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Asian Markets Tumble Amid Trump Win, Anticipated Fed Rate Cuts

Most Asian stocks slid on Thursday as investors weighed the economic impact of Trump’s second presidency , particularly his promise of increased tariffs . In response, the dollar climbed , adding over 1% on Wednesday. Major indices fell in China, Australia, and South Korea , while Japan showed mixed results. This followed a record surge in the S&P 500, which climbed 2.5% on Wednesday, marking its best post-election day ever, with the Nasdaq 100 up by 2.7% . Many expect the Federal Reserve (Fed) to cut interest rates today, a move closely watched by global markets. US stock gains largely reflect expectations of Trump’s pro-business agenda , centered on tax cuts and lighter regulations , which could potentially bolster corporate profits. However, Treasury yields jumped 16 basis points as Trump’s fiscal and tariff plans are predicted to fuel inflation, complicating the Fed’s efforts to reduce borrowing costs. In China, the CSI 300 Index fell by 1% , marking its second consecutive d
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Zinc Surges to 20-Month High on LME as Teck Smelter Setback Fuels Supply Worries

Zinc prices soared to a 20-month intraday high on the London Metal Exchange (LME) after major producer Teck Resources Ltd reduced its output forecasts due to a fire at its Trail smelter in Canada. This incident has heightened supply concerns amidst a backdrop of mine disruptions.

Three-month zinc futures surged by as much as 4.5% to US$3,284 (RM14,294) per tonne on the LME before settling at US$3,188 per tonne, still reflecting a 1.54% increase. Teck announced that refined zinc production this year could be up to 12% lower than previously anticipated, equating to a 40,000-tonne reduction. While this is small compared to the global market's 14 million tonnes, it has added to growing concerns about supply.

Zinc has been one of the top performers on the LME this year, gaining about 20% following numerous supply disruptions. The backwardation in the zinc market—where spot prices exceed futures—has further underscored the tightness in supply. The spread between cash contracts and three-month futures reached US$60.50 per tonne, the highest in over two years.

Meanwhile, zinc inventories tracked by the LME rose 4.8%, the largest increase in a month, briefly easing the rally. However, broader supply bottlenecks persist across other metals, including copper and aluminum, which also saw price gains due to production issues and rising costs for input materials like alumina.

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