Wall Street's optimism vanished late Wednesday as President Trump’s sweeping new tariffs triggered a sharp selloff in U.S. equity futures and a flight to safe-haven assets, casting a shadow over global trade outlook and corporate margins. Key Market Moves Instrument Move S&P 500 Futures -3.5% Nasdaq 100 Futures -4.5% Treasury Futures Surged (Yields fell sharply) Japanese Yen Gained as safe haven AUD & NZD Bonds Rallied Tariff Summary A 10% baseline tariff on all U.S. imports. Additional tariffs on ~60 countries, with higher duties targeting China, EU, and Vietnam . Steel and aluminum imports spared from the new round but remain under existing 25% duties. “Eye-watering tariffs scream ‘negotiation tactic,’ which will keep markets on edge for the foreseeable future.” — Adam Hetts, Janus Henderson Investors Sector Impact Major declines hit consumer, tech, and industrial names: Company Sector Move Nike, Gap, Lululemon Retail (Vietnam-based) -...
KUALA
LUMPUR (March 15): The FBM KLCI dropped 11.79 points or 0.6% after
investors sold KLCI-linked Hong Leong Financial Group Bhd shares in the
final trading minutes. The Malaysian stock market could have also taken
cue from news that Parliament may be dissolved by the end of this month
to pave the way for Malaysia's 14th general election (GE14).
At 5pm today, the KLCI closed at its intraday low at 1,845.27. Hong Leong Financial shares fell 36 sen to RM18.74. Other KLCI-linked decliners included Nestle (M) Bhd and Hong Leong Bank Bhd.
Reuters reported that Parliament may be dissolved on March 28, 29 or 30, making way for a general election that must be held by August. It said a new government would be in place before mid-May, suggesting that the election date could be set for the end of April or early May.
Reuters reported that analysts and ruling party sources told Reuters this week Prime Minister Najib Razak was confident of an election victory and that polls could be called as early as April.
Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com market sentiment is not encouraging at the moment because people are waiting for Parliament to be dissolved and the GE14 date.
“People are on profit-taking mode instead of aggressive buying. Meanwhile, after taking cues from the US’ planned tax on Chinese imports, it could also contribute to investors’ fear of a potential trade war,” he said.
Asian stock markets closed higher after erasing losses. Japan’s Nikkei 225 was up 0.12%, South Korea's Kospi rose 0.25% while Hong Kong's Hang Seng increased 0.34%. Reuters reported that Asian markets took their cues from Wall Street shares, which fell for the third straight session overnight after US President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war.
At 5pm today, the KLCI closed at its intraday low at 1,845.27. Hong Leong Financial shares fell 36 sen to RM18.74. Other KLCI-linked decliners included Nestle (M) Bhd and Hong Leong Bank Bhd.
Reuters reported that Parliament may be dissolved on March 28, 29 or 30, making way for a general election that must be held by August. It said a new government would be in place before mid-May, suggesting that the election date could be set for the end of April or early May.
Reuters reported that analysts and ruling party sources told Reuters this week Prime Minister Najib Razak was confident of an election victory and that polls could be called as early as April.
Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com market sentiment is not encouraging at the moment because people are waiting for Parliament to be dissolved and the GE14 date.
“People are on profit-taking mode instead of aggressive buying. Meanwhile, after taking cues from the US’ planned tax on Chinese imports, it could also contribute to investors’ fear of a potential trade war,” he said.
Asian stock markets closed higher after erasing losses. Japan’s Nikkei 225 was up 0.12%, South Korea's Kospi rose 0.25% while Hong Kong's Hang Seng increased 0.34%. Reuters reported that Asian markets took their cues from Wall Street shares, which fell for the third straight session overnight after US President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war.
Source: The Edge
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