Australia-listed mining stocks pop as investors continue to assess Trump’s copper tariffs
Australia-listed mining firms rose Friday as investors continued to assess the impact of the U.S.’ 50% tariff on copper imports.
Shares of Rio Tinto rose 2.28%. Fortescue climbed 2.85%, while BHP Group was 2.77% higher.
The rally comes as copper prices hit all-time highs and U.S. buyers face steeper premiums compared to international rates after the unexpectedly aggressive move to slap 50% duties on the metal starting Aug. 1.
—Lee Ying Shan
Singapore equities hit fresh record for fifth straight day
Performance of Singapore stocks since the start of the year
Singapore’s benchmark Straits Times Index climbed to a fresh high Friday, notching its fifth consecutive day of gains.
The country’s equities climbed 0.51% to hit a fresh record of 4,096 points Thursday as of 11.33 a.m. local time, data from LSEG showed.
—Lee Ying Shan
Hong Kong, China markets open higher
Hong Kong’s Hang Seng index rose 0.93%, and the mainland’s CSI 300 index climbed 0.2% at the open.
“We are relatively optimistic about China due to its reasonable valuation, the prospect for further stimulus and its potential to catch up in AI,” UOB analysts wrote in a Thursday note.
However, the bank noted that they’ve turned more cautious recently due to the weakening real estate market as well as a “policy vacuum” amid trade negotiations.
“Within China equities, we favor AI and tourism for the secular growth potential, and high dividend yield stocks for their defensive nature,” UOB said.
—Lee Ying Shan
Trump announces 35% tariffs on Canada starting Aug. 1
U.S. President Donald Trump Thursday announced a 35% tariff on Canadian imports, starting Aug. 1, citing that Ottawa had retaliated with tariffs against Washington.
“Instead of working with the United States, Canada retaliated with its own Tariffs,” Trump said in his letter to Mark Carney, prime minister of Canada, posted on Truth Social.
He attributed fentanyl as a reason for the rate in the letter and said: “If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter.”
The 35% tariffs will be separate from all sectoral tariffs, Trump said, threatening that the duty might be increased if Canada continues to retaliate.
“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 35% that we charge,” Trump said in the post.
Read the full story here.
— Anniek Bao
Asia-Pacific markets start the day in the green
Asia-Pacific markets kicked off the trading day higher.
Japan’s benchmark Nikkei 225 rose 0.51% at the open, while the Topix added 0.81%. South Korea’s Kospi climbed 1% and the small-cap Kosdaq rose 0.94%.
Australia’s S&P/ASX 200 was 0.14% higher.
—Lee Ying Shan
Here are your opening calls from Singapore
Aerial View of the City Illuminated at Sunset
Deejpilot | E+ | Getty Images
Good morning from Singapore! The weather forecast is a bit bleak, but Asia-Pacific markets appear set for a bright open.
Futures for Japan’s benchmark Nikkei 225 in Chicago were at 39,795, while their counterpart in Osaka last traded at 39,740 compared with the index’s last close of 39,646.36.
Futures for Hong Kong’s Hang Seng index stood at 24,032, pointing to a slightly higher open compared to the HSI’s last close of 24,028.37.
Australia’s S&P/ASX 200 was also set to start the day slightly higher with futures tied to the benchmark at 8,600, compared to its last close of 8,589.2.
— Lee Ying Shan
Stock futures open little changed
S&P 500, Nasdaq notch record closing highs
The S&P 500 notched a new all-time closing high on Thursday. The broad market benchmark rose 0.27% and closed at 6,280.46.
The Nasdaq Composite also closed at a record high for the second day in a row, gaining 0.09% to end at 20,630.67.
The Dow Jones Industrial Average added 192.34 points, or 0.43%, to finish at 44,650.64.
— Lisa Kailai Han
Bitcoin sets another record above $113,000
Romain Costaseca | Afp | Getty Images
Bitcoin climbed to new all-time high of $113,863.31 on Thursday, building on its previous record reached just a day earlier, as investors jumped into risk assets and liquidated short positions.
Over the past 24 hours, $318 million in short liquidations have occurred across centralized exchanges, according to CoinGlass.
Altcoins, or cryptocurrencies other than bitcoin, joined the rally for a second day after many investors had started to lose hope that they would show signs of life this year.
Bitcoin has traded in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds, which has helped the price stay above the $100,000 level for more than 60 consecutive days. Public companies have also been on a bitcoin buying spree and outpaced bitcoin ETF inflows in the second quarter.
Read the full story here.
— Tanaya Macheel
