Asian markets saw a steep decline on Friday, with Japan’s Nikkei plummeting more than 5% after a rebound the previous day. The drop was fueled by continuing tariff jitters and fears of a global economic slowdown. Gold hit a new record high, while oil and the dollar also slid. Other markets in the region, such as South Korea and Australia, also experienced losses. Wall Street saw a similar story, with the S&P 500, Dow, and Nasdaq all declining.
The losses in Asia and the US were attributed to concerns over ongoing tariff tensions, with President Trump’s latest moves escalating the trade war with China. Meanwhile, Chinese President Xi Jinping is set to visit Vietnam, Malaysia, and Cambodia next week as part of efforts to strengthen trade relations in the region.
In Australia, the S&P/ASX 200 index dropped over 2% following Wall Street’s sell-off, with concerns about the impact of tariffs on the economy. Australian mining and energy stocks declined, while gold stocks rose to a record high. The Australian dollar recovered some ground amid the global market turmoil.
Overall, the uncertainty surrounding tariffs and trade relations has led to a sell-off in global markets, with investors seeking safe-haven assets like gold and the Swiss franc. The US dollar fell below 100 for the first time in years, reflecting the waning confidence in the US economy. As markets continue to react to the evolving trade situation, volatility and fluctuations are expected to persist.
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