2 weeks ago
49
People standing in front of an electronic display showing the Hang Seng Index in the Central district of Hong Kong on July 26, 2021, after stocks plunged as tuition firms were hammered by China's decision to reform the private education sector by preventing them from making profits.
Isaac Lawrence | AFP | Getty Images
Asia-Pacific markets were set to fall Wednesday as investors brace themselves for U.S. President Donald Trump's country-specific tariffs that are set to come into effect midnight stateside.
Australia's S&P/ASX 200 futures were down at 7,391, compared to the index's last close at 7,510.
Japan's Nikkei 225 futures pointed to a lower open for the market. The futures contract in Chicago was at 31,880 and its counterpart in Osaka last traded at 32,140 compared to the index's previous close of 33,012.58.
Hong Kong's Hang Seng index futures were at 19,300 also weaker than the HSI's last close of 20,127.68.
Additional tariffs will take effect just after U.S. midnight, adding to the 10% baseline duty that was already implemented on Saturday. Chinese goods will now face a cumulative tariff rate of 104%, the White House confirmed.
Investors will also be keeping an eye out for Reserve Bank of India's decision later in the day. India' central bank is expected to deliver a second straight rate cut today, according to economists polled by Reuters, which will bring its policy rate to 6%.
Overnight in the U.S., the three major averages closed lower. The Dow Jones Industrial Average dropped 320.01 points, or 0.84%, and closed at 37,645.59, bringing its four-day loss on tariff angst to more than 4,500 points. Apple led the losses with the iPhone maker's costs set to surge with new China tariffs.
The S&P 500 declined 1.57% to end at 4,982.77. The index was inches away from closing in a bear market, down nearly 19% from its February record, and it ended the session below 5,000 for the first time since April 2024. Over the past four days, the S&P 500 has fallen more than 12%.
— CNBC's Hakyung Kim and Sean Conlon contributed to this report.
Stocks finish lower Tuesday
U.S. stocks finished Tuesday's volatile session in the red.
The S&P 500 declined 1.57%. The Dow Jones Industrial Average ended down 320.01 points, or 0.84%.
The tech-heavy Nasdaq Composite dropped 2.15%.
— Hakyung Kim
Fed's Daly sees interest rate policy in 'a good place'
Mary Daly, President and CEO of the Federal Reserve Bank of San Francisco, speaks during WSJ Tech Live conference hosted by the Wall Street Journal at the Montage Laguna Beach in Laguna Beach, California, on October 21, 2024.
Frederic J. Brown | Afp | Getty Images
San Francisco Federal Reserve President Mary Daly said Tuesday that she backs the central bank's wait-and-see approach when it comes to interest rates.
"We've got policy in a very good place right now. We've cut the interest rate by 100 basis points last year. That puts policy in a good place to stay modestly restrictive, keep inflation coming down, but not so restrictive that the economy is vulnerable," Daly said during an event at Brigham Young University.
"So with growth good and and policy in a good place, we have built the time and the ability to just tread slowly and tread carefully," she added.
Daly does not vote this year on the rate-setting Federal Open Market Committee and will next vote in 2027.
— Jeff Cox
English (US)