Stock market today: Global shares trade mixed on continuing Trump tariff worries

Global shares traded mixed on Monday as investors found bargains despite worries about US President Donald Trump’s tariffs.

France’s CAC 40 edged up 0.2 percent in early trading to 7,988.29, while Germany’s DAX rose 0.3 percent to 21,817.79. Britain’s FTSE 100 added 0.4 percent to 8,738.98. US shares were set to drift higher, with Dow futures rising 0.2 percent to 44,507.00. S&P 500 futures gained 0.3 percent to 6,067.50. In Asia, Japan’s benchmark Nikkei 225 finished little changed, rising less than 0.1 percent to 38,801.17. The Japanese government reported a record current account surplus last year of 29 trillion yen ($191 billion), underlining strong returns on overseas investments boosted by a weak yen and recovering Japanese exports. The current account data, seen as a wide indicator for trade, grew nearly 30 percent from the previous year to its highest since comparable records started being kept in 1985.

In currency trading, the US dollar rose to 152.41 Japanese yen from 151.39 yen. The euro cost $1.0321, down from $1.0328.

Nippon Steel, whose attempt to buy US Steel is opposed by Trump, as it was by former President Joe Biden, dropped 0.5 percent. Trump said at a joint news conference with Japanese Prime Minister Shigeru Ishiba on Friday that Nippon Steel would instead invest in US Steel. Japan’s government spokesman, Yoshimasa Hayashi, told reporters in Tokyo on Monday that Nippon Steel was preparing a “bold proposal” to invest in US Steel that would result in a “win-win” for both nations. He did not give details. Nippon Steel declined to comment. The Hang Seng index jumped 1.8 percent to 21,521.98, and the Shanghai Composite added 0.6 percent to 3,322.17 despite Trump’s tariffs on Chinese imports. Technology shares were among the gainers as hopes grew for Chinese stimulus measures. China is retaliating with tariffs on select American imports and has announced an antitrust investigation into Google. Trump said he would act Monday to apply twenty-five percent tariffs on all steel and aluminum imports from all countries into the US. Stephen Innes, managing partner at SPI Asset Management, believes markets are in for turbulence, noting Asian economies will feel the impact from the tariffs, including those on imports from Mexico and Canada. Trump has given 30-day reprieves for tariffs on all goods from Mexico and Canada. But the newly announced twenty-five percent tariffs on all steel and aluminum imports would apply to them. “Asian markets are staring down the barrel of a volatile open,” he said, while noting some of the effects may have already been factored in. South Korea’s Kospi lost less than 0.1 percent to 2,521.27. Australia’s S&P/ASX 200 lost 0.3 percent to 8,482.80. Markets are also watching for the latest earnings reports. Honda Motor Co. and Nissan Motor Corp. both report earnings on Thursday as speculation grows their talks to set up a joint holding company may unravel. Japanese media reports, all citing unidentified sources, sent both stocks gyrating over the past week. Honda finished down 0.9 percent Monday, while Nissan declined 0.8 percent. In energy trading, benchmark US crude added 40 cents to $71.40 a barrel. Brent crude, the international standard, rose 41 cents to $75.07 a barrel.