Economy
Asian stocks jump as Trump postpones painful tariffs
Stocks rocketed Thursday as a relief rally spread through markets after Donald Trump paused crippling tariffs on US partners, with Chinese markets even brushing off his decision to ramp up duties on Beijing to 125 percent.
The across-the-board gains tracked a blistering performance on Wall Street as the US president said he would delay for 90 days measures announced last week that set off a firestorm on trading floors and sparked global recession fears.
Trump said he would keep in place a basic levy of 10 percent on dozens of countries but upped the ante in his brutal trade war with superpower rival China by hitting it even harder after it retaliated.
China’s own 84 percent retaliatory measures kicked in at 0401 GMT Thursday, later saying that US tariffs would “severely impact the stability of the global economic order”.
Trump made the decision because he said investors were “jumping a little bit out of line” as markets collapsed and US Treasuries — considered the safest option in times of crisis — were also showing signs of cracking on concerns about the world’s top economy.
People “were getting yippy, a little bit afraid”, he added, referring to a term in sports to describe a loss of nerves.
The extra tariffs on Beijing, however, were “based on the lack of respect that China has shown to the world’s markets”, Trump said.
The president denied he had made a U-turn, telling reporters that “you have to be flexible”.
And his top trade advisor, Peter Navarro, said, “This will go down in American history as the greatest trade negotiating day we have ever had.
“We’re in a beautiful position for the next 90 days, we’ve got over 75 countries that are going to come in and negotiate with us and what they’re going to have to do, without fail, is they’re going to have to lower their non-tariff barriers.”
Trump’s shock announcement on his Truth Social network sparked a buying frenzy as Asian and European investors chased beaten-down stocks.
“Asia markets are flipping the switch — from fear to euphoria — as Trump throws a 90-day lifeline, pausing the reciprocal tariff barrage,” said Stephen Innes at SPI Asset Management.
“The president’s post nodded to the ‘yippy’ reaction to his historic hikes, and honestly, that sums it up.
“We just witnessed one of the all-time bouncebacks — and now, we look for Asia investors, much like their North American counterparts, to step in and buy the ‘yips’.”
Hong Kong rallied more than two percent — a third day of gains after collapsing more than 13 percent on Monday in its worst day since 1997 during the Asian financial crisis. Shanghai gained more than one percent.
The two markets have been given extra support by optimism that China will unveil fresh stimulus to support its economy in light of the tariff measures. Official data showing another drop in consumer prices last month added to those hopes.
– ‘Fear to euphoria’ –
Tokyo’s Nikkei surged more than nine percent, while Taipei’s 9.3 percent gain was its best rise on record — after Monday’s 9.7 percent drop represented its worst fall.
Seoul, Singapore, Jakarta, Sydney, Saigon and Bangkok climbed between four and 6.6 percent. Manila and Wellington were also well in the positive territory.
London, Paris and Frankfurt soared at the open.
Tech firms were the standout performers, with Sony, Sharp, Panasonic and SoftBank chalking up double-digit gains, while airlines, car makers and casinos also enjoyed strong buying.
Apple suppliers posted strong rallies — Hong Kong-listed AAC Technologies surged 5.6 percent and in Taiwan, Hon Hai added almost 10 percent.
Gold surged almost three percent to around $3,120 — around $50 short of its record touched last month — thanks to the weaker dollar and as the uncertainty saw investors rush into the safe haven.
Chihiro Ota, at SMBC Nikko Securities, said: “What happens now? If the US takes a hardline stance (in negotiations), then the market would be disappointed. If it turns out that they can engage in talks, then it may create a room for (an upswing).”
US Treasury yields also edged down after a successful auction of $38 billion in notes, said Briefing.com.
That eased pressure on the bond market, which had fanned worries that investors were losing confidence in the United States.
However, observers warn that the China-US standoff could be another step towards a disengagement from the world’s top two economies.
“The escalation of the trade war between the US and China suggests that a full trade decoupling is increasingly likely,” said Mali Chivakul, emerging markets economist at J. Safra Sarasin bank.
“Even if we may see a de-escalation later, a decoupling could still be the result.”
Trump’s trade war is also causing a headache for the US Federal Reserve as it weighs whether to cut interest rates to protect the economy, or keep them elevated to ward off the inflation many say tariffs will fuel.
Minutes from its March meeting, released Wednesday, showed members felt they “may face difficult tradeoffs if inflation proved to be more persistent while the outlook for growth and employment weakened”.
Oil prices edged down after bouncing more than four percent Wednesday, though they remain under pressure amid concerns about the global economy and its impact on demand.
– Key figures around 0715 GMT –
Tokyo – Nikkei 225: 9.1 percent at 34,609.00 (close)
Hong Kong – Hang Seng Index: UP 2.7 percent at 20,804.08
Shanghai – Composite: UP 1.2 percent at 3,223.64 (close)
London – FTSE 100: UP 6.1 percent at 8,145.26
Dollar/yen: DOWN at 147.05 yen from 147.82 yen on Wednesday
Euro/dollar: UP at $1.0968 from $1.0948
Pound/dollar: UP at $1.2875 from $1.2810
Euro/pound: DOWN at 85.20 pence from 85.45 pence
West Texas Intermediate: DOWN 0.6 percent at $62.00 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $65.04 per barrel
New York – Dow: UP 7.9 percent at 40,608.45 (close)
AFP
The naira depreciated to N1, 615 per dollar in the parallel market from N1,610 per dollar on Monday.
Likewise, the Naira depreciated to N1,602 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,602 per dollar from N1,596 per dollar on Monday, indicating N6 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N13 per dollar from N14 per dollar on Monday.
The Nigerian stock market opened the week on a bullish note on Monday, gaining N228 billion on the Nigerian Exchange Ltd.
Market capitalisation rose by N228 billion or 0.34 per cent and closed at N66.693 trillion compared to Friday’s figure of N66.465 trillion.
Similarly, the All-Share Index (ASI) climbed by 363.57 points or 0.34 per cent, reaching 106,116.18 from 105,752.61 recorded earlier.
The Nigerian stock market opened the week on a bullish note on Monday, gaining N228 billion on the Nigerian Exchange Ltd.
Market capitalisation rose by N228 billion or 0.34 per cent and closed at N66.693 trillion compared to Friday’s figure of N66.465 trillion.
Similarly, the All-Share Index (ASI) climbed by 363.57 points or 0.34 per cent, reaching 106,116.18 from 105,752.61 recorded earlier.
The positive trend was driven by strong buying interest in medium and large-cap stocks including International Breweries, Legend Internet Plc, Cadbury Nigeria, Fidson and more.
In spite of the upward trend, the market breadth closed positively, with 47 gainers and 16 losers.
International Breweries led the gainers’ chart, rising by 10 per cent to close at N8.47 per share.
Legend Internet Plc followed, appreciating by 9.97 per cent to settle at N7.50 per share.
Cadbury Nigeria gained by 9.96 per cent, and end the day at N29.25, while Fidson rose by 9.95 per cent to close at N20.45 per share.
Eterna also advanced by 9.90 per cent to close at N43.85 per share.
On the losers’ chart, Livestock Feeds dropped by 10 per cent, closing at N8.55 per share.
Aradel Holdings declined by 9.86 per cent to end the session at N448.00 per share
Tripple Gee fell by 9.60 per cent to close at N1.79, while John Holt Plc shed 7.94 per cent to close at N5.80 per share.
Linkage Assurance lost by 6.15 per cent, and finished the day at N1.22 per share.
A total of 500.59 million shares worth N12.110 billion were traded in 17,637 transactions.
This is compared to Friday’s 428.08 million shares worth N20.174 billion, exchanged across 14,284 transactions.
Access Corporation led the activity chart with 60.867 million shares traded, which was worth N1.45 billion.
Fidelity Bank followed with 56.105 million shares valued at N1.13 billion while the United Bank for Africa sold 34.53 million shares worth N1.174 billion.
Guarantee Trust Holding Company transacted 33.49 million shares valued at N2.181 billion and the Nigerian Breweries traded 28.336 million shares, amounting to N1.15 billion.
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