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European, US stock markets rise as Trump tariff plans in question
European and US stock markets mostly rose following a report Monday the incoming Trump administration will apply tariffs only on certain sectors, while the dollar was mostly lower against rival currencies.
While Wall Street soared after Donald Trump's election on expectations of tax cuts and deregulation, concerns about his plans to impose hefty tariffs on imports from China and other key trade partners have moved to the forefront.
However, the Washington Post reported Monday that instead of a universal tariff on everything imported into the United States, which Trump had advocated as a candidate, his aides are preparing plans to apply tariffs to goods in certain critical sectors.
"Risk sentiment has been buoyed by news that Donald Trump will scale back on his tariff plans once he takes office later this month," said Kathleen Brooks, research director at XTB trading platform.
Applying a 10 or 20 percent tariff on all goods imported into the United States, or even up to 60 percent on goods from China, threated to reignite inflation and squelch demand, causing disarray in the global economy.
While Brooks noted it is not clear which critical sectors would be subject to tariffs, "it is still no wonder that investors are taking a sigh of relief".
Trump quickly disputed the Washington Post report, posting on his Truth Social platform that the story "incorrectly states that my tariff policy will be pared back".
Nevertheless, Wall Street stocks rose at the opening bell, with the Dow adding 0.3 percent, while the Nasdaq Composite rose over one percent as chip stocks rebounded.
Respite from tariffs was not alone in driving sentiment.
Briefing.com analyst Patrick O'Hare said there was "tax policy enthusiasm" as Trump pushes for the passage of legislation that would extend tax cuts from his first term in office.
In Europe, Paris rose nearly two percent at one point thanks to gains in luxury stocks.
"A Birkin bag, a bottle of Moet and Gucci shoes are hardly critical imports, which is why the luxury sector is having a strong reaction to this news," said Brooks.
The US dollar dropped 0.8 percent versus its Canadian counterpart as reports said Canada's Prime Minister Justin Trudeau may resign as soon as Monday.
Trudeau's popularity has waned in recent months, with his government narrowly surviving a series of no-confidence votes and critics calling for his resignation.
He has vowed to stay on to guide the Liberals to national elections due this year but has faced further pressure from Trump, who has threatened a 25-percent tariff on Canadian goods after he takes office on January 20.
- South Korea crisis -
In Asia, the Seoul stock market piled on 1.9 percent Monday even as South Korea remains gripped by political uncertainty following last month's brief martial law attempt by President Yoon Suk Yeol.
Anti-graft investigators have asked police to arrest the impeached and suspended leader.
Tokyo retreated, with Nippon Steel taking a hit after departing US President Joe Biden blocked its proposed $14.9 billion purchase of US Steel, citing "national security" risks.
The companies later announced that they had filed lawsuits in the United States challenging Biden's decision.
- Key figures around 1430 GMT -
New York - Dow: UP 0.3 percent at 42,864.47 points
New York - S&P 500: UP 0.8 percent at 5,987.86
New York - Nasdaq Composite: UP 1.2 percent at 19,851.99
London - FTSE 100: DOWN 0.1 percent at 8,213.58
Paris - CAC 40: UP 1.2 percent at 7,368.28
Frankfurt - DAX: UP 0.8 percent at 20,069.47
Tokyo - Nikkei 225: DOWN 1.5 percent at 39,307.05 (close)
Hong Kong - Hang Seng Index: DOWN 0.4 percent at 19,688.29 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,206.92 (close)
Euro/dollar: UP at $1.0384 from $1.0307 on Friday
Pound/dollar: UP at $1.2500 from $1.2423
Dollar/yen: DOWN at 157.17 yen from 157.33 yen
Euro/pound: UP at 83.08 pence from 82.95 pence
West Texas Intermediate: UP 0.6 percent at $74.43 per barrel
Brent North Sea Crude: UP 0.6 percent at $76.94 per barrel
burs-rl/lth
A.Levy--CPN