Stock markets in the Asia Pacific have fallen sharply amid US President Donald Trump’s ultimatum warning Iran to reopen the Strait of Hormuz or face the annihilation of its energy infrastructure.

Struggling Dutch brewer Heineken announced on Wednesday that it plans to cut between 5,000 and 6,000 jobs over the next two years as it confronts what it described as “challenging market conditions,” with beer volumes declining compared to the previous year.

Volvo Cars reported a sharp drop in fourth-quarter profit, as tariffs and weak market demand weighed on results, with the Sweden-based automaker warning on Thursday that external pressures remain a challenge.

Nearly half a trillion dollars has been erased from the cryptocurrency market in less than a week as a selloff led by Bitcoin accelerated sharply.

German premium carmaker Mercedes-Benz reported a sharp decline in third-quarter profit on Wednesday, weighed down by weak sales in China and U.S. tariffs.

On Friday, U.S. stocks showed mixed results as investors assessed a decline in FedEx and anticipated additional rate cuts from the Federal Reserve after the significant reduction announced earlier in the week, News.Az reports citing Investing .