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News Headline : > Fakhrul happy to celebrate Eid in free atmosphere   > Sarjis Alam Extends Eid Greetings in a Fascist-Free New Bangladesh   > Dhaka Celebrates Mughal-Style Eid-Ul-Fitr   > Gold Prices Reach Record High in Global Market   > Khaleda celebrates Eid with son after seven years   > 5 killed as two buses collide in Ctg on Eid day   > Sholakia witnesses unprecedented congregation of about 6 lakh devotees   > CA urges to keep national unity   > UK dreams of US trade deal before Trump tariffs   > South Korea firefighters deploy helicopters as wildfires reignite  

   Business
Asian markets mixed as autos suffer more tariff-fuelled losses
  28, March, 2025, 11:15:29:AM

(BSS/AFP) - Asian markets were mixed Friday as traders brace for next week`s expected wave of US tariffs, while auto firms extended their painful losses following President Donald Trump`s announcement of steep levies on vehicle imports.

The mood on trading floors has soured in recent weeks as the White House presses ahead with its hardball policy approach that has hit friend and foe alike and fuelled recession fears.

The president`s pledge to impose 25 percent levies on all autos coming into the United States overshadowed earlier indications that planned reciprocal measures due on Trump`s so-called "Liberation Day" on April 2.

Governments around the world have hit out at the announcement, with Canadian Prime Minister Mark Carney saying the "old relationship" of deep economic, security and military ties with Washington "is over".

But warnings of retaliation have stoked worries of a long-running global trade war and a reignition of inflation that could force central banks to rethink plans to cut interest rates.

Uncertainty over Trump`s plans and long-term intentions has led to uncertainty among investors, sparking a rush out of risk assets into safe havens such as gold, which hit a new record high of $3,066.56 Friday.

Analysts said that while there is hope negotiations with Washington could see the duties tempered, investors were likely choosing to play a wait-and-see game.

After another down day on Wall Street, equity markets in Asia were mixed Friday, with auto firms again taking the brunt.

Tokyo sank more than two percent as Toyota -- the world`s biggest carmaker -- Honda, Nissan and Mazda tumbled between 1.5 and 3.9 percent.

Also deep in the red was Nippon Steel after it said it would invest as much as $7 billion to upgrade US Steel if its huge takeover goes ahead. It had initially flagged a $2.7 billion investment.

Seoul was off more than one percent as Hyundai gave up 3.1 percent.

Tariff worries also saw Shanghai, Taipei and Manila fall.

However, Hong Kong advanced thanks to a rally in Chinese tech firms, while Sydney, Singapore and Wellington were also in the green.

Investors will be keeping a close eye on the release later in the day of US personal consumption expenditures data -- the Federal Reserve`s preferred gauge of inflation -- hoping for an idea about the impact of Trump`s policies.

The figures come after data this week showed consumer confidence was at its lowest level since 2021 -- during the pandemic -- owing to growing concerns over higher prices.

News that the US economy expanded at a slightly faster pace than estimated in the final three months last year did little to stir excitement.

On currency markets the yen strengthened against the dollar after a report showing inflation in Tokyo -- a barometer of Japan as a whole -- rose more than expected in March, boosting bets on another central bank rate hike.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 2.1 percent at 37,011.66 (close)

Hong Kong - Hang Seng Index: UP 0.4 percent at 23,661.60

Shanghai - Composite: DOWN 0.3 percent at 3,365.23

Euro/dollar: DOWN at $1.0794 from $1.0796 on Thursday

Pound/dollar: UP at $1.2949 from $1.2947

Dollar/yen: DOWN at 150.78 yen from 151.04 yen

Euro/pound: DOWN at 83.36 pence from 83.38 pence

West Texas Intermediate: FLAT at $69.90 per barrel

Brent North Sea Crude: FLAT at $74.00 per barrel

New York - Dow: DOWN 0.4 percent at 42,299.70 (close)

London - FTSE 100: DOWN 0.3 percent at 8,666.12 (close)



  
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