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21 hours ago
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Source: AFP
Equity markets suffered a bloodbath Thursday aft Donald Trump delivered a "haymaker" stroke with sweeping tariffs against US partners and rivals, fanning a planetary commercialized warfare that galore fearfulness volition spark recessions and ramp up inflation.
Tokyo's Nikkei led an Asian selloff, collapsing much than 4 percent, portion US futures plunged, harmless haven golden deed a grounds precocious and the yen jumped 1 percent.
The panic came aft the US president unveiled a blitz of levies aimed astatine correcting commercialized deficits with different countries pursuing what helium says has been years of the United States being "ripped off".
Against a White House backdrop of US flags, Trump announced that "for decades, our state has been looted, pillaged, raped and plundered by nations adjacent and far, some person and foe alike".
Trump reserved immoderate of the heaviest blows for what helium called the "nations that dainty america badly," including 34 percent successful caller levies connected rival China, 20 percent connected cardinal state the European Union and 24 percent connected Japan.
A fig of different countries volition look specifically tailored tariff levels, and for the rest, Trump said helium would enforce a "baseline" tariff of 10 percent. The US person besides reiterated a program to enact car tariffs of 25 percent connected Thursday.
Investors are present steeling themselves for immoderate retaliatory measures that could instrumentality the crisis.
"President Trump walked into the Rose Garden and detonated the astir assertive commercialized daze the market’s seen successful decades. This isn’t a jab -- it's a full-on haymaker," said SPI Asset Management's Stephen Innes.
Wall Street "had talked itself into a softer, much symbolic move. Instead, Trump carpet-bombed the planetary proviso chain".
"This was a 'shock and awe' tariffs campaign, dressed up successful 'reciprocity' connection but designed to throttle the commercialized shortage done brute force."
He said the measures meant that ostentation risks had surged and economical maturation expectations would beryllium cut, with the US Federal Reserve "pinned betwixt a hawkish stone and a deflationary hard place".
As good arsenic Tokyo's hefty drop, Hong Kong shed much than 2 percent, Sydney and Seoul gave up much than 1 percent and Wellington was 1 percent off.
Wall Street futures were besides battered, with the Dow dropping 2.4 percent, the Nasdaq plunging much than 4 percent and the S&P 500 much than 3 percent off. European futures were besides heavy successful the red.
Safe havens rallied arsenic traders sought to dump hazard assets.
Gold deed a caller highest of $3,167.84 and the Japanese yen strengthened to 147.69 per dollar from 150.50 the time before.
US Treasury yields sank to their lowest level successful 5 months -- yields and prices spell successful other directions.
Oil besides suffered large losses, with some main contracts down much than 2 percent connected fears that the daze to economies would deed demand.
Among the large losers connected the firm front, Japanese tech elephantine Sony shed 5 percent, portion its South Korean rival Samsung was astir 3 percent down.
Car titan Toyota was besides disconnected astir 5 percent, Nissan mislaid much than 4 percent and Honda was down 2.7 percent. Tokyo-listed tech concern steadfast SoftBank was disconnected much than 4 percent.
Key figures astir 0150 GMT
Tokyo - Nikkei 225: DOWN 3.4 percent astatine 34,525.18
Hong Kong - Hang Seng Index: DOWN 2.4 percent astatine 22,638.21
Shanghai - Composite: DOWN 0.5 percent astatine 3,33.52
Dollar/yen: DOWN astatine 147.81 yen from 149.39 yen
Euro/dollar: UP astatine $1.0918 from $1.0814 connected Wednesday
Pound/dollar: UP astatine $1.3062 from $1.2985
Euro/pound: UP astatine 83.56 pence from 83.33 pence
West Texas Intermediate: DOWN 2.6 percent astatine $69.88 per barrel
Brent North Sea Crude: DOWN 2.3 percent astatine $73.20 per barrel
New York - Dow: UP 0.6 percent astatine 42,225.32 (close)
London - FTSE 100: DOWN 0.3 percent astatine 8,608.48 (close)
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Source: AFP
