Equity markets were mixed yesterday, as nervous investors braced for US President Donald Trump’s wave of tariffs later in the day, with speculation about what he has in store stoking uncertainty on trading floors.
Shares in Taiwan closed slightly higher as investors appeared reluctant to chase prices amid lingering concerns over the fresh round of tariffs imposed by the Trump administration.
The TAIEX closed up 18.05 points, or 0.08 percent, at 21,298.22.
Photo: CNA
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the most heavily weighted stock in the TAIEX, fell 0.21 percent to close at NT$942.
“TSMC has recently faced headwinds largely due to tariff scares rather than anything to do with its fundamentals,” MasterLink Securities Corp (元富證券) analyst Tom Tang (湯忠謙) said. “Investors just do not like such uncertainties.”
Elsewhere in Asia, Tokyo, Shanghai, Sydney, Wellington, Manila, Mumbai and Bangkok also rose, while Singapore and Seoul slipped with London, Paris and Frankfurt at the opening. Hong Kong barely moved.
Equities have been battered leading up to Trump’s latest announcement of reciprocal tariffs as the ongoing uncertainty was spooking markets.
The US president’s “Liberation Day” tariff plans have ramped up fears of a global trade war after several countries warned they were lining up their responses, and economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.
Bank of Japan Governor Kazuo Ueda said US tariffs could have a significant impact on trade activity in affected nations.
“Depending on the size and area of the tariffs, it is possible they will have a large impact on trade activities among nations,” Ueda yesterday said in response to questions in parliament.
“Another big point is how household and business sentiment will be affected by them, influencing overall spending,” he added.
Ueda’s remarks suggest he continues to monitor developments while refraining from offering any hints as to whether he is become more or less cautious over the central bank’s rate hike path.
Meanwhile, Australian Prime Minister Anthony Albanese and his rival in next month’s election, Liberal Party leader Peter Dutton, said they would stand up for the country’s national interests in the face of looming US tariffs that could hit Australian beef.
Europe will respond to the likely implementation of tariffs by Trump in a proportionate manner, but will not escalate tensions under any circumstances, French Minister for Industry and Energy Marc Ferracci said yesterday.
“Europe has always been on the side of negotiation and calming things down, because trade wars, you know, only produce losers,” Ferracci told RMC radio.
As the world braces for Trump’s rollout of reciprocal tariffs, Vietnam said it plans to send another top official and business delegation to the US this weekend.
Thailand pledged to import more US energy and food products, while Mexico said there would be no “eye for an eye” approach to US tariffs.
Additional reporting by CNA, Bloomberg and Reuters
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