese yen, rose ‌for a fifth day, up 0.1pc.

This was largely as a function of weakness in the euro, which fell 0.4pc to $1.167. The dollar index lost 1.2pc in December, its weakest performance since August.

Jeremy Stretch, an analyst at CIBC Markets, warned things could change ahead of “a slew of US data” this week, including employment figures.

“Whilst we see that geopolitical risk, I think we shouldn’t be stuck ‍on it,” he said.

“Often, the case is that the first move in terms of currency reaction to a big event is often the wrong one. And I’m not saying it’s the wrong move, but I think in a ‍sense, this dollar rally could prove to be susceptible to a correction if we were to see signs of fragility in the employment data.”

02:39pm

Oil shares surge as US markets open

Shares in US oil companies leapt higher at the opening bell on Wall Street after Donald Trump’s decision to capture the Venezuelan leader Nicolas Maduro.

Chevron jumped more than 4.5pc while Exxon Mobil climbed 2.2pc amid hopes that American energy companies will be able to capitalise on the chance to drill the country’s vast reserves.

The Dow Jones Industrial Average rose by 0.8pc to 48,777.64 at the open, while the S&P 500 index gained 0.6pc to 6,899.33.

The Nasdaq Composite rose by 0.6pc to 23,375.03.

02:31pm

Oil woes ‘undermined’ Venezuela’s economy

The dramatic downturn in Venezuela’s oil sector was behind the huge contraction in its economy in recent decades, economists said.

Kimberley Sperrfechter, emerging markets economist at Capital Economics, said poor governance and a lack of investment were to blame for oil production plummeting from over 3m barrels per day in the early 2000s to around 1m currently.

Real GDP has shrunk by around 70pc since 2013 – the most severe contraction recorded in peacetime – and around a quarter of the population is estimated to have emigrated.

Ms Sperrfechter said: “Venezuela’s economy has suffered one of the largest contractions in GDP during peacetime which in part reflects woes in its oil sector, but also the undermining of private businesses and the institutional framework by Presidents Maduro and Chávez.

“The ousting of President Maduro provides prospects for a new government to address these. But the likelihood of these being tackled depends on the nature of the post-Maduro transition.”

She added: “Given the scale of Venezuela’s economic demise in the past couple of decades, it will take time and enormous investment for the economy to return to the levels of output of the early 2010s.”

02:13pm

Copper hits record high amid Trump trade war

Copper hit a record high amid a squeeze in supplies caused by fears about Donald Trump’s tariff war.

The industrial metal rose as much as 4.3pc to surpass $13,000 a ton for the first time as concerns about tariffs have prompted huge shipments to the US, limiting stocks elsewhere.

UBS Group analyst Daniel Major said: “We estimate the global refined copper market was in surplus in 2025, but metal/inventory flows were distorted by US tariffs that resulted in a material lift in US imports.”

Copper, a metal vital for the switch to net zero energy emissions, surged by 42pc in 2025 to post its best year since 2009.

China Securities analyst Wang Jiechao warned the global copper market will see a shortage of more than 100,000 tons in 2026.

He added: “Overall supply shortfalls, coupled with regional dislocation caused by US tariffs, are propelling copper.”

01:42pm

Oil prices rebound after Maduro capture

Oil prices have recovered from their earlier losses as traders try to assess the outlook for the global crude sector.

Brent, the international benchmark, was last up 0.9pc above $61 a barrel, having earlier fallen as much as 1.7pc.

Vasu Menon of OCBC Bank ‍in Singapore said it “remains to be seen whether the Trump administration has an appetite for more regime changes” following the ousting of Nicolas Maduro in Venezuela.

He said: “The strategic calculations are unfolding against the backdrop of a mid-term election year, and developments are unpredictable.

“This uncertainty could keep oil prices supported. A more fraught geopolitical environment may buoy haven assets like precious metals.”

01:09pmPictures

Maduro arrives to court

Ousted Venezuelan leader Nicolas Maduro ‍has arrived ‌at a ‍federal courthouse in ‍Manhattan to face drug charges.

The deposed president was pictured in New York as the UN was poised to scrutinise the legality of Donald Trump’s extraordinary operation to capture him.

In the biggest ⁠US intervention in Latin America since the 1989 invasion of Panama, Special Forces swooped into Caracas on helicopters at the weekend. They smashed through Mr Maduro’s security cordon and captured him at the door of a safe room.

Senior officials from his 13-year-old government remain in charge of the South American oil producer of 30 million people.Venezuelan president Nicolas Maduro arrives at the Downtown Manhattan Heliport on his way to face federal charges in New York - REUTERS/Eduardo Munoz

12:33pm

Fund manager surges amid hopes for end to Venezuelan debt crisis

An emerging market fund manager surged at its fastest pace in more than three years after the ousting of Venezuelan leader Nicolas Maduro.

Shares of Ashmore Group, which is heavily exposed to Venezuela’s government bonds, soared as much as 14.1pc amid hopes that a new regime could open the door to the restructuring of the oil-rich nation’s sovereign debt.

One of its sovereign debt funds has 7.1pc of its client money allocated to the country, which is its largest exposure among any nation.

Venezuela has been in a debt crisis since a government default in 2017, when the country missed payments on international bonds issued by the Maduro regime and its state oil company Petroleos de Venezuela, known as PDVSA.

Panmure Liberum analyst Rae Maile said: “Exposure to Venezuela has in the past been used as a stick to beat Ashmore with, so it is fair to see the share price rally.”

“Much more importantly it is a reminder of why active management is important in emerging markets.”

12:02pm

Starmer ‘stands’ with Denmark after Trump’s Greenland threats

Sir Keir Starmer has said he “stands” with Denmark after Donald Trump threatened to annex Greenland.

The Prime Minister added that his Danish counterpart Mette Frederiksen was “right” to refuse the US president any claim to the territory.

Sir Keir’s signal of solidarity with European Nato ally Denmark comes as the US president suggested over the weekend that Venezuela may not be the last country subject to American intervention, after his administration raided Caracas and captured president Nicolas Maduro.

“We do need Greenland, absolutely,” Mr Trump told the Atlantic magazine, following the operation in Venezuela.

The Danish leader hit back, writing in a statement that “the US has no right to annex any of the three nations in the Danish kingdom”, of which Greenland is one.

Asked during a visit to a community centre in Berkshire about Ms Frederiksen’s strong language, Sir Keir told Sky News: “Well, I stand with her, and she’s right about the future of Greenland.”Sir Keir Starmer says the Danish prime minister was ‘right’ to refuse US claims on Greenland - Jonathan Brady/Pool via REUTERS

11:30am

Countries expected to invest more in defence after Venezuela raid

Countries will invest more in defence following the US intervention in Venezuela, analysts have suggested.

Stephen Dover, head of investment researcher Franklin Templeton Institute, said the Trump administration had “reinforced the perception that the US is willing to act unilaterally and to use force”.

He said: “Other countries, with territorial interests elsewhere, could be emboldened by the US use of power.

“This action will also likely add to the uncertainty of the dollar’s role as the ‘safe heaven’ while raising further questions about deterioration of international institutional pillars.

“The US military’s recent action is therefore likely to reinforce the trend, well underway, for various countries worldwide to invest more in their national security.

“That has been one of our key investment themes since the Russian invasion of Ukraine.”

11:03am

Venezuelan borrowing costs plunge after Maduro capture

The cost of government borrowing in Venezuela has plummeted after the removal of president Nicolas Maduro.

Venezuela’s 10-year bond yield – a benchmark for what it must pay buyers of its debt – has fallen 568 basis points today to 28.78pc, which is the lowest since 2019.

Nicolas Jaquier, a portfolio manager at asset manager Ninety One, said: “Venezuelan bonds are expected to react very positively, accelerating the trend seen over the final months of last year on rising expectations of regime change.

“The removal of Maduro without major military escalation represents one of the more optimistic scenarios market participants had anticipated during the recent build-up of forces in the region.

“A rally in the bonds would be justified by expectations that the bond restructuring process can now begin: Maduro’s removal was the first necessary step, and the US administration’s apparent push to dictate terms to Vice President Delcy Rodriguez — including efforts to reopen the oil sector to US companies — suggests momentum is building in that direction.”Venezuelans in Miami celebrate the capture of Nicolas Maduro - CRISTOBAL HERRERA-ULASHKEVICH/EPA/Shutterstock

10:38am

China tells Trump: Don’t touch Venezuela’s oil

China told Donald Trump to stay away from Venezuela’s oil after the United States captured president Nicolas Maduro and announced plans to run the country, writes Lily Shanagher.

The US president on Sunday said American oil firms are “going to go in and rebuild this system”, signalling his intention to take control of Venezuela’s vast and largely untapped reserves.

China, which has poured billions into Venezuela’s heavily sanctioned oil industry and reaped the benefits in the form of discounted fuel, said on Monday that its agreements with Caracas over the country’s oil exports would be “protected by law”.

Beijing also called on the US to “immediately” release Maduro and his wife, saying it was “deeply shocked by and strongly condemns the US’s blatant use of force against a sovereign state”.

If the US were to take over Caracas, it would likely result in a rerouting of Venezuelan oil exports, with the US becoming the main buyer.

This would be a blow to Beijing, which has been the main importer of Venezuelan oil since Trump’s sanctions on the country’s energy industry in 2019.

China purchased around $1.6bn (£1.2bn) worth of goods in 2024, according to Chinese customs data, the latest full-year figures available. Oil made up about half the total.

Trump suggested on Saturday China would continue to receive some Venezuelan oil but that amount is likely to be limited. He said the US needed access to “the oil and other things in their country that allow us to rebuild their country”.Xi Jinping’s China has been the main buyer of Venezuela’s oil in recent years - Andy Wong/Pool via REUTERS

10:22am

Cooper expected to outline UK response to Maduro capture

Yvette Cooper is expected to lay out the Government’s response to the US capture of Nicolas Maduro in the House of Commons later today, a minister has said.

The Foreign Secretary is likely to make a statement to MPs following the American operation in Venezuela over the weekend, which saw the capture of its president.

Home Office minister Mike Tapp, who revealed plans for the statement, was reluctant however to say whether the UK believed America had breached international law.

He said there was a need to have “all the facts” amid the “fog of war” before making such an allegation.

Mr Tapp told Sky News: “We will see later today – well, an application has gone into the Speaker – for a statement from the Foreign Secretary later today, so there may well be more detail on that.”

The UN Security Council, of which the UK is a permanent member, is due to meet on Monday to discuss the operation in Venezuela.

10:08am

China ‘faces higher oil prices’ after Maduro capture

China will be forced to “pay market rates” for oil if the removal of Nicolas Maduro leaves the US in charge of oil production in Venezuela, analysts said.

More than 80pc of Venezuelan crude flows to China, which had kept the former president’s regime alive and provided the world’s second largest economy with cheap fuel.

Jordan Rochester, an analyst at Mizuho Bank, said: “By controlling Venezuela, the US doesn’t need to own the oil; it just needs a hand on the tap.

“This shapes global energy flows and decides whether China gets cheap heavy crude or has to pay market rates elsewhere.

“This increases US leverage on China since if the US were to impose sanctions in the case of a conflict (analysts point to a potential Taiwan escalation), China has lost one guaranteed source of oil.

“At the same time analysts argue China has potentially lost face from this operation, especially as they had a delegation there while this was happening.”

09:46am

Defence giants rise as Trump dishes out threats

BAE Systems led gains on the FTSE 100 after Donald Trump threatened Greenland and Colombia days after ousting the president of Venezuela.

The defence giant rose as much as 4.9pc as investors reacted to the capture of Nicolas Maduro and the US president’s latest comments. Meanwhile, Babcock gains as much as 4.1pc, Chemring rose 4.2pc and QinetiQ climbed as much as 3.6pc.

Mr Trump said the US needs Greenland “for defence” and threatened military action in Colombia and Mexico. He added Cuba’s communist regime “looks like it’s ready to fall” on its own.

Saxo UK analyst Neil Wilson said: “The real question is what happens next – where does this lead in terms of further intervention by the US in the region or elsewhere? Is Colombia next? Is Greenland?

“And what is the signal to China – when Taiwan?

“The point is that while this was a startling event, it simply reinforces and amplifies the themes of the last few years – fragmentation of the old order, unilateralism, geopolitical risks rising – a world where ‘real’ assets like stocks and precious metals are vital.”

09:15am

US oil companies surge as Trump promises billions

US oil companies leapt higher in premarket trading after Donald Trump said the US would take control of the crude-producing nation.

Chevron climbed as much as 10pc while Exxon Mobil rose 3.5pc after the US president said oil companies will return to Venezuela and rebuild the country’s petroleum industry.

He said: “They’re going to spend billions of dollars and they’re going to take the oil out of the ground.”

08:46am

Oil prices fall amid hopes for renewed Venezuelan production

Oil prices have fallen further after the ousting of Nicolas Maduro created a path for the nation to ramp up crude production.

Brent crude was last down 1.3pc today below $60 a barrel, while US-produced West Texas Intermediate fell by 1.5pc to $56.50.

Jim Reid, an analyst at Deutsche Bank, said there is a debate “about the extent to which any short-term oil supply disruption from the upheaval will end up being outweighed by a longer-term supply boost from higher Venezuelan production”.

Venezuela has the world’s largest proven crude oil reserves, at 17pc of the global total.

However, mismanagement and a lack of investment has seen production plunge in recent years, with crude oil output in 2023 down 70pc from its levels in 2013.

Mr Reid said: “The prospect of a long-term supply recovery would serve to lower oil prices, and Trump himself said over the weekend that US oil companies would ‘go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country’.”

08:28am

Mining and defence stocks rise after Venezuela turmoil

Stocks of miners and defence companies led gains on the FTSE 100 as the change in leadership in Venezuela increases global political tensions.

Previous metals miners Endeavour and Fresnillo were the biggest gainers on the index as the price of gold and silver jumped following the capture of Nicolas Maduro.

The companies were both up more than 4pc following a 2.4pc gain for gold and 5.5pc rise for silver. The metals are considered a safe haven asset in times of turmoil.

Meanwhile, defence companies BAE Systems and Babcock climbed 3.8pc and 3.7pc, respectively, as the changes in Venezuela increase geopolitical tensions.

Neil Shearing, group chief economist at Capital ‍Economics, said the removal of president Maduro “is unlikely to have meaningful near-term economic consequences for the global economy”.

He added: “But its political and geopolitical ‌ramifications will reverberate.”

08:05am

FTSE 100 opens back above 10,000

UK stocks opened higher as oil and gas stocks rose following the capture of Nicolas Maduro in Venezuela.

The FTSE 100 climbed by 0.4pc to 10,008.06 as energy giants Shell and BP jumped 0.9pc and 0.8pc. It briefly surpassed 10,000 for the first time last week.

The mid-cap FTSE 250 was up 0.6pc to 22,537.77.

08:01am

Venezuela’s new leader calls for cooperation with US

Venezuela’s acting president has invited the ‍US government to collaborate on an agenda of cooperation, in a statement on social media.

Delcy Rodriguez struck a conciliatory ⁠tone following the capture of former president Nicolas Maduro.

She said that Venezuela “aspires to live without external threats” and that she wanted to prioritise moving towards balanced and respectful relations with the United States.

She said: “We prioritise moving towards balanced and respectful international relations between the United States and Venezuela, and between Venezuela and other countries in the region, premised on sovereign equality ‍and non-interference. These principles guide our diplomacy with the rest of the world.

“We invite the US government to collaborate with us on an agenda ⁠of ‌cooperation oriented towards ‍shared development within the framework of international law to strengthen lasting community coexistence.

“President Donald Trump, our ​peoples and our region ‍deserve peace and dialogue, not war. This has always been President Nicolás Maduro’s message, ⁠and it is the message of all of Venezuela ​right now. This is the ‌Venezuela I believe in ⁠and have dedicated my life to. ‍I dream of a Venezuela where all good Venezuelans can come together.

07:56am

Maduro’s capture ‘gives US trade leverage over China’

Oil prices were modestly lower as traders took the US intervention in Venezuela “comfortably in their stride”.

However, economists said the real implications of the capture of Nicolas Maduro could be whether it gives Trump’s America leverage in its trade war with China.

Thomas Mathews, head of Asia Pacific markets at Capital Economics, said the “near-term economic and financial implications are minor” and would not be a “game changer for the global oil market”.

He said: “Venezuelan supply accounts for about 1pc of the that market, and even if production returned to its glory days of a decade ago it would only be about 2pc of it. So, it’s not surprising that so far the effect on oil prices has been limited.”

However, he acknowledged the “geopolitical ramifications are potentially important”.

He said: “Venezuela had, of course, become China’s strongest ally in Latin America: if things go according to the US administration’s apparent plan, that will be over.

“All else equal, that gives the US slightly more leverage in future trade negotiations, potentially to the detriment of China’s markets which already look vulnerable to us if tensions between those two countries were to re-escalate.”Protesters outside the US Embassy in Seoul after the capture of Nicolas Maduro - JEON HEON-KYUN/EPA/Shutterstock

07:41am

Good morning

Thanks for joining me. Oil prices fell overnight as traders reacted for the first time to the removal of  Nicolas Maduro as leader of Venezuela in a strike by US forces. Here is what you need to know.

5 things to start your day

1) Shell eyes return to Venezuela to claim gas billions | Huge investment opportunity for British oil company and other majors

2) Venezuela becomes Trump’s energy superweapon against China | Beijing ‘is the biggest loser’ from Nicolás Maduro’s capture

3) Deaths to outnumber births from now on, Resolution Foundation warns | Shift prompts ‘hard questions about the future of our public services’

4) Unemployment climbs close to EU levels for first time | Narrowing of the gap suggests Britain’s problems are largely home-grown

5) Collapsing birth rates may be the biggest challenge of our era | Governments are under pressure to increase the birth rate

What happened overnight

Oil prices fell back while the prices of precious metals surged after the US capture of Venezuelan president Nicolas Maduro in a weekend raid.

Share prices opened higher, with benchmarks in South Korea and Japan again setting fresh records. US stocks were flat in premarket trading after eeking out small gains Friday on Wall Street.

Shortly after trading began, US benchmark crude oil rose slightly. But it later was trading 23 cents lower at $57.09 per barrel. Brent crude, the international standard, gave up 17 cents to $60.58 per barrel. It fell as much as 1.2pc.

The price of gold rose 1.9pc, while silver jumped 5.7pc.

Such assets are often considered safe havens in times of geopolitical turmoil.

Share prices in Asia shot sharply higher.

In Tokyo, the Nikkei 225 jumped 3pc to 51,853.53. The index closed at a year end high for 2025 and only resumed trading on Monday.

South Korea’s Kospi surged 3.1pc to 4,441.80. It had ended Friday with a record high close.

Australia’s S&P/ASX 200 gained 0.1pc to 8,733.30, while Taiwan’s benchmark climbed 2.9pc.

In other trading early Monday, the dollar rose to 157.27 Japanese yen from 156.82 yen. The euro slipped to $1.168 from $1.173.

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