Asian markets mostly advanced on Tuesday, following a turbulent session on Wall Street as investors reacted to growing global uncertainty ahead of President Donald Trump’s impending “Liberation Day.”
In contrast to equities, investors have been favouring traditional safe havens amid economic jitters. Gold climbed early Tuesday, reaching $3,172.80 per ounce.
Japan’s Nikkei 225 inched up 0.1% to 35,663.86 after Prime Minister Shigeru Ishiba urged President Trump to reconsider potential car tariffs on Japan, a long-standing US ally. Meanwhile, a central bank survey indicated a decline in sentiment among major manufacturers.
Hong Kong’s Hang Seng rose 1.1% to 23,363.96, while China’s Shanghai Composite added 0.6% to 3,355.31. South Korea’s Kospi led gains with a 1.8% surge to 2,525.44, and Australia’s S&P/ASX 200 gained 1% to 7,919.50.
Elsewhere, Taiwan’s Taiex jumped 2.6%, Bangkok’s SET climbed 1.1%, while India’s Sensex slipped 0.2%.
Global markets were rattled on Monday by Trump’s looming announcement, sending stocks on a roller-coaster ride. In the US, the S&P 500 rebounded 0.6% to close at 5,611.85 after being down as much as 1.7% during the session. The late comeback narrowed its year-to-date loss to 4.6%, making it the worst-performing quarter in two and a half years.
The Dow Jones Industrial Average also reversed early losses to finish 1% higher at 42,001.76. However, the Nasdaq Composite dipped 0.1% to 17,299.29, weighed down by declines in Tesla, Nvidia, and other major tech names.
Demand for US Treasury bonds pushed prices higher and yields lower. The yield on the 10-year Treasury note dropped to 4.21% from 4.27% on Friday, and down from about 4.8% in January.
