Stocks fall on Trump's auto tariffs, China bucks the trend
Ammon News - Global stocks fell on Thursday, led by heavy losses in Japan and South Korea, after U.S. President Donald Trump announced new tariffs on auto imports, with European stock futures also pointing to a lower open.
Trump late on Wednesday announced plans for long-promised 25% tariffs on automotive imports. Analysts expect the move to hit European, Japanese and South Korean companies at most.
European stock markets are set for a lower open, with pan-European STOXX 50 futures down 0.5% and FTSE futures 0.2% lower.
In currency markets, the dollar index , which measures the greenback against six major peers, retreated 0.3% to 104.32, having hit a three-week top of 104.71 overnight.
The euro touched a three-week low of $1.0731, but bounced off the 200-day moving average and was last up 0.3% at $1.0780. The yen, on the other hand, recovered some of the overnight losses and bounced 0.2% to 150.21 per dollar on Thursday.
Treasury yields held steady in Asia after edging up overnight. The benchmark 10-year Treasury yields held steady at 4.3537%, having gained 5 basis points overnight.
The tariff uncertainty sent gold 0.5% higher to $3,035 per ounce, not far from a record high of $3,057.
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