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Asia-Pacific markets set to open lower as new China port fees on U.S. ships kick in
SHANGHAI, CHINA – JUNE 08: Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China.
Vcg | Visual China Group | Getty Images
Asia-Pacific markets were set to open lower Tuesday, breaking ranks with gains on Wall Street after U.S. President Donald Trump softened his stance on China.
Following a slew of tit-for-tat trade restrictions and heated exchanges, Trump said “Don’t worry about China, it will all be fine!” in a Truth Social post Monday.
China has slapped fees on U.S. ships for docking at its ports, in retaliation for similar charges imposed by Washington on Chinese ships. Both fees are scheduled to kick in today.
Japan’s benchmark Nikkei 225 index was set for a lower open, with its futures contract in Chicago trading at 47,235, and its counterpart in Osaka at 46,980, against the index’s Monday close of 48,088.8.
Australia’s ASX/S&P 200 was down 0.25%.
Hong Kong’s Hang Seng Index was set to open lower, with its futures contract trading at 25,794, against the index’s previous close of 25,889.48.
U.S. equity futures were little changed in early Asian hours. On Monday stateside, the key benchmarks recovered a significant chunk of their losses suffered last week after Trump’s Truth Social post.
Overnight, the Dow Jones Industrial Average closed higher by 587.98 points, or 1.29%, to 46,067.58, which equates to 67% of its Friday loss. The S&P 500 rose 1.56% to finish at 6,654.72, retracing 56% of its prior decline. The Nasdaq Composite popped 2.21% to settle at 22,694.61 as beaten-down technology stocks led the bounce.
— CNBC’s Alex Harring, Sarah Min and Fred Imbert contributed to this report.
