Asian stocks traded in a tight range Thursday as a brief global relief rally started to give up momentum after mixed signals from the Trump administration on its plans for China tariffs. A regional gauge of stocks edged up 0.1% as market enthusiasm got curbed after Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war. Shares in Hong Kong dropped 0.7%, the first time in four days. The yen flipped after two days of losses and the dollar weakened. Gold jumped 1.5% in increased demand for the safe-haven asset.
Global equities and long-dated Treasuries rose on Wednesday on signs US President Donald Trump is rethinking the most-aggressive elements of his stances on trade and the Federal Reserve. The brief rally after wild gyrations underscores the new reality for investors that US policies on trade tend to shift without forewarning, making it harder to come up with even short term forecasts on where the markets are headed.
Trump signaled that the US is going to have a fair deal with China, adding late Wednesday that the country may receive a new tariff rate in the next two to three weeks. The administration is also considering whether to reduce certain tariffs targeting the auto industry that carmaker executives have warned would deal a severe blow to profits and jobs. Bessent said that Trump hasn’t offered to take down US tariffs on China on a unilateral basis. Asked if there was no unilateral offer from the president to de-escalate, he said “not at all.” The Treasury secretary said that the administration is looking at multiple factors with regard to China beyond just tariffs — including non-tariff barriers and government subsidies. He also said that the strongest relationship between Washington and Beijing is at the top, and that there was no timeframe for engagement. A full re-balancing of trade might take two to three years, he said. Investors should consider adding Chinese, Indian and European assets to re-balance their portfolios as the US stock market value has reached its peak and further corrections in equities, Treasury bonds, and the dollar are likely, according to Jefferies’ global head of equity strategy. The bearish view on US markets echoes the pessimism spreading across world markets that the era of American exceptionalism is ebbing with Trump’s chaotic tariff rollout.
A critical signal gleaned from market participants in recent days is the clear sensitivity of the Trump administration to the financial markets, wrote Kyle Rodda, senior market analyst at Capital.com. He cited the 90-day tariff pause and the backflip about firing Fed Chair Jerome Powell as examples. In Asia, China is set to issue the first batch of special sovereign bonds for the year on Thursday as part of the stimulus announced by authorities to soften the blow from simmering trade tensions with the US. The Ministry of Finance plans to raise 286 billion yuan ($39 billion) via a three-part issuance later in the day, according to Bloomberg calculations. In commodities, oil held a decline as investors weighed the prospect of more OPEC+ supply and the fallout from trade tensions between the US and China. US After Hours PI +15.2%, CYH +14%, NOW +10.8%, TXN +4.8%, WHR +4%, LRCX +3.5% higher on earnings; FAST +2.3% on 2-for-1 stock split; RHI -15.3%, ALK -7.7%, IBM -6%, LUV -3.6%
Nikkei +0.56% Hang Seng -0.99% CSI +0.08% Shanghai +0.16% Shenzen -0.53%
Eur$ 1.134 CNH 7.3014 CNY 7.3006 JPY 142.81 GBP 1.3275 CHF 0.8283 RUB 82.8896 +0.42% TRY 38.31 WTI$ 62.63 -0.06% Gold 3,328 +1.22% BTC 93,225 -0.49% ETH 1,787 -0.50%
S&P -0.13% Nasdaq -0.19% EuroStoxx -0.22% FTSE -0.03% Dax -0.14% SMI +0.41%
Macro :
- Bessent Says No Unilateral Offer From Trump to Cut China Tariffs
- Trump to Exempt Carmakers From Some US Tariffs, FT Reports
- Trump to Exempt Carmakers From Some US Tariffs, FT Reports
- Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
- US Sec State Rubio: Politico story on Russian sanctions 'unequivocally false'; Have not spoken with special envoy Witkoff on lifting Russian sanctions - X Post
Keep an eye on :
Keep an eye on :
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