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Asian indices reversed the losses with China's markets leading gains as the CHN.cash rose 2.07%, Hong Kong's HK.cash climbed 1.77%, and Vietnam's VIET30 advanced 1.98%. Meanwhile, Japan's JP225 fell 0.77% and Singapore's SG20cash declined 0.61%. Australia's AU200.cash edged up slightly by 0.21%, while CH50cash gained 0.76%.
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Dollar collapses as markets flee US assets with the dollar index plunging below 100 for the first time since July 2023. The Swiss franc hit a decade high, while the yen strengthened to its firmest level since September. The euro surged to $1.13855, a level not seen since February 2022.
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Trump's tariff policy sparks market turmoil after his decision to pause higher tariff rates on most trading partners, while simultaneously increasing duties on Chinese imports to 145%. China responded with 84% tariffs on US goods, vowing to "fight to the end" while remaining open to dialogue "on the basis of mutual respect."
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Gold prices surge to unprecedented highs breaching $3,200/oz and hitting a record $3,206.84 per ounce, up nearly 6% this week. Analysts cite the weaker dollar and escalating trade tensions as primary drivers, with some eyeing $3,500 as the next target level.
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Oil continues downward slide with Brent falling 0.3% to $63.13 and WTI dropping 0.5% to $60.11, hovering near four-year lows. Both benchmarks are headed for a second consecutive weekly decline of about 3.7% amid growing demand concerns tied to the US-China trade war.
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US Treasury yields surge with the 10-year yield climbing to 4.48%, on track for its biggest weekly increase since 2001. Thirty-year bond yields are poised for their largest weekly jump since at least 1982, reflecting diminished confidence in US assets.
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EIA slashes oil demand and price forecasts cutting its 2025 global demand growth projection by 300,000 barrels per day to 900,000 bpd. The agency now expects Brent to average $67.87 this year, down sharply from previous estimates of $74.22.
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Tesla suspends Model S and X orders in China with both imported models unavailable on Tesla's Chinese website. The move comes amid escalating US-China trade tensions, with CEO Elon Musk previously warning that Trump's tariffs would "significantly" impact the company.
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Japanese inflation expectations rise with 86.7% of households anticipating higher prices a year from now, up from 85.7% in December. Long-term inflation expectations also increased, with 83.5% expecting higher prices five years ahead.
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