Global markets today: Asian markets moved higher after U.S. President Donald Trump revealed intentions to sharply increase tariffs on Indian exports to the U.S.
Trump announced on Monday that he plans to significantly increase tariffs on Indian goods in response to India’s imports of Russian oil. In turn, New Delhi described the U.S. president’s move as “unjustified” and stated it would take steps to protect its interests.
“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,” Trump wrote on the social media platform Truth Social.
Japan’s Nikkei 225 advanced by 0.54 per cent, and the Topix edged up 0.45 per cent.
South Korea’s Kospi climbed 1.77 per cent, while the Kosdaq, focused on small-cap stocks, rose 1.83 per cent. Australia’s S&P/ASX 200 also registered a gain of 0.84 per cent.
U.S. markets today
On Monday, all three major U.S. stock indexes posted their biggest single-day percentage gains since May 27, as investors looked for buying opportunities following the previous session’s selloff and increased expectations of a September interest rate cut due to weaker-than-anticipated jobs data released on Friday.
The Dow Jones Industrial Average rose by 585.06 points, or 1.34 per cent, to close at 44,173.64. The S&P 500 advanced 91.93 points, or 1.47 per cent, to 6,329.94, while the Nasdaq Composite surged 403.45 points, or 1.95 per cent, finishing at 21,053.58.
The second-quarter U.S. earnings season is nearing its end, but investors are still anticipating key reports this week from companies such as Walt Disney, opens new tab.
Tesla shares climbed 2.2 per cent after the electric car company awarded CEO Elon Musk 96 million shares, valued at approximately $29 billion.
(With inputs from agencies)
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