ASIAN stocks tumbled at the open on Friday following a tough day on Wall Street as uncertainty over US President Donald Trump’s trade policies roiled markets and traders awaited key US jobs data.
Bitcoin plunged 5.7 per cent after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.
The unit recovered somewhat and was trading down 2.9 per cent at around 0345 GMT.
Major indices in Asia were in the red despite Trump’s move on Thursday to delay some tariffs targeting Canada and Mexico.
The halt – which will last until April 2 – offers temporary relief to automakers.
But Trump has said he will not modify broad tariffs for steel and aluminium imports, which are due to take effect next week.
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“Confusion reigns around the Trump Administration policy agenda,” said Chris Weston, head of research at Pepperstone.
Despite the latest tariff pause “the lack of consistency to hold policy firm further limits the visibility US businesses have to position margins and to make strategic planning decisions”, said Weston.
Japan’s Nikkei index dropped more than 1.5 per cent at the open while shares in South Korea and Australia also fell more than one per cent.
Chinese markets, which had been riding a wave of stimulus-induced optimism, were mostly flat on Friday.
Chinese stocks jumped after Beijing announced a growth target of around five per cent at its annual meeting of the National People’s Congress on Wednesday.
China has vowed to make domestic demand its main economic driver despite facing persistent economic headwinds and an escalating trade war with the United States.
Foreign Minister Wang Yi warned on Friday that Beijing will “firmly counter” US pressure on trade.
“China-US economic and trade ties are mutual. If you choose to cooperate, you can achieve mutually beneficial and win-win results. If you use only pressure, China will firmly counter,” he said.
Traders were looking ahead to Friday’s US jobs report for February, a key indicator of economic health.
Weekly jobless claims figures released on Thursday were better than expected, while Wednesday’s private payroll report from ADP lagged estimates. AFP
