Global Markets:
- Asian Stock Markets : Nikkei down 3.14%, Shanghai Composite down 0.22%, Hang Seng down 1.53% ASX down 2.44%
- Commodities : Gold at $3122.35 (0.04%), Silver at $31.7 (-0.48%), Brent Oil at $69.5 (-1.15%), WTI Oil at $66.26 (-0.04%)
- Rates : US 10-year yield at 3.979, UK 10-year yield at 4.5225, Germany 10-year yield at 2.6405
News & Data:
- (CAD) Trade Balance -1.5B to 3.4B expected
- (USD) Trade Balance -122.7B to -122.5B expected
- (USD) Unemployment Claims 219K to 225K expected
Markets Update:
Japan’s stock market led regional declines on Friday, tracking steep losses on Wall Street after U.S. President Donald Trump’s tariffs unsettled global markets. Australia’s S&P/ASX 200 fell 2.44%, entering correction territory after an 11% drop since February. Japan’s Nikkei 225 lost 3.04%, while the Topix tumbled 5.09%. South Korea’s Kospi slipped 1.78%, and the small-cap Kosdaq declined 0.87% following the Constitutional Court’s decision to uphold President Yoon Suk Yeol’s impeachment. Prime Minister Han Duck-soo will serve as acting president until a new leader is elected within 60 days.
Markets in Hong Kong and China remained closed for the Qingming Festival. Meanwhile, Trump announced new tariffs on Wednesday, imposing reciprocal rates on over 180 countries, escalating fears of a global trade war. The move triggered a broad sell-off in U.S. equities, leading to the largest single-day decline in five years. U.S. futures also retreated, with blue-chip index futures losing 100 points (0.3%), while S&P 500 and Nasdaq 100 futures shed 0.2%.
Overnight, major U.S. stock indexes plunged. The S&P 500 re-entered correction territory, dropping 4.84% to 5,396.52. The Dow Jones Industrial Average plummeted 1,679.39 points (3.98%) to 40,545.93, while the Nasdaq Composite posted its worst loss since March 2020, sinking 5.97% to 16,550.61.
With ongoing market volatility, investors remain cautious amid concerns over Trump’s tariff policies and South Korea’s political uncertainty. The coming weeks will be crucial in determining the broader economic impact.
Upcoming Events:
- 12:30 PM GMT – CAD Employment Change
- 12:30 PM GMT – CAD Unemployment rate
- 12:30 PM GMT – USD Average Hourly Earnings m/m
- 12:30 PM GMT – USD Non Farm employment change
- 12:30 PM GMT – USD Unemployment rate
- 03:25 PM GMT – USD FED chair Powell Speaks
