Dollar droops on Trump trade war; Hang Seng gains as NPC begins

Kevin Buckland - Reuters - 05/03

The U.S. dollar hovered near a three-month low against major peers on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China fuelled an escalating trade war.

Summary

Global growth worries trigger losses for oil, Wall Street
Beijing retains growth target of 5%, lines up more stimulus
Euro pushes to four-month peak on German spending boost

TOKYO, March 5 (Reuters) - The U.S. dollar hovered near a three-month low against major peers on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China fuelled an escalating trade war.

Hong Kong stocks rose, but the yuan retraced some of Tuesday's advance as China began annual sessions of its parliament, the National People's Congress (NPC), with Beijing retaining a goal of roughly 5% in economic growth for 2025.

The euro pushed to a nearly four-month peak after German political parties agreed to a 500-billion-euro infrastructure fund. Sterling also stood tall near a three-month high.

Crude oil swooned to six-month lows, while bitcoin found its feet around $87,500, following a volatile week.

"Fears about weaker U.S. and global economic activity are manifesting in the markets, with cyclicals driving the sell-off," said Kyle Rodda, senior financial markets analyst at Capital.com.

"The uncertainty is enough to keep investors cautious, with American businesses and consumers presumably feeling the same."

Australian stocks (.AXJO), opens new tab slumped 0.7%, while Japan's Nikkei (.N225), opens new tab added 0.4% after flipping between small gains and losses.

Hong Kong's Hang Seng (.HSI), opens new tab rallied 2.1%, and an index of mainland blue chips (.CSI300), opens new tab rose 0.3%...
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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-1-2025-03-05/
Link direct on our website : http://iscaninfo.com/article/25185962/Dollar-droops-on-Trump-trade-war--Hang-Seng-gains-as-NPC-begins
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