Global Markets Today: Asian markets opened mostly lower on Monday as investors weighed a U.S. federal appeals court decision declaring most of former President Donald Trump’s “reciprocal tariffs” illegal.
On Friday, the U.S. Court of Appeals for the Federal Circuit ruled that Trump exceeded his presidential authority by imposing tariffs on nearly every country as part of his April 2 “liberation day” declaration.
Market participants will also be watching developments in India-China relations, following a two-day meeting of the Shanghai Cooperation Organisation, where both nations’ leaders emphasized being development partners rather than rivals. Chinese President Xi Jinping is expected to address the summit.
Japan’s Nikkei 225 started weaker at 42,362, compared to Friday’s close of 42,718.47.
Australia’s S&P/ASX 200 also opened lower, with futures at 8,948 versus its previous close of 8,973.10.
Meanwhile, Hong Kong’s Hang Seng index futures stood at 25,319, indicating a positive open against the HSI’s last close of 25,077.62.
U.S. stock market today
Wall Street indices declined on Friday as fresh inflation data indicated that rising prices remain a concern heading into the new month.
The S&P 500 slipped 0.64 per cent to close at 6,460.26 but still notched its fourth consecutive monthly gain. The Nasdaq Composite dropped 1.15 per cent to 21,455.55, while the Dow Jones Industrial Average edged down 92.02 points, or 0.20 per cent, to finish at 45,544.88.
Additionally, the U.S. ended its tariff exemption on package imports valued below $800 on Friday, increasing costs for businesses and consequently for consumers.
Meanwhile, traders broadly anticipate that the Federal Reserve will lower interest rates by 25 basis points in its September meeting.
U.S. markets remained closed on Monday in observance of the Labor Day holiday.
(With inputs from agencies)
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