The Asian markets slumped in Monday’s trade after US President Donald Trump’s new reciprocal tariffs are expected later in the week.
The major benchmark indices in Asia-Pacific were trading in the red. Japan’s benchmark Nikkei 225 was down 1,412 points, or 3.80%, to 35,708 after plunging over 4%, while the broader Topix index lost 2.33%. The South Korean index Kospi fell 2.29% while the small-cap Kosdaq declined 1.55%.
Gold prices today
The gold prices are rallying unabated as buyers conquer the $3,100 threshold for the first time. This was due to looming investors’ looming concerns over Trump’s tariff policy. In the domestic market, the gold rate today is Rs 89,330/10 gms. It has jumped 1.85% in the one week and 5.77% in the past one month.
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Indian markets are closed on Monday due to Eid-ul-Fitr.
However, the stocks in China surged, outperforming other benchmark indices in the region. Shanghai Composite rose 0.3% to the day’s high of 3,361.74. The surge in Chinese stocks came after the country’s manufacturing sector grew at its most rapid rate in a year in March, indicating that Beijing’s stimulus efforts were effectively supporting its economic recovery, even as impending U.S. tariffs pose a risk to growth.
US Stock futures fell
Also, U.S. stock futures tied to the benchmark indices fell on Sunday night as market participants awaited clarity on President Donald Trump’s tariff plans. The futures tied to the Dow Jones Industrial Average lost 172 points, or 0.4%. S&P 500 futures and Nasdaq 100 futures dipped 0.5% and 0.7%, respectively.
A series of tariffs scheduled to be implemented by the Trump administration will take effect on Wednesday — which Trump has referred to as “Liberation Day” — including a 25% tax on “all vehicles that are not manufactured in the United States.” The president is also expected to announce his plan for reciprocal tariffs.
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On Friday, the US markets closed on a negative note. The sell-off was on the back of growing uncertainty on US trade policy plus a gloomy expectation on inflation.
The Dow Jones Industrial Average lost 715.80 points,
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