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Asian equities mostly fell Wednesday as investors fret over Donald Trump’s ever-changing trade policies amid increasing concern that his tariffs could send the US economy into recession.Global markets have endured some severe volatility this month as the president looks to ramp up pressure on global partners by imposing or threatening hefty duties on their goods, citing huge trade imbalances.In the latest move, sweeping 25 percent levies on all US aluminium and steel imports are due to come into effect at midnight in Washington (0400 GMT Wednesday), hitting numerous nations from Brazil to South Korea, as well as the European Union.On Tuesday, Trump threatened to double those on Canada after the province of Ontario imposed an electricity surcharge on three US states. The president called that off after Ontario halted the charge.The on-off nature of the trade policies has fuelled uncertainty in markets, and has sent the VIX “fear index” of volatility to its highest level since August.Traders appeared largely unmoved by Trump’s attempt to soothe worries over a recession after he warned at the weekend of “a period of transition” and refused to rule out a downturn.On Tuesday he said at the White House: “I don’t see it at all. I think this country’s going to boom, adding that markets “are going to go up and they’re going to go down. But you know what, we have to rebuild our country”.But Nicole Inui at HSBC wrote in a note: “The back and forth on tariff announcements is playing havoc with consumer and business confidence: policy uncertainty is at a record high, consumer confidence dropped sharply and small business optimism has pared back.”Consensus GDP forecasts were revised lower for the first time in eight months and market chatter about recession is creeping higher.”After another selloff in New York that saw the Nasdaq extend Monday’s four percent dive, Asian traders were also in a dour mood.Tokyo edged up with Seoul, Jakarta and Taipei.But Hong Kong, Shanghai, Singapore, Wellington and Manila were in the red, with Sydney down more than one percent, on concerns about the impact of Trump’s latest tariffs on Australia’s economy.Also in focus Wednesday is the release of key US consumer inflation data, which the Federal Reserve will keep a close eye on as it tries to determine monetary policy in light of the latest moves by Trump.There is a fear that the tariffs, and plans to slash taxes, regulation and immigration will fan inflation again, forcing the bank to hold borrowing costs for longer or even hike them.Meanwhile, analysts said high uncertainty in US markets at the moment was making other regions more attractive as investors look for a little more stability.”For years, the US has been the undisputed leader of global markets, fuelled by aggressive fiscal spending, tech dominance, and a strong consumer,” said Charu Chanana, chief investment strategist at Saxo markets.”But cracks are starting to show. Investors are increasingly looking overseas as concerns mount over US stock valuations, monetary policy, and economic uncertainty.”- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 36,898.83 (break)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 23,717.91Shanghai – Composite: DOWN 0.1 percent at 3,377.41Euro/dollar: DOWN at $1.0910 from $1.0915 on TuesdayPound/dollar: DOWN at $1.2939 from $1.2954Dollar/yen: UP at 147.90 yen from 147.70 yenEuro/pound: UP at 84.31 pence from 84.26 penceWest Texas Intermediate: UP 0.7 percent at $66.70 per barrelBrent North Sea Crude: UP 0.6 percent at $69.97 per barrelNew York – Dow: DOWN 1.1 percent at 41,433.48 points (close)London – FTSE 100: DOWN 1.2 percent at 8,495.99 (close)

Global stock markets extended losses on Tuesday as US President Donald Trump waffled on the size of tariffs he will levy on Canadian steel, aggravating concerns his trade policies could push the United States toward recession.In New York, the Dow index of blue-chip stocks closed down 1.1 percent while the broad-based S&P 500 shed 0.8 percent.The tech-heavy Nasdaq dipped 0.2 percent, though Tesla and Amazon staged rebounds a day after the index closed four percent lower in its worst session since 2022.Europe’s main indices ended the day in the red, as did most in Asia.”Markets are jittery and volatility seems like the only certainty while the White House pushes hard to usher in a new era, seemingly happy for stock markets to be collateral damage,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.Traders had initially welcomed Trump’s election win in late 2024, optimistic that his promised tax cuts and deregulation would boost the world’s biggest economy and help equities push to further record highs.But there is growing concern that tariffs against key trading partners will reignite inflation, forcing the Federal Reserve to again start raising interest rates and triggering a recession.Since taking office in January, Trump has announced sweeping tariffs on imports from Canada, Mexico and China, though he had allowed a partial and temporary rollback for the two US neighbors.Tariffs on steel and aluminum are due to take effect on Wednesday, affecting a wide range of producers from Brazil to South Korea and the European Union.Trump announced earlier in the day that he was doubling the tariffs on Canadian steel and aluminum to 50 percent, in response to the Canadian province of Ontario imposing of a 25 percent surcharge on electricity exports to three US states.But by the afternoon, the plan had been binned, with Canada facing only a 25 percent tariff after midnight as originally planned.Analysts said investors were also concerned that Trump appears more willing to see stock markets fall than during his first term in office, after he said the economy was facing “a period of transition” and refused to rule out the risk of recession.”The problem for markets is that this is a man-made crisis,” said Kathleen Brooks, research director at the trading platform XTB.Trump’s “‘bull in a china shop’ approach to economic policy has spooked investors. The question is, will it continue to spook consumers, the life blood of the US economy,” she said.- Oil sees slight rebound -Investors will also keep a close eye on US consumer inflation data on Wednesday, as it could influence the Fed’s next move.Oil prices began a slight rebound after dropping more than one percent Monday on worries about demand as US recession speculation builds. However, both main contracts remain down around eight percent for the year so far.In company news, shares in Volkswagen dipped 0.1 percent as the German auto giant geared up for another tricky year after posting a sharp loss in annual profits for 2024.Tesla was up 3.8 percent and Amazon gained 1.1 percent after plunging the previous day, but tech heavyweight Apple extended its losses as it fell 2.9 percent.- Key figures around 2100 GMT -New York – Dow: DOWN 1.1 percent at 41,433.48 points (close)New York – S&P 500: DOWN 0.8 percent at 5,572.07 (close)New York – Nasdaq: DOWN 0.2 percent at 17,436.10 (close)London – FTSE 100: DOWN 1.2 percent at 8,495.99 (close)Paris – CAC 40: DOWN 1.3 percent at 7,941.91 (close)Frankfurt – DAX: DOWN 1.3 percent at 22,328.77 (close)Tokyo – Nikkei 225: DOWN 0.6 percent at 36,793.11 (close)Hong Kong – Hang Seng Index: FLAT at 23,782.14 (close)Shanghai – Composite: UP 0.4 percent at 3,379.83 (close)Euro/dollar: UP at $1.0915 from $1.0836 on MondayPound/dollar: UP at $1.2954 from $1.2878Dollar/yen: UP at 147.70 yen from 147.26 yenEuro/pound: UP at 84.26 pence from 84.13 penceWest Texas Intermediate: UP 0.3 percent at $66.25 per barrelBrent North Sea Crude: UP 0.4 percent at $69.56 per barrelburs-rl-bfm/st

Global stock markets wavered on Tuesday following a Wall Street sell-off over fears that President Donald Trump’s trade policies could push the United States towards recession.In New York, the Dow index of blue-chip stocks was down 0.5 percent in early deals while the broad-based S&P 500 shed 0.1 percent.The tech-heavy Nasdaq rose 0.4 percent, with Tesla and Amazon staging rebounds, one day after the index closed four percent lower in its worst session since 2022.In Europe, London and Paris fell while Frankfurt staged a modest rebound in afternoon deals. Asia finished mostly in the red.”Markets are jittery and volatility seems like the only certainty while the White House pushes hard to usher in a new era, seemingly happy for stock markets to be collateral damage,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.Traders had initially welcomed Trump’s election win in late 2024, optimistic that his promised tax cuts and deregulation would boost the world’s biggest economy and help equities push to further record highs.But there is now growing concern that tariffs against key trading partners will reignite inflation, forcing the Federal Reserve to again start raising interest rates and triggering a recession.Investors will keep a close eye on US consumer inflation data on Wednesday, as it could influence the Fed’s next move.Since taking office in January, Trump has imposed sweeping tariffs on imports from Canada, Mexico and China, though he has allowed a partial and temporary rollback for the two US neighbours.Tariffs on steel and aluminium are due to take effect on Wednesday, affecting a wide range of producers from Brazil to South Korea and the European Union.Sweeping cuts to the federal government, overseen by Tesla owner and Trump adviser Elon Musk, have also begun to unnerve investors.Analysts said investors are also concerned that Trump appears more willing to see stock markets fall than during his first term in office after he said the economy was facing “a period of transition” and he refused to rule out the risk of recession.”The problem for markets is that this is a man-made crisis,” said Kathleen Brooks, research director at XTB trading platform.Trump’s “‘bull in a china shop’ approach to economic policy has spooked investors. The question is, will it continue to spook consumers, the life blood of the US economy,” she said.- Dollar falls, oil rebounds -Concerns over the economic outlook also weighed on the dollar, which fell against the euro and the pound.Oil prices rebounded after dropping more than one percent Monday on worries about demand as US recession speculation builds. However, both main contracts remain down around seven percent for the year so far.In company news, shares in Volkswagen fell 0.3 percent as the German auto giant geared up for another tricky year after posting a sharp loss in annual profits for 2024.Tesla was up more than five percent and Amazon gained 2.5 percent after plunging the previous day, but tech heavyweight Apple extended its losses as it fell 1.8 percent.- Key figures around 1345 GMT -New York – Dow: DOWN 0.5 percent at 41,690.09 points New York – S&P 500: DOWN 0.1 percent at 5,609.64New York – Nasdaq: UP 0.4 percent at 17,535.19London – FTSE 100: DOWN 0.7 percent at 8,539.33Paris – CAC 40: DOWN 0.5 percent at 8,003.79Frankfurt – DAX: DOWN 0.3 percent at 22,563.70Tokyo – Nikkei 225: DOWN 0.6 percent at 36,793.11 (close)Hong Kong – Hang Seng Index: FLAT at 23,782.14 (close)Shanghai – Composite: UP 0.4 percent at 3,379.83 (close)Euro/dollar: UP at $1.0926 from $1.0836 on MondayPound/dollar: UP at $1.2945 from $1.2878Dollar/yen: UP at 147.87 yen from 147.26 yenEuro/pound: UP at 84.44 pence from 84.13 penceWest Texas Intermediate: UP 1.3 percent at $66.89 per barrelBrent North Sea Crude: UP 1.3 percent at $70.17 per barrel

European and Asian stock markets diverged Tuesday after a sharp sell-off on Wall Street fuelled by fears about the US economy as President Donald Trump presses ahead with steep tariffs.Traders had initially welcomed Trump’s election win in late 2024, optimistic that his promised tax cuts and deregulation would boost the world’s biggest economy and help equities push to further record highs.But there is now a growing pessimism that a recession could be on the cards amid warnings that tariffs imposed on key trading partners will reignite inflation, forcing the Federal Reserve to again start raising interest rates.”Markets are jittery and volatility seems like the only certainty while the White House pushes hard to usher in a new era, seemingly happy for stock markets to be collateral damage,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.The president’s weekend comments that the economy was facing “a period of transition” and his refusal to rule out a recession did little to soothe investor worries.London’s stock market dipped in morning deals Tuesday, while Paris and Frankfurt edged higher, helped by gains for infrastructure and defence stocks on European spending plans. A new wave of US tariffs due this week will see levies of 25 percent on steel and aluminium imports.Fears about the future battered Wall Street on Monday, where the Nasdaq tanked four percent owing to another plunge in high-flying tech titans including Apple, Amazon and Tesla.Asia followed suit in early trading Tuesday, with big losses across the board, though they recovered a bit as the day wore on.Tokyo was hit after Japanese Trade Minister Yoji Muto said he had failed to win an immediate exemption from US tariffs.Hong Kong was flat and Shanghai ended higher despite falling sharply at the open.US futures also inched higher, having first extended Monday’s losses.”Trump’s trade policies, including ongoing tariff discussions, are creating uncertainty and fears of economic slowdown,” said Shaun Murison, senior market analyst at the online trading platform IG.”These tariffs could potentially elevate prices and complicate efforts to reduce interest rates,” he said.The weak sentiment also filtered through to bitcoin, which tumbled below $80,000 on Monday to its lowest level since November — having hit a record of close to $110,000 in January. But it also pared its losses Tuesday to sit just above the $80,000 mark.The cryptocurrency’s losses have also been driven by disappointment that Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of it.Oil prices rebounded after dropping more than one percent Monday on worries about demand as US recession speculation builds. However, both main contracts remain down around seven percent for the year so far.In company news, shares in Volkswagen climbed two percent as the German auto giant signalled higher revenue for the year ahead after posting a sharp loss in annual profits for 2024.- Key figures around 1100 GMT -London – FTSE 100: DOWN 0.1 percent at 8,590.29 pointsParis – CAC 40: UP 0.3 percent at 8,068.88Frankfurt – DAX: UP 0.4 percent at 22,707.54Tokyo – Nikkei 225: DOWN 0.6 percent at 36,793.11 (close)Hong Kong – Hang Seng Index: FLAT at 23,782.14 (close)Shanghai – Composite: UP 0.4 percent at 3,379.83 (close)New York – Dow: DOWN 2.1 percent at 41,911.71 points (close)Euro/dollar: UP at $1.0898 from $1.0836 on MondayPound/dollar: UP at $1.2930 from $1.2878Dollar/yen: UP at 147.52 yen from 147.26 yenEuro/pound: UP at 84.27 pence from 84.13 penceWest Texas Intermediate: UP 1.1 percent at $66.76 per barrelBrent North Sea Crude: UP 1.1 percent at $70.06 per barrel

Struggling Japanese automaker Nissan announced on Tuesday that chief executive Makoto Uchida would step down, a move that follows the failure of merger talks with rival Honda.Ivan Espinosa, who will take the top job from April, told reporters he wanted to continue Uchida’s work “to help Nissan shine again”.”I sincerely believe that Nissan has so much more potential than what we are seeing today,” Espinosa said, adding that he would work “closely with our talented team worldwide to bring stability and growth back to the company”.Nissan says it expects an annual loss of more than $500 million this financial year, after announcing thousands of job cuts and reporting a 93 percent plunge in first-half net profit.Moody’s has downgraded Nissan’s credit rating to junk, citing its “weak profitability driven by slowing demand for its ageing model portfolio”. Fitch and S&P Global Ratings have also downgraded it to a speculative category.Last month, Nissan and Honda said they were scrapping merger talks that would have created the world’s third-biggest auto company by unit sales behind Toyota and Volkswagen.The discussions — seen as a way to catch up to US titan Tesla and Chinese firms on electric vehicles — are believed to have unravelled after Honda proposed making Nissan a subsidiary instead of an initial plan to integrate under a new holding company.However, media reports have since said Honda could be prepared to revive negotiations under a different Nissan boss.And Honda’s president Toshihiro Mibe has said the two automakers would continue to seek “synergy” through a strategic partnership announced in August that also includes Nissan’s junior partner Mitsubishi Motors.- ‘Real car guy’ -Espinosa joined Nissan in Mexico in 2003 and held posts in Southeast Asia before becoming a director for Mexico and Latin America in 2010.”Given that I am unable to gain the confidence of some of our employees, and as the board made a request, I concluded that… making a fresh start will be in the best interests of Nissan,” Uchida said.He described Espinosa as a “real car guy” who is “still in his 40s and full of energy”.”I am counting on him to overcome the difficulties and strongly drive Nissan to the future,” Uchida said.The Nikkei Business weekly magazine, citing unidentified Nissan sources, has reported Nissan would likely re-consider investment from Honda under its new leadership, but “not in the form of becoming its full subsidiary”.Nissan is also eyeing a four-way cooperation that would include Taiwanese chip behemoth Foxconn as well as Mitsubishi Motors, the Nikkei Business report said.Foxconn is the world’s largest contract electronics manufacturer and builds devices for major tech companies, including Apple’s iPhones.It has recently been pushing into areas ranging from electric vehicles to semiconductors and servers.A source close to the matter told AFP on Tuesday that after the merger talks failed, Uchida had “called for opening new discussions with potential partners” to survive in the global market.”For Nissan to become stronger, it must find a partner in the markets that are its priority,” the source said.Tatsuo Yoshida, senior auto industry analyst at Bloomberg Intelligence, said that Nissan choosing a new CEO was a “key step” to address its urgent challenges.”Espinosa’s product strategy expertise allows the firm to tackle its lack of competitive models. However, securing cash and financial stability remain critical, demanding swift action from the new leadership,” he said.

China on Tuesday concluded one of its biggest political events of the year with a call to “struggle unrelentingly” for the country’s rise after a conclave dominated by a deepening confrontation with the United States, its largest trading partner.Nearly 3,000 delegates congregated in Beijing’s Great Hall of the People on a dusty Tuesday afternoon before President Xi Jinping entered to the sound of rousing martial music.Senior Communist Party official Li Hongzhong then kicked off proceedings, standing in for NPC Standing Committee Chairman Zhao Leji, whose absence was attributed to a “respiratory infection”.Li presided over a series of votes on legislative documents and wrapped up the conference with a call to “struggle unrelentingly for the great endeavour of the rejuvenation of the Chinese people”. “Let us unite even more closely around the Party centre with Comrade Xi Jinping at its core!” he said, receiving rapturous applause before a military band played the national anthem.The NPC is China’s top legislature and usually meets for around a week each spring alongside the country’s main political advisory body, the Chinese People’s Political Consultative Conference.The conclave is meticulously choreographed, with voting tightly controlled and legislation pre-approved by the party.Delegates on Tuesday almost unanimously approved work reports from the national government, supreme court and top public prosecutor.They also greenlit resolutions on central and local budgets, economic development plans, and an amendment to the lawmakers’ law — with only a handful of votes in opposition.”The meeting has successfully completed each item on the agenda (and) fully carried forward democracy,” Li said in his closing remarks.Representatives “strictly handled affairs in accordance with the law, clarified targets and tasks, and transmitted confidence and strength,” he said.- Uncertain world -The most closely watched moments of the conclave came last week, when Premier Li Qiang delivered the annual government work report.He announced an ambitious economic growth target of “around five percent” — matching last year’s goal but still a far cry from the double-digit figures that powered China’s rise.China has struggled to sustain a strong recovery since the Covid-19 pandemic, with its vast economy groaning under a prolonged property sector crisis, chronically low consumption, and high youth unemployment.Beijing faces further headwinds with the return of US President Donald Trump, who has slapped punitive import tariffs on a range of Chinese products as part of a brewing trade war that Beijing has pledged to fight “to the end”.Zheng Yueming, a delegate from Shandong province, told reporters after the voting that he had faith in China’s economy, though he admitted there were “difficulties every year”.”I believe we will have growth in new areas that can tamp down some difficulties,” he said.But Liu Yiyan, from Shanghai, said it was necessary to pass corresponding legislation on new technologies like autonomous driving and AI as companies like DeepSeek became more mature.  “I think there will be much promotion of these … technological breakthroughs, so relevant legislation should follow,” she said.The work report vowed to make domestic demand the “main engine and anchor” of growth, adding that Beijing should “move faster to address inadequate domestic demand, particularly insufficient consumption”.In a rare move, Premier Li also said China would hike its fiscal deficit by one percentage point to its highest level in well over a decade, giving Beijing more latitude to tackle the slowdown.Culture minister Sun Yeli on Tuesday hailed a modest revival in China’s tourism sector, saying changes in consumer demand were due to the “modernisation process and the continuous improvement of people’s living standards”.”In the past, people valued the practical value of products, but now they value their cultural qualities and their aesthetic and emotional value,” he said on the sidelines of Tuesday’s meeting.Also last week, China announced a 7.2 percent increase to its defence budget this year — the same percentage as 2024 — as Beijing rapidly modernises its armed forces amid intensifying strategic competition with the United States.

Asian markets mostly fell Tuesday following a sharp sell-off on Wall Street fuelled by fears about the US economy as Donald Trump presses ahead with his global trade war and federal jobs cuts.Traders had initially welcomed his election on optimism that his promised tax cuts and deregulation would boost the world’s top economy and help equities push to more record highs.But there is now a growing pessimism that a recession could be on the cards amid warnings that tariffs imposed on key trade partners will reignite inflation and force the Federal Reserve to hike interest rates again.The president’s weekend comments that the economy was facing “a period of transition” and his refusal to rule out a downturn did little to soothe investor worries.A new wave of tariffs due this week will see steep levies of 25 percent on steel and aluminum imports.Uncertainty over Trump’s tariffs and threats have left US financial markets in turmoil and consumers unsure of what the year might bring.Fears about the future battered Wall Street, where the Nasdaq tanked four percent owing to another plunge in high-flying tech titans including Apple, Amazon and Tesla.And Asia followed suit in the morning with big losses across the board, though they pared the losses as the day wore on.Tokyo was hit after Japanese Trade Minister Yoji Muto said he had failed to win an immediate exemption from US tariffs.Hong Kong was flat and Shanghai ended higher, having tanked at the open. They both fell Monday following a big miss on Chinese consumer prices that added to worries about the Chinese economy.Sydney, Singapore, Seoul, Taipei, Wellington, Mumbai, Bangkok and Manila were also deep in negative territory.London fell at the open while Frankfurt and Paris were higher.US futures also inched higher, having extended Monday’s losses in the morning.”Economic uncertainty and recession fears have intensified, partly driven by President Trump’s weekend comments about the economy being in ‘a period of transition’ and his reluctance to rule out a recession,” said Shaun Murison, senior market analyst at IG online trading platform.”This uncertainty has heightened investor anxiety. Trump’s trade policies, including ongoing tariff discussions are creating uncertainty and fears of economic slowdown. “These tariffs could potentially elevate prices and complicate efforts to reduce interest rates.”The weak sentiment also filtered through to bitcoin, which tumbled below $80,000 on Monday to its lowest level since November — having hit a record close to $110,000 in January. It also pared its losses to sit just above the $80,000 mark.The cryptocurrency’s losses have also been driven by disappointment that Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of it.Oil also rebounded to sit slightly higher having dropped more than one percent Monday on worries about demand as US recession speculation builds. However, both main contracts remain down around seven percent for the year so far.- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 36,793.11 (close)Hong Kong – Hang Seng Index: FLAT at 23,782.14 (close)Shanghai – Composite: UP 0.4 percent at 3,379.83 (close)London – FTSE 100: DOWN 0.2 percent at 8,579.20Euro/dollar: UP at $1.0890 from $1.0836 on MondayPound/dollar: UP at $1.2906 from $1.2878Dollar/yen: DOWN at 146.90 yen from 147.26 yenEuro/pound: UP at 84.31 pence from 84.13 penceWest Texas Intermediate: UP 0.4 percent at $66.26 per barrelBrent North Sea Crude: UP 0.5 percent at $69.59 per barrelNew York – Dow: DOWN 2.1 percent at 41,911.71 points (close)

South Korean automaker Kia told AFP on Tuesday it had not approved an advertising campaign that featured one of its electric vehicles with a bumper sticker denigrating rival Tesla owner Elon Musk.The advertisement, posted last month on the social media accounts of Kia Norway, features the company’s entry-level electric car, the EV3, with a bumper sticker saying: “I bought this after Elon went crazy.”The sticker appears to riff on a viral trend of Tesla owners, unhappy with the world’s richest person’s recent foray into politics, slapping bumper stickers on their vehicles claiming they had purchased them “before Musk went crazy”.The advertisement was removed on Tuesday after AFP asked the South Korean company about the image.”Kia Corporation is aware of a social media post by Kia Norway, which has since been removed,” a company spokesperson said in a statement provided to AFP.”The post was an entirely independent local initiative that does not reflect the position of Kia Europe or Kia Corporation,” it said.Musk responded with apparent incredulity as users on the social media site X, which he owns, shared images of the Kia advertisement.”They really did that?” he asked, in response to a post calling out Kia Norway for running the promotion.Kia is an affiliate of South Korea’s Hyundai, and combined they are the world’s third-largest automaker by volume as of 2024, selling more than 7.2 million cars combined.It has rolled out a range of EVs in recent years, from the EV3 — Britain’s 2025 car of the year — to the large SUV EV9.Billionaire Musk, the boss of SpaceX and Tesla, has become a key backer of and adviser to US President Donald Trump.Musk has recently become the target of protests against the so-called Department of Government Efficiency (DOGE) that he leads, including vandalisation of Tesla facilities and an apparent cyberattack on X.While Musk enjoys Trump’s confidence, polling shows he is deeply unpopular among ordinary Americans, and his cuts have sparked angry confrontations between Republicans and their constituents at town halls.Tesla has seen its sales drop across Europe in recent weeks following Musk’s controversial support for far-right groups, including Germany’s AfD during the country’s recent election campaign.Tesla sales in Germany — Europe’s biggest auto market — plunged more than 76 percent year-on-year in February, official data showed. Overall sales in the European Union almost halved year-on-year in January.Investors are concerned about the potential for boycotts and buyer backlash over Musk’s divisive behaviour as an adviser to the US president.Tesla has lost more than one-third of its market value since mid-December as Musk deepens his association with the polarising US leader.

Asian markets tumbled Tuesday following a sharp sell-off on Wall Street fuelled by fears about the US economy as Donald Trump presses ahead with his global trade war and federal jobs cuts.Traders had initially welcomed his election on optimism that his promised tax cuts and deregulation would boost the world’s top economy and help equities push to more record highs.But there is now a growing pessimism that a recession could be on the cards amid warnings that tariffs imposed on key trade partners will reignite inflation and force the Federal Reserve to hike interest rates again.The president’s weekend comments that the economy was facing “a period of transition” and his refusal to rule out a downturn did little to soothe investor worries.A new wave of tariffs due this week will see steep levies of 25 percent on steel and aluminum imports.Uncertainty over Trump’s tariffs and threats have left US financial markets in turmoil and consumers unsure of what the year might bring.Fears about the future battered Wall Street, where the Nasdaq tanked four percent owing to another plunge in high-flying tech titans including Apple, Amazon and Tesla.And Asia followed suit, with losses across the board. Tokyo was among the main losers after Japanese Trade Minister Yoji Muto said he had failed to win an immediate exemption from US tariffs.Hong Kong and Shanghai extended Monday’s selling that was stoked by a big miss on Chinese consumer prices that added to worries about the Chinese economy.Sydney, Singapore, Seoul, Taipei, Wellington and Manila were also deep in negative territory.”Economic uncertainty and recession fears have intensified, partly driven by President Trump’s weekend comments about the economy being in “a period of transition” and his reluctance to rule out a recession,” said Shaun Murison, senior market analyst at IG online trading platform. “This uncertainty has heightened investor anxiety. Trump’s trade policies, including ongoing tariff discussions are creating uncertainty and fears of economic slowdown. “These tariffs could potentially elevate prices and complicate efforts to reduce interest rates.”The plunge in sentiment across markets in the past few weeks has filtered through to other risk markets, with bitcoin falling below $80,000 on Monday to its lowest level since November — having hit a record close to $110,000 in January.The cryptocurrency’s losses have also been driven by disappointment that Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of it.Oil extended Monday’s drop of more than one percent amid worries about demand as US recession speculation builds.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.7 percent at 36,382.57 (break)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,512.73Shanghai – Composite: DOWN 0.4 percent at 3,354.29Euro/dollar: UP at $1.0855 from $1.0836 on MondayPound/dollar: UP at $1.2888 from $1.2878Dollar/yen: DOWN at 146.90 yen from 147.26 yenEuro/pound: UP at 84.23 pence from 84.13 penceWest Texas Intermediate: DOWN 0.5 percent at $65.70 per barrelBrent North Sea Crude: DOWN 0.4 percent at $69.03 per barrelNew York – Dow: DOWN 2.1 percent at 41,911.71 points (close)London – FTSE 100: DOWN 0.9 percent at 8,600.22 (close)

Global markets slumped Monday, with Wall Street logging sharp losses over fears that US President Donald Trump’s trade policies could tip the world’s biggest economy into a recession.In the United States, the tech-heavy Nasdaq Composite Index plummeted by 4.0 percent, seeing its worst day since 2022 after Trump declined to rule out the risk of a US recession.”There is a period of transition because what we’re doing is very big — we’re bringing wealth back to America,” Trump told Fox News on Sunday.Since taking office in January, Trump has imposed sweeping tariffs on imports from Canada, Mexico and China — before allowing a partial rollback for the two US neighbors.A new wave threatens to arrive this week, with steep levies of 25 percent on steel and aluminum imports due to take effect Wednesday.Responding to the market sell-off Monday, a White House official said there was “a strong divergence between animal spirits of the stock market and what we’re actually seeing unfold from businesses and business leaders.”The official, speaking on condition of anonymity, was referring to the tendency for emotions to drive investor behavior, in contrast to other economic conditions.Yet, uncertainty over Trump’s tariffs and threats have left US financial markets in turmoil and consumers unsure of what the year might bring.”President Trump seems to have abandoned the US stock market and is willing to put his political vision above the near-term outlook for the US economy,” said Kathleen Brooks, research director at trading platform XTB, in a note.The Nasdaq was bogged down by retreats in the so-called Magnificent Seven tech stocks, which include Google parent Alphabet, Apple, Amazon, Meta and Nvidia.Stocks in electric carmaker Tesla, led by Trump’s billionaire advisor Elon Musk, closed more than 15 percent down.While markets were previously bolstered by hopes of tax cuts and lighter regulation, Steve Sosnick of Interactive Brokers noted that sentiment has been bogged down by more immediate worries over tariffs.”Ongoing confusion about tariffs and concerns that maybe the DOGE cuts are excessive led to a drop in consumer sentiment, and are now leading to fears of a slowdown or higher inflation or both,” he said.Sosnick was referring to sweeping cuts to the federal government overseen by Musk and his Department of Government Efficiency (DOGE).Susannah Streeter, head of money and markets at Hargreaves Lansdown added: “The prospect of a recession in the US is lurking, with consumer confidence falling, companies facing increasing trade complexity and investors turning more nervous.”- German spending plan -The London, Paris and Frankfurt stock markets all closed lower.The European Union’s trade commissioner Maros Sefcovic complained that “the US administration does not seem to be engaging to make a deal” to avoid tariffs against the 27-nation bloc.Brooks of XTB said investors were also reacting to news that Germany’s chancellor-in-waiting, Friedrich Merz, could face opposition to a massive spending plan that boosted markets last week.Tokyo earlier finished higher, but Hong Kong and Shanghai stock markets fell after weekend data from China showed that consumer prices fell 0.7 percent in February, the first drop in 13 months.”The data only reinforces what’s been clear for months — deflationary pressures remain firmly entrenched in the world’s second-largest economy,” said Stephen Innes at SPI Asset Management.Beijing’s retaliatory duties on certain US agricultural goods came into force on Monday after Chinese products were hit with additional 20 percent US tariffs.- Key figures around 2100 GMT -New York – Dow: DOWN 2.1 percent at 41,911.71 points (close)New York – S&P 500: DOWN 2.7 percent at 5,614.56 (close)New York – Nasdaq: DOWN 4.0 percent at 17,468.32 (close)London – FTSE 100: DOWN 0.9 percent at 8,600.22 (close)Paris – CAC 40: DOWN 0.9 percent at 8,047.60 (close)Frankfurt – DAX: DOWN 1.7 percent at 22,620.95 (close)Tokyo – Nikkei 225: UP 0.4 percent at 37,028.27 (close)Hong Kong – Hang Seng Index: DOWN 1.9 percent at 23,783.49 (close)Shanghai – Composite: DOWN 0.2 percent at 3,366.16 (close)Euro/dollar: DOWN at $1.0836 from $1.0844 on FridayPound/dollar: DOWN at $1.2878 from $1.2925Dollar/yen: DOWN at 147.26 yen from 147.97 yenEuro/pound: UP at 84.13 pence from 83.87 penceBrent North Sea Crude: DOWN 1.5 percent at $69.28 per barrelWest Texas Intermediate: DOWN 1.5 percent at $66.03 per barrelbur-rlp-bys-aue/des