Asian stocks snapped a five-day winning streak as a brief global relief rally gave up momentum after mixed signals from the Trump administration on its plans for China tariffs.
A regional gauge of stocks edged lower as market enthusiasm got curbed after Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war.
Shares in Hong Kong dropped 1.4%, the first time in four days, while equity-index futures for the US and Europe declined.
The yen flipped after two days of losses and the dollar weakened. Gold jumped 1.5% in increased demand for the safe-haven asset.
The global rally in stocks on Wednesday – after wild gyrations earlier this month – came on signs US President Donald Trump is rethinking the most-aggressive elements of his stances on trade and the Federal Reserve.
Still, investors find it hard to forecast where the markets are headed amid a slew of headlines and frequent back-and-forth by Trump on his tariffs. “It’s his negotiation style,” said Joshua Crabb, head of Asia Pacific equities at Robeco Hong Kong Ltd.
