On February 3rd, after US President Trump ordered sweeping tariffs on Mexico and Canada, automakers and big tech stocks bore the brunt on Monday, raising concerns that a global trade war could affect economic growth. Investors flocked to the dollar and US Treasury bonds. Among automakers, General Motors shares fell 6.4% in premarket trading, Ford fell 3.8% and Tesla fell 2.9%. Big tech stocks fell, with Microsoft down 1.5% in premarket trading, Apple down 1.9% and Amazon down 2.3%. Russell futur...
South Korea's bitcoin "kimchi premium" surged to 9.7% at 2 a.m. on February 3, hitting a 10-month high since April 2024, driven by concerns about Trump's tariff war. Min Jung, analyst at Presto Research, said kimchi premiums typically rise during bull markets but can also spike during panic selling, as selling pressure on Korean exchanges is lower than in global markets. As of press time, kimchi premiums have fallen back to 8.24 per cent, compared with a historical average of about 5 per cent.
On February 1st, White House Press Secretary Levitt confirmed at a press conference that the Trump administration will impose 25% tariffs on Mexican and Canadian goods from February 1st, and denied Reuters' statement that the Mexican-Canadian tariffs will take effect on March 1st. After the news was announced, the US dollar index DXY rebounded by up to 69 points from the daily low to reach 108.48, and the US dollar against the Canadian dollar USD/CAD erased its previous decline and rallied again...
Copper and silver futures in New York surged above international benchmarks as traders ramped up bets that Trump would impose steep import tariffs on the two metals. COMEX front-month silver futures on the New York Mercantile Exchange traded at a premium of more than $0.80 an ounce to spot silver prices in London on Thursday, near their December peak. COMEX front-month copper also traded at a premium of $623 a tonne to LME copper for the same period, close to the record during the historic short...