- Asia-Pacific markets subdued as Trump administration prepares to roll out fresh tariffs
Asia-Pacific markets were mostly down Wednesday as investors brace for U.S. President Donald Trump to roll
out fresh tariffs this week. Japan’s Nikkei 225 traded around the flatline while the Topix declined 0.56%. South
Korea’s Kospi slipped 0.42% and the small-cap Kosdaq lost 0.77%. Australia’s S&P/ASX 200 traded 0.24%
higher. Hong Kong’s Hang Seng Index lost 0.41% while mainland China’s CSI 300 traded flat. A regional gauge
declined with indexes in Japan and Hong Kong dropping. Treasury yields advanced after a multi-day drop as
traders weighed the odds of Federal Reserve policy easing. - S&P 500 closes higher to start new quarter as traders await Trump’s tariff rollout
The S&P 500 climbed on Tuesday in another volatile session as the market awaited clarity from
President Donald Trump regarding his tariff policy rollout. Wall Street also faced pressure from weaker than
expected economic data. The broad market index added 0.38% to close at 5,633.07, while the Nasdaq
Composite gained 0.87% and ended at 17,449.89. The Dow Jones Industrial Average slipped 11.80 points, or
0.03%, to settle at 41,989.96. The S&P 500′s whipsaw moves follow a similar pattern of trading from Monday.
At its high on Tuesday, the broad market index climbed 0.7%, but the benchmark was down by nearly 1% at its
session low. - Oil eases off five-week highs as traders weigh impact of imminent Trump tariffs
Oil prices edged lower on Tuesday as traders braced for reciprocal tariffs that U.S. President Donald Trump is
due to announce on Wednesday, which could intensify a global trade war. However, Trump’s threats to impose
secondary tariffs on Russian oil and to attack Iran fueled supply worries, limiting losses. Brent futures were
down 39 cents, or 0.5%, at $74.38 a barrel. The session high was above $75 a barrel. U.S. West Texas
Intermediate crude futures fell 38 cents, or 0.5%, to $71.10. The White House provided no details about the
size and scope of tariffs that it confirmed Trump will impose on Wednesday. - Gold pauses for breath after record run on safe-haven demand
Gold prices eased on Tuesday on profit-taking but remained near record highs as investors turned to the safe
haven asset ahead of President Donald Trump’s planned announcement of sweeping tariffs on countries that
have a trade imbalance with the U.S. Spot gold was down 0.3% at $3,113.43 per ounce, after hitting an all-time
high of $3,148.88 earlier in the day. U.S. gold futures settled 0.1% lower at $3,146. On a technical basis, gold’s
Relative Strength Index (RSI) stands above 70, indicating the metal is overbought. Silver fell 1.5% to $33.55 an
ounce, platinum was down 0.8% at $984.64. Palladium gained 0.2% to $984.99 - Dollar steady as zero hour on “Liberation Day” closes in
The dollar firmed a touch and other currencies held tight ranges on Wednesday as traders anxiously awaited
details of U.S. President Donald Trump’s tariff plans later in the day that could set the tone for markets in the
near term. The euro last bought $1.0792 while sterling steadied at $1.2924, both little changed ahead of a
White House Rose Garden announcement scheduled for 2000 GMT that will likely see the imposition of
dramatic new duties that could upend the global trade system. The Australian dollar was flat at $0.62785, while
the New Zealand dollar was up 0.11% at $0.5707. - Trump’s upcoming tariffs ‘will be effective immediately,’ White House says
President Donald Trump’s forthcoming tariffs will take effect right after they are unveiled on Wednesday, the
White House said. “My understanding is that the tariff announcement will come tomorrow. They will be
effective immediately,” press secretary Karoline Leavitt told reporters Tuesday. “The president has been
teasing this for quite some time,” Leavitt said, noting that Trump has repeatedly hyped-up April 2 as America’s
“liberation day.” Trump has said that he will impose “reciprocal tariffs” that day, suggesting that many
countries with their own duties on U.S. goods could suddenly face new trade barriers. He has touted the policy
as “the big one” and recently said it will “start with all countries.” But much about the plan remains unclear,
including the scope and severity of the tariffs and how they will be calculated. - U.S. issues Iran-related sanctions against China, UAE-based entities
The U.S. on Tuesday imposed sanctions on entities and individuals in Iran, the United Arab Emirates and China
whom it accused of being part of an Iranian weapons procurement network, as President Donald Trump seeks
to ramp up pressure on Tehran. The U.S. Treasury Department announced sanctions on six entities and two
individuals in action taken in coordination with the Department of Justice, accusing them of responsibility for
procurement of unmanned aerial vehicle (UAV) components on behalf of a leading manufacturer for Iran’s
drone program. - BOJ warns of possible hit to global trade from planned new US tariffs
Planned new U.S. tariffs could have a huge impact on world trade, Bank of Japan Governor Kazuo Ueda said on
Wednesday, warning of a possible hit to global growth hours before President Donald Trump is set to unveil
reciprocal tariffs. The expected move will come on top of U.S. tariffs on imports of aluminum and steel imports,
as well as higher duties on all goods from China. Trump has also repeatedly threatened to impose other tariffs,
only to cancel or postpone them. - Euro zone inflation dips to 2.2% in March as U.S. tariffs loom
Annual Euro zone inflation dipped as expected to 2.2% in March, according to flash data from statistics agency
Eurostat published Tuesday. The Tuesday print sits just below the 2.3% final reading of February. Core-inflation,
which excludes more volatile food, energy, alcohol and tobacco prices, edged lower to 2.4% in March from
2.6% in February. The closely watched services inflation print, which had long been sticky around the 4% mark,
also fell to 3.4% in March from 3.7% in the preceding month. Recent preliminary data had showed that March
inflation came in lower than forecast in several major euro zone economies. Last month’s inflation hit 2.3%
in Germany and fell to 2.2% in Spain, while staying unchanged at 0.9% in France. - Chinese megabanks’ interest margins fall to record low as economy slows
A key profitability indicator at China’s biggest lenders has fallen to its lowest levels on record as a slowing
economy and an official push to boost credit weigh on the country’s banking sector. The average margin across
the six state-run lenders, including Bank of China and Industrial and Commercial Bank of China, the world’s
biggest by assets, was 1.48 per cent at the end of last year, compared with 1.6 per cent the previous year. The
last time it was above 2 per cent was in 2021. The decline reflects growing pressure on China’s state-run banks
as authorities struggle to stimulate an economy hit by a prolonged property slump and weak consumer
confidence. - Tesla sales tumble again in key European regions
Tesla March registration data in European countries including France, Denmark, and Norway falls as a rough
Q1 comes to a close. Tesla (TSLA) registration data in key European regions fell again in March, another sign
that sales are continuing to slide in one of its key markets. This comes after Tesla’s stock tumbled in the first
quarter, its worst quarter in more than two years. In France, only 3,157 Tesla EVs were registered in the
country, down 36.8% from a year ago, per official data cited by Reuters. Norway saw only 2,211 registrations,
down 63.9%. Sweden’s tally of 911 was only down 1%. - J&J Dives After Judge Tosses Out $10 Billion Talc-Based Bankruptcy Plan
Johnson & Johnson (JNJ) stock slumped Tuesday after a judge rejected its $10 billion proposal to settle
thousands of lawsuits claiming its baby powder and other talc-based products caused cancer. A bankruptcy
judge in Texas dismissed J&J’s case, saying the company used a flawed process to solicit votes from claimants.
This is the third time Johnson & Johnson’s bankruptcy strategy has been tangled up in court. The health care
giant faces more than 60,000 claimants who say its talc products contained asbestos and caused them to
develop ovarian cancer. Johnson & Johnson stock fell 7.6%, closing at 153.25. Shares broke out of a cup base on
March 4, but Tuesday’s move put J&J shares about 9% below that entry. - Shares of Trump-friendly Newsmax leap 2,200% after Wall Street debut
Shares in Newsmax closed 179 per cent higher at $233 on Tuesday. That took the stock’s gains since their NYSE
launch to more than 2,200 per cent, in an echo of the “meme stock mania” that gripped US equities markets
in 2021. The conservative TV company, founded in 1998, had a market capitalisation of more than $20bn on
Tuesday, despite regulatory filings showing Newsmax lost $72mn on $171mn in revenue last year. Newsmax’s
strong debut comes as several much larger groups have endured disappointing starts as public companies in
recent weeks, weighed down by broader concerns about slowing US economic growth. - Nvidia-Backed AI Stock CoreWeave Rebounds to Overtake Downsized IPO Price, closes up 42%
Last week’s broken IPO for CoreWeave Inc. found its footing Tuesday, surging higher to close well above its IPO
price. During its debut on Friday, shares priced weakly, opened lower, and closed flat. The stock then continued
7% lower on Monday. However, the stock found some serious traction today, closing up a remarkable 42.1%
to $52.69. - Shopify shares surged over 15% on Tuesday on strong Q3 results.
The company reported a 26% Y/Y revenue increase in Q3, marking the sixth consecutive quarter of more than
25% growth, excluding logistics. Gross merchandise volume and monthly recurring revenue both rose 24%.
Operating income soared 132% Y/Y, and free cash flow grew 53% to $421M. Looking ahead, Shopify expects
Q4 revenue to grow at a mid-to-high twenties percentage rate Y/Y, exceeding prior guidance. Gross profit
dollars are expected to grow at a rate similar to Q3, and GAAP operating expenses as a percentage of revenue
are projected to range between 32% and 33%.
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