Asian Stocks Drop Amid Tariff Fears – Asia Market Wrap
Asian stocks stumbled on Friday, in the wake of ominous signals from US corporate earnings and a series of central bank meetings that raised more questions than answers for the global economy.
Hong Kong shares faced heavy selling pressure, with a gauge of technology stocks in the city sliding over 3% after a recent rally. A broader index of Chinese stocks listed in the financial hub headed for its steepest two-day drop this year. Shares in Indonesia and Taiwan also fell, although those in Japan edged higher. US futures were marginally lower.
Equity investors in Asia are confronting an increasingly cloudy outlook for the global economy, as tariff fears and corporate earnings weigh on sentiment. US President Donald Trump said both broad reciprocal tariffs and certain additional sector-specific tariffs would come into force on April 2, a major risk for the global economy.
Investors are now turning their attention to a raft of upcoming earnings from Chinese companies, with bellwethers Xiaomi, Tencent and e-commerce giant Meituan among those set to report. US-listed shares of PDD Holdings rose after its earnings beat expectations, but the company acknowledged challenges from growing global uncertainty.
