After another down day on Wall Street, equity markets in Asia were mixed on Friday, with auto firms again taking the brunt.
Tokyo sank more than 2 per cent as Toyota – the world’s biggest carmaker – Honda, Nissan and Mazda tumbled between 1.5 and 3.9 per cent.
Also deep in the red was Nippon Steel after it said it would invest as much as US$7 billion to upgrade US Steel if its huge takeover goes ahead. It had initially flagged a US$2.7 billion investment.
Seoul was off more than 1 per cent as Hyundai gave up 3.1 per cent.
Tariff worries also saw Shanghai, Taipei and Manila fall.
However, Hong Kong advanced thanks to a rally in Chinese tech firms, while Sydney, Singapore and Wellington were also in the green.
Investors will be keeping a close eye on the release later in the day of US personal consumption expenditures data – the Federal Reserve’s preferred gauge of inflation – hoping for an idea about the impact of Trump’s policies.
The figures come after data this week showed consumer confidence was at its lowest level since 2021 – during the pandemic – owing to growing concerns over higher prices.
News that the US economy expanded at a slightly faster pace than estimated in the final three months last year did little to stir excitement.
On currency markets, the yen strengthened against the dollar after a report showing inflation in Tokyo – a barometer of Japan as a whole – rose more than expected in March, boosting bets on another central bank rate hike.
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