The shares stagnated on Tuesday, while the dollar has been oriented towards its strongest monthly decline in years, investors preparing for the trade war withdrawing on results and economic data.
The customs duties imposed by US President Donald Trump shaken confidence in American assets and, even if many declines have enabled the S&P 500 to recover a large part of its losses recorded in early April, the dollar only managed to stabilize, without significant rebound.
He fell overnight when the American Treasury Secretary Scott Bessent told CNBC that it was up to China to “defuse” customs duties, which amounted to 125 % for most American exports to China.
One public holiday in Japan reduced exchanges on the currency market in Asia, leaving most of the stable pairs. However, at 1.1409 dollars and up 5 % in April, the euro is about to record its highest monthly increase compared to the dollar for almost 15 years, while the 7 % drop in the dollar against the Swiss franc, a refuge value, has been the largest in a decade.
The term contracts on the Nikkei and the S&P 500 have progressed, supported by the declarations of officials revealing a softening of customs duties on cars, even if investors awaited more significant measures concerning the American customs duties of 145 % on Chinese products.
China has taken measures to grant certain exemptions, but has given up recovery measures, betting that Washington would give in the first.
The Chinese Foreign Ministry also said that President Xi Jinping had not recently spoken to Mr. Trump and that their respective administrations were not trying to conclude a customs duties agreement, thus contradicting the statements of the American president in an interview with Time magazine.
The Hong Kong Hang Seng index increased by 0.3 % at the start of the session, while the stars index of continental China fell 0.2 %.
The first quarter’s GDP and US employment figures for April, which will be published later in the week, should be supported by early purchases aimed at getting ahead of new taxes, said JP Morgan analysts in a note, but the drop in Chinese expeditions suggests that an adjustment could soon take place.
“Time is running out for concrete data to confirm resilience,” said JP Morgan analysts in a note, which highlights a 42 % fall in Chinese expeditions to the United States in the last ten days, which, if it continues, would have repercussions on supply chains.
“A disturbing decoupling of trade between the United States and China now seems to be underway, and we expect the damage to accumulate in the coming weeks and months. »»
In addition to American data, investors await the results of the Canadian elections, which should renew the liberals in power, as well as the inflation figures in Europe, which will be published Tuesday in Spain and Belgium.
Electricity began to be restored in certain regions of the Iberian peninsula on Monday evening, after a major breakdown which paralyzed most of Spain and Portugal.
HSBC and great Chinese creditors are publishing their quarterly results on Tuesday, just like BP, Deutsche Bank, Adidas, Coca-Cola, General Motors and Visa.
Apple megacapitations, Microsoft, Amazon and Meta Platforms will publish their results later in the week.
The weakness of the dollar has increased the golden price, which was established on Tuesday at 3,333 dollars perce, up almost 7 % in April and almost 27 % since the start of the year. The Brent was slightly dropped to 65.68 dollars per barrel.
Treasury bills have not been negotiated in Asia due to a public holiday in Japan, leaving reference yields to 10 years to 4.206 % and overall stable term contracts.
