hong kong — Asian stocks extended most of their losses on Wednesday and gold prices hit a record high as concerns about US President Donald Trump’s threats to impose tariffs on Greenland raised concerns among investors.
US futures rose after sharp losses on Wall Street on Tuesday. The future for S&The P 500 rose 0.3% and the Dow Jones Industrial Average rose 0.2%.
Gold prices surpassed $4,800 for the first time, rising 1.7% as money flowed into assets considered safe havens in times of uncertainty.
Traders were awaiting Trump’s scheduled speech at the World Economic Forum in Davos, Switzerland, which will be attended by world leaders, elites and billionaires. Trump told reporters that he intends to do so Highlighting the achievements of his administration During his speech.
Trump Air Force One He returned to Washington after his crew discovered a “minor electrical problem” while en route to Davos. He was scheduled to board another plane and resume his journey.
In Asian trading, the Nikkei 225 index in Tokyo fell by 0.7% to 52,603.44 points. Markets in Japan have been affected by geopolitical uncertainty and domestic issues.
Japanese Prime Minister Sanae Takaishi He called for early elections For February 8, send long-term government bond yields To record levels. The assumption here is that Takaichi, who is leveraging strong public support rates in an attempt to bolster her Liberal Democratic Party’s majority, will cut taxes and boost spending, adding to Japan’s challenges in dealing with its massive government debt.
The yield on Japan’s 40-year government bond was trading at 4.095% early Wednesday, down from an all-time high of 4.22% hit on Tuesday.
South Korea’s Kospi index fell by 0.5% to 4,862.17 points.
Hong Kong’s Hang Seng Index fell 0.2% to 26,435.20 points. The Shanghai Composite Index rose 0.2% to 4,120.10 points.
In Australia, S&The P/ASX 200 index fell 0.4% to 8,781.70.
Taiwan’s TAEX fell 0.9%, and India’s Sensex rose 0.1%.
Trump has said he will do it Imposing customs duties of 10% In Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland starting in February. This would be in addition to a 15% tariff set by the trade agreement with the European Union, which has not yet been ratified.
As Washington’s relations with its Western allies deteriorated, European leaders responded by considering countermeasures, including perhaps slow ratification of the trade agreement or issuing orders to do so. Retaliatory tariffsAnalysts say.
He was the American president Connect his position On Greenland for not receiving the Nobel Peace Prize last year, he also told Norway’s prime minister that he no longer felt “an obligation to think only about peace.”
On Tuesday, S&The P 500 index fell 2.1% to 6,796.86 points, the largest decline for the benchmark index since October.
The Dow Jones Industrial Average fell 1.8% to 48,488.59 points. The Nasdaq Composite Index fell 2.4% to 22,954.32 points.
Nvidia shares, one of the most valuable companies in the world, fell by 4.4%. Apple shares fell 3.5%. Retailers, banks and industrial companies also suffered huge losses. Lowe’s stock fell 3.3%, JPMorgan Chase stock fell 3.1%, and Caterpillar stock lost 2.5%.
the Federal Reserve The bank is scheduled to meet next week for a monetary policy meeting, and Wall Street is betting it will keep its benchmark interest rate steady. The Bank of Japan is scheduled to conclude its first monetary policy meeting on Friday.
In other trading early Wednesday, U.S. crude oil lost 56 cents to $59.80 a barrel. Brent crude, the international standard, fell 70 cents to $64.22 a barrel.
The US dollar fell to 158.08 Japanese yen from 158.16 yen. There was little change in the euro at $1.1719.
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AP Business Writer Damien J. Trouse contributed.