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Global markets were poised for a rebound as US commerce secretary Howard Lutnick hinted at possible tariff reductions for America’s neighbors.
Asian stock markets saw a rebound, with futures contracts for the S&P 500 and Nasdaq 100 showing gains. The Stoxx Europe 600 and Germany’s Dax futures also indicated positive openings.
Despite Lutnick’s comments, US President Donald Trump warned of potential disruptions due to tariffs in his address to Congress. The recent tariffs imposed by the US on imports from Canada, Mexico, and China have raised concerns about a trade war’s impact on the economy.
Stocks in India, Japan, and South Korea showed mixed results, while Chinese markets remained optimistic following the government’s economic growth target announcement.
David Choa of BNP Paribas Asset Management noted the recent pullback in the Chinese market.