Asia-Pacific stocks trade mixed as geopolitical worries keep investors on edge

Asia-Pacific markets traded unevenly Monday as investors weighed simmering geopolitical and trade tensions, while safe-haven gold surged to a historic peak above $5,000 an ounce.

The cautious tone followed Canadian Prime Minister Mark Carney's declaration that Ottawa has "no intention" of pursuing a free trade deal with China, a move aimed at defusing U.S. President Donald Trump's threat to impose 100% tariffs on Canadian exports if such an agreement were signed.

Japan's Nikkei 225 led regional declines, falling 1.92%, as the yen strengthened amid speculation of potential market intervention by authorities. "The yen rallied on rising risk of intervention," Barclays noted.

Meanwhile, spot gold prices climbed to a record $5,042, fueled by investor demand for safety amid global uncertainties and a softer U.S. dollar.

U.S. stock futures pointed lower ahead of a busy week featuring earnings from tech giants and a Federal Reserve policy meeting. Dow futures fell 0.27%, while S&P 500 and Nasdaq-100 futures dropped 0.33% and 0.48%, respectively.

Other regional indexes showed modest moves: South Korea's Kospi slipped 0.43%, Australia's ASX 200 edged up 0.13%, and Hong Kong's Hang Seng dipped 0.12%.