š¹ Mixed Asian market performance after Trumpās announcement of a 25% tariff on all steel and aluminium imports:
š Hang Seng surged +1.5%, driven by techĀ stocksš Shanghai Composite gainedĀ +0.4%š Nikkei slippedĀ -0.1%š ASX 200 fellĀ -0.4%
šø Trump plans reciprocal tariffs š”ļø to match other countriesā trade rates. The EU warned of a swift response, while Canada šØš¦, the top US aluminium supplier, expressed concerns about supply chain disruptions.
š¹ Chinese tech rally š despite trade tensions:
Baidu +3.5%Alibaba +4%
Beijing is reportedly preparing retaliatory measures targeting US tech giants with antitrust probes āļø, with Apple, Nvidia, Broadcom, and Synopsys under potential scrutiny.
šø Dollar strengthens šµ +0.2% amid concerns over inflation fromĀ tariffs.
JPY fell -0.4% to Ā„151.98 despite recent hawkish comments from theĀ BOJ.CNY weakened past 7.3 per dollar, hitting a 3-weekĀ low.
š¹ Commodities Update:
š¢ļø Brent at $75.06, WTI at $71.40 (+), snapping a 3-weekĀ declineš Gold rose near $2,881/oz, driven by safe-haven demand
šø Chinaās Central Bank continues gold purchases for the third month in aĀ row.
š¹ Japanās 2024 current account surplus hit a record Ā„29.3 trillion ($193B), boosted by strong overseas investment returns š despite trade and services deficits.
šø UpcomingĀ events:
šļø Fed Chair Powell to testify before Congress on Tuesday and Wednesday. Markets await his take on trade policy and inflation.š January CPI data to be released during Powellās second day of testimony.
šø Trump announced plans to halt penny production šŖ due to high manufacturing costs (3.7 cents per coin), following recommendations from Muskās Department of Government Efficiency team.
Stay tuned for more updates!Ā š²
Morning Update (10.02.2025) was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.