Asian shares posted a modest decline as investors refrained from taking risky bets after President Donald Trump ratcheted up trade tensions. Copper futures in London fell on Trump’s latest tariff threat. A regional stock gauge declined 0.3%, its third drop in four days. Hong Kong shares retreated 0.9% after China’s factory deflation persisted into a 33rd month while consumer prices unexpectedly rose in June. Shares in mainland China rose 0.3%, on course for the highest closing level since December. Treasuries fell for a fifth session as demand for long-term government debt across the globe waned amid a flurry of bond auctions this week. US copper prices posted a record gain in the last session after Trump said he planned to implement a 50% tariff on imports. Benchmark copper futures fell in London on expectations that more supply will end up in other markets. Investors are holding back as they gauge the impact of escalating trade tensions, looking for signals on where stocks might head next after reaching record highs last week. Trump showed a renewed determination Tuesday to push ahead with his plans to heavily tax imports after a slew of tariff warning letters on partners such as South Korea and Japan. Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals. The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday. The president pushed back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.
Trump said that despite progress with the European Union on a trade deal, frustration over the bloc’s taxes and fines targeting US technology firms could result in him unilaterally declaring a new tariff rate within the next two days.
She continued to recommend phasing into global equities or diversified portfolios to navigate volatility ahead. Meanwhile, the copper market plunged into a turmoil after Trump sowed chaos with the news of higher-than-expected 50% tariff on imports of the commodity. That spurred a record spike in US futures and a drop in the global benchmark. Copper climbed as much as 17% on Comex on Tuesday, a record one-day spike to an all-time high, before falling more than 4% in early trading on Wednesday. On the LME, the metal slid as much as 2.4% at Wednesday’s open, before trading 0.7% lower at $9,722 a ton at 10:34 a.m. in Singapore. US After Hours AEHR -18.8%, PENG -8.5% lower on earnings; RXST -35.2% lower on guidance; AES +12.7% higher on Bloomberg report that it's exploring options.
Nikkei +0.27% Hang Seng -0.97% CSI +0.29% Shanghai +0.33% Shenzen +0.29%
Eur$ 1.1712 CNH 7.1842 CNY 7.1803 JPY 147.08 GBP 1.3584 CHF 0.7973 RUB 78.4656 TRY 40.0455 WTI$ 68.20 -0.19% Gold 3,295 -0.20% BTC 108,553 -0.12% ETH 2,602 +0.09%
S&P -0.09% Nasdaq -0.09% EuroStoxx +0.28% FTSE +0.11% Dax +0.16% SMI -0.04%
Macro :
- Trump Tariff Threat to Disrupt Pharma Supply Chain: Zuellig CEO
- Covid-19 Variant Nimbus Dominant in US as Vaccine Access in Flux
- Lutnick Says EU Has Made Real Offers, Trump Deciding How to Play
- Trump Says He’ll Set 50% Copper Tariff, Wait Year on Drug Duties
- Trump Says FAA System Contractor to be Picked in Couple Months
- Swiss Axpo’s Nuclear Power Plant Beznau Is Back on the Grid
Keep an eye on :
Keep an eye on :
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