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Asian traders will soon be grappling with how to position themselves on the stock market today in the countdown to US President Donald Trump’s sweeping tariffs announcement. However, it is not very clear as to how far Donald Trump will go with his reciprocal global trade tariffs, since his team may actually be considering a new, middle-ground option, according to a Wall Street Journal report. Also Read: LG Energy Solution unit to pay $2 billion for Michigan battery venture with GM This uncertainty however, has shaken markets across the globe and has prompted economists to cut their growth forecasts and even forced central bankers to factor in the potential inflationary impact of import costs, according to a Bloomberg report.
In India, the benchmark BSE Sensex closed a staggering 1,390.41 points, or 1.80 per cent, into the red, reaching 76,024.
51. The NSE Nifty was down by 353.65 points, or 1.
5 per cent, into the red, reaching 23,165.70. Meanwhile, stocks rose 0.
5% in Sydney, similar to the 0.4% gain of the S&P 500. However, Hong Kong's Hang Seng futures saw a decline of 0.
4%, Also Read: Zomato lays off 600 customer support staff as it increases AI use to cut costs: Report When it comes to currencies, the dollar spot index changed very little, just like the euro and the Yuan, though the Yen fell 0.1% and the Rupee was down 0.37% to 85.
47 per dollar. Gold, though a safe-haven asset in times such as these, was also little changed. Trump's tariffs will come into effect at 4 pm New York time on Wednesday, which is 1:30 am IST on Thursday in India.
He calls this day “Liberation Day” as part of his wider project to dismantle the global trading system the US helped build out of a bygone era’s wreckage, on his belief that Americans got a raw deal, according to the report. Also Read: Apple working on ‘AI doctor’ for iPhone's Health app: Report “Sentiment remains fragile before tariff day,” the report quoted Fawad Razaqzada at City Index and Forex.com as having said.
“With the exact scope of these measures still uncertain, you would imagine that investors remain cautious." He added that "the trajectory of stocks remains highly uncertain in the near-term outlook.”.
