Latest news with #ATGlobalMarkets
Mint
3 days ago
- Business
- Mint
Gold Steadies as Investors Weigh Impact of Trump Tariff Ruling
Gold steadied as markets absorbed news that the US trade court has blocked President Donald Trump's global tariff agenda. Bullion was little changed, paring losses from earlier in the morning when the market reacted to the US Court of International Trade deeming many of Trump's tariffs illegal. The dollar rallied in response to the news, weighing on gold. The Trump administration filed a notice that it was appealing the ruling, which suspends most of its tariffs. The US Supreme Court may ultimately have the final say in the high-stakes case that could impact trillions of dollars in global trade. The ruling, a major blow to a pillar of the Republican's economic agenda, could dim some of gold's haven appeal. 'The news out of the US could see some significant downside for gold in the sessions ahead as haven trades are pulled,' said Nick Twidale, chief market analyst at AT Global Markets in Sydney, adding that prices could unwind further in the current trading session before finding some support. 'The longer term trend is still in place so we will find some bargain hunters at some point in the day.' Elsewhere, strong tech earnings from Nvidia Corp. on Wednesday saw an acceleration of risk appetite returning to Wall Street — also adding to bearish headwinds for gold. The positive results came after US consumer confidence figures published earlier in the week showed a sharp rebound amid optimism about improving US relations with some of its trading partners. The US trade court ruling is the latest twist in the market uncertainty unleashed by Trump's aggressive tariff agenda, which has driven investors to seek safety in gold, a traditional haven. While prices are currently about $220 below an all-time-high set last month, the precious metal is still up by more than a quarter this year. Spot gold was down 0.2% to $3,280.76 an ounce as of 10:05 a.m. in London. The Bloomberg Dollar Spot Index was unchanged. Silver and palladium gained and platinum fell. With assistance from Jack Ryan. This article was generated from an automated news agency feed without modifications to text.
Japan Times
03-04-2025
- Automotive
- Japan Times
Japan's stocks slump on Trump's 24% tariffs and stronger yen
Japan's stocks plunged after U.S. President Donald Trump slapped the nation with a 24% levy as part of tariffs on trading partners worldwide. A stronger yen also dragged exporter shares lower. The Topix Index fell 4% to 2,544.41 as of 9:12 a.m. Tokyo time, while the blue-chip Nikkei declined 4.1% to 34,281.76. Contracts traded in Singapore initially spiked, then fell as details of the tariffs rolled out, suggesting the market will face volatility Thursday as investors digest the news. "Overall I think this was on the harder side of expectations,' said Nick Twidale, chief analyst at AT Global Markets in Sydney. "Japan and most of Asia took a hit — I think stocks will take a battering in Asia today, alongside most currencies, although the yen is a different story and may appreciate on its haven status.' Trump also reiterated 25% tariff on autos, which may weigh on carmakers that are already under-performing the broader Topix index this year. The yen extended gains to strengthen 0.8% versus the dollar, while U.S. equity futures sank amid concern the escalating trade war will harm the nation's economy. Exporting companies such as electric appliances and the transportation sector were one of the leading losses on the Topix index. Japan's benchmark Topix is down more than 8% this year as jitters over tariff concerns damped investor sentiment. The exporter- and tech-heavy Nikkei 225 has been hit harder, tumbling more than 15% from its December peak to enter a correction.
