Does Donald Trump hold ‘trump card’ of market’s rise and fall? Check Anil Singhvi's view
Asian markets were upbeat in the early morning trade on Tuesday despite cautious sentiment ahead of the impending tariffs on Chinese imports.
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The US President Donald Trump on expected lines on Monday agreed to a 30-day pause on his tariff theats against Mexico and Canada. Trump's softened stance on tariffs on Canada and Mexico lifted sentiment in the American markets, noted Zee Business Managing Director Anil Singhvi. US stock index futures traded higher in Asian trade after overnight losses on Monday.
Also, Asian markets were upbeat in the early morning trade on Tuesday despite cautious sentiment ahead of the impending tariffs on Chinese imports. Regional equities mostly rebounded after steep fall in the previous day, stemming from Trump’s tariff announcement.
Pertinently, Trump delayed trade tariffs on Canada and Mexico after America's two biggest trading partners took measures to appease Trump's concerns pertaining to border security as well as drug trafficking.
Even though the market sentiment improved quite a bit in the US, the Dow index recorded a steep correction of 1000 points in the last two sessions. In the previous day's trade, Dow Jones Industrial Average (DJIA) index settled 0.28 per cent lower, while Nasdaq and S&P 500 indices settled with a cut of 1.2 per cent and 0.76 per cent, respectively.
Additionally, Singhvi held that while the latest move by the US President brings in some relief and has eased market concerns to some extent, tariff war with China will be most crucial.
Further, the market guru is of the view that Trump's future statements concerning tariffs will likely dictate the market's direction going forward, adding that the trend of American markets is still positive
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