Stocks slump with bond yields as Trump pushes ahead with tariffs

Kevin Buckland - Reuters - 04/03

Stocks slumped and bond yields slid on Tuesday in Asia as investors braced for an imminent escalation in a global trade war with new U.S. tariffs on Canada, Mexico and China set to go into effect within hours.

Summary

New levies on Canada, Mexico, China to go into force from 0501 GMT
Tech shares sold as equities drop across Asia; European stock futures slide
Treasury yields drop to lowest since October amid worries about US economy
Oil extends retreat on reports OPEC+ to proceed with planned output increase

TOKYO, March 4 (Reuters) - Stocks slumped and bond yields slid on Tuesday in Asia as investors braced for an imminent escalation in a global trade war with new U.S. tariffs on Canada, Mexico and China set to go into effect within hours.

The U.S. dollar remained depressed, with sterling holding close to a 1 1/2-month high and the euro also firm as European leaders drew up a Ukraine peace plan to present to Washington.

Crude oil wallowed near 12-week lows, and bitcoin languished around $86,000 after erasing the surge to the cusp of $95,000 that started the week.

Tech stocks suffered particular selling pressure, pushing Japan's Nikkei (.N225), opens new tab down 2.2% and Taiwan's benchmark (.TWII), opens new tab down 1.3%.

Hong Kong's Hang Seng (.HSI), opens new tab fell 1.8%, with a subindex of tech shares (.HSTECH), opens new tab tumbling 2.9%. Mainland blue chips (.CSI300), opens new tab lost 0.7%.

Asian equities tracked the biggest losses on Wall Street this year from overnight, with the S&P 500 (.SPX), opens new tab sliding 1.8% and the tech-heavy Nasdaq (.IXIC), opens new tab dropping 2.6%.

However, U.S. futures (.EXcv1), opens new tab pointed about 0.1% higher, signalling the sell-off may peter out later in the global day.

Europe looked headed for a lower open though...
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Source and Copyright images and texts: Kevin Buckland - Reuters
Original link, read full article here: https://www.reuters.com/markets/global-markets-wrapup-1-2025-03-04/
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