Asian stocks started 2025 mostly lower on Thursday, as concerns about US interest rates, tariffs, and China's economy weighed on markets, leading to a fourth consecutive session of losses for Wall Street.

Equities had a strong 2024, buoyed by enthusiasm for artificial intelligence (AI), central bank rate cuts, and Donald Trump’s presidential election victory.

The Dow ended the year up around 13 percent, while the S&P 500 and Nasdaq, with a larger tech sector, gained more than 23 percent and around 29 percent, respectively.

Germany's DAX and Japan's Nikkei both rose nearly 20 percent. The FTSE 100 climbed almost six percent, and France’s CAC 40 was the only major index to decline, falling 2.2 percent.

Bitcoin soared more than 120 percent, surpassing $100,000, while Ethereum rose over 40 percent. Gold, coffee, and cocoa set new records.

“It was an exceptional year,” said Christopher Dembik, senior investment adviser at Pictet Asset Management.

However, US stocks fell ahead of the New Year holiday, even as European equities advanced. The Dow Jones lost 0.1 percent, the S&P 500 dropped 0.4 percent, and the Nasdaq fell 0.9 percent.

On Thursday, stocks in Hong Kong and China declined, while Tokyo remained closed until Monday. Shares in Australia and South Korea saw slight gains, helped by US equity futures pointing higher.

Political uncertainty continued in South Korea, where impeached President Yoon Suk Yeol resisted arrest for the third day.

“The Republic of Korea is currently in danger due to internal and external forces threatening its sovereignty, and the activities of anti-state elements,” Yoon said in a statement.

In Japan, Nippon Steel was not available for comment after reportedly submitting new proposals to the White House to save its takeover of US Steel.

US Steel shares surged as much as 14 percent on Tuesday following reports from the Washington Post and other outlets.

Key figures around 0300 GMT:

• Tokyo – Nikkei 225: Closed

• Hong Kong – Hang Seng Index: Down 1.76% at 19,707.60

• Shanghai – Composite: Down 0.78% at 3,325.66

• Euro/dollar: Up at $1.0370 from $1.0360 on Tuesday

• Pound/dollar: Up at $1.2531 from $1.2520

• Dollar/yen: Down at 157.27 yen from 157.32 yen

• Euro/pound: Up at 82.75 pence from 82.74 pence

• West Texas Intermediate: Up 0.5% at $72.08 per barrel

• Brent North Sea Crude: Up 0.5% at $74.98 per barrel