Stocks diverge as tariffs deadline looms - Markets & Companies
Tokyo-listed equities took a hit from Trump's threats to ramp up Japanese levies, Hong Kong closed higher and Europe's main indices were up around midday.
Stocks trading was "taking a relatively positive tone despite the tech-led weakness seen in the US" on Tuesday, noted Rostro chief market analyst Joshua Mahony.
Oil prices jumped more than one percent as crude-producer Iran suspended cooperation with the United Nations' nuclear watchdog, days after a ceasefire in a war that saw Israeli and US strikes on nuclear sites in the Islamic republic.
Market watchers reacted also to Trump's signature budget bill that scraped through the Senate.
Optimism over an extension to deep tax cuts helped to offset warnings it could add around $3 trillion to the national debt.
A week before Trump's 90-day pause on reciprocal tariffs ends, few governments have struck deals to avert the taxes, though White House officials say several are in the pipeline.
And while the administration had set July 9 as the deadline to finalise pacts, investors largely expect that to be pushed back or countries given extra time.
However, the president said Tuesday he was "not thinking about the pause" and again warned he would end negotiations or hike some duties.
Among those in his sights was Japan, which he slammed this week over US rice and auto exports to the country.
Asia Society Policy Institute vice president, Wendy Cutler, told AFP that "Japan's refusal to open its rice market, coupled with the US resistance to lowering automotive tariffs, may lead to the reimposition of Japan's 24 percent reciprocal tariff".
In Washington senators passed Trump's "Big, Beautiful Bill" he says will boost the economy by extending tax cuts and slashing spending on programmes such as Medicare.
The legislation now faces a tough passage through the House of Representatives, where some Republicans have raised concerns about its cost amid already heightened fears over the country's finances.
On the corporate front Wednesday, shares in Qantas dropped more than two percent after the Australian airline said it was probing a "significant" cyberattack where hackers infiltrated a system containing sensitive data on six million customers.
Hong Kong-listed Chinese tech titan Alibaba dipped after saying it would issue US$7 billion in subsidies for certain purchases.
Hong Kong is expected to lead the world in IPO financing this year despite uncertainty from geopolitical tensions and trade tariffs, accountancy giant PwC said.
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