Asia Stocks

NEW YORK/SINGAPORE (Reuters) -Asian stocks wavered on Wednesday after the S&P 500 and European shares ended at record highs, in the face of U.S President Donald Trump's latest tariff threats on auto, semiconductor and pharmaceutical imports.

For now, investors were just relieved that major tariffs had not already been introduced and MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.3 per cent

China's retaliatory tariffs on some US exports are due to take effect on Monday, with no sign as yet of progress between Beijing and Washington

Trump slapped Canada and Mexico with duties of 25 per cent and China with a 10 per cent levy at the weekend, as he had threatened last month, calling the measures necessary

US Nasdaq Composite futures tumbled 1.8 per cent as of 0158 GMT and S&P 500 futures sank 0.9 per cent

The big moves in Chinese stocks helped lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.11 per cent, reversing its losses from earlier in the sesion

Asian stocks were mixed Wednesday followed Wall Street's mostly positive performance ahead of key US inflation data that could influence the pace of market-boosting rate cuts by the Federal Reserve. US futures and oil prices were little changed. Tokyo's Nikkei 225 index edged 0.1% higher to 38,505.54. The Kospi rose 0.2% to 2,502.94 after South Korean law enforcement officials detained impeached President Yoon Suk Yeol on Wednesday in connection with his failed declaration of martial law last month. South Korea's unemployment rate reached 3.7% in December on a seasonally adjusted basis, the highest since June 2021, amid political uncertainty, the government reported. The Hang Seng in Hong Kong added 0.2% to 19,264.46 after media reported that President-elect Donald Trump's incoming economic team is discussing gradually ramping up tariffs in different phases. The Shanghai Composite shed 0.3% to 3,232.98. Australia's S&P/ASX 200 was flat at 8,233.10. On Tuesday, the S&P 500 rose

Volumes were light with holiday for New Year looming and Japan on holiday for the rest of the week, with the Santa-rally losing some steam as elevated Treasury yields weigh on high equity valuations

Asian stocks have taken the cue from Wall Street, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1 per cent

Dollar index, which measures the US currency against six rivals, was steady at 106.77 and on course for 5 per cent gain for the year

It has been a week of rate cuts from Switzerland, Canada and the European Central Bank, which had rate differentials working in the favour of the US dollar

Asifma seeks shared responsibility for AI-related breaches

Stock Market LIVE: Overnight in the US, Wall Street's major indices, Nasdaq and S&P 500, closed at record highs on Monday, boosted by tech-related shares following strong November gains

Stock Market Highlights: 44 out of the Nifty50 constituent stocks ended in the red, dragged down by Hero MotoCorp, Hindalco, Tata Steel, Mahindra & Mahindra, and Eicher Motors

Japan's Nikkei fell 0.3 per cent. South Korea's Kospi lost 0.9 per cent and Taiwan's benchmark slipped 0.7 per cent

Stock Market Highlights: As many as 41 out of 50 constituent stocks of Nifty50 ended higher, led by BEL, Adani Enterprises, TCS, HCL Tech, and Wipro

Shares of Tesla jumped 12 per cent in after-hours trading after EV maker reported robust third quarter profits and surprised analysts with a prediction for a 20-30 per cent growth in sales next year

China accounted for the bulk of the 2024 downgrade by OPEC, as it trimmed its growth forecast for the country to 580,000 barrels per day (bpd) from 650,000 bpd

Stock Market Close Highlights, Friday, Oct 11: 13 of the 30 Sensex stocks, and 22 of the 50 Nifty stocks closed in the negative zone, led by TCS, M&M, ICICI Bank, Maruti Suzuki, Power Grid, Cipla

Japan's Nikkei slumped 1.5per cent as of 0022 GMT, while South Korea's KOSPI dropped 1.3per cent and Australia's benchmark lost 0.3 per cent