Asia-Pacific markets traded mixed on Tuesday as investors reacted to local economic data following United States Donald Trump’s confirmation of tariffs on Mexico and Canada.
By 12:10 pm AEDT (1:10 am GMT), Australia’s ASX 200 declined 0.8%, Japan’s Nikkei 225 dropped 1.6%, while South Korea’s Kospi index edged up 0.2%.
Among data releases, Japan’s unemployment rate for January stood at 2.5%, slightly above forecasts of 2.4%.
In South Korea, industrial production fell 2.7% in January, less than the expected 3.1%.
Investors are also closely monitoring Chinese markets ahead of the annual “Two Sessions” parliamentary meeting, set to commence later in the day.
Overnight in the U.S., major indexes suffered steep declines after Trump reiterated that 25% tariffs on imports from Mexico and Canada would take effect on Tuesday.
The S&P 500 slid 1.76% to 5,849.72, marking its worst day since December and turning negative for the year. The Dow Jones Industrial Average fell 649.67 points, or 1.48%, to 43,191.24, while the Nasdaq Composite tumbled 2.64% to 18,350.19, weighed down by an 8% drop in Nvidia shares.
In commodities, Brent crude fell 1.6% to $71.62 per barrel. Spot gold initially gained 1.2%, but later retreated 0.7% to trade at $2,892.99 per ounce.
Among other Asia-Pacific markets, China’s Shanghai Composite slipped 0.1% to 3,316.9, while the CSI 300 edged down 0.1% to 3,888.5.
Hong Kong’s Hang Seng Index rose 0.3% to 23,006.3, while India’s BSE Sensex dipped 0.2% to 73,085.9.
In European markets, the FTSE 100 climbed 0.7% to 8,871.3, Germany’s DAX surged 2.6% to 23,147, and France’s CAC 40 gained 1.1% to 8,199.7.
