Asian stocks tumbled overnight following a tough day on Wall Street as uncertainty over Donald Trump’s trade policies shook markets.
The Nikkei (^N225) fell 2.1% on the day in Japan, on heavy selling of technology related shares, while the Hang Seng (^HSI) slipped 0.6% in Hong Kong. The Shanghai Composite (000001.SS) was 0.3% down by the end of the session.
Bitcoin (BTC-USD)plunged around 6% after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.
The cryptocurrency recovered somewhat and was trading 2% lower at $87,951.
Wall Street’s sell-off kicked back into gear last night, rattled by the whiplash created by Donald Trump’s tariffs. It came despite Trump delaying some tariffs targeting Canada and Mexico, after he offered a one-month reprieve from his 25% tariffs on many goods imported from both countries.
But the US president has said he will not modify broad tariffs for steel and aluminium imports, which are due to take effect next week.
The S&P 500 (^GSPC) tumbled 1.8% to 5,738.52, resuming its slide after a mini-recovery on Wednesday clawed back some of its sharp drop over recent weeks.
The Dow Jones (^DJI) dropped 1% to end at 42,579.08, and the Nasdaq Composite (^IXIC) sank 2.6% to 18,069.26, finishing more than 10% below its record set in December.
In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.276% from 4.326% late on Wednesday.
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