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What's Affecting Markets Today
Asia-Pacific Markets Decline as Trump Confirms Tariffs on Mexico, Canada, and China
Asia-Pacific markets fell sharply on Friday after U.S. President Donald Trump confirmed that 25% tariffs on imports from Mexico and Canada will take effect on March 4. Trump also announced an additional 10% tariff on Chinese goods, bringing total U.S. duties on Chinese imports to 20%.
Australia’s S&P/ASX 200 dropped 1.15%, while Japan’s Nikkei 225 fell 2.81% and the Topix declined 1.87%. South Korea’s Kospi lost 3.15%, and the Kosdaq slid 3.20%. In Hong Kong, the Hang Seng Index fell 2.34%, while China’s CSI 300 dipped 0.62%.
Cryptocurrency markets also saw declines, with Bitcoin falling 1.79% to $82,811.12, marking a nearly 25% drop from its January record high.
Trump justified the tariffs by citing concerns over illicit drug flows from Canada and Mexico. The announcement added to market uncertainty, with investors weighing the impact of rising trade tensions on global economic growth and supply chains.
ASX Stocks
ASX 200 - 8,161.7 (-1.3%)
ASX Falls as Tariff Concerns Weigh on Commodities and Retail Stocks
The S&P/ASX 200 fell 1.1% (94.6 points) to 8,173.6 on Friday, marking its second consecutive monthly decline. The All Ordinaries dropped 1.2% as all 11 sectors traded lower, led by materials and consumer staples.
Market sentiment weakened after U.S. President Donald Trump confirmed higher tariffs on Mexico, Canada, and China. The Australian dollar slipped toward US62¢, down 2.5% for the week, as the U.S. dollar surged.
Commodities declined, with BHP (-2.8%), Rio Tinto (-3.0%), and Fortescue (-3.6%) lower, alongside gold miners Evolution Mining (-3.4%) and Regis Resources (-2.9%). Retailers also weighed on the index, with Coles (-2.3%) and Endeavour Group (-7.6%) falling after disappointing results.
Technology stocks fell 2.3% after a global sell-off in chipmakers, triggered by Nvidia’s 8.5% drop.
In corporate news, Star Entertainment plunged 21.5%, warning of financial uncertainty. Meanwhile, Harvey Norman (+3.8%), TPG Telecom (+3.7%), Life360 (+7.6%), and Pexa (+8.0%) gained on strong earnings updates.
Leaders
360 Life360 Inc (+8.37%)
PXA Pexa Group Ltd (+7.90%)
KAR Karoon Energy Ltd (+5.84%)
GDG Generation Development (+5.47%)
MMS McMillan Shakespeare (+4.49%)
Laggards
JLG Johns Lyng Group Ltd (-9.54%)
NEU Neuren Pharma (-9.44%)
DDR Dicker Data Ltd (-8.57%)
MIN Mineral Resources Ltd (-7.72%)
EDV Endeavour Group Ltd (-7.35%)
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