Asian stocks, bitcoin down as trade uncertainty roils markets

NYSE - LSE

CMSC	-0.93%	19.29	$
RBGPF	0%	76.02	$
BTI	1.18%	61.77	$
NGG	0.69%	84.18	$
BCC	-0.27%	67.735	$
RIO	-0.28%	83.045	$
CMSD	-1.08%	19.301	$
GSK	0.73%	50.555	$
BP	0.69%	45.615	$
RYCEF	1.35%	17.8	$
BCE	0.4%	21.435	$
RELX	1.31%	40.57	$
JRI	-1.17%	11.2944	$
AZN	0.26%	184.865	$
VOD	-0.85%	15.36	$

Asian stocks, bitcoin down as trade uncertainty roils markets / Photo: Mandel NGAN - AFP

Asian stocks, bitcoin down as trade uncertainty roils markets

ECONOMY 07.03.2025

Asian stocks tumbled at the open Friday following a tough day on Wall Street as uncertainty over US President Donald Trump's trade policies roiled markets and traders awaited key US jobs data.

Text size:

Bitcoin plunged 5.7 percent after Trump signed an executive order to establish a "Strategic Bitcoin Reserve" without planning any public purchases of the cryptocurrency.

The unit recovered somewhat and was trading down 2.9 percent at around 0345 GMT.

Major indices in Asia were in the red despite Trump's move Thursday to delay some tariffs targeting Canada and Mexico.

The halt -- which will last until April 2 -- offers temporary relief to automakers.

But Trump has said he will not modify broad tariffs for steel and aluminium imports, which are due to take effect next week.

"Confusion reigns around the Trump Administration policy agenda," said Chris Weston, head of research at Pepperstone.

Despite the latest tariff pause "the lack of consistency to hold policy firm further limits the visibility US businesses have to position margins and to make strategic planning decisions", said Weston.

Japan's Nikkei index dropped more than 1.5 percent at the open while shares in South Korea and Australia also fell more than one percent.

Chinese markets, which had been riding a wave of stimulus-induced optimism, were mostly flat on Friday.

Chinese stocks jumped after Beijing announced a growth target of around five percent at its annual meeting of the National People's Congress on Wednesday.

China has vowed to make domestic demand its main economic driver despite facing persistent economic headwinds and an escalating trade war with the United States.

Foreign Minister Wang Yi warned on Friday that Beijing will "firmly counter" US pressure on trade.

"China-US economic and trade ties are mutual. If you choose to cooperate, you can achieve mutually beneficial and win-win results. If you use only pressure, China will firmly counter," he said.

Traders were looking ahead to Friday's US jobs report for February, a key indicator of economic health.

Weekly jobless claims figures released Thursday were better than expected, while Wednesday's private payroll report from ADP lagged estimates.

- Key figures around 0400 GMT -

Tokyo - Nikkei 225: DOWN 2.1 percent at 36,903.49

Hong Kong - Hang Seng Index: UP 0.5 percent at 24,498.30

Shanghai - Composite: FLAT at 3,381.33

Euro/dollar: UP at 1.0807 from 1.0787 on Thursday

Pound/dollar: UP at 1.2888 from $1.2882

Dollar/yen: DOWN 147.56 from 147.97 yen

Euro/pound: UP at 83.85 pence from 83.72 pence

Brent North Sea Crude: UP 0.1 percent at 69.51 per barrel

West Texas Intermediate: FLAT at $66.34 per barrel

New York - Dow: DOWN 1.0 percent at 42,579.08 (close)

London - FTSE 100: DOWN 0.8 percent at 8,682.84 (close)

D.Cunningha--AMWN

American Marconi Wireless News - Asian stocks, bitcoin down as trade uncertainty roils markets

Asian stocks, bitcoin down as trade uncertainty roils markets

Featured

Kazakhstan President Links Sovereign Wealth Fund Chief's Arrest to Anti-Corruption Drive

Turkish Airlines Launches Fourth Mainland China Route to Chengdu

MEDIA ALERT: SMX Draws Widespread Media Attention Across National, Business and Technology Publications

SMX Puts American Innovation to Work in the New Era of Artificial Intelligence