Global markets today: Nikkei, Hang Seng futures gain following Trump's tariff announcement

Global markets today: Asian markets mostly rose on Tuesday following U.S. President Donald Trump's announcement of significant tariffs on 14 trading partners, including Japan and South Korea.

Starting August 1, goods exported to the U.S. from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will be subject to a 25% tariff, as stated in the letters shared by Trump on Truth Social.

Japan’s Nikkei 225 index rose by 0.36 per cent in early trading, while the broader Topix index edged higher by 0.31 per cent.

Meanwhile, South Korea’s Kospi gained 0.44 per cent, and the smaller Kosdaq index saw a modest increase of 0.19 per cent. Futures for Hong Kong’s Hang Seng index were at 23,886, indicating a slightly lower opening compared to the previous close of 23,887.83.

In Australia, the S&P/ASX 200 index fell by 0.44 per cent. The Reserve Bank of Australia is anticipated to lower interest rates by 25 basis points to 3.6 per cent at the conclusion of its two-day policy meeting later today.

U.S. stock futures declined during Asian trading hours after new tariffs announced by Donald Trump triggered a sharp sell-off on Wall Street, causing all three major indexes to suffer their worst losses since mid-June.

Overnight in the U.S., the Dow Jones Industrial Average dropped 422.17 points, or 0.94 per cent, to finish at 44,406.36. The S&P 500 slipped 0.79 per cent to close at 6,229.98, while the Nasdaq Composite fell 0.92 per cent, ending at 20,412.52.

Last week, the Nasdaq and the S&P 500 each posted record closing highs on three separate occasions, with the most recent records set on Thursday following a strong jobs report.

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