Asian markets posted gains today as most of the benchmark indices in Asia registered positive gains. The gains come after weeks of dismal performance due to the pre and post-introduction of new tariffs by United States President Donald Trump.
The tariff increment has now become a game of two bulls as United States President Donald Trump has promised another incremental tariff of 50% on China if Beijing doesn’t lift the 34% tariff that was announced on Saturday.
“We will forge closer links with likeminded partners who share our commitment to open and free trade,.”was a sentiment shared by Singapore Prime Minister Lawrence Wong .He also added that the move made by the United States of America could lead to disastrous concequences for the world if the trade disputes escalated.
Singapore, which had been enjoying a free trade agreement with the United States of America was also not excluded in the new tariffs where a 10% baseline tariff was imposed on its exports to the United States.
Stock market performance in Asian Markets
Japan stocks jumped more than 6% Tuesday, rebounding from the previous session’s losses. The Nikkei 225 up 5.31% while the Topix gained 5.65% at the market end with 33,012.58 and 2432.02 points respectively. The Shanghai Composite Index in China had a positive change of 1.58% which was a 48.97 growth closing at 3,145.55.
Australia’s S&P/ASX 200 was also not left behind as it saw a 2.27% growth in activity at the market end closing at 7,510 while South Korea’s Kospi rose slightly by 0.26% to close at 2334.23 bps. The small-cap Kosdaq added 0.96% from the previous day’s trade in the Asian markets trading hours.
Hong Kong’s Hang Seng Index climbed 1.44% and improved to 20120.89 at the close of the market, while the Hang Seng Tech Index jumped 3.57%. Mainland China’s CSI inched up 0.96 bps.
Vietnam’s benchmark index was however down 5.6%, coming after reunification day, a holiday aimed at marking the end of the Vietnam War and the unification of the country.
Thailand’s benchmark SET stumbled over 5% to its lowest level recorded since covid 19 times in March 2020, data from LSEG showed.
Currency and commodities
In Japan, the US dollar to the Japanese Yen lost its strength as it recorded a slight decrease of 0.68% exchanging at 147.14 during Asian markets trading hours. The Euro to Japanese Yen was also affected as it exchanged at 160.93, a reduction of 0.18% from the previous close of the Asian markets.
Copper was the only commodity with a gain trading at 4.292 at the market close while oil continued to be affected by the tariffs with Brent Crude mostly unchanged, advancing from the $64.26 price posted on Monday, and trading at $64.28.
West Texas Intermediate (WTI) Oil price advanced on Tuesday, early in the Asian markets trading session WTI traded at $60.85 per barrel, up from Monday’s close at $60.77.
Read: Wallstreet Declines on Tech Sell-Off as Tariff Concerns Take Stage
