Asia-Pacific markets took a hit on Thursday as investors responded to U.S. President Donald Trump’s potential tariffs on cars, chips, and medicines. There are worries that the Federal Reserve might keep interest rates high for an extended period.
Trump indicated that tariffs could start as early as April 2, but he hasn’t clarified whether they will target specific countries or apply broadly.
In Japan, both the Nikkei 225 and the Topix index closed lower for the second consecutive day. The Nikkei decreased by 1.24%, finishing at 38,678.04. The broader Topix index fell by 1.18%, ending at 2,734.60. Meanwhile, the yen strengthened, reaching a two-month high of 150.52 against the U.S. dollar, driven by speculation about more rate hikes by the Bank of Japan this year.
South Korea’s Kospi index fell by 0.65% to close at 2,654.06. The small-cap Kosdaq was down 1.28% at 768.27. In mainland China, the CSI 300 slipped 0.29%, closing at 3,928.90, while Hong Kong’s Hang Seng index dropped by 1.53% as the day ended. Australia’s S&P/ASX 200 also fell for the fourth straight day, closing at 8,322.80, and the country’s unemployment rate increased to 4.1% in January.
Indian stocks weren’t spared either. The Nifty 50 index was down 0.23%, and the BSE Sensex dropped 0.28% by early afternoon.
Across the ocean in the U.S., stocks were on the rise despite the Federal Reserve’s concerns about Trump’s tariffs. The S&P 500 climbed 0.24%, marking its second consecutive record close at 6,144.15. It even reached a new all-time high during the day. The Nasdaq Composite added 0.07% to finish at 20,056.25, while the Dow Jones Industrial Average rose 71.25 points, or 0.16%, closing at 44,627.59.
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