Hang Seng, FTSE fall with global markets on trade uncertainty; oil climbs on geopolitical risks
On Wall Street, all three major indexes ended the day down ahead of earnings from AI giant Nvidia. Despite tighter export controls, Nvidia's shares rose sharply after hours following a strong quarterly report, posting $18.8 billion in profit on $44.1 billion in revenue. Meanwhile, US Treasury yields edged higher.
Minutes from the latest Federal Reserve meeting revealed that US companies warned the central bank that the cost of President Donald Trump's tariffs would likely fall on consumers, AFP reported.
European markets in London, Paris, and Frankfurt also declined, following Asia's trend.
Oil Prices Rise Amid Heightened Tensions
Crude oil prices jumped over two percent before trimming some gains ahead of an OPEC meeting on production. Rising tensions around Russia and Iran added to supply concerns.
President Trump's unusual direct criticism of Russian President Vladimir Putin over intensified attacks in Ukraine — warning he was 'playing with fire' — increased expectations of tougher US sanctions targeting Russian energy and financial sectors.
Meanwhile, stalled US-Iran nuclear talks intensified speculation of further sanctions.
The US dollar strengthened against major currencies, but analysts noted this masked deeper weaknesses in the greenback and the US debt market.
Stephen Innes of SPI Asset Management commented, 'It's the creeping realization that US assets no longer provide the same refuge. Dollar strength is no longer reflexive — it's contested.'
Investors Look Beyond Tariff Announcements
Markets reversed gains from earlier in the week after President Trump's announcement to pause the planned 50-percent tariffs on the
European Union
, which had sparked a brief rally.
Kathleen Brooks, research director at XTB, noted, 'The market no longer takes Trump at his word when he delivers sweeping tariff hikes seemingly at random.'
David Morrison, senior analyst at Trade Nation, added, 'Investors seem to be looking past tariffs, assuming all will turn out well — a Panglossian view that could soon be challenged, as a US-EU trade deal may prove difficult.'
In corporate news, European auto group Stellantis named North America chief Antonio Filosa as its new CEO, replacing Carlos Tavares who was dismissed last December. The company granted Filosa CEO powers effective June 23. Stellantis shares closed over two percent lower in Milan.
Key Market Figures as of 2045 GMT:
New York S&P 500: Down 0.6% at 5,888.55
Dow Jones: Down 0.6% at 42,098.70
Nasdaq Composite: Down 0.5% at 19,100.94
London FTSE 100: Down 0.6% at 8,726.01
Paris CAC 40: Down 0.5% at 7,788.10
Frankfurt DAX: Down 0.8% at 24,038.19
Tokyo Nikkei 225: Flat at 37,722.40
Hong Kong Hang Seng Index: Down 0.5% at 23,258.31
Shanghai Composite: Down less than 0.1% at 3,339.93
Currency and Oil prices:
Euro/dollar: Down at $1.1291 from $1.1329
Pound/dollar: Down at $1.3468 from $1.3504
Dollar/yen: Up at 144.82 yen from 144.34 yen
Euro/pound: Down at 83.84 pence from 83.88 pence
Brent North Sea Crude: Up 1.3% at $64.90 per barrel
West Texas Intermediate: Up 1.6% at $61.84 per barrel
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