Asian Stocks Mostly Drop Amidst Trump's Tariffs
Hong Kong's Hang Seng Index (-0.62%) and Shanghai Composite (-0.16%) declined on Tuesday, while markets in Japan remained closed. The S&P/ASX 200 in Australia stayed steady, and South Korea's KOSPI rose (0.41%).
Tariffs Impact Wall Street
U.S. President Donald Trump's announcement of tariffs on steel and aluminum imports has heightened fear on Wall Street. Experts predict further volatility in the market.
Gold Soars, Treasury Yields Stable
The price of gold reached a record high, reflecting investor nervousness. Treasury yields held steady, with the 10-year around 4.50% and the 2-year at 4.27%.
Fed Testimony Awaited
Federal Reserve Chair Jerome Powell's upcoming testimony may provide insights into the Fed's interest rate outlook. The Fed previously signaled potential for only two rate cuts in 2025, impacting expectations.
Energy and Currency Markets
Benchmark U.S. crude rose to $72.48 a barrel, while Brent crude reached $76.08. The U.S. dollar remained mostly unchanged against the Japanese yen and euro.