Crimson clouds light up the skyline of Victoria Harbor on July 14, 2022 in Hong Kong, China.
Li Zhihua | Chinese Press Service | Getty Images
Asia-Pacific markets were mixed on Wednesday, with Chinese stocks falling after President Donald Trump’s comments on imposing 10% tariffs on China.
Australia’s S&P/ASX 200 index rose 0.26%.
from Japan Nikkei 225 added 1.36% and the Topix rose 0.87%. South Korea Kospi added 3.67% while the Kosdaq traded 0.93% higher.
Shares of several Korean technology stocks rebounded, with SK Hynix and LG Electronics leading gains of 2.52% and 2.85% respectively. This follows reports that Korean companies are considering moving their production plants from Mexico to the United States following Trump’s protectionist policies.
that of Hong Kong Hang Seng Index fell 1.34%, while mainland China’s CSI 300 fell 0.85%. Trump said his team was discussing a 10% tariff on China and that the tariff could take effect as soon as February 1.
India Clever 50 rebounded slightly, adding 0.28% after falling on Tuesday to its lowest level since last June. Similarly, the BSE Sensex rose 0.46 per cent.
Investors will be paying attention to the Malaysian central bank’s policy meeting today, where Bank Negara Malaysia is expected to keep its policy rate at 3%.
In the United States, all three major averages rose overnight as investors viewed Trump’s comments on international trade as a little more moderate than expected.
The Dow Jones Industrial Average added 537.98 points, or 1.24%, to finish at 44,025.81. The S&P 500 gained 0.88% to end at 6,049.24, while the Nasdaq Composite rose 0.64% to 19,756.78.
Trump said he was considering 25% tariffs on Mexico and Canada on February 1 because of their border policies, while signing the first day’s executive orders at the White House on Monday evening. He also mentioned China, noting that the United States could impose tariffs on that country if it does not approve a deal with TikTok.
—CNBC’s Alex Harring and Brian Evans contributed to this report.
