Asian shares fell on Tuesday after Trump’s new tariffs
Asian shares fell on Tuesday after U.S. President Donald Trump stunned markets by imposing tariffs on imports from Brazil and Argentina, rekindling fears over global trade tensions, while weak U.S. factory data added to the investor gloom.
- Pan-region Euro Stoxx 50 futures were up 0.41% in early trades, while German DAX futures added 0.45% and FTSE futures gained 0.26%.
- U.S. S&P 500 e-mini stock futures also pointed higher, rising 0.2% to 3,120.5.
- MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.43% as Australian shares recorded their worst day in two months with a 2.2% drop.
- Japan’s Nikkei shed 0.64%.
- China’s blue-chip CSI300 index fell as much as 0.62% before clawing back to register small gains.
- The Shanghai Composite Index was down 0.08% after earlier hitting its lowest point since Aug. 26.
- Hong Kong’s Hang Seng Index was 0.24% lower after earlier falling as much as 1.44%.
- In currency markets, the dollar rose 0.17% against the yen to 109.16.
- The euro was off 0.05%, buying $1.1072.
- The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.06% at 97.917.
- The Australian dollar rose to $0.68440 after the Reserve Bank of Australia kept its cash rate on hold at 0.75% and stuck with an optimistic outlook for the economy.
Oil prices continued to rise on expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies may agree to deepen output cuts at a meeting this week.
- Global benchmark Brent crude added 0.26% to $61.08 per barrel.
- U.S. West Texas Intermediate crude was up 0.38% to $56.17 a barrel.
- Gold was lower on the spot market, shedding 0.1% to trade at $1,460.87 per ounce.
- Benchmark 10-year Treasury notes yielded 1.8414% on Tuesday afternoon in Asia, up from a U.S. close of 1.836% on Monday.
- The policy-sensitive two-year yield, ticked up to 1.6162% from its U.S. close of 1.614%.