Beijing, Feb. 27, (dpa-AFX/GNA) – Asian shares ended mixed on Thursday as US President Donald Trump floated a 25% “reciprocal” tariff on European cars and other goods, and signalled another month-long extension for looming levies on Canada and Mexico.
US Commerce Secretary Howard Lutnick clarified that the “big transaction” would be April 2, but the “fentanyl-related” tariffs would be re-evaluated at the end of the 30-day pause on March 4, stoking uncertainty.
China’s Shanghai Composite index rose 0.23% to 3,388.06 after a choppy session as investors braced for the National People’s Congress next week.
Hong Kong’s Hang Seng index dropped 0.29% to 23,718.29 as a tech-driven rally took a breather following Nvidia’s upbeat earnings forecast and amid concerns over US tariffs on semiconductor chips and key exports.
Japanese markets eked out modest gains as a weaker yen helped lift export-related stocks. The Nikkei average rose 0.30% to 38,256.17 while the broader Topix index settled 0.73% higher at 2,736.25.
Shares of convenience store operator Seven & i Holdings plummeted 11% after the founding Ito family of the company failed to secure financing for a $58 billion management buyout.
Seoul stocks fell notably, with the Kospi average ending down 0.73% at 2,621.75. Chipmaker SK Hynix, a main supplier for Nvidia, dropped 1.9% and automaker Hyundai Motor lost 2.2% on Trump’s tariff threats.
Australian markets closed higher, led by mining and gold stocks. The benchmark S&P/ASX 200 ended up 0.33% at 8,268.20 after RBA Deputy Governor Andrew Hauser said policymakers expect to receive more good news on inflation before removing the restrictiveness of policy. The broader All Ordinaries index closed up 0.34% at 8,506.10. Qantas Airways surged 5.6% as the airline reported strong half-year earnings and announced its first post-pandemic dividend.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index jumped 0.71% to 12,540.87, extending gains from the previous session.
US stocks ended mixed overnight after Trump threatened to slap a 25% tariff on imports from the European Union and indicated that the effective date of the levies on imports from Mexico and Canada could be pushed back from March 4 to April 2, the same day he purportedly plans to announce reciprocal tariffs on other US trade partners.
The S&P 500 ended marginally higher and the tech-heavy Nasdaq Composite edged up by 0.3% to snap four-session losing streaks as chip stocks rebounded ahead of AI darling Nvidia’s results. The narrower Dow dipped 0.4% after two straight days of slight gains.
GNA