Market Highlights π‘ - 5 March 2025
Escalating Trade War Turns Global Markets Red
πΊπΈ S&P 500: -1.22% π
πΊπΈ Nasdaq: -0.35% π
πͺπΊ Stoxx 600: -2.14% π
π―π΅ Nikkei 225: -1.20% π
ππ° Hang Seng: -0.26% π
π¨π³ CSI 300: -0.08% π
πΈπ¬ Straits Times: -0.46% π
The US stock market continued its decline, with the S&P 500 $S&P 500(.SPX)$
Asian markets also fell, with the Hang Seng Index and China's CSI 300 down 0.3% and 0.1%, respectively. Investors reacted negatively to former President Donald Trump's decision to double tariffs on all Chinese imports to 20%, fueling fears of a deepening global trade war. Concerns over BYD's $BYD COMPANY(01211)$ share placement plan further weighed on sentiment.
Upcoming Events
Wednesday: Key economic data releases from China and the US, including China's Caixin Services PMI, US ADP Nonfarm Employment Change, and ISM Services PMI.
Thursday: The US will release jobless claims, while the European Central Bank will hold a press conference and issue a monetary policy statement.
Friday: The US will release unemployment and nonfarm payroll data.
Key Developments Today
1. A consortium led by BlackRock and US and Swiss investors has acquired an 80% stake in Hutchison Ports from CK Hutchison for $22.8 billion. The deal strengthens US control over major trade hubs, aligning with Trump's efforts to curb China's influence in Latin America.
Hutchison Ports
2. Canada announced retaliatory tariffs on US goods worth approximately 155 billion CAD. An initial 25% tariff on 30 billion CAD worth of US products, including agricultural goods, machinery, and consumer products, will take effect immediately. A second round targeting 125 billion CAD in products, including automobiles and metals, will follow in three weeks.
Retaliatory tariff by Canada
3. In response to Trump's 20% tariff on Chinese imports, China announced countermeasures, including a 10%-15% tariff on $21 billion worth of US agricultural exports and restrictions on 25 American companies.
Tariff war
4. China plans to promote nationwide adoption of open-source RISC-V chips to reduce reliance on Western technology. RISC-V is gaining traction for its low cost and geopolitical neutrality, with applications ranging from smartphones to AI servers.
RISC-V chip
5. $TENCENT(00700)$
Yuanbao by Tencent
Key Takeaway
The shadow of an all-out trade war looms again, threatening global economic growth.
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Economic Data - 9th March 2025
On 9th March 2025, there is an earnings release from Partner Communications Company Ltd. (PTNRF) scheduled before the market opens. Please note that this information is specific to the mentioned company and the release time is subject to change. For more detailed economic data, you can refer to financial news and economic reports.
Remember, economic data can have an impact on the financial markets, so it is essential to stay informed and consider these factors in your investment decisions.
If you have any further questions, feel free to ask.