Asia Markets Dip Following U.S. Court Ruling Against Trump Tariffs
Asian markets experienced a mixed performance Monday as investors digested a U.S. court ruling limiting former President Donald Trump’s authority to impose tariffs, alongside ongoing economic data releases and geopolitical developments. The ruling, which found Trump overstepped his presidential authority with levies imposed as part of his April 2 “liberation day” announcement, added to market uncertainty.
In china, shares were closely watched following Alibaba Group’s nearly 13% surge on Wall Street friday, spurred by a better-than-expected June quarter earnings report. china’s Ratingdog manufacturing data for August is expected later today; economists polled by Reuters forecast a reading of 49.7, up slightly from 49.5 the previous month. Sunday’s manufacturing PMI data showed a reading of 49.4 in August, compared to 49.3 in July. Futures for Hong Kong’s Hang Seng index stood at 25,319,signaling a potentially stronger open compared to its last close of 25,077.62.
Elsewhere in Asia, Japan’s nikkei 225 declined 0.92%, while the broader Topix index remained flat. South Korea’s Kospi index fell 0.85%, and the Kosdaq lost 0.74%. Australia’s S&P/ASX 200 benchmark retreated 0.17%.
The developments come after Chinese President xi Jinping and Indian Prime Minister narendra Modi agreed during a two-day Shanghai Cooperation Organization meeting that their countries are “advancement partners, not rivals,” vowing to resolve border differences. Xi is expected to deliver a speech at the summit.
U.S. markets are closed Monday for the Labor Day holiday, following a Friday session where stocks fell amid concerns about persistent inflation. the S&P 500 ended the day 0.64% lower at 6,460.26,despite securing its fourth consecutive winning month. The Nasdaq Composite shed 1.15% to 21,455.55, and the Dow Jones Industrial Average lost 92.02 points, or 0.20%, to settle at 45,544.88.
