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Asian markets experienced significant declines on April 7, following a sharp selloff on Wall Street amid rising US-China trade tensions. Japan’s Nikkei 225 fell nearly 8% before closing down 6%, while Hong Kong’s Hang Seng dropped 9.4%, and China’s Shanghai Composite declined 6.2%. Retaliatory tariffs announced by China, matching a 34% US levy on imports, fueled the turmoil, with US futures indicating further losses. Oil prices also fell, and the dollar weakened against the yen and euro, raising concerns about ongoing market volatility.
US-China tariff tensions continue to influence global markets, with US stock markets rebounding on positive earnings despite uncertainty. The Nasdaq 100 is in a correction phase, potentially testing its 200-day moving average, while the ASX 200 shows resilience within a bullish trend. The Australian dollar has rebounded from a five-year low, indicating market recovery signals.
Asian indices are set for a mixed open following a hawkish Federal Reserve outlook, with the Nikkei 225 up 0.32% while the ASX 200 and KOSPI decline by 1.12% and 1.28%, respectively. Key economic data, including China's loan prime rate decision and upcoming U.S. core PCE price data, will be closely monitored as they may influence market sentiment and Treasury yields. The ASX 200 is testing support levels, while the Singapore Blue Chip index shows signs of bearish divergence, and the China A50 remains range-bound amid policy uncertainty.
Asia-Pacific markets are poised for a higher open, diverging from Wall Street's decline, as investors digest Japan's household spending data. In October, spending rose 2.9% month-on-month, surpassing expectations, while year-over-year spending fell 1.3%, also better than anticipated. Japan's Nikkei 225 futures indicate a positive start, while Australia's S&P/ASX 200 opened lower.
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Asian markets tumble as US China trade tensions escalate
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NIKKEI 225 INDEX FUTURES, June
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Richard A. Brooks
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00:59 06.12.2024
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