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 16): The FBM KLCI increased 1.12 points or 0.1% as index-linked banking and telecommunication stocks rose.
At 5pm, the KLCI closed at 1,846.39 on gains in stocks including Hong Leong Financial Group, RHB Bank Bhd, Maxis Bhd and Telekom Malaysia Bhd. The KLCI erased losses after falling to its intraday low at 1,838.40 along with Asian share markets.
Across Asia, Japan’s Nikkei 225 closed 0.58% lower while Hong Kong's Hang Seng fell 0.12%. South Korea's Kospi erased losses to rise 0.06%. Reuters reported that Asian stocks slid on Friday as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that US tariffs could hurt the global economy and trigger a trade war.
In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that investors remain cautious on a possible global trade war due to US' proposed import taxes.
“Unfortunately there is less positivity at this point. People are looking at whether interest rates will be raised or whether the potential trade war could be weighing on the market at this point. Whenever the US sneezes, the whole world gets the flu — that sort of sentiment is spreading around the world,” Wan said.
Source: The Edge
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