U.S. President Donald Trump on Sunday evening said he had instructed his administration to impose a 100% tariff on all foreign-produced movies in the U.S., claiming that the American movie industry was “dying.”

Oil prices fell sharply in Asian trade on Monday after the OPEC+ signaled over the weekend that it will further increase production in the coming months, heralding a potential supply glut.

Euro zone inflation held steady a touch above the ECB’s 2% target in April but underlying price pressures picked up more than projected, likely making some ECB policymakers nervous, even if a trade war may justify more interest rate cuts.

Japan’s economy probably contracted for the first time in a year in the first quarter, weighed down by softer domestic demand and imports outperforming exports, a Reuters poll showed, as U.S. President Donald Trump’s trade policies dim the growth outlook.

Most Asian stock markets rose sharply on Friday, tracking overnight gains on Wall Street, with Hong Kong leading the rally after China said it was considering potential trade talks with the U.S.

Oil prices rose in Asian trade on Friday, recovering some recent losses after China said it was open to trade talks with the U.S., sparking hopes for a deescalation in a bitter trade war between the two economic powerhouses.