Asian Stocks Mixed Amidst Uncertainty over Trump's Tariff Comments
Hong Kong's Hang Seng index dropped 1.1% to 19,888.12, while Shanghai Composite lost 0.7% to 3,805.78. Tokyo's Nikkei 225 gained 1.5% to 39,604.71, driven by Trump's announcement of a joint venture in artificial intelligence (AI). Softbank Group's Japan-listed shares surged 8.9%.
Trump's consideration of a 10% punitive duty on Chinese imports over fentanyl concerns dampened Chinese markets. Taiwan's Taiex and Taiwan Semiconductor Manufacturing Corp. experienced gains following Trump's AI investment push.
Elsewhere, South Korea's Kospi rose 0.7% and Australia's S&P/ASX 200 climbed 0.3%. U.S. futures were higher, with S&P 500 closing with a 0.9% gain and Nasdaq composite adding 0.6%.
Despite Trump's promises to reshape global trade, Asian and European stock indexes have shown modest moves. U.S. Treasury yields retreated, easing pressure on stock markets. Bitcoin retreated from its record high.
The Mexican peso and Canadian dollar depreciated against the U.S. dollar amid concerns over potential tariffs. Interest rates play a significant role in U.S. stock market movements, with yields driving stock performance.
In the cryptocurrency market, Bitcoin traded at $105,742, down from its record above $109,000 set earlier in the week. Oil prices exhibited mixed movements, with benchmark U.S. crude slightly lower and Brent crude gaining modestly.