Most Asian stocks moved in a flat-to-low range on Tuesday as investors remained on edge over U.S. President Donald Trump’s trade tariffs and his persistent criticism of Federal Reserve Chair Jerome Powell. 

Trump’s comments on Powell, specifically that the U.S. risks a recession if the Fed does not cut interest rates, sparked steep losses in Wall Street on Monday, a measure of which spilled over into Asia. 

But U.S. stock index futures rose in Asian trade, with S&P 500 Futures up 0.6% amid signs of a potential rebound. Focus was on key upcoming first-quarter earnings this week, with Tesla Inc (NASDAQ:TSLA) to report later in the day. 

Sentiment towards Asian markets remained weak as the U.S. and China showed few signs of deescalating a bitter trade war. Fears of tighter monetary conditions in Japan also weighed. 

China stocks flat, Hong Kong dips; China warns against US trade deals 

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moved in a tight range on Tuesday, while Hong Kong’s Hang Seng shed 0.5% as trade resumed after a long weekend.

E-commerce stocks JD.com and Meituan slumped over 6% each, amid growing signs of heated competition in the lucrative food delivery sector. 

China’s Commerce Ministry on Monday warned countries against striking trade deals with the U.S. at Beijing’s expense, while also accusing Washington of abusing tariffs.

Beijing’s comments come amid a bitter trade war between the world’s biggest economies, after Trump hiked tariffs on China to 145% earlier in April. China retaliated with a 125% levy on U.S. goods. 

If tariffs weren’t enough for markets to contend with, President Donald Trump has thrown another major worry into the market with the calling of the head of Federal Reserve Chairman, Jerome Powell.

Trump has been calling on Powell to lower interest rates and last week called for his termination following hawkish comments from the Fed Chairman.

“Powell’s termination cannot come fast enough!” Trump stated last Thursday after calling him “too late” to cut rates.

Trump upped the ante on Monday, calling on Powell to initiate “preemptive cuts” or risk a slowing economy.

“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump stated.

Unfortunately, it is Trump’s tariff policy that has Powell & Co. tightly on hold.

In his speech last week in Chicago, Powell highlighted that “[t]ariffs are highly likely to generate at least a temporary rise in inflation.”  He also warned that their effects “could also be more persistent.”  The Fed Chairman promised to wait for “greater clarity before considering any adjustments to our policy stance.”

Market watchers view the standoff between Trump and Powell as a power struggle over the Fed’s independence, which has markets worried.

Powell’s term as Fed Chairman runs through May of 2026, so there are legal questions arising if Trump has the authority to remove him before that.

“The risk is now twofold. First, that Powell holds the line and policy stays restrictive longer than markets had priced,” Nigel Green, CEO of deVere Group stated. “Second, that Trump intervenes—publicly or politically—sparking concerns over central bank independence.”

U.S. stock index futures fell on Monday evening, extending losses from a sharp fall on Wall Street as President Donald Trump’s fresh attack on Federal Reserve Chair Jerome Powell battered sentiment. 

Investors remained on edge amid uncertainty over Trump’s plans for steep trade tariffs, even as his administration flagged several trade agreements.

Markets were also testy before a string of key technology earnings due this week, with electric car-maker Tesla (NASDAQ:TSLA) set to report on Tuesday. 

S&P 500 Futures fell slightly to 5,183.25 points, while Nasdaq 100 Futures fell 0.1% to 17,904.0 points by 19:11 ET (23:11 GMT). Dow Jones Futures edged lower to 38,20.0 points. 

Trump’s Powell comments, tariff uncertainty rattle Wall St

Futures fell following a deeply negative session on Wall Street, as Trump kept up his criticism of Powell and called for “preemptive” interest rate cuts, warning that the economy would slow otherwise.

Trump also kept up his harsh rhetoric against Powell, after having earlier called for the Fed Chair’s removal, sparking concerns over the Fed’s independence under Trump. Powell’s term ends only in May 2026, and it is unclear if Trump will be able to remove the Fed Chair before this. 

Powell had last week warned that Trump’s tariffs could underpin inflation, and that the Fed will stay its hand until it has more clarity on the tariffs and their impact. 

Trump’s comments on interest rates, coupled with persistent uncertainty over his tariff agenda, saw Wall Street end sharply lower on Monday. The S&P 500 fell 2.4% to 5,158.20 points, while the NASDAQ Composite slid 2.6% to 15,870.90 points. The Dow Jones Industrial Average fell 2.5% to 38,170.41 points. 

JAKARTA (Reuters) -South Korea’s LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project in electric vehicle battery making in Indonesia, the company said on Monday.

LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which include investments across the EV battery supply chain.

"Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project," LGES said in a statement.

"However, we will continue to explore various avenues of collaboration with the Indonesian government, centring on the Indonesia battery joint venture, HLI Green Power," it added.

HLI Green Power is a joint venture led by LGES and Hyundai Motor (OTC:HYMTF) Group. The company last year inaugurated Indonesia’s first battery cell production plant for EVs with annual capacity of 10 Gigawatt hours of battery cells, with plans to expand the capacity in the second phase of investment.

Gold prices surged to a new record high in Asian trading on Monday, as the dollar tumbled amid President Donald Trump’s plan to overhaul the Federal Reserve, while heightened Russia-Ukraine tensions after a brief Easter truce boosted bullion’s safe-haven appeal.

As of 03:40 ET (07:40 GMT), Spot Gold jumped 1.4% to $3,374.93 per ounce, after reaching a record high of $3,385.27 per ounce earlier in the session.

Gold Futures expiring in June surged 1.8% to $3,388.20 an ounce.

The recent climb in gold prices has been driven largely by escalating geopolitical risks, strong central bank demand, and persistent inflation concerns. 

Gold rallies as Trump’s Fed overhaul plan raises uncertainty

Monday’s rally was largely driven by renewed uncertainty surrounding U.S. monetary policy, after President Donald Trump unveiled plans to overhaul the Federal Reserve.

White House economic advisor Kevin Hassett said on Friday that President Trump and his team were continuing to study whether they could fire Federal Reserve Chair Jerome Powell. 

This stoked concerns about the independence of the Fed, sending ripples through financial markets.

The news weighed heavily on the U.S. dollar, which slumped to a three-year low against a basket of major currencies.

A weaker dollar tends to bolster demand for gold, as it makes the metal more affordable to investors holding foreign currencies.

Russia-Ukraine tensions escalate after one-day truce

The yellow metal was also supported by heightened tensions between Russia and Ukraine despite a one-day ceasefire announced by Russian President Vladimir Putin.

Putin unexpectedly announced a one-day ceasefire in Ukraine on Saturday to mark the Orthodox Easter holiday. 

However, Russia launched missile and drone strikes on Ukraine early Monday, just hours after the expiration of the ceasefire.

Both Kyiv and Moscow have accused each other of violating the truce, which the Kremlin had confirmed would not be extended.

Among other precious metals, Silver Futures gained 1% to $32.773 an ounce, while Platinum Futures were unchanged at $978.0 an ounce.

Copper prices rise on weaker greenback, US-Sino tensions cap gains

Copper prices rose on Monday as the greenback weakened, but gains were limited due to concerns of hefty U.S. tariffs on top importer China.

China has been slapped with a total of 145% tariffs.

Benchmark Copper Futures on the London Metal Exchange rose 0.3% to $9,231.0 a ton, while Copper Futures expiring in May gained 0.8% to $4.4733 a pound.

Asian stocks were mixed in Monday’s holiday-thinned session, as Chinese equities rose after the country’s central bank kept loan prime rates steady, while Japanese shares fell after stronger-than-expected inflation data from last week.

Stock markets in Australia, New Zealand, and Hong Kong were closed for the Easter holiday, contributing to lower trading volumes and subdued moves across the region.

Major U.S stock indexes suffered weekly losses last week, while futures tied to these benchmark indexes opened lower in Asian trading on Monday.

China stocks edge up, PBoC keeps loan prime rate unchanged

Data on Monday showed that the People’s Bank of China held its benchmark loan prime rate steady, in line with expectations, signaling Beijing’s preference for boosting economic growth through fiscal measures rather than additional monetary easing.

The PBOC left its one-year LPR at 3.1%, while the five-year LPR, which is used to set mortgage rates, was left at 3.6%. 

Chinese authorities have recently proposed additional measures to boost consumer spending, including enhanced social welfare programs and subsidies for household goods.

China’s Shanghai Composite edged 0.3% higher, while the Shanghai Shenzhen CSI 300 gained 0.2%.

Japan’s Nikkei drops after strong CPI print complicates BOJ rate path

Data on Friday last week showed that Japan’s core consumer price index (CPI), which excludes fresh food prices, grew 3.2% y-o-y, matching estimates, but above the 3.0% rise seen in February. 

The reading is closely watched as a gauge of underlying inflation by the Bank of Japan, and it remained well above the central bank’s 2% annual CPI target.

Despite rising inflation, analysts moved their rate hike forecast from May to July, citing uncertainty around U.S. tariff policies.

Japan’s Nikkei 225 index fell 1.2% on Monday while TOPIX declined 1.1%.

Investors remain cautious around Trump tariffs

Investors were still cautious in light of the ongoing global economic uncertainty fueled by trade tariffs introduced by U.S. President Donald Trump.

Trump’s trade tensions with China remain elevated. Last week, Bloomberg reported that China was open to beginning trade talks with the Trump administration, but demanded that the White House show more respect.

U.S. President Donald Trump has also said “big progress” was made after a meeting with a Japanese trade delegation in Washington last week. 

These developments alleviated some concerns, although investors still remained on edge.

South Korea’s KOSPI was largely unchanged.

Thailand’s SET Index fell 0.4%, while Singapore’s Straits Times Index gained 1%.

Futures for India’s Nifty 50 were 0.4% higher.

A core reading that excludes both fresh food and energy prices also rose 2.9% in March from 2.6% in the prior month. ]

U.S. stock futures dipped Sunday evening after weekly losses on Wall Street, as ongoing trade tariff concerns continued to pressure market sentiment, while investors braced for a packed earnings week with key reports from Tesla (NASDAQ:TSLA), Boeing (NYSE:BA), and Alphabet (NASDAQ:GOOGL) on the horizon.

The Easter holiday across many markets on Monday, following a shortened trading week due to Good Friday, led to muted trading volumes.

S&P 500 Futures dropped 0.4% to 5,293.25 points, while Nasdaq 100 Futures declined 0.4% to 18,316.25 points by 20:08 ET (00:08 GMT). Dow Jones Futures also lost 0.4% to 36,169.0 points.

Wall St suffers weekly loss amid tariff uncertainty, earnings jitters

Major Wall Street indexes suffered weekly declines on Thursday, driven by hefty losses in Unitedhealth Group (NYSE:UNH), the largest U.S. health insurance company. Its stock dropped 22% after the health insurer cut its annual profit forecast in anticipation of higher-than-expected medical costs.

In the prior week, investors also witnessed market darling Nvidia (NASDAQ:NVDA) warning of a $5.5 billion charge in the first quarter due to U.S. chip sanctions on China. This dented market sentiment across the tech sector.

The Dow Jones Industrial Average closed 1.3% lower on Thursday, while the S&P 500 index inched up 0.1%, and the NASDAQ Composite fell 0.1%. Markets were closed on Friday to observe the Good Friday holiday.

All three indices closed lower for the week, with more than 2% pullback in Dow and Nasdaq.

Investors mulled over President Donald Trump’s tariff moves.

Last week, Trump declared “big progress”  in talks with Japan during discussions in Washington, boosting hopes for negotiations between the U.S. and its key trading partners regarding tariffs.

SEOUL (Reuters) -South Korea’s exports for the first 20 days of April fell 5.2% from a year earlier, dragged down by U.S.-bound shipments, customs data showed on Monday, amid President Donald Trump’s sweeping tariff policies.

From this month, the U.S. has introduced 10% blanket tariffs and 25% auto tariffs, while 25% reciprocal tariffs on South Korea are currently paused for 90 days.

Exports to the U.S. fell 14.3%, while those to China, which is in a trade war with Washington, declined 3.4%. Shipments to the European Union rose 13.8%.

By product, exports of automobiles fell 6.5% and auto parts lost 1.7%, while semiconductors rose 10.7%.

By Kevin Buckland

TOKYO (Reuters) - Japan’s Nikkei share average rose 1% on Friday to clock its best week in three months, as investors turned more hopeful that U.S. President Donald Trump would be able to broker trade deals with some of its top trading partners, including Japan.

The Nikkei touched a two-week high of 34,758.97 before ending the day up 1.03% at 34,730.28, despite somewhat muted trading due to the Easter holidays in most other markets.

The broader Topix added 1.14%.

The Nikkei climbed 3.41% for the week - the most since January 20 - to snap a three-week losing run.

On Thursday, Trump and close ally Italian Prime Minister Giorgia Meloni expressed optimism about resolving U.S.-European Union trade tensions. Trump also signalled a potential end to tit-for-tat tariff hikes with China.

A day earlier, Japan’s top negotiator, economy minister Ryosei Akazawa, kicked off dialogue in Washington, and told reporters afterwards that Trump had said getting a deal with Japan was a "top priority". Trump hailed discussions with Japan on social media, saying "Big Progress!"

"The mood seemed overall quite positive, underscored by Trump’s social media post featuring a smiling photo of him with Akazawa in the Oval Office," said James Brady, vice president at advisory firm Teneo.

"The general sense is that the discussions got off to a reasonable start."

Shipping was the second-best performer among the Tokyo Stock Exchange’s 33 industry groupings, gaining 2.92%.

Pharmaceuticals topped the list with a 4.68% jump, led by a 17.54% surge for Chugai Pharmaceutical after an obesity drug it developed and licensed to Eli Lilly (NYSE:LLY) performed well in clinical trials.

By Lisa Barrington, Sophie Yu, Dan Catchpole and Tim Hepher

(Reuters) - A Boeing (NYSE:BA) jet that arrived at a completion plant near Shanghai last month was returning to the U.S., flight tracking data showed on Friday, in a sign that at least one Chinese airline could be halting deliveries due to U.S. tariffs.

The U.S. planemaker was reported earlier this week to face a Chinese ban on its imports, part of an escalating confrontation over U.S. President Donald Trump’s "reciprocal" global tariffs, though industry sources said the status of rules remained unclear.

In a sign that Boeing was preparing for normal business just weeks before Trump announced tariffs on April 2, tracking data showed at least four new 737 MAX planes sitting at a completion and delivery centre in Zhoushan, where Boeing installs interiors and paints liveries before handing aircraft to customers in China.

Three arrived from Boeing in Seattle in March and one arrived last week, according to Flightradar24.

On Friday morning one of those jets departed Zhoushan for Guam - one of the stops such flights make as they cross the Pacific Ocean before reaching Seattle - indicating it was making the return journey, tracking data shows.

Photos posted to planespotting websites in February showed it was decorated with a livery for Xiamen Airlines, which is majority owned by China Southern. One source said the plane was expected to be delivered to Xiamen.

In 2024 it was spotted in the U.S. with a Shandong Airlines livery and in 2018 with the Air China (OTC:AIRYY) logo, other photos showed.

None of those airlines immediately responded to requests for comment.

Aviation publication The Air Current on Thursday reported that the first of three of the four recently arrived planes had been tagged to be recalled to the United States without a handover.

Boeing declined to comment.

Boeing deliveries to China have previously been disrupted at times of tension between Washington and Beijing. In January 2024 MAX deliveries resumed after an almost five-year import freeze.

The planemaker opened the plant southeast of Shanghai in 2018 under the shadow of a previous round of trade tensions during Trump’s first presidency.

Although Boeing has not followed Airbus in assembling full airplanes in China, analysts said the aim was to build a lead in one of the world’s largest air travel markets.

Airline and aerospace industry sources said there was no confirmation of a formal ban on Boeing deliveries, reported earlier this week by Bloomberg News, but that the imposition of tariffs would effectively block imports for the time being.

Beijing has also asked that Chinese carriers halt purchases of aircraft-related equipment and parts from U.S. companies, the Bloomberg report said.

A senior industry source said Boeing and suppliers are planning on the basis that it would not be delivering planes to China for the time being.

However, two U.S. industry sources said they were given no clear instructions not to ship parts to China. A separate source, who runs a maintenance and repair shop for aircraft in China, said they have not had any issues importing American parts.

China’s foreign ministry declined to comment.

Asked by media about the reported ban, a spokesperson said: "I’d refer you to competent authorities".

DELIVERY LIMBO

For aerospace, Zhoushan is the latest staging post in a growing U.S.-led trade war. Planemakers, airlines and suppliers are reviewing contracts after Reuters reported that U.S. supplier Howmet Aerospace had ignited a debate over the cost of tariffs by declaring a "force majeure event".

Confusion over changing tariffs could leave many aircraft deliveries in limbo, with some airline CEOs saying they would defer delivery of planes rather than pay duties.

Boeing historically sent a quarter of its deliveries to China but the proportion has been falling following earlier trade tensions, a 737 MAX safety crisis and the impact of the COVID-19 pandemic.

Analysts said a short-term halt in deliveries to China would not have an immediate major impact on Boeing, since it could serve other airlines and Airbus lacks spare capacity.

In the longer term, China remains a strategic market. Boeing says China will more than double its fleet by 2043, with the country set to overtake the U.S. in terms of air traffic.

Boeing data shows 130 unfilled orders for China-based airlines and lessors, including 96 of the 737 MAX. Industry sources say a significant portion of the more than 760 unfilled orders for which Boeing has yet to name a buyer are for China.

Chinese airlines lease 55% of their jets and it is "highly probable" they will try to extend any expiring leases for the time being, IBA (EBR:IBAB) Chief Economist Stuart Hatcher said.