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 (Sept 30): The FBM KLCI closed down 0.23 point or 0.01% today at 1,583.91, while Bursa Malaysia's ACE Market index fell by a significantly larger quantum, as speculation on the US' intention to delist Chinese firms from US stock exchanges led to escalating US-China trade war concerns.
At 5pm, the KLCI closed flat after falling to its intraday low at 1,578.53. The ACE Market index ended down 57.71 points or 1.27% at 4,495.12. Across Bursa Malaysia, 1.86 billion shares worth RM1.5 billion were traded.
Notable gainers included Maxis Bhd, Gamuda Bhd and Cahya Mata Sarawak Bhd, while decliners included PRG Holdings Bhd, Top Glove Corp Bhd and Petronas Gas Bhd.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that domestic trading sentiment was in line with Asian markets, which was weighed down by news saying China companies may be delisted from US stock exchanges.
“KLCI pared some losses at 4pm today, likely due to bargain-hunting activities, but it was not strong enough to reverse intraday losses," Leong said.
Globally, Reuters reported most Southeast Asian stock markets opened lower on Monday, as fears mounted of an escalation in Sino-U.S. trade tensions, after news Washington is considering de-listing Chinese companies from U.S. stock exchanges.
The U.S. administration is considering delisting Chinese companies to limit U.S. investment in Chinese companies, Reuters reported on Friday (Sept 27), quoting sources briefed on the matter.
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