24/04/2025 Daily Reports
Asian Stocks Plunge as Unclear Tariff Teases by Trump Rekindle Market Anxiety
- Asian stocks finished a five-day winning streak, with markets retreating as hope for a peaceful conclusion of the US-China trade war dissipated with unclear teases by the Trump administration. The regional stock benchmark fell 0.3%, with Hong Kong shares leading the decline by 1.2%, as US and European futures were also lower.
- Treasury Secretary Scott Bessent dampened expectations of quick rollback of tariffs, raising doubts about recent optimism following Trump’s earlier suggestions of possible concessions. Gold rose 1.2% as risk appetite dipped, and the dollar and yen ebbed and flowed.
- This came despite earlier gains fueled by Trump’s softer words on trade and the Fed. Investors remained skeptical with the administration’s inability to provide clear-cut messaging. Analysts issued warning signals against continued US asset adjustments and diversification into Indian, Chinese, and European markets.
- Concurrently, China issued new sovereign bonds as part of its stimulus program, and European car sales recovered on the back of EV demand. Oil prices also remained under pressure from OPEC+ supply worries and new trade tensions.
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