Asian markets faced fluctuation on Thursday influenced by Wall Street’s slump as the focus turned to the U.S. President Donald Trump’s decision to impose a 25% tariff on auto imports.
As of 9:24 BKK time on Thursday, Japan’s Nikkei 225 stumbled by 1.03%, while in South Korea, the Kospi index dropped 0.97%. Hong Kong’s Hang Seng Index inched up by 0.36%, while China’s Shanghai Composite gained 0.14%. Australia’s S&P/ASX 200 faced a 0.52% decline.
Concerns in the market are turning to the new order from Trump for a 25% duty now targeting all imported cars, light trucks, and specific auto parts not manufactured within U.S. borders.
The S&P 500 concluded with a 1.12% decrease at 5,712.20, the Dow Jones Industrial Average fell by 0.31% to close at 42,454.79, and the Nasdaq Composite shed 2.04%, closing at 17,899.01.
On the commodities front, oil prices climbed on data revealing a decline in U.S. crude oil and fuel inventories. Brent crude settled at $73.79 a barrel, up 1.05% on Wednesday, while U.S. West Texas Intermediate crude settled at $69.65 a barrel, up 0.94%.
In an early trading session in Asia on Thursday, Brent crude rose 0.14% to $73.89 per barrel, while WTI gained 0.20% to $69.79 a barrel.
Gold prices experienced a dip on Wednesday following a rise in the dollar and U.S. bond yields. However, concerns regarding the fresh tariffs imposed by the Trump administration kept gold prices above $3,000 per ounce. Spot gold was down 0.1% at $3,016.71 an ounce, with U.S. gold futures settling 0.1% lower at $3,022.50.
