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(Bloomberg) -- Asian equities inched higher Thursday as investors parsed the latest tariff announcements from US President Donald Trump and earnings from Nvidia Corp. failed to impress investors.
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Shares in Australia, Hong Kong and Japan rose, while those in South Korea fell. Chinese shares fluctuated in opening trade and a gauge of the region’s equities rose for a second day.
Futures contracts for the S&P 500 and Nasdaq 100 were steady after small advances for the two benchmarks on Wednesday. Nvidia shares fell in after-hours trading after the chipmaker delivered good-but-not-great quarterly numbers, leaving investors — who have become accustomed to blowout results — disappointed.
On Wednesday, Trump said that his administration would impose tariffs of 25% on the European Union. The president said that previously announced levies on Mexico and Canada would come into force on April 2. However his comments were at times contradictory, sowing confusion among investors.
The barrage of tariff news ricocheted through currency markets, lifting the dollar and stemming a selloff in the Canadian dollar and Mexican peso Wednesday, and extending the uncertainty that has weakened equities and cryptocurrencies through the week.
New research suggests Trump’s latest tariffs on imports from China may hit the American economy more than official US trade data indicate.
“The somewhat contradictory statements from the administration around the timing and extent of tariffs is keeping investors off sides,” said Marvin Loh at State Street. “The debate continues as to whether the president will again delay and water down his plans, or if this is the start of the aggressive rhetoric.”
Treasuries slipped. They had rallied on Wednesday, sending the US 10-year yield to its lowest level since the middle of December. A gauge of the dollar held its gain from Wednesday. Australian yields fell early Thursday.
Bitcoin fell to around $84,000, more than a fifth lower than its peak last month, as outflows from exchanged-traded funds amplified selling. Oil fell, while gold was little changed.
In Asia, the yen traded around 149 per dollar after ending Wednesday’s session little changed. Japan’s top currency official on Wednesday indicated he had no issue with growing market expectations over Bank of Japan interest-rate hikes, which this week helped send the yen to a four-month high.