- Germany battles to secure stricken 'Russian shadow fleet' oil tanker
- Malala Yousafzai 'overwhelmed and happy' to be back in Pakistan
- 'Education apartheid': schooling in crisis in Pakistan
- Smart glasses enter new era with sleeker designs, lower prices
- Supreme Court looks poised to uphold TikTok ban
- 2024 hottest recorded year, crossed global warming limit
- Germany reports foot-and-mouth disease in water buffalo
- US hikes reward for Maduro arrest after 'illegitimate' swearing-in
- Robots set to move beyond factory as AI advances
- Pro-Russian disinformation makes its Bluesky debut
- UK gas reserves 'concerningly low', warns biggest supplier
- 2024 warmest year on record for mainland US: agency
- Meta policy reversal puts question mark on future of fact-checking
- Meta policy reversal puts question mark on furure of fact-checking
- Strong US jobs report sends stocks sliding, dollar rising
- US hiring beats expectations in December to cap solid year
- UK gas reserves 'concerningly low': Biggest supplier
- Global stocks mostly fall before US jobs data
- Ubisoft: the 'Assassin's Creed' maker targeted by suitors
- Stock markets drift lower as US jobs data looms
- Pakistan flight departs for Paris after EU ban lifted
- Nobel laureate Malala Yousafzai to visit native Pakistan for girls' summit
- AI comes down from the cloud as chips get smarter
- Tajikistan bets on giant dam to solve electricity crisis
- Uruguay bucks 2024 global warming trend
- Last 2 years crossed 1.5C global warming limit: EU monitor
- Japan 'poop master' gives back to nature
- US Supreme Court to hear TikTok ban case
- US Fed's December rate cut should be its last for now: official
- Paris Hilton among celebrities to lose homes in LA fires
- Airbus boosts plane deliveries in 2024
- Ubisoft reviews restructuring options, postpones new Assassin's Creed
- Lamborghini sets new sales record amidst hybrid push
- Lebanon army chief Aoun becomes president after two-year vacancy
- US emissions stagnated in 2024, challenging climate goals: study
- Lebanon army chief short of required majority in first round of president vote
- Global stock markets mixed tracking US rates outlook
- Lebanon meets to finally elect president after two-year vacancy
- Celebrities flee Los Angeles fires, lose houses as Hollywood events scrapped
- Japan startup hopeful ahead of second moon launch
- Ukraine allies to hold last defence meet before Trump takes office
- Myanmar military adopts anti-junta fighters' drone tactics
- CES tech looks to help world's aging population
- Rubber tappers forge sustainable future in Amazon
- US astronauts upbeat seven months into eight-day mission
- Extreme weather, suburban sprawl fuel LA's wildfires
- Political chess or true beliefs? Zuckerberg's surprise Trump pivot
- US Fed officials concerned over 'stalled' disinflation, tariffs: minutes
- Celebrities flee Los Angeles fires as Hollywood events scrapped
- Several US Fed officials concerned over 'stalled' disinflation: minutes
BCC | -1.31% | 115.88 | $ | |
SCS | -3.01% | 10.97 | $ | |
BTI | -2.34% | 35.9 | $ | |
GSK | -1.99% | 33.09 | $ | |
AZN | 0.64% | 67.01 | $ | |
JRI | -1.16% | 12.08 | $ | |
CMSD | -0.65% | 23.25 | $ | |
NGG | -3.3% | 56.13 | $ | |
BCE | -2.92% | 22.96 | $ | |
RELX | -0.86% | 46.37 | $ | |
RIO | 0.36% | 58.84 | $ | |
RBGPF | 100% | 60.49 | $ | |
CMSC | -0.79% | 22.92 | $ | |
RYCEF | -0.42% | 7.07 | $ | |
BP | 0.54% | 31.29 | $ | |
VOD | -1.99% | 8.05 | $ |
Asian markets extend losses as Trump fears build
Asian markets fell again Wednesday as traders fret over the impact of Donald Trump's presidency on the Chinese and global economies, with fears that his policies could also reignite US inflation.
The prospect of prices spiking again on the back of tax cuts, import tariffs, and an easing of regulations gave fresh impetus to the dollar, which has rallied since the Republican's election win last week.
Traders are also keeping tabs on bitcoin after it came within a whisker of breaking $90,000 for the first time, though observers are betting on it hitting $100,000 owing to Trump's pro-crypto campaign pledges.
After an initial rally in the wake of the tycoon regaining the White House, Asian markets have pulled back this week as his cabinet begins to emerge.
The naming of known China hawks to key positions has fuelled concerns about another debilitating trade war between the economic superpowers.
That comes as Beijing struggles to kickstart growth at home, unveiling a raft of measures at the end of September but leaving traders disappointed with anything new at a much-anticipated announcement Friday.
Uncertainty about the outlook heading into 2025 was weighing on Asian equities, with Hong Kong, Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta all in the red.
The selling came after a negative lead from Wall Street, where all three main indexes finished in the red as investors took a breather from a week-long rally to more record highs.
Bitcoin was sitting just above $88,404.
The dollar held gains against its peers, having tapped a one-year high versus the euro, while it was pushing back towards 155 yen.
The greenback has risen as dealers pare bets on Federal Reserve interest rate cuts after Trump's win, with two seen through to June, compared with four forecast before the election, according to Bloomberg.
Focus is now on the release of key US October consumer price data due later in the day, with expectations for a slight uptick from the previous month.
The reading will be pored over for an idea about the central bank's plans for borrowing costs when it meets again in December.
It cut rates 25 basis points last week, having slashed them by 50 points in September, the first since the start of the pandemic.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 1.1 percent at 38,953.44 (break)
Hong Kong - Hang Seng Index: DOWN 1.1 percent at 19,626.71
Shanghai - Composite: DOWN 0.4 percent at 3,409.38
Dollar/yen: UP at 154.68 yen from 154.59 yen on Monday
Euro/dollar: UP at $1.0626 from $1.0625
Pound/dollar: DOWN at $1.2747 from $1.2748
Euro/pound: UP at 83.37 pence from 83.34 pence
West Texas Intermediate: UP 0.1 percent at $68.17 per barrel
Brent North Sea Crude: UP 0.1 percent at $71.94 per barrel
New York - Dow: DOWN 0.9 percent at 43,910.98 (close)
London - FTSE 100: DOWN 1.2 percent at 8,025.77 (close)
Y.Ponomarenko--CPN