Markets mixed as traders cautiously eye trade developments
(AFP) Stocks were mixed on Friday as investors cautiously watched trade developments as US President Donald Trump's latest tariff salvos tempered optimism that most countries will strike a deal to avoid the worst of his levies.The US president has ramped up his trade war in the past week by firing off more than 20 letters to governments outlining new tolls if agreements aren't reached by August 1.He has also said he would impose 50% tariffs on copper imports, while threatening 200% on pharmaceuticals, and hit Brazil with a new 50% charge.Thursday saw him dial up the rhetoric by warning Canada faced a 35% tax, while most other countries would be handed blanket tariffs of up to 20%, from the current 10%.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being "ripped off"."We're just going to say all of the remaining countries are going to pay, whether it's 20% or 15%. We'll work that out now," Trump told NBC News. "I think the tariffs have been very well-received. The stock market hit a new high today," Trump added.Analysts say traders now expect a deal or another delay, while investors appear to be waiting until a deal is done or the tariffs kick in. All three main indexes on Wall Street rose Thursday, with the S&P 500 and Nasdaq hitting fresh peaks, hours after the FTSE in London had done so.Asia started Friday on a strong note before some traders took a step back.Hong Kong, Singapore, Bangkok and Jakarta rose, while Tokyo, Sydney, Seoul, Manila, Mumbai and Wellington fell.Shanghai was barely moved, while London was flat and Paris and Frankfurt fell.
Australia and New Zealand Banking Group's Khoon Goh said Asian investors were expected to "pare back their positions ahead of the weekend, to avoid any whiplash that could occur next week on further tariff news over the next couple of days".
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