Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
South Korea GDP Surges on Chip and AI Boom 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
China to Inject $45 Billion Into State Financial Institutions 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
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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.
