This is CNBC’s live blog covering Asia-Pacific markets.

Asia-Pacific markets traded lower Monday, after U.S. jobs report on Friday dampened investors’ hopes for early interest rate cuts by the Federal Reserve.

China’s exports and imports in December beat expectations by a significant margin. Exports rose 10.7% from a year earlier, beating Reuters’ expectations of a 7.3% year-on-year growth. The country’s imports in December unexpectedly rose 1%, compared with Reuters’ estimates of a 1.5% decline.

Mainland China’s benchmark CSI 300, however, was down 0.22%, having closed at its lowest level since September 2024 on Friday.

Investors in Asia will continue to keep an eye on Chinese bond yields after the country’s central bank suspended purchases of government bonds last Friday. China’s 10-year bond yield plunged to a record low this month.

The country’s onshore yuan hit a 16-month low against the dollar last week, while the offshore yuan has been on a multi-month slide since last September.

Hong Kong’s Hang Seng Index fell 1.6%, trading below 19,000 for the first time since last September, data from LSEG showed.

India is expected to report its inflation numbers.

Japan markets are closed for a holiday. South Korea’s Kospi lost 0.85% while the Kosdaq dipped 0.53%.

Australia’s S&P/ASX 200 fell 1.17%.

Looking to the rest of this week, the Bank of Korea is expected to meet this Thursday, and Australia is slated to post its unemployment rate for December on the same day. China will be posting its GDP for the fourth quarter of 2024 on Friday, alongside retail sales and industrial output data.

U.S. stocks dropped Friday after a hot jobs report.

The Dow Jones Industrial Average lost 696.75 points, or 1.63%, to close at 41,938.45. The S&P 500 slid 1.54% to 5,827.04, while the Nasdaq Composite fell 1.63% to 19,161.63. Friday’s losses pushed the major benchmarks into the red for 2025.

U.S. payrolls grew by 256,000 in December, while economists polled by Dow Jones expected to see an increase of 155,000. The unemployment rate, which was projected to remain at 4.2%, fell to 4.1% during the month. The yield on the 10-year Treasury note spiked to its highest level since late 2023 after the report.

—CNBC’s Pia Singh and Sean Conlon contributed to this report.

China’s central bank pledges support to stabilize the yuan

The People’s Bank of China and other regulators pledged to enhance the management of the foreign exchange market and prevent any risk of “overshooting” of the yuan, the PBOC said in a statement.

During a meeting held in Beijing, officials stressed that it was “necessary to unswervingly maintain the basic stability of the RMB exchange rate at a reasonable and balanced level,” according to the PBOC statement.

The Chinese currency strengthened on Monday, with the onshore yuan trading at 7.331 against the dollar, while the offshore yuan was at 7.352.

—Lee Ying Shan

Oil prices extend rally following U.S. sanctions on Russian oil

Oil prices extended their rally after the U.S. Treasury Department announced broad sanctions targeting Russia’s energy sector.

Global benchmark Brent rose 1.76% to trade at $81.16 a barrel, while the U.S. West Texas Intermediate futures advanced 1.89% to $78.02 per barrel.

Goldman Sachs estimates that the vessels targeted by the sanctions amounted to 25% of Russia’s energy exports, with the majority being crude oil.

However, the investment bank believes that the incoming Trump administration will want to avoid significant drops in Russian volumes given its ambition for lower energy prices in the U.S., analysts wrote in a note after.

— Lee Ying Shan

CNBC Pro: LA fires could hit European insurance giants with about billion euros in losses

The wildfires around Los Angeles are set to cost European insurance giants up to a billion euros in payouts this year.

At least seven European listed reinsurance firms are expected to bear about a billion euros ($1.02 billion) of the losses over the wildfire, according to analysts at German investment bank Berenberg.

In addition, JPMorgan analysts have identified at least 2 Japanese firms that are likely to be on the hook for payouts.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Major U.S. indexes end Friday lower

Stocks fell on Friday, putting the three major indexes in the red for the week.

The S&P 500 shed 1.54% to close at 5,827.04. The Nasdaq Composite lost 1.63% to end the session at 19,161.63. The Dow Jones Industrial Average lost 696.75 points, or 1.63%, to close at 41,938.45.

— Pia Singh

Crude prices close at highest level since October after U.S. imposes Russia oil sanctions

Oil prices jumped on Friday after the U.S. Treasury Department announced sweeping sanctions against Russia’s oil industry.

Brent gained $2.84, or 3.69%, to close at $79.76 per barrel, while U.S. crude oil advanced $2.65, or 3.58%, to settle at $76.57 per barrel. The benchmarks closed at their highest levels since Oct. 7.

The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers, and more than a dozen Russian energy officials and executives. The sanctioned executives include Gazprom Neft CEO Aleksandr Valeryevich Dyukov.

— Spencer Kimball