Global Markets:
- Asian Stock Markets : Nikkei down 1.34%, Shanghai Composite down 0.05%, Hang Seng down 1.03% ASX down 1.16%
- Commodities : Gold at $2962.35 (0.83%), Silver at $33.35 (0.8%), Brent Oil at $75.8 (-0.2%), WTI Oil at $71.8 (-0.3%)
- Rates : US 10-year yield at 4.515, UK 10-year yield at 4.6100, Germany 10-year yield at 2.5490
News & Data:
- (USD) Building Permits 1.48M to 1.46M expected
- (USD) Housing Starts 1.37M to 1.39M expected
Markets Update:
Asia-Pacific markets fell on Thursday as investors reacted to U.S. President Donald Trump’s proposed tariffs on autos, chips, and pharmaceutical imports. Concerns also grew over the Federal Reserve potentially keeping interest rates elevated for an extended period. Trump stated that the tariffs could take effect as early as April 2 but did not clarify whether they would target specific countries or be broadly applied.
Mainland China’s CSI 300 opened 0.37% lower, while Hong Kong’s Hang Seng index dropped 1.13%. In Japan, the Nikkei 225 declined 1.19%, and the broader Topix index lost 1.06%. South Korea’s Kospi fell 0.53%, with the small-cap Kosdaq slipping 0.17%. Australia’s S&P/ASX 200 declined 1.39%, marking its fourth consecutive losing session. The country’s seasonally adjusted unemployment rate rose to 4.1% in January, aligning with Reuters’ estimates.
Despite these concerns, U.S. markets continued their upward trend. The Federal Reserve’s meeting minutes revealed worries about Trump’s tariff plans but emphasized the need for further inflation declines before considering rate cuts. Investors remained optimistic, driving stock indices higher.
The S&P 500 rose 0.24%, closing at a record 6,144.15 after hitting an all-time high during the session. The Nasdaq Composite inched up 0.07% to 20,056.25, while the Dow Jones Industrial Average advanced 71.25 points, or 0.16%, to settle at 44,627.59.
Upcoming Events:
- 01:30 PM GMT – USD Unemployment Claims
- 01:30 PM GMT – CAD IPPI m/m
- 07:00 PM GMT – CAD NHPI m/m
- 01:30 PM GMT – CAD RMPI m/m
