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Trump Tariffs Trigger Tumble on Asian Stock Markets
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Last updated: 03/31/2025 06:40:47
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Last updated: 03/31/2025 06:40:47
06:40 AM EDT, 03/31/2025 (MT Newswires) -- Asian stock markets sold off Monday as US tariffs on imported automobiles, and possibly other reciprocal import levies, are set to become effective this week.
Hong Kong, Shanghai, and Tokyo finished in the red, as did other regional exchanges.
In Japan, the Nikkei 225 finished off 4% as traders pondered impending US tariffs, including the 25% import levy on automobiles.
The benchmark Nikkei 225 fell 1502.77 to 35,617.56, as losing issues outnumbered gainers 224 to one.
Alone on the upside was home furnishings retailer Nitori, gaining 2.3%, while semiconductor maker Renesas Electronics declined 11.2%.
In economic news, industrial production in Japan rose 0.3% on the year in February and a seasonally adjusted 2.5% on the month, reported the Ministry for Economy Trade and Industry (METI).
Retail sales in Japan rose 1.4% on the year and a seasonally adjusted 0.5% on the month, added METI.
In Hong Kong, the Hang Seng Index ended down 1.3% as traders mulled the global trade outlook.
The broad gauge Hang Seng fell 307.02 to 23,119.58, as losing issues outnumbered gainers 50 to 24. The Hang Seng TECH Index lost 2% on the day, while the Mainland Properties Index fell 1.5%.
Leading the upside was Hansoh Pharmaceutical, gaining 3.8%, while sportswear maker Li Ning declined 7.2%.
On the mainland, the Shanghai Composite fell 0.5% to 3,335.75.
In economic news, China's official purchasing managers index (PMI) logged at 50.5 in March, up from 50.2 in February and inching further above the 50-marker that separates growth from contraction, reported the National Bureau of Statistics (NBS).
China's non-manufacturing PMI, composed of construction and services, increased to 50.8 in March from 50.4 in February.
On the other regional exchanges, the S. Korean KOSPI fell 3%; the Taiwan TWSE declined 4.2%; the Australian ASX 200 declined 1.7%; the Singapore Straits Times Index fell 0.2%, and the Thai Set declined 1.5%. In late trading in Mumbai, the Sensex was down 0.3%.
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