Asia-Pacific markets showed a mixed response on Tuesday as investors pondered the implications of U.S. President Donald Trump’s decision to delay the implementation of 50% tariffs on imports from the European Union.
Japan’s Nikkei 225 index edged down by 0.13% in the morning session, while South Korea’s Kospi shedded 0.45%. Conversely, in Australia, the S&P/ASX 200 pushed upward for a 0.14% gain.
The Hong Kong market opened lower with the Hang Seng Index dropping 0.28% while the Shanghai Composite was flat.
Notably, U.S. markets remained closed on Monday due to the Memorial Day holiday.
However, U.S. futures made significant gains as market participants reacted optimistically to Trump’s postponement of planned tariffs on European goods. The Dow Jones Industrial Average futures increased by 345 points, or 0.83%, while S&P 500 futures went up by 0.92% and Nasdaq 100 futures by 1.02%.
On the commodities front, oil prices saw a slight dip on Tuesday amid speculations of a potential increase in crude oil production by OPEC+ in their upcoming meeting. Brent crude futures decreased by 7 cents, or 0.11%, ebbing to $64.67 per barrel. Meanwhile, the U.S. West Texas Intermediate (WTI) futures slipped by 12 cents, or 0.20%, reaching $61.41 per barrel.
Oil prices had remained stable on Monday influenced by news that eight OPEC+ member countries, initially committed to additional voluntary output reductions, are set to convene one day earlier than previously planned on May 31. Closing figures showed Brent crude futures down modestly by four cents at $64.74 a barrel, with WTI holding firm at $61.53 a barrel from the last session.
Gold prices also experienced a decline on Monday, influenced by President Trump’s announcement of a new deadline of July 9 for reaching a trade agreement with the EU, thus retracting the earlier threat of a 50% tariff implementation beginning June 1. In the precious metal market, spot gold slipped by 0.3% to $3,346.59 an ounce. Additionally, U.S. gold futures registered a 0.94% decline, settling at $3,334.20.
