Asia-Pacific markets fell Friday after U.S. President Donald Trump announced fresh tariffs on furniture, heavy trucks and pharmaceutical products.
Starting from Oct. 1, kitchen cabinets, bathroom vanities and associated products will face a 50% tariff, while a 30% tariff will be charged for upholstered furniture, Trump said on Truth Social early Friday. Additionally, heavy trucks will be imposed a 25% levy.
Meanwhile "any branded or patented Pharmaceutical Product" faces 100% duties, except for companies that build drug manufacturing plants in the U.S., Trump added.
Overnight in the U.S., Trump also signed an executive order approving a proposal that would keep TikTok alive in the U.S. The transaction values the business at $14 billion, according to Vice President JD Vance.
Under the terms, which China must approve, a new joint-venture company will oversee TikTok's U.S. business, with ByteDance retaining less than a 20% stake.
Australia's S&P/ASX 200 opened flat.
Japan's Nikkei 225 fell 0.34% at the open, while the Topix was flat.
South Korea's Kospi declined 1.11%, and the small-cap Kosdaq retreated 0.84%.
Hong Kong's Hang Seng index futures were at 26,372, lower than the HSI's last close of 26,484.68.Overnight in the U.S., the pullback in tech on Wall Street continued for a third straight day, partly due to rising yields.
The 10-year Treasury yield touched 4.2% after data on initial claims for unemployment insurance came in lower than expected. Artificial intelligence play Oracle slid 5%, while Tesla was also among the day's laggards, falling 4%.
The S&P 500 closed down 0.50% at 6,604.72, as did the Nasdaq Composite, which settled at 22,384.70. The Dow Jones Industrial Average shed 0.38%, to finish at 45,947.32.
Source: CNBC
Asia-Pacific markets traded mixed Monday, while the Reserve Bank of Australia will kickstart its two-day policy meeting where it is expected to hold its cash rate steady at 3.6%, according to a Reuter...
US stocks closed higher on Friday (September 26th), as investors reacted positively to an inflation report that met expectations, while also considering President Trump's new wave of tariffs and weake...
European stocks closed sharply higher on Friday, recovering from losses in the previous two sessions, as markets reassessed the impact of new US tariffs and how major European companies should navigat...
Major European bourses traded slightly higher on Friday, with the STOXX 50 up 0.4% and the STOXX 600 gaining around 0.3%, after two straight sessions of losses. However, upside momentum was capped by...
US stocks weakened for a third session on Thursday, as investors weighed strong economic data against expectations of future Fed rate cuts. The S&P 500 and Nasdaq 100 each fell 0.5%, the Dow Jones...
The Australian Dollar (AUD) appreciates on Monday, with the AUD/USD pair extending its gains for the second consecutive session. The US Dollar (USD) weakens as traders brace for shutdown risks of the United States (US) government, beginning from...
The Hang Seng Index opened higher, gaining 193 points to reach 26,321, and is currently up 313 points or 1.2%, standing at 26,442. The China Enterprises Index rose by 89 points or 0.95% to 9,392, while the Tech Index increased by 86 points or 1.4%,...
EUR/USD continued its rally for the second consecutive session, trading around 1.1720 during the Asian session on Monday. The pair strengthened as the US dollar (USD) weakened after the August US inflation report increased the likelihood that the...
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, edged higher to...
Major European bourses traded slightly higher on Friday, with the STOXX 50 up 0.4% and the STOXX 600 gaining around 0.3%, after two straight...
Russia's export rules spark diesel market jitters"Boosting prices were initial reports that Russia intends to ban some companies from exporting...
US President Donald Trump on Thursday announced sweeping new import tariffs, including a 100% duty on brand-name drugs and a 25% levy on heavy-duty...