Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Asian markets tumbled Monday, with U.S. equity futures pointing sharply lower after President Donald Trump imposed tariffs on Canada, Mexico, and China. Concerns over a trade war and its economic fallout sent the U.S. dollar surging to record highs against the Chinese yuan, Canadian dollar, and Mexican peso.
Japan’s Nikkei fell 2.3%, while Australia’s benchmark dropped more than 2%. Hong Kong markets opened later, and mainland Chinese exchanges remained closed for Lunar New Year. S&P 500 futures declined 1.7%, while Nasdaq futures slumped 2.5%.
Trump imposed a 25% tariff on Canada and Mexico and a 10% levy on China, citing illegal immigration and drug trade concerns. Canada and Mexico announced immediate retaliatory measures, while China vowed to challenge the tariffs at the World Trade Organization. The tariffs, set to take effect Tuesday, could trigger a global trade war, with analysts warning of inflationary pressures and economic slowdowns.
EY’s chief economist Greg Daco projected U.S. growth could shrink by 1.5 percentage points, pushing Canada and Mexico into recession. Barclays estimated a 2.8% earnings hit for S&P 500 companies.
The U.S. dollar climbed 0.7% to 7.2552 yuan offshore, reaching a record 7.3765 earlier. It also gained 2.3% against the Mexican peso and 1.4% versus the Canadian dollar, hitting its highest level since 2003. The euro dropped 2.3% to $1.0125, and the yen lost 0.2% to 155.53 per dollar.
Bitcoin fell 5.8% to a three-week low of $96,191.39. Meanwhile, oil prices rose, with WTI crude up 2.4% to $74.27 per barrel and Brent crude gaining 1% to $76.40.
