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Asian stock markets opened the week on shaky ground as renewed U.S.-China trade tensions rattled investor confidence. Despite signs of stabilization in Wall Street futures, markets across Asia saw sharp fluctuations. A trading holiday in Japan and the United States added to the volatility, while uncertainty in global politics weighed on sentiment.
U.S. President Donald Trump’s latest threat to impose 100% tariffs on China from November 1 spooked markets, though he later adopted a more conciliatory tone, saying the U.S. did not want to “hurt” China. Beijing defended its recent export restrictions on rare earth elements as a necessary response to U.S. actions but refrained from announcing new tariffs. Analysts at Goldman Sachs, including chief economist Jan Hatzius, expect a temporary extension of the current tariff pause with limited concessions on both sides, though risks of higher tariffs remain.
Political instability in Japan further unsettled markets as doubts grew over the ascension of LDP leader Sanae Takaichi to the prime ministership. The yen rebounded sharply, leading to a 5% drop in Nikkei futures on Friday, though futures later regained 1.3% to trade at 46,690. Meanwhile, South Korea’s benchmark slipped 2.1%, Australia fell 0.5%, and MSCI’s Asia-Pacific index dropped 0.6%.
In the U.S., S&P 500 futures climbed 1.1% and Nasdaq futures rose 1.6% as investors looked ahead to the start of earnings season, with major banks like JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup set to report. Analysts expect an 8.8% year-on-year earnings increase for S&P 500 companies, essential for sustaining high market valuations.
European markets showed modest recovery, with Eurostoxx 50 futures up 0.2%, DAX up 0.4%, and FTSE steady. In currency trading, the dollar strengthened 0.5% to 151.98 yen, while the euro held at $1.1607. Gold hit a record high of $4,059 per ounce amid geopolitical uncertainty, and oil prices rose over 1% on hopes of a U.S.-China compromise.
