13/03/2025 Daily Reports
Asian Shares Stay Calm as Wall Street Lowers US Projections; Hong Kong Beats
- Asian shares bobbed in a narrow range on Thursday after months of market nervousness led Wall Street strategists to lower forecasts for US shares. Goldman Sachs, Citigroup, and HSBC have all warned of worse US equity performance with Citi moving China up to overweight as investors seek out substitutes in the Asia-Pacific market.
- Hong Kong’s Hang Seng Index has gained 21% since President Donald Trump took office, the world’s top-performing major index. The city’s stock exchange is now considering lowering investment thresholds to further boost trading activity.
- Meanwhile, trade tensions continue to escalate, with Trump warning reprisals against the European Union’s retaliatory tariffs to his new 25% tariffs on steel and aluminum. Canada further slapped new tariffs on $20.8 billion of US goods in retaliation.
- In Washington politics, Senate Democrats filibustered a Republican spending bill, putting the threat of a government shutdown on the table. But JPMorgan strategists note that the worst of the US stock market correction may be in the rearview mirror, with still-prevailing ETF inflows and soothing credit fears.
- Other places, Japan’s yen flirted with weakness as Bank of Japan officials remained absent from the markets even as bond yields rose to their 2008 high.
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