Global Stocks Advance Despite Trump’s Tariff Threats
Global equity markets pushed higher as investors brushed aside renewed trade threats from former U.S. President Donald Trump.
U.S. copper futures widened their premium over the London benchmark after Trump announced a 50% tariff on copper imports, set to take effect on August 1. He also threatened a similar 50% tariff on Brazilian exports and issued notices targeting seven smaller trading partners.
Despite the aggressive trade rhetoric, markets remained resilient. European stocks gained, with Germany’s DAX rising 0.2% and the FTSE 100 climbing 1.1% to reach a new all-time high.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%. South Korea’s Kospi jumped 1.6% to 3,183.23 after the Bank of Korea left interest rates unchanged, and semiconductor stocks rallied on the back of Nvidia’s strong performance in the U.S.
Elsewhere in the region, Tokyo’s Nikkei 225 slipped 0.4% to 39,646.36, pressured by a stronger yen, which hit export-focused auto and electronics stocks. The Hang Seng in Hong Kong edged up 0.1% to 23,926.09, while the Shanghai Composite rose 0.5% to 3,511.10. Australia’s S&P/ASX 200 added 0.6%, closing at 8,589.20.
On Wall Street, sentiment remained upbeat. The S&P 500 gained 0.6% to close at 6,263.26, the Dow Jones rose 0.5% to 44,458.30, and the Nasdaq advanced 0.9% to finish at 20,611.34.
In bond markets, yields retreated, with the 10-year U.S. Treasury yield falling to 4.343%, down from 4.417% the previous day.
