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Electric vehicle stocks in Hong Kong plummeted as US President Trump's new tariffs escalated the global trade war, with BYD down 11.15%, Nio 11.30%, Xpeng 11.40%, and Li Auto 10.82%. The Hang Seng Index fell 9%, reflecting broader market turmoil following China's retaliatory measures, including a 34% tariff on US imports. Analysts suggest that while new tariffs challenge China's economy, the stock market may have more favorable conditions compared to previous years.
Fuse, a UAE-based fintech specializing in cross-border payment solutions, has secured $6.6 million in seed funding led by Northzone, with participation from Flourish Ventures and Alter Global. The company, which offers virtual international bank account numbers (IBANs), aims to expand its team and product offerings across MENA, currently serving over 20 clients, including DLocal and Airbnb. Recently, Fuse has begun direct payment services in Saudi Arabia, Egypt, and Jordan, facilitating currency disbursements for Indian and Chinese companies in the UAE.
Tencent Holdings Ltd. has reported its strongest revenue growth in over a year, largely fueled by successful gaming titles. In addition, the company has announced a significant share buyback plan, signaling confidence in its financial health and future prospects.
Gulf bourses faced significant declines as US tariffs on imports dampened investor confidence, with Saudi Arabia's Tadawul All Share Index dropping 5.06% at the open. Other regional markets also fell, reflecting concerns over rising import costs and a potential US economic slowdown, while oil prices hit a three-year low amid escalating trade tensions. The banking sector was particularly hard hit, mirroring steep losses on Wall Street, as fears of recession grew.
UAE fintech startup Fuse has secured USD 6.6 million in seed funding, led by Northzone, to enhance cross-border payments in the MENA region. The company plans to expand its team, obtain regional licenses, and broaden its product offerings, including virtual USD accounts and dirham IBANs, targeting global businesses entering MENA. Founded in 2023, Fuse aims to address the region's complex payment infrastructure, catering to underserved businesses amid a surge in e-commerce and digital transactions.
President Trump's new tariff plan is disrupting the bitcoin mining sector, particularly in Asia, with a minimum 10% tariff on all exporters starting April 5, and additional levies on Thailand and Malaysia. Bitcoin mining firms, like Luxor Technology, are racing to ship thousands of machines to the US before the tariffs take effect, while US-listed companies face stock drops. The tariffs on key components are expected to increase capital expenses for North American miners amid a cooling market.
US Treasury Secretary Scott Bessent attributed the recent stock market decline to the emergence of Chinese AI firm DeepSeek, rather than President Trump's economic policies. He noted that DeepSeek's launch earlier this year led to a significant drop in Nvidia shares, contributing to a nearly US$600 billion loss in market value. Following this, US stocks fell about 10% amid inflation concerns and a potential economic slowdown.
Chinese state media, including CGTN and Xinhua, have utilized AI-generated videos to criticize US tariff policies and their effects on American consumers. One video features an AI song highlighting the human origins of the debt crisis, while another depicts a robot named "Tariff" self-destructing for refusing to impose high tariffs, linking these actions to trade wars. This media campaign underscores China's broader disapproval of US trade practices, which have prompted retaliatory measures from Beijing.
AppLovin CEO Adam Foroughi has proposed a merger to acquire TikTok, allowing AppLovin to manage the app while TikTok's Chinese investors maintain a stake. The plan aims to enhance monetization by combining AppLovin's algorithm with TikTok's user base. This bid is part of a competitive landscape that includes other US companies, with any deal requiring approval from the Chinese government. According to a US SEC filing, AppLovin's bid is still in early stages.
Global stock markets plummeted on April 4 after President Trump announced new tariffs, leading to a $5 trillion loss in S&P 500 market value—the largest drop since March 2020. The Dow fell 2,231 points (5.5%), while the Nasdaq entered bear market territory, and sectors linked to China, such as tech and energy, were severely impacted. In response, China imposed 34% tariffs on US goods, escalating trade tensions and prompting investors to seek safe-haven assets.
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