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Stock markets in the Asia-Pacific region seem to regain some calm after Monday’s “bloodbath” amid fears about worsening consumer finances following US President Donald Trump’s sweeping tariffs. Japan’s Nikkei, South Korea’s Kospi, and Australia’s ASX 200 all opened in green on Tuesday morning, although they only regained a fraction of yesterday’s mega losses.
Tokyo’s Nikkei index jumped nearly 6 per cent in early trade on Tuesday after plunging an eye-watering 7.8 per cent the previous day. The benchmark Nikkei 225 index was up 5.81 percent, or 1,809.92 points, to 32,946.50 yen, while the broader Topix index gained 6.20 percent, or 141.82 points, to 2,430.48 yen.
Seoul’s Kospi index was also up nearly 2 per cent. However, Taiwan’s benchmark Taiex index plummeted more than 5 per cent, adding to an almost 10 per cent plunge on Monday.
Australian stocks also surged as banking and mining shares rose, driven by reassurance from the Treasurer Jim Chalmers. The S&P/ASX 200 index gained 1.1 per cent to 7,423.40 points. The benchmark had finished 4.2 per cent lower on Monday.
The market in Hong Kong crawled back some of the massive losses suffered the day before after China retaliated in kind against US tariffs, though Shanghai dropped further.
The Hang Seng Index added 1.66 percent, or 329.22 points, to 20,157.52, but the Shanghai Composite Index dipped 0.07 percent, or 2.31 points, to 3,094.26.
The effect of Yesterday’s bloodshed was again seen in Vietnam, where stocks are down more than 3.5 per cent after trading holiday, while Indonesian shares have also plummeted over 9 per cent at open.
Investors took the opportunity to buy up beaten-down stocks after Monday’s 13.2 percent rout wiped trillions off company valuations as US President Donald Trump’s trade war ramps up recession worries.
Trump on Monday threatened to impose an additional tariff of 50 per cent on Beijing’s imports to the US will affect the stocks, after China announced a tit-for-tat 34 per cent tariff on the United States.
In retaliation, China’s commerce ministry on Tuesday vowed to fight US tariffs “to the end” and also threatened to take “countermeasures” to defend its “rights and interests” should Trump go ahead with his threat.
“The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US’s blackmailing nature,” a ministry spokesperson said.
“China will never accept this,” they said.
“If the US insists on going its own way, China will fight it to the end. If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests,” the spokesperson added.
Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party. As the trade war escalates, Beijing — Washington’s major economic rival — unveiled its own 34 percent duties on US goods to come into effect on Thursday.
China’s commerce ministry also on Tuesday reiterated that it sought “dialogue” with the United States, and that there were “no winners in a trade war”.
Analysts believe that Asian markets are showing a ‘hint of optimism’ after the US futures market showed an ascent.
What is currently happening is “something of a natural market bounce following Monday’s calamities,” Tim Waterer from the KCM Trade brokerage told the BBC.
“US futures markets have been moving higher, which has given a hint of optimism for Asian markets,” he added.
Vishnu Varathan from Mizuho Securities Singapore told the British publication that what investors are seeing is “some scope for a rebalancing” after several “rather ugly” market sessions.
“It’s just a case of waiting it out to determine which way [tariff threats] swing,” Varathan added.