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Asharq Al-Awsat
6 minutes ago
- Business
- Asharq Al-Awsat
Asian Shares Mostly Decline as Uncertainty Grows about What's Next with Trump's Tariffss
Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates, The Associated Press said. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the US Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the US market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the US economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more US workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark US crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the US dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367.
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Business Standard
an hour ago
- Business
- Business Standard
Asian shares mostly decline as uncertainty grows about Trump tariffs
Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.4 per cent in morning trading to 37,892.39. Government data showed Tokyo core inflation, excluding fresh food, accelerating to a higher-than-expected 3.6 per cent in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 was little changed, inching down less than 0.1 per cent to 8,404.50. South Korea's Kospi declined 0.6 per cent to 2,703.64, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4 per cent to 23,235.94, while the Shanghai Composite shed 0.3 per cent to 3,353.07. On Wall Street, the S&P 500 rose 0.4 per cent on Thursday after giving up more than half of an early gain. The Dow Jones Industrial Average added 117 points, or 0.3 per cent, and the Nasdaq composite rose 0.4 per cent. It's a downshift after stocks initially leaped nearly 2 per cent in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the US Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump is still able to impose significant and wide-ranging tariffs over the longer-term through other means, according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the US market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2 per cent rise was the strongest force by far lifting the S&P 500. Best Buy fell 7.3 per cent even though it reported a stronger profit than expected. The electronics retailer also cut its forecasted ranges for revenue and profit over the full year on the assumption that tariffs stay at the current levels, Chief Financial Officer Matt Bilunas said. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following some mixed reports on the economy. One said that the US economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more US workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43 per cent from 4.47 per cent late Wednesday. In energy trading, benchmark US crude dropped 30 cents to USD 60.64 a barrel. Brent crude, the international standard, fell 31 cents to USD 63.84 a barrel. In currency trading, the US dollar declined to 143.92 Japanese yen from 144.12 yen. The euro cost USD 1.1355, down from USD 1.1367. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
New York Post
2 hours ago
- Business
- New York Post
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Advertisement 3 President Trump walks to speak to journalists before boarding Air Force One from Morristown Municipal Airport in Morristown, New Jersey, May 25, 2025. AFP via Getty Images Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. Advertisement On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the US Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. 3 The screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between the US dollar and the South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 30, 2025. AP Advertisement The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. Advertisement The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the US market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. 3 Dealers talk to each other near the screens showing the Korea Composite Stock Price Index (KOSPI). AP In the bond market, Treasury yields eased following mixed economic reports. One said the US economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more US workers applied for unemployment benefits last week than economists expected. Advertisement The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark US crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the US dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367.
Japan Today
2 hours ago
- Business
- Japan Today
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 30, 2025. (AP Photo/Lee Jin-man) By YURI KAGEYAMA Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark U.S. crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the U.S. dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
3 hours ago
- Business
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
TOKYO -- Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark U.S. crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the U.S. dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367.
