Global Stocks Rise Despite More Trump Tariffs

London, (APP - UrduPoint / Pakistan Point News - 10th Feb, 2025) European and Asian stock markets rose Monday, as traders appeared to shrug off US President Donald Trump's latest tariffs announcement surrounding levies on steel and aluminium.

This was in contrast to a week ago when tariff announcements from Trump sent global equities tumbling.

"The fact that global equity indices are higher at the start of the week, could be a sign of tariff fatigue," said Kathleen Brooks, research director at trading group XTB.

Trump warned over the weekend that every country would face unspecified "reciprocal" levies.

Regarding steel and aluminium, the United States will move to impose tariffs as early as this week, Trump said.

Canada is the largest source of steel and aluminium imports to the United States, according to US trade data.

Brazil, Mexico and South Korea are also major steel providers to the country.

The Dollar rose against the Canadian dollar, Mexican peso and South Korean won on Monday.

In equities trading, London led gains in Europe approaching the half-way stage.

It came as the European Union said it had not received any official notification of extra duties from the United States.

Hong Kong and Shanghai stocks rose Monday even as hopes of a delay to Trump's tariffs against China were dashed.

Chinese tech firms extended gains, buoyed by the success of AI startup DeepSeek.

Investor sentiment was boosted by a "mixture of trade restrictions not being as bad as they might have been and hope for further Chinese stimulus", said Derren Nathan, senior equity analyst at Hargreaves Lansdown.

Tokyo was flat, despite Trump's threats to target Japanese goods should the US trade deficit with the country fail to equalise.

Wall Street dropped Friday after official data showed US consumers increasingly worried about inflation and in reaction to news that fewer American jobs than expected had been created last month.

The readings did little to alter traders' view that the Federal Reserve will cut interest rates two times at best this year.

In company news Monday, BP shares surged more than six percent in London, following reports that a prominent activist fund had built a significant stake, aiming to turnaround the struggling oil and gas major.

In Tokyo, Nippon Steel briefly fell more than two percent, following a Trump announcement that the Japanese giant would make a major investment in US Steel, but will no longer attempt to take it over.

US Steel dived 5.8 percent in New York on Friday.

- Key figures around 1100 GMT -

London - FTSE 100: UP 0.5 percent at 8,747.16 points

Paris - CAC 40: UP 0.2 percent at 7,992.17

Frankfurt - DAX: UP 0.2 percent at 21,832.23

Tokyo - Nikkei 225: FLAT at 38,801.17 (close)

Hong Kong - Hang Seng Index: UP 1.8 percent to 21,521.98 (close)

Shanghai - Composite: UP 0.6 percent to 3,322.17 (close)

New York - Dow: DOWN 1.0 percent at 44,303.40 points (close)

Euro/dollar: UP at $1.0335 from $1.0328 on Friday

Pound/dollar: UP at $1.2415 from $1.2405

Dollar/yen: UP at 152.07 Yen from 151.43 yen

Euro/pound: FLAT at 83.24 pence

Brent North Sea Crude: UP 1.3 percent at $75.64 per barrel

West Texas Intermediate: UP 1.3 percent at $71.95 per barrel