Asian stock markets traded mostly lower on Thursday, responding to mixed cues from Wall Street overnight and renewed concerns over a potential global trade war following U.S. President Donald Trump’s latest tariff announcements. During his first official Cabinet meeting, Trump reiterated plans for 25 percent “reciprocal” tariffs on European autos and other goods. He also indicated that previously delayed tariffs on Canada and Mexico would take effect on April 2, despite a 30-day pause set to expire on March 4.
In Australia, the S&P/ASX 200 Index gained 32.30 points, or 0.39 percent, to 8,273.00, recouping some losses from the previous two sessions. Major miners Rio Tinto and BHP Group were up, while oil stocks were mostly higher, with Origin Energy gaining more than 1 percent. The Japanese market traded modestly higher, with the Nikkei 225 moving well above the 38,200 level.
The benchmark index closed the morning session at 38,198.96, up 56.59 points, or 0.15 percent. Market heavyweight SoftBank Group edged up 0.4 percent, and Uniqlo operator Fast Retailing gained almost 1 percent. Elsewhere in Asia, markets in China, Hong Kong, Malaysia, South Korea, Indonesia, and Taiwan traded lower by between 0.2 and 0.9 percent each.
Asian stocks respond to tariff threats
New Zealand was up 0.7 percent, while Singapore remained relatively flat. On Wall Street, stocks showed a strong early upswing on Wednesday but gave back ground over the course of the trading day.
The Nasdaq ended up 48.88 points, or 0.3 percent, at 19,075.26, while the S&P 500 eked out a modest gain of 0.81 points to 5,956.06. The Dow slid 188.04 points, or 0.4 percent, to 43,433.12. The major European markets all reported gains on the day, with the German DAX Index rising by 1.6 percent, the French CAC 40 Index surging by 1.2 percent, and the U.K.’s FTSE 100 Index climbing by 0.7 percent.
Crude oil prices drifted lower on Wednesday amid concerns about the outlook for demand due to the Trump administration’s tariff policies. West Texas Intermediate Crude oil futures for April settled lower by $0.31 at $68.62 a barrel. In economic news, the total value of new capital expenditure in Australia was down a seasonally adjusted 0.2 percent on quarter in the fourth quarter of 2024, according to the Australian Bureau of Statistics.
In the currency market, the Australian dollar traded at $0.631, while the U.S. dollar traded in the lower 149 yen-range on Thursday.
