Tariff deals with US lift Asian stocks; currencies upbeat
The MSCI index of emerging Asian equities jumped 1 per cent to its highest since mid-November 2021, largely driven by a gain of 1 per cent in Taiwan's benchmark index.
Thai stocks jumped more than 2 per cent to a two-month high, while equity benchmarks in Indonesia and the Philippines gained as much as 0.7 per cent.
US President Donald Trump announced a new tariff of 19 per cent for goods from the Philippines, a touch below the rate of 20 per cent he threatened earlier this month.
Indonesia hashed out details of its pact with the United States to eliminate tariffs on more than 99 per cent of US goods and scrap barriers to American firms, while the US will drop its threatened tariff rate on Indonesian products to 19 per cent from 32 per cent.
"Asian equities are rallying on a cocktail of positives," said Mohit Mirpuri, equity fund manager at SGMC Capital. "Tariff clarity with the United States across multiple fronts, including Japan and the Philippines, is lifting sentiment," he told Reuters in a text message.
Signs of cooling inflation and policy support from China contributed to the risk-on approach across the region, he added. "Investors are rotating back into Asia, where valuations look compelling and policy risk is finally easing."
Analysts saw the economic impact of the Philippines tariff rate of 19 per cent as relatively limited. A note of caution was struck by William Bratton, head of APAC cash equity research at BNP Paribas, warning that the rates, though less severe than feared, could prove disruptive for Asian exporters and punitive for earnings in the long term.
Earlier, Japan and the United States struck a deal to lower to 15 per cent the tariff on all imported goods from the steep 25 per cent Trump had previously threatened, with Japan also pledging to invest US$550 billion in the US
Elsewhere in Southeast Asia, stocks in Singapore gained for a 13th straight session in their longest streak on record. They had traded most of Tuesday in the red but ended slightly higher. Stocks in Kuala Lumpur added 0.3 per cent. Equities in Bangkok were set for their strongest day in almost a week.
The appointment of rate-cut advocate Vitai Ratanakorn as governor of the Thai central bank, has boosted investor confidence, though concerns linger on its independence.
"His (Vitai's) remarks and public statements suggest a decisive shift towards more aggressive monetary easing and closer coordination with government fiscal policies," analysts at Citi said in a note.
Among currencies, South Korea's won and Taiwan's dollar appreciated up to 0.4 per cent, while Indonesia's rupiah , Thai baht, Singapore dollar, and Malaysia's ringgit traded largely unchanged. The MSCI index of global emerging market currencies rose to a two-week peak.
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