Asian Shares Mixed As Trade Fears Ebb

RTTNews | 3 days ago
Asian Shares Mixed As Trade Fears Ebb

(RTTNews) - Asian shares ended mixed on Monday as U.S. President Donald Trump threatened to roll out 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics Co. and other companies, if they are not manufactured in the U.S.

That said, underlying sentiment was underpinned somewhat due to easing trade tensions between the United States and the European Union.

Trump said he would delay imposing 50 percent tariffs on imports from the EU until July 9, backing of this threat to impose tariffs on goods from the European Union as soon as 1 June.

The U.S. dollar began the week on a tepid note and gold dropped from a two-week high hit on Friday, while oil prices were slightly higher in Asian trade after Ukraine was hit by a massive Russian drone and missile attack for the second night in a row.

China's Shanghai Composite index finished marginally lower at 3,346.84 after a choppy session.

Hong Kong's Hang Seng index fell 1.35 percent to 23,282.33, with automobile and Apple suppliers pacing the decliners.

China's yuan climbed to near a seven-month high after the country's central bank tightened the midpoint fixing.

Japanese markets rallied on trade optimism ahead of chief trade negotiator Ryosei Akazawa's visit to the U.S. for a third round of talks.

The Nikkei average climbed 1 percent to 37,531.53, extending gains for a second consecutive session. The broader Topix index settled 0.60 percent higher at 2,751.91.

Nippon Steel Corp shares jumped 2.1 percent after Trump approved the company's investment in U.S. Steel.

Seoul stocks ended sharply higher, snapping a two-day losing streak driven by gains in tech shares. The Kospi average jumped 2.02 percent to 2,644.40, marking the highest level since Feb. 24.

Market bellwether Samsung Electronics rose 0.9 percent and its rival SK Hynix added 1.5 percent.

Battery makers LG Energy Solution and Samsung SDI soared around 4 percent each, chemical firm LG Chem jumped 2.9 percent and automaker Hyundai Motor rose 1.1 percent.

Australian markets fluctuated before ending on a flat note. Banks declined, offsetting gains in the mining and IT sectors. WiseTech Global surged 4.7 percent after the software firm agreed to acquire U.S. cloud computing firm E2open for $2.1 billion.

Paladin Energy soared 8.8 percent and Boss Energy climbed 7.3 percent after Trump signed a series of executive orders to boost nuclear energy production in the United States.

Origin Energy gave up 4.9 percent after downgrading forecast for its Octopus Energy business.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dipped 0.39 percent to 12,547.22.

U.S. stocks ended firmly in the red on Friday as President Trump targeted the European Union and Apple with tariff threats.

He threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st, claiming talks with the bloc are "going nowhere."

Separately, Trump warned that Apple would face a 25 percent tariff on iPhones manufactured outside the United States, sparking debate on manufacturing and job creation.

The tech-heavy Nasdaq Composite shed 1 percent, the S&P 500 dropped 0.7 percent and the Dow dipped 0.6 percent.

read more
U.S. Economic Shrinks Slightly Less Than Previously Estimated In Q1

U.S. Economic Shrinks Slightly Less Than Previously Estimated In Q1

A report released by the Commerce Department on Thursday showed the U.S. economy shrank by slightly less than previously estimated in the first quarter of 2025. The Commerce Department said real gross domestic product edged down by a revised 0.2 percent in the first quarter compared to the previously reported 0.3 percent dip. Economists had expected the modest decrease to be unrevised.
RTTNews | 2h 49min ago
U.S. Weekly Jobless Claims Climb More Than Expected To 240,000

U.S. Weekly Jobless Claims Climb More Than Expected To 240,000

First-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 24th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 240,000, an increase of 14,000 from the previous week's revised level of 226,000. Economists had expected jobless claims to inch up to 230,000.
RTTNews | 2h 52min ago
Hormel Foods Recalls 256K Pounds Of Canned Beef Stew Product

Hormel Foods Recalls 256K Pounds Of Canned Beef Stew Product

Hormel Foods Corp. is recalling around 256,185 pounds of canned beef stew product that may be contaminated with foreign material, specifically wood, according to the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS. The Tucker, Georgia-based branded food major's recall involves 20-oz. metal cans containing "Dinty Moore BEEF STEW" with "BEST BY FEB 2028".
RTTNews | 3h 26min ago
UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT

UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT

UK automotive manufacturing registered its weakest start to a year since 2009, the Society of Motor Manufacturers & Traders, or SMMT, said Thursday. Car and commercial vehicle production decreased 15.8 percent on a yearly basis to 59,203 units in April. Auto production fell to the lowest level for the month since 1952, excluding 2020 when the first Covid lockdown effectively saw manufacturing c
RTTNews | 3h 54min ago
Bay Street Looks Set To Start On Firm Note

Bay Street Looks Set To Start On Firm Note

Canadian shares look headed for a firm start on Thursday, with encouraging earnings by Royal Bank of Canada and Canadian Imperial Bank of Commerce, and a U.S. court ruling against U.S. President Donald Trump's sweeping tariff moves set to lift sentiment.
RTTNews | 4h 9min ago