Market watch: Asian stocks retreat as Donald Trump tariffs unsettle markets; oil slips amid supply, demand worries
Asian equity markets slipped on Wednesday as rising global trade tensions, driven by fresh tariff threats from US President Donald Trump, dampened investor sentiment and triggered a cautious pullback from risk assets.
A regional index declined for the third time in four sessions, led by sharp losses in Hong Kong, while copper and oil markets reflected the broader market unease.
Hong Kong stocks fell as much as 1.2%, dragging the regional gauge down 0.3%. According to Bloomberg, shares in Japan rose modestly while Australian equities edged lower.
Wall Street futures were also under pressure, with S&P 500 index futures down 0.1% after a muted Tuesday session.
The latest market jitters stemmed from Trump's renewed determination to impose a 50% tariff on copper imports and a looming threat to expand levies on pharmaceuticals and semiconductors. The US President made it clear that the August 1 deadline for reciprocal tariffs was final, saying, 'No extensions will be granted.'
Benchmark copper futures fell 1.7% in London, paring back Tuesday's record rally on the Comex, where contracts had surged 17% after Trump's announcement.
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The premium between New York and London prices ballooned to nearly 24%, highlighting supply dislocation fears. 'The market's response… has been one of indifference,' said IG Australia analyst Tony Sycamore as quoted by Bloomberg, warning that traders may only react sharply if hard economic data weakens or inflation accelerates.
Oil markets also softened. Brent crude slipped 0.3% to $69.95 a barrel, while US West Texas Intermediate lost 0.4% to trade at $68.12.
According to news agency Reuters, investors are trying to assess the impact of Trump's trade policies on global demand. A record number of Americans, over 72 million, were expected to travel during the July 4 weekend, offering some hope for fuel demand.
Supply-side developments also weighed on sentiment. The US Energy Information Administration cut its 2025 output forecast to 13.37 million barrels per day, down from 13.42 million bpd, citing reduced drilling activity.
Meanwhile, OPEC+ is expected to greenlight a 548,000 bpd output boost for September.
However, actual increases have fallen short so far, with Saudi Arabia shouldering most of the additions.
Geopolitical risks added another layer of uncertainty. As per Reuters, four crew members on a Liberian-flagged bulk carrier were killed in an attack off Yemen, marking a second maritime security incident in a single day.
With rising tariffs, mixed data from China, where factory deflation persisted and consumer prices unexpectedly rose, and inflation concerns in focus, analysts say volatility is likely to persist across global markets.
UBS's Ulrike Hoffmann-Burchardi was quoted by Bloomberg as saying that while tariffs are likely to stay elevated, they are not expected to trigger a recession. She advises investors to 'phase into global equities or diversified portfolios' to ride out the turbulence.
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