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Japan Today
3 days 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.
CTV News
4 days ago
- Business
- CTV News
Markets welcome court ruling against Trump's tariffs as shares, U.S. dollar and oil gain
The screens show the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won, center, and the Korean Securities Dealers Automated Quotations (KOSDAQ) are seen at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, May 28, 2025. (AP Photo/Lee Jin-man) Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro. The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs. The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war. The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%. In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63. Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday. A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. 'Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific,' Stephen Innes of SPI Asset Management said in a commentary. The ruling was, at the least, 'a brief respite before the next thunderclap,' he said. Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45. Australia's S&P/ASX 200 gained 0.2% to 8,409.80. In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%. On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month. The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%. Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed. The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading. Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%. The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. In other dealings early Thursday, the yield on the 10-year Treasury rose to 4.52% from 4.47% late Wednesday. U.S. benchmark crude oil gained $1.06 to $62.90 per barrel. Brent crude, the international standard, added $1.00 to $65.32 per barrel. The euro slipped to $1.1280 from $1.1292. Elaine Kurtenbach, The Associated Press
Japan Today
4 days ago
- Business
- Japan Today
Markets welcome court ruling against Trump's tariffs as shares, U.S. dollar and oil gain
The screens show the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won, center, and the Korean Securities Dealers Automated Quotations (KOSDAQ) are seen at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, May 28, 2025. (AP Photo/Lee Jin-man) By ELAINE KURTENBACH Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro. The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs. The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war. The future for the S&P 500 was up 1.7% while that for the Dow Jones Industrial Average gained 1.4%. Japan's Nikkei 225 index jumped 1.9% to 38,442.10. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.98 yen early Thursday, up from 144.87 yen late Wednesday. A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. 'Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific,' Stephen Innes of SPI Asset Management said in a commentary. The ruling was, at the least, 'a brief respite before the next thunderclap,' he said. Elsewhere in Asia, Hong Kong's Hang Seng added 1% to 23,482.81, while the Shanghai Composite index gained 0.8% to 3,365.40. Australia's S&P/ASX 200 gained 0.1% to 8,409.70. In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.8% to 2,709.42. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex was also down 0.1%. On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month. The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%. Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed. The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading. Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%. The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. In other dealings early Thursday, the yield on the 10-year Treasury rose to 4.52% from 4.47% late Wednesday. U.S. benchmark crude oil gained $1.06 to $62.90 per barrel. Brent crude, the international standard, added $1.01 to $65.33 per barrel. The euro slipped to $1.1242 from $1.1292. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Asahi Shimbun
5 days ago
- Business
- Asahi Shimbun
World shares are mixed after a Japanese government bond auction falls flat
The screens show the foreign exchange rates are seen at a dealing room of Hana Bank in Seoul on May 28. (AP Photo) World shares are mixed after a closely watched auction of 40-year Japanese government bonds fell flat as worries mount over growing levels of debt. In early European trading, Germany's DAX gained 0.2% to 24,283.71, while the CAC 40 in Paris was up 0.3% at 7,847.20. Britain's FTSE 100 rose 0.2% to 8,794.80. The future for the S&P 500 slipped 0.1% while that for the Dow Jones Industrial Average was down 0.2%. In Asian trading, Japan's Nikkei 225 index was nearly unchanged at 37,722.40. Government debt and bonds have become an increasingly important issue for markets in wealthy countries in recent weeks as yields have climbed around the world. Wednesday's auction of about 500 billion yen (about $3.5 billion) drew a bid-to-cover ratio of just 2.21, the lowest level since July 2024. The ratio of the amount of bonds offered versus the amount of bids received is seen as a measure of demand. When demand is slack, bond prices fall and yields rise. After years of pumping money into the economy through hefty bond purchases, Japan's central bank has been gradually cutting back, undermining demand at a time when other institutional investors also have been buying fewer JGBs. A recent auction of 20-year JGBs also found relatively few buyers. But analysts said worries eased a bit after Japan's Finance Ministry recently sent a questionnaire to bond investors that they took as a signal of efforts to calm the market by suggesting it might issue less debt. When yields softened earlier in the week in Japan, the bond market rallied, Thomas Matthews of Capital Economics said in a report. The 'somewhat soft 40-year JGB auction seems to have contributed to a slight souring of the global mood,' he said. The dollar fell to 144.16 Japanese yen from 144.36 yen. The euro rose to $1.1322 from $1.1329. Elsewhere in the region, Hong Kong's Hang Seng index lost 0.5% to 23,258.31, while the Shanghai Composite index ended flat at 3,393.93. Australia's S&P/ASX 200 edged 0.1% higher to 8,396.90. The S&P/NZX 50 in New Zealand fell 1.8% after the central bank cut its benchmark interest rate by 0.25 percentage points, as expected, to 3.25%. In South Korea, the Kospi jumped 1.3% to 2,670.15, helped by a global rally in technology shares. Samsung Electronics' shares climbed 3.7% while SK Hynix was up 2.7%. In Taiwan, the Taiex added 0.1%. India's Sensex slipped 0.1%. Oil prices rose after the U.S. authorization to Chevron to export crude from Venezuela expired Tuesday. The Trump Administration has been trying to wind down U.S. reliance on Venezuelan energy. U.S. benchmark crude oil gained 45 cents to $61.35 per barrel. Brent crude, the international standard, was up 42 cents at $63.99 per barrel. On Tuesday, Wall Street resumed its roller coaster ride created by U.S. President Donald Trump's trade policies after he delayed his threatened 50% tariff on imports from the European Union. U.S. markets were closed for Memorial Day on Monday, and the S&P 500 leaped 2.1% in its first trading since Trump's announcement. The Dow Jones Industrial Average added 1.8% and the Nasdaq composite gained 2.5%. Nvidia rallied 3.2% and was the strongest single force driving the S&P 500 higher ahead of its profit report coming on Wednesday. It's the last to report this quarter among the 'Magnificent Seven' Big Tech companies. Talks with the EU have raised hopes the United States can reach a deal with one of its largest trading partners, helping to keep global commerce moving and avoiding a possible recession. Trump declared a similar pause on his stiff tariffs for products coming from China earlier this month, which launched an even bigger rally on Wall Street at the time. Surveys have shown U.S. consumers are concerned over the economy's prospects and where inflation may be heading because of tariffs. However, a report Tuesday by the Conference Board said confidence among U.S. consumers has improved more in May than economists expected. Treasury yields eased to take some of the pressure off the stock market. The yield on the 10-year Treasury fell to 4.47% early Wednesday from 4.51% late Friday. It had risen last week, in part because of worries about the U.S. government's rapidly increasing debt.
CTV News
5 days ago
- Business
- CTV News
World shares are mixed after a Japanese government bond auction falls flat
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, May 28, 2025. (AP Photo/Lee Jin-man) World shares are mixed after a closely watched auction of 40-year Japanese government bonds fell flat as worries mount over growing levels of debt. In early European trading, Germany's DAX gained 0.2 per cent to 24,283.71, while the CAC 40 in Paris was up 0.3 per cent at 7,847.20. Britain's FTSE 100 rose 0.2 per cent to 8,794.80. The future for the S&P 500 slipped 0.1 per cent while that for the Dow Jones Industrial Average was down 0.2 per cent. In Asian trading, Japan's Nikkei 225 index was nearly unchanged at 37,722.40. Government debt and bonds have become an increasingly important issue for markets in wealthy countries in recent weeks as yields have climbed around the world. Wednesday's auction of about 500 billion yen (about US$3.5 billion) drew a bid-to-cover ratio of just 2.21, the lowest level since July 2024. The ratio of the amount of bonds offered versus the amount of bids received is seen as a measure of demand. When demand is slack, bond prices fall and yields rise. After years of pumping money into the economy through hefty bond purchases, Japan's central bank has been gradually cutting back, undermining demand at a time when other institutional investors also have been buying fewer JGBs. A recent auction of 20-year JGBs also found relatively few buyers. But analysts said worries eased a bit after Japan's Finance Ministry recently sent a questionnaire to bond investors that they took as a signal of efforts to calm the market by suggesting it might issue less debt. When yields softened earlier in the week in Japan, the bond market rallied, Thomas Matthews of Capital Economics said in a report. The 'somewhat soft 40-year JGB auction seems to have contributed to a slight souring of the global mood,' he said. The dollar fell to 144.16 Japanese yen from 144.36 yen. The euro rose to $1.1322 from $1.1329. Elsewhere in the region, Hong Kong's Hang Seng index lost 0.5 per cent to 23,258.31, while the Shanghai Composite index ended flat at 3,393.93. Australia's S&P/ASX 200 edged 0.1 per cent higher to 8,396.90. The S&P/NZX 50 in New Zealand fell 1.8 per cent after the central bank cut its benchmark interest rate by 0.25 percentage points, as expected, to 3.25 per cent. In South Korea, the Kospi jumped 1.3 per cent to 2,670.15, helped by a global rally in technology shares. Samsung Electronics' shares climbed 3.7 per cent while SK Hynix was up 2.7 per cent. In Taiwan, the Taiex added 0.1 per cent. India's Sensex slipped 0.1 per cent. Oil prices rose after the U.S. authorization to Chevron to export crude from Venezuela expired Tuesday. The Trump Administration has been trying to wind down U.S. reliance on Venezuelan energy. U.S. benchmark crude oil gained 45 cents to $61.35 per barrel. Brent crude, the international standard, was up 42 cents at $63.99 per barrel. On Tuesday, Wall Street resumed its roller coaster ride created by U.S. President Donald Trump's trade policies after he delayed his threatened 50 per cent tariff on imports from the European Union. U.S. markets were closed for Memorial Day on Monday, and the S&P 500 leaped 2.1 per cent in its first trading since Trump's announcement. The Dow Jones Industrial Average added 1.8 per cent and the Nasdaq composite gained 2.5 per cent. Nvidia rallied 3.2 per cent and was the strongest single force driving the S&P 500 higher ahead of its profit report coming on Wednesday. It's the last to report this quarter among the 'Magnificent Seven' Big Tech companies. Talks with the EU have raised hopes the United States can reach a deal with one of its largest trading partners, helping to keep global commerce moving and avoiding a possible recession. Trump declared a similar pause on his stiff tariffs for products coming from China earlier this month, which launched an even bigger rally on Wall Street at the time. Surveys have shown U.S. consumers are concerned over the economy's prospects and where inflation may be heading because of tariffs. However, a report Tuesday by the Conference Board said confidence among U.S. consumers has improved more in May than economists expected. Treasury yields eased to take some of the pressure off the stock market. The yield on the 10-year Treasury fell to 4.47 per cent early Wednesday from 4.51 per cent late Friday. It had risen last week, in part because of worries about the U.S. government's rapidly increasing debt. Elaine Kurtenbach, The Associated Press
