1 week Ago
Asia-Pacific markets were set to fall Wednesday as investors brace themselves for U.S. President Donald Trump's country-specific tariffs that are set to come into effect midnight stateside.
Australia's futures were down at 7,391, compared to the index's last close at 7,510. Japan's Nikkei 225 futures pointed to a lower open for the market. The futures contract in Chicago was at 31,880 and its counterpart in Osaka last traded at 32,140 compared to the index's previous close of 33,012.
58. Hong Kong's Hang Seng index futures were at 19,300 also weaker than the HSI's last close of 20,127.68.
Additional tariffs will take effect just after U.S. midnight, adding to the 10% baseline duty that was already implemented on Saturday.
Chinese goods will now face a cumulative tariff rate of 104%, the White House confirmed. Investors will also be keeping an eye out for Reserve Bank of India's decision later in the day. India' central bank is expected to deliver a second straight rate cut today, according to economists polled by Reuters, which will bring its policy rate to 6%.
Overnight in the U.S., the three major averages closed lower.
The dropped 320.01 points, or 0.84%, and closed at 37,645.
59, bringing its four-day loss on tariff angst to more than 4,500 points. led the losses with the iPhone maker's costs set to surge with new China tariffs. The declined 1.
57% to end at 4,982.77. The index was inches away from closing in a bear market, down nearly 19% from its February record, and it ended the session below 5,000 for the first time since April 2024.
Over the past four days, the S&P 500 has fallen more than 12%. U.S.
stocks finished Tuesday's volatile session in the red. The S&P 500 declined 1.57%.
The Dow Jones Industrial Average ended down 320.01 points, or 0.84%.
The tech-heavy Nasdaq Composite dropped 2.15%. San Francisco Federal Reserve President Mary Daly said Tuesday that she backs the central bank's wait-and-see approach when it comes to interest rates.
"We've got policy in a very good place right now. We've cut the interest rate by 100 basis points last year. That puts policy in a good place to stay modestly restrictive, keep inflation coming down, but not so restrictive that the economy is vulnerable," Daly said during an event at Brigham Young University.
"So with growth good and and policy in a good place, we have built the time and the ability to just tread slowly and tread carefully," she added. Daly does not vote this year on the rate-setting Federal Open Market Committee and will next vote in 2027..
