Asian Shares Mixed; China And Hong Kong End On Steady Note

RTTNews | 70 days ago
Asian Shares Mixed; China And Hong Kong End On Steady Note

(RTTNews) - Asian stocks ended mixed on Tuesday after tariff-related worries and fears over the independence of the U.S. Federal Reserve sparked a sell-off in U.S. equities overnight.

In a post on Truth Social, Trump claimed without evidence that "pre-emptive cuts" were being called for "by many" now that the economy was facing what he described as "virtually No Inflation."

Mainland Chinese and Hong Kong markets outperformed despite escalating U.S.-China trade tensions.

The dollar remained under pressure after hitting a three-year low Monday. Gold hovered near record levels while oil prices rebounded on short covering.

China's Shanghai Composite index ended up 0.25 percent at 3,299.76 and Hong Kong's Hang Seng index rose 0.78 percent to 21,562.32 amid bets policymakers will unveil more stimulus in coming months.

Japanese markets fell as the yen strengthened against other major currencies amid rising consensus that the Bank of Japan (BoJ) will continue hiking interest rates in 2025.

The Nikkei average dropped 0.17 percent to 34,220.60 while the broader Topix index settled 0.13 percent higher at 2,532.12.

The yen hit a fresh seven-month high against the dollar following U.S. President Trump's incessant attacks on Federal Reserve Chair Jerome Powell.

Seoul stocks ended little changed, with the Kospi average finishing marginally lower at 2,486.64, snapping a three-day winning streak. Samsung Electronics shed 0.7 percent and Hyundai Motor dropped 0.9 percent on tariff concerns.

Australian markets ended marginally lower after recovering from day's lows led by banks, with Commonwealth Bank of Australia surging 4.2 percent. Gold miner Evolution Mining jumped 4.9 percent and Resolute Mining soared 8.6 percent as bullion extended a blistering rally to rise above US$3,500 an ounce for the first time.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 2.33 percent to 11,836.69 as traders returned from a long weekend.

U.S. stocks fell sharply overnight, and the dollar hit a three-year low as President Donald Trump intensified his attacks on Federal Reserve Chair Jerome Powell and warned there can be a slowing of the economy unless "Mr. Too Late, a major loser, lowers interest rates, NOW." he wrote.

Trump's warning to trade partners against what he calls 'non-tariff cheating' and China's retaliation threat against countries that follow U.S. calls to isolate Beijing also added to investor woes.

The Dow slumped 2.5 percent, the tech-heavy Nasdaq Composite plunged 2.6 percent and the S&P 500 plummeted 2.4 percent.

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