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European and Asian markets struggled for direction and gold hit a fresh high Tuesday as traders kept a nervous eye on Donald Trump’s next tariff moves.The US president has lived up to his campaign pledges to resume his hardball trade diplomacy, signing off on steel and aluminium tariffs and warning of more measures to come.While the moves have jolted sentiment, equities have held up since Trump took office, with analysts saying measures have so far been less severe than feared.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House.Asian markets struggled to maintain the momentum from Monday, with Hong Kong and Shanghai falling.In Europe, Frankfurt’s stock market edged up, while Paris and London were flat.For tariffs to be effective, “the administration needs to keep everyone guessing and this creates uncertainty for financial markets”, noted AJ Bell investment director Russ Mould.”The administration is clearly prepared to implement tariffs rather than just using them as a negotiating tactic,” he added.The uncertainty fuelled by Trump’s moves has pushed safe-haven gold ever higher. It extended gains Tuesday to hit a new peak above $2,942 an ounce.All three main US indices started the week on the front foot thanks to a rally in tech firms.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.Focus remained also on the latest company earnings season which was nearing its end.Britain’s BP shares rose slightly after it pledged to “fundamentally reset” its strategy in the face of tumbling profits. – Key figures around 1100 GMT -London – FTSE 100: FLAT at 8,765.36 pointsParis – CAC 40: FLAT at 8,009.53Frankfurt – DAX: UP 0.1 percent at 21,930.62Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,294.86 (close)Shanghai – Composite: DOWN 0.1 percent at 3,318.06 (close)Tokyo – Nikkei 225: Closed for a holidayNew York – Dow: UP 0.4 percent at 44,470.41 (close)Euro/dollar: UP at $1.0316 from $1.0308 on MondayPound/dollar: DOWN at $1.2360 from $1.2364Dollar/yen: UP at 152.10 yen from 151.97 yenEuro/pound: UP at 83.46 from 83.35 penceWest Texas Intermediate: UP 1.2 percent at $73.15 per barrelBrent North Sea Crude: UP 1.2 percent at $76.77 per barrel

US President Donald Trump signed executive orders to impose 25 percent tariffs on steel and aluminum imports from March 12, ramping up a long-promised trade war despite warnings from Europe and China.The European Union swiftly vowed to retaliate with “firm and proportionate countermeasures”.In an executive order released Monday, Trump said: “As of March 12, 2025, all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the additional ad valorem tariff.” He issued a separate order for steel, which said it would apply to all imports from the same countries the aluminum tariffs hit, as well as to Brazil, Japan and South Korea. “I’m simplifying our tariffs on steel and aluminum,” Trump said earlier in the Oval Office. “It’s 25 percent without exceptions or exemptions.”The tariffs also appear to indirectly target China, with the executive orders detailing how certain countries — particularly Mexico — were “using” their exemptions to get Chinese imports into the United States. “Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminum to the United States through Mexico,” it said.Mexico’s increased volume of steel imports from China also “support a conclusion that there is transshipment or further processing of steel mill articles… from countries seeking to evade quantitative restrictions.”Canada, Mexico and Brazil are among the biggest steel importers to the United States, followed by South Korea. South Korea’s acting President Choi Sang-mok vowed Tuesday to protect domestic firms’ interests and reduce uncertainties “by building a close relationship with the Trump administration and expanding diplomatic options.”Trump had also signaled he would look at imposing additional tariffs on automobiles, pharmaceuticals and computer chips, and promised an announcement on Tuesday or Wednesday on broader “reciprocal tariffs” to match the levies other governments charge on US products.During his 2017-2021 presidency, he had imposed sweeping tariffs as he believed US industries faced unfair competition from Asian and European countries. – ‘Misguided path’ -Canadian steelmakers warned of “massive” disruption, while the European Commission said it would “react to protect the interests of European businesses, workers and consumers from unjustified measures.”EU chief Ursula von der Leyen on Tuesday slammed Trump’s decision, vowing the bloc would retaliate.”Unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures,” she said in a statement. German Chancellor Olaf Scholz said the bloc will provide a united front to Washington, though “I hope that we are spared the misguided path of tariffs and counter-tariffs.”French President Emmanuel Macron vowed in an interview aired Sunday to go head-to-head with Trump over his wider tariff threats against the European Union, though he also said the United States should focus its efforts on China.Around 25 percent of European steel exports go to the United States, according to consultancy Roland Berger.Britain’s steel industry body called the tariff plan a “devastating blow.”Trump has already shown his fondness for weaponizing the United States’ power as the world’s largest economy, ordering tariffs on key trade partners China, Mexico and Canada soon after he took office.He paused 25 percent levies against Canada and Mexico for a month after both countries vowed to step up measures to counter flows of the drug fentanyl and the crossing of undocumented migrants into the United States.- Economic ‘pain’ to come? -But Trump went ahead with tariffs on China, the world’s second-biggest economy, with products entering the United States facing an additional 10 percent levy.Chinese retaliatory tariffs targeting US coal and liquified natural gas came into play on Monday. Chinese foreign ministry spokesman Guo Jiakun said “there is no winner in a trade war and tariff war.”Trump also focused on steel during a visit by Japanese Prime Minister Shigeru Ishiba last week. The American leader said he had secured an agreement for Japan’s Nippon Steel to make a major investment in US Steel, instead of seeking to take over the troubled firm.Trump has insisted the impact of any tariffs would be borne by foreign exporters without being passed on to US consumers, despite most experts saying the contrary.But he did acknowledge this month that Americans might feel economic “pain” from the levies.Wall Street’s main indices finished up Monday despite the tariff threat, though Asian and European markets were mixed by Tuesday.burs-dk/dhc/sco

New Zealand is considering withdrawing its support for an international ban on deep-sea mining, the country’s resources minister told AFP on Tuesday. Resources Minister Shane Jones said opposition to the fledgling industry was rooted in “shrill” environmental alarmism and “luxury beliefs” that ignored the need for economic growth. New Zealand backed a ban on deep-sea mining under former progressive prime minister Jacinda Ardern in 2022, citing the risk of “irreversible” damage in poorly understood ecosystems. However Jones, a senior minister in the governing centre-right coalition, said officials were rethinking that stance. “We’re talking about this with our foreign affairs minister,” he told AFP in an interview. “We can’t deny ourselves the option where critical minerals have an increasingly critical role to play. “We can’t afford these luxury beliefs that have been imposed upon us.” Companies stand to earn billions of dollars by scraping the ocean floor for polymetallic nodules that are loaded with manganese, cobalt, copper and nickel — metals used to build batteries for electric vehicles. But the industry faces sharp criticism from scientists and environmental advocates, who fear new techniques could wreak havoc in poorly understood ecosystems. “I personally think that seabed mining has become the last green trophy, so people are tossing around the most absurd, untested theories,” Jones said. “And I’m not going to back down from these shrill voices.”  – Theatre and posturing -Jones was unruffled by suggestions a pro-mining stance could weaken support among New Zealand’s climate-threatened Pacific Island neighbours. “I understand there’s a lot of theatre and posturing that happens when small island nations go to international fora,” he said. “We’ve imposed upon ourselves an ideological corset, which we can no longer afford to wear.” Deep-sea mining is one of the few issues on which Pacific Island nations are divided.Nauru and Tonga are pushing for deep-sea mining in international waters, while Palau, Samoa and Fiji are staunchly opposed. Canada-based The Metals Company has been working with the Nauru government in the hope of starting mining by 2026. Harvard-educated Jones recently unveiled a pro-mining agenda differing wildly from the environmentally friendly policies of Ardern’s former government.Under Jones, the isolated island nation will look to dig up everything from critical minerals to coal and iron-rich sands at the bottom of the sea.New Zealand’s desire to scoop up this sand differs from deep-sea mining, which targets polymetallic lumps nestled in much deeper waters. – ‘Tiny pimple’ -“We think that the seabed is a legitimate part of our broader primary sector economy,” Jones said.”It would seem odd that we were mining minerals in our own oceanic environment but we are telling others not to do it.”New Zealand has long traded on a “clean green” image that highlights its rolling pastures, untouched rainforests and pristine waterways. Ardern was lauded during her term as a climate hero when she banned offshore gas exploration in 2018.However the current government has already moved to unwind that ban, with Jones occasionally voicing the “drill, baby, drill” mantra favoured by US President Donald Trump.”The pendulum swung too far driven by woke climate catastrophisation where mining became demonised,” Jones said.”Climate change will require us to adapt but New Zealand is such a tiny pimple in relation to the world’s emissions, we are arguably irrelevant.”

Asian markets struggled on Tuesday as traders keep a nervous eye on Donald Trump’s next moves after he signed off on tariffs for steel and aluminium imports and warned of more measures to come.The US president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.While the moves have jolted sentiment, equities have held up since Trump took office, with analysts saying measures have so far been less severe than feared.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House, with Maurice Obstfeld, senior fellow at the Peterson Institute for International Economics, saying “the degree of uncertainty about trade policy has basically exploded”.The latest US duties will take effect on March 12.”Today, I’m simplifying our tariffs on steel and aluminum,” Trump said in the Oval Office on Monday as he signed off on them. “It’s 25 percent without exceptions or exemptions.”He also signalled he would look at additional tariffs on automobiles, pharmaceuticals and computer chips.Charu Chanana, chief investment strategist at Saxo Markets, said: “These expanding trade actions beyond previous threats to Canada, Mexico and China are leading to potential new import restrictions and retaliation, signalling more bouts of volatility for investors. “Tariffs are being used not just to tax imports but also as tools for national security, economic leverage and revenue generation, indicating a shift towards long-term economic policy rather than short-term trade disputes.”All three main indexes started the week on the front foot thanks to a rally in tech firms.But Asia struggled to maintain its momentum from Monday, with Hong Kong, Shanghai, Singapore, Mumbai, Jakarta and Manila falling.Seoul, Wellington, Bangkok and Taipei rose with London and Paris, though Frankfurt dipped. Sydney was flat.The uncertainty fuelled by Trump’s moves has pushed safe-haven gold ever higher. On Monday, it broke above $2,900 for the first time. It extended gains Tuesday to hit a new peak above $2,942.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.- Key figures around 0815 GMT -Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,294.86 (close)Shanghai – Composite: DOWN 0.1 percent at 3,318.06 (close)London – FTSE 100: UP 0.2 percent at 8,784.63Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0305 from $1.0308 on MondayPound/dollar: DOWN at $1.2345 from $1.2364Dollar/yen: DOWN at 151.96 yen from 151.97 yenEuro/pound: UP at 83.48 from 83.35 penceWest Texas Intermediate: UP 0.7 percent at $72.83 per barrelBrent North Sea Crude: UP 0.8 percent at $76.45 per barrelNew York – Dow: UP 0.4 percent at 44,470.41 (close)

Asian markets were mixed Tuesday following the previous day’s global rally as traders keep a nervous eye on Donald Trump’s next moves after he signed off on 25 percent tariffs for steel and alumium imports, having warned of more measures to come.The president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.However, while the moves have jolted sentiment, equities have held up since Trump took office — London and Frankfurt even hit record highs Monday — with analysts saying measures have so far been less severe than feared.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House, with Maurice Obstfeld, senior fellow at the Peterson Institute for International Economics, saying “the degree of uncertainty about trade policy has basically exploded”.And Charu Chanana, chief investment strategist at Saxo Markets, said: “These expanding trade actions beyond previous threats to Canada, Mexico and China are leading to potential new import restrictions and retaliation, signalling more bouts of volatility for investors. “Tariffs are being used not just to tax imports but also as tools for national security, economic leverage, and revenue generation, indicating a shift towards long-term economic policy rather than short-term trade disputes.”All three main indexes started the week on the front foot thanks to a rally in tech firms.But Asia struggled to maintain its momentum from Monday, with Hong Kong flitting between gains and losses, while Shanghai, Singapore and Manila fell.Seoul, Sydney, Wellington and Taipei rose.The uncertainty fuelled by Trump’s moves has pushed safe haven gold ever-higher. On Monday, it broke above $2,900 for the first time. It extended gains Tuesday to hit a new peak above $2,938.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.- Key figures around 0220 GMT -Hong Kong – Hang Seng Index: FLAT to 21,513.37Shanghai – Composite: DOWN 0.3 percent to 3,313.01Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0300 from $1.0308 on MondayPound/dollar: DOWN at $1.2361 from $1.2364Dollar/yen: UP at 151.99 yen from 151.97 yenEuro/pound: DOWN at 83.33 from 83.35 penceWest Texas Intermediate: UP 0.1 percent at $72.37 per barrelBrent North Sea Crude: UP 0.1 percent at $75.98 per barrelNew York – Dow: UP 0.4 percent at 44,470.41 (close)London – FTSE 100: UP 0.8 percent at 8,767.80 (close)

Global stock markets rose on Monday, as traders largely shrugged off US President Donald Trump’s latest tariffs announcement on steel and aluminum.Trump is set to slap 25-percent tariffs on steel and aluminum imports, part of a broad and gradually unfolding series of White House actions to remake trade.Stocks tumbled last Monday following a weekend Trump tariff announcement. But this time, major US indices spent almost the entire session in positive territory following gains in most European and Asian markets.”It’s a healthier response to a weekend announcement about tariffs,” said Art Hogan of B. Riley Wealth, adding that the metals tariffs are similar to those Trump enacted in his first term as president.The tech-rich Nasdaq led major US indices, finishing up one percent.Stock markets being up this time around “could be a sign of tariff fatigue,” said Kathleen Brooks, research director at trading group XTB. Canada is the largest source of steel and aluminum imports to the United States, according to US trade data. Brazil, Mexico and South Korea are also major steel providers to the country.The US dollar rose against the Canadian dollar, Mexican peso and South Korean won on Monday.It also rose against the euro, pound and yen.The European Union said it had not received any official notification of extra tariffs from the United States, while Britain said it had not seen “any detailed proposals” but was “ready for all situations.”In equities trading, both London and Frankfurt set fresh records.Hong Kong and Shanghai stocks rose on Monday, even as hopes of a delay to Trump’s tariffs against China were dashed.Chinese tech firms extended gains, buoyed by the success of AI startup DeepSeek. Investor sentiment was boosted by a “mixture of trade restrictions not being as bad as they might have been and hope for further Chinese stimulus,” said Derren Nathan, senior equity analyst at Hargreaves Lansdown.Tokyo was flat, despite Trump’s threats to target Japanese goods should the US trade deficit with the country fail to equalise.Wall Street dropped on Friday after official data showed US consumers increasingly worried about inflation and in reaction to news that fewer American jobs than expected had been created last month.This week’s schedule includes a January consumer price report and congressional appearances by Federal Reserve Chair Jerome Powell. In company news on Monday, BP shares surged more than seven percent in London, following reports that a prominent activist fund had built a significant stake, aiming to turn around the struggling oil and gas major.McDonald’s jumped 4.8 percent despite reporting a dip in profits following a drop in US comparable store sales. But executives said they expect a full comeback in the US market by the start of the second quarter after a food poisoning outbreak in the western United States last autumn depressed sales.- Key figures around 2130 GMT -New York – Dow: UP 0.4 percent at 44,470.41 (close)New York – S&P 500: UP 0.7 percent at 6,066.44 (close)New York – Nasdaq: UP 1.0 percent at 19,714.27 (close)London – FTSE 100: UP 0.8 percent at 8,767.80 (close)Paris – CAC 40: UP 0.4 percent at 8,006.22 (close)Frankfurt – DAX: UP 0.6 percent at 21,911.74 (close)Tokyo – Nikkei 225: FLAT at 38,801.17 (close)Hong Kong – Hang Seng Index: UP 1.8 percent to 21,521.98 (close)Shanghai – Composite: UP 0.6 percent to 3,322.17 (close)Euro/dollar: DOWN at $1.0308 from $1.0328 on FridayPound/dollar: DOWN at $1.2364 from $1.2402Dollar/yen: UP at 151.97 yen from 151.41 yenEuro/pound: UP at 83.35 from 83.27 penceBrent North Sea Crude: UP 1.6 percent at $75.87 per barrelWest Texas Intermediate: UP 1.9 percent at $72.32 per barrelburs-jmb/sw

Global stock markets rose on Monday, as traders appeared to shrug off US President Donald Trump’s latest tariffs announcement surrounding levies on steel and aluminium. This was in contrast to a week ago when tariff announcements from Trump sent global equities tumbling.The fact that stock markets are up this time around “could be a sign of tariff fatigue”, said Kathleen Brooks, research director at trading group XTB. Trump warned over the weekend that every country would face unspecified “reciprocal” levies. Regarding steel and aluminium, the United States will move to impose tariffs as early as this week, Trump said.Canada is the largest source of steel and aluminium imports to the United States, according to US trade data. Brazil, Mexico and South Korea are also major steel providers to the country.The dollar rose against the Canadian dollar, Mexican peso and South Korean won on Monday.It also rose against the euro, pound and yen.The European Union said it had not received any official notification of extra tariffs from the United States while Britain said it had not seen “any detailed proposals” but was “ready for all situations”.In equities trading, both London and Frankfurt set fresh records.Hong Kong and Shanghai stocks rose on Monday, even as hopes of a delay to Trump’s tariffs against China were dashed.Chinese tech firms extended gains, buoyed by the success of AI startup DeepSeek. Investor sentiment was boosted by a “mixture of trade restrictions not being as bad as they might have been and hope for further Chinese stimulus”, said Derren Nathan, senior equity analyst at Hargreaves Lansdown.Tokyo was flat, despite Trump’s threats to target Japanese goods should the US trade deficit with the country fail to equalise.Wall Street’s main indices moved higher on Monday.Losses of more than one percent on Friday “presumably triggered the buy-the-dip crowd that is driving the action this morning”, said Briefing.com analyst Patrick O’Hare.”There seems to be a healthy allowance, too, for the expectation that the stock market will quickly bounce back from last week’s losses like it always has on its bull market jaunt to record highs,” he added.Wall Street dropped on Friday after official data showed US consumers increasingly worried about inflation and in reaction to news that fewer American jobs than expected had been created last month.But the readings did little to alter traders’ view that the Federal Reserve will cut interest rates two times at best this year.In company news on Monday, BP shares surged more than seven percent in London, following reports that a prominent activist fund had built a significant stake, aiming to turn around the struggling oil and gas major.In Tokyo, Nippon Steel briefly fell more than two percent, following a Trump announcement that the Japanese giant would make a major investment in US Steel, but will no longer attempt to take it over.US Steel shares dived 5.8 percent in New York on Friday, but rebounded around four percent on Monday.Gold also set yet another record, rising above $2,900 per ounce for the first time.”Tariff fears and inflation worries continue to burnish the safe-haven” interest in gold, said Chris Beauchamp, Chief Market Analyst at online trading platform IG.- Key figures around 1630 GMT -New York – Dow: UP 0.2 percent at 44,373.57 points New York – S&P 500: UP 0.6 percent at 6,061.52New York – Nasdaq: UP 1.1 percent at 19,739.14London – FTSE 100: UP 0.8 percent at 8,767.80 (close)Paris – CAC 40: UP 0.4 percent at 8,006.22 (close)Frankfurt – DAX: UP 0.6 percent at 21,911.74 (close)Tokyo – Nikkei 225: FLAT at 38,801.17 (close)Hong Kong – Hang Seng Index: UP 1.8 percent to 21,521.98 (close)Shanghai – Composite: UP 0.6 percent to 3,322.17 (close)Euro/dollar: DOWN at $1.0314 from $1.0328 on FridayPound/dollar: DOWN at $1.2388 from $1.2405Dollar/yen: UP at 151.65 yen from 151.43 yenEuro/pound: UP at 83.28 from 83.24 penceBrent North Sea Crude: UP 1.4 percent at $75.67 per barrelWest Texas Intermediate: UP 1.6 percent at $72.12 per barrelburs-rl/bc

Global stock markets rose Monday, as traders appeared to shrug off US President Donald Trump’s latest tariffs announcement surrounding levies on steel and aluminium. This was in contrast to a week ago when tariff announcements from Trump sent global equities tumbling.The fact that stock markets are up this time around “could be a sign of tariff fatigue,” said Kathleen Brooks, research director at trading group XTB. Trump warned over the weekend that every country would face unspecified “reciprocal” levies. Regarding steel and aluminium, the United States will move to impose tariffs as early as this week, Trump said.Canada is the largest source of steel and aluminium imports to the United States, according to US trade data. Brazil, Mexico and South Korea are also major steel providers to the country.The dollar rose against the Canadian dollar, Mexican peso and South Korean won on Monday.The European Union said it had not received any official notification of extra tariffs from the United States while Britain said it had not seen “any detailed proposals” but was “ready for all situations”.In equities trading, London led gains in Europe in afternoon trading.Hong Kong and Shanghai stocks rose Monday even as hopes of a delay to Trump’s tariffs against China were dashed.Chinese tech firms extended gains, buoyed by the success of AI startup DeepSeek. Investor sentiment was boosted by a “mixture of trade restrictions not being as bad as they might have been and hope for further Chinese stimulus”, said Derren Nathan, senior equity analyst at Hargreaves Lansdown.Tokyo was flat, despite Trump’s threats to target Japanese goods should the US trade deficit with the country fail to equalise.Wall Street’s main indices moved higher at the opening bell. Losses of more than one percent on Friday “presumably triggered the buy-the-dip crowd that is driving the action this morning”, said Briefing.com analyst Patrick O’Hare.”There seems to be a healthy allowance, too, for the expectation that the stock market will quickly bounce back from last week’s losses like it always has on its bull market jaunt to record highs,” he added.Wall Street dropped Friday after official data showed US consumers increasingly worried about inflation and in reaction to news that fewer American jobs than expected had been created last month.But the readings did little to alter traders’ view that the Federal Reserve will cut interest rates two times at best this year.In company news Monday, BP shares surged more than seven percent in London, following reports that a prominent activist fund had built a significant stake, aiming to turnaround the struggling oil and gas major.In Tokyo, Nippon Steel briefly fell more than two percent, following a Trump announcement that the Japanese giant would make a major investment in US Steel, but will no longer attempt to take it over.US Steel shares dived 5.8 percent in New York on Friday, but rebounded four percent on Monday as trading got underway.- Key figures around 1430 GMT -New York – Dow: UP 0.6 percent at 44,564.77 points New York – S&P 500: UP 0.5 percent at 6,057.55New York – Nasdaq: UP 0.7 percent at 19,668.84London – FTSE 100: UP 0.8 percent at 8,769.02Paris – CAC 40: UP 0.1 percent at 7,984.29Frankfurt – DAX: UP 0.5 percent at 21,889.34Tokyo – Nikkei 225: FLAT at 38,801.17 (close)Hong Kong – Hang Seng Index: UP 1.8 percent to 21,521.98 (close)Shanghai – Composite: UP 0.6 percent to 3,322.17 (close)Euro/dollar: DOWN at $1.0307 from $1.0328 on FridayPound/dollar: DOWN at $1.2372 from $1.2405Dollar/yen: UP at 151.76 yen from 151.43 yenEuro/pound: UP at 83.32 from 83.24 penceBrent North Sea Crude: UP 1.2 percent at $75.52 per barrelWest Texas Intermediate: UP 1.3 percent at $71.89 per barrelburs-rl/lth

European and Asian stock markets rose Monday, as traders appeared to shrug off US President Donald Trump’s latest tariffs announcement surrounding levies on steel and aluminium. This was in contrast to a week ago when tariff announcements from Trump sent global equities tumbling.”The fact that global equity indices are higher at the start of the week, could be a sign of tariff fatigue,” said Kathleen Brooks, research director at trading group XTB. Trump warned over the weekend that every country would face unspecified “reciprocal” levies. Regarding steel and aluminium, the United States will move to impose tariffs as early as this week, Trump said.Canada is the largest source of steel and aluminium imports to the United States, according to US trade data. Brazil, Mexico and South Korea are also major steel providers to the country.The dollar rose against the Canadian dollar, Mexican peso and South Korean won on Monday.In equities trading, London led gains in Europe approaching the half-way stage.It came as the European Union said it had not received any official notification of extra duties from the United States. Hong Kong and Shanghai stocks rose Monday even as hopes of a delay to Trump’s tariffs against China were dashed.Chinese tech firms extended gains, buoyed by the success of AI startup DeepSeek. Investor sentiment was boosted by a “mixture of trade restrictions not being as bad as they might have been and hope for further Chinese stimulus”, said Derren Nathan, senior equity analyst at Hargreaves Lansdown.Tokyo was flat, despite Trump’s threats to target Japanese goods should the US trade deficit with the country fail to equalise.Wall Street dropped Friday after official data showed US consumers increasingly worried about inflation and in reaction to news that fewer American jobs than expected had been created last month.The readings did little to alter traders’ view that the Federal Reserve will cut interest rates two times at best this year.In company news Monday, BP shares surged more than six percent in London, following reports that a prominent activist fund had built a significant stake, aiming to turnaround the struggling oil and gas major.In Tokyo, Nippon Steel briefly fell more than two percent, following a Trump announcement that the Japanese giant would make a major investment in US Steel, but will no longer attempt to take it over.US Steel dived 5.8 percent in New York on Friday.- Key figures around 1100 GMT -London – FTSE 100: UP 0.5 percent at 8,747.16 pointsParis – CAC 40: UP 0.2 percent at 7,992.17Frankfurt – DAX: UP 0.2 percent at 21,832.23Tokyo – Nikkei 225: FLAT at 38,801.17 (close)Hong Kong – Hang Seng Index: UP 1.8 percent to 21,521.98 (close)Shanghai – Composite: UP 0.6 percent to 3,322.17 (close)New York – Dow: DOWN 1.0 percent at 44,303.40 points (close)Euro/dollar: UP at $1.0335 from $1.0328 on FridayPound/dollar: UP at $1.2415 from $1.2405Dollar/yen: UP at 152.07 yen from 151.43 yenEuro/pound: FLAT at 83.24 penceBrent North Sea Crude: UP 1.3 percent at $75.64 per barrelWest Texas Intermediate: UP 1.3 percent at $71.95 per barrel

Equities were mostly down in Asia on Monday after Donald Trump ramped up his trade war by announcing huge tariffs on steel and aluminium imports and warned every country would face “reciprocal” levies.Another week got off to an uncertain start following losses on Wall Street that came in reaction to data showing US consumers increasingly worried about inflation and news that far fewer jobs than expected were created last month.The US president has resumed his hardball tactics on trade since returning to the White House by last week hitting China with a fresh batch of tariffs, having reached a deal to delay measures against Canada and Mexico.The moves have fanned concerns about the global economy and jolted a recent rally in markets.Trump said Sunday 25 percent duties would be imposed on “any steel coming into the United States”, adding this will also affect aluminium. He also said he would announce “reciprocal tariffs” to match his government’s levies to the rates charged by other countries on US products. “Every country will be reciprocal,” he warned, adding that he would provide details on Tuesday or Wednesday.Guo Jiakun, spokesman of China’s Ministry of Foreign Affairs, reiterated Beijing’s line Monday that “there is no winner in a trade war”, while French foreign minister Jean-Noel Barrot said the European Union will counter in kind to “replicate” any tariffs imposed on it by Washington.The news weighed on commodity-linked currencies, with the Canadian dollar, Mexican peso and South Korean won all weaker.Canada is the largest source of steel and aluminium imports to the United States, according to US trade data. Brazil, Mexico and South Korea are also major steel providers to the country.At a meeting with Prime Minister Shigeru Ishiba in Washington on Friday, Trump threatened to target Japanese goods if the US trade deficit with the country is not equalised.Equities struggled, with Sydney, Seoul, Manila, Bangkok, Mumbai, Jakarta, Wellington and Taipei all lower.- ‘It’s an escalation’ -“Trump’s latest move isn’t merely another trade skirmish; it’s an escalation of his ‘America First’ trade doctrine where ‘no country is off-limits’,” said Stephen Innes at SPI Asset Management.”This high-stakes gamble could disrupt global supply chains. Markets have witnessed this scenario before — last-minute exemptions and backroom deals (see: Mexico and Canada tariffs) — but if Trump maintains his hardline stance this time, Asian economies will be the first to feel the impact.”Still, Hong Kong and Shanghai extended last week’s gains, with Chinese tech firms boosted by the emergence of startup DeepSeek, which has shaken up the AI sector with a chatbot that it said rivalled those of US giants but at a fraction of the cost.There were also gains in Singapore, while Tokyo was marginally higher.London, Frakfurt and Paris rose at the open.All three main indexes in New York fell as the University of Michigan’s consumer survey showed a drop in consumer sentiment in February to 67.8, down from 71.1 in January.Another report showed respondents expect inflation to hit 4.3 percent a year from now, up a full percentage point from a month earlier.Separate data showed the world’s top economy created 143,000 jobs last month, down from a revised 307,000 in December and below forecasts.The readings did little to alter traders’ view that the Federal Reserve will cut interest rates two times at best this year, after boss Jerome Powell said after its January meeting that officials were in no “hurry” to move again.Among companies, Nippon Steel briefly fell more than two percent in Tokyo, following Trump’s Friday announcement that the Japanese giant would make a major investment in US Steel, but will no longer attempt to take it over. The firm pared its losses to end 0.5 percent lower. US Steel dived 5.8 percent in New York on Friday.- Key figures around 0810 GMT -Tokyo – Nikkei 225: FLAT at 38,801.17 (close)Hong Kong – Hang Seng Index: UP 1.8 percent to 21,521.98 (close)Shanghai – Composite: UP 0.6 percent to 3,322.17 (close)London – FTSE 100: UP 0.2 percent at 8,716.57Euro/dollar: DOWN at $1.0312 from $1.0328 on FridayPound/dollar: UP at $1.2406 from $1.2405Dollar/yen: UP at 152.17 yen from 151.43 yenEuro/pound: DOWN at 83.12 pence from 83.24 penceWest Texas Intermediate: UP 0.7 percent at $71.51 per barrelBrent North Sea Crude: UP 0.7 percent at $75.20 per barrelNew York – Dow: DOWN 1.0 percent at 44,303.40 points (close)