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After maniac Monday, Asian markets bounced back on Tuesday following a brutal global sell-off, with Japan’s Nikkei 225 surging over 6 per cent in early trade after suffering a sharp 8 per cent decline the previous day. The recovery came amid continued volatility sparked by growing fears of an international recession as the US-China trade war deepened.
China on Tuesday vowed to “fight to the end” and take countermeasures against the US after President Donald Trump threatened fresh levies on Beijing. Following China’s reaction, Asian markets opened higher after a volatile session a day earlier.
Here’s how global market reacted on Tuesday:
Indian market rebounds
Benchmark indices on Tuesday showed signs of recovery as Nifty and Sensex surged in pre-opening session. The Indian market opened in green; Sensex currently at 74,293.29, up by 1155.39 points, while, Nifty surged 415.95 points to 22,577.55.
Earlier on Monday, India’s stock markets mirrored the global panic. The Sensex plunged over 5 per cent, dropping nearly 3,000 points in early trade, while the Nifty slid over 1,100 points. All 30 stocks on the Sensex traded in the red, with major players like Tata Steel, Infosys, and ICICI Bank taking heavy hits.
Japan’s Nikkei 225 jumps 6.5 per cent
The Nikkei rose 6.5 per cent to 33,148.52 by late morning in Tokyo, buoyed by investor bargain-hunting after Wall Street’s turbulent session on Monday.
Australian shares rebound
Australian stocks edged higher on Tuesday, recovering from the previous day’s sharp sell-off, as reassurances from treasurer Jim Chalmers helped calm investor nerves amid global trade tensions.
The S&P/ASX 200 index rose 1.1 per cent to 7,423.40 by 0035 GMT, following a steep 4.2 per cent drop on Monday — a fall that pushed the benchmark to levels last seen at the onset of the Covid-19 pandemic.
Tuesday’s gains were driven largely by strength in banking and mining stocks, sectors seen as resilient in the face of external shocks. Investor sentiment improved after Chalmers expressed confidence in Australia’s ability to weather the economic fallout from US President Donald Trump’s aggressive tariff measures.
Hong Kong stocks open 1.66% higher
Hong Kong’s Hang Seng Index opened 1.66 per cent higher after Monday’s historic 13.2 per cent drop — its worst since the 1997 Asian financial crisis. However, gains remained modest compared to earlier losses. In contrast, mainland China’s Shanghai Composite dipped slightly by 0.07 per cent.
Indonesia stocks plunge more than 9%
Indonesia’s markets, closed for several days due to public holidays, faced a steep sell-off as trading resumed. The Jakarta Composite Index plunged over 9 oer cent, triggering a temporary suspension in trading amid concerns over steep US tariffs.
Taiwan stocks fall 3% in early trade
Similar fears sent Taiwan’s Taiex index down 3 per cent, with major tech firms like Foxconn and TSMC seeing notable losses.
Thailand stocks fall more than 4%
Thai stocks tumbled more than 4 per cent at the opening bell on Tuesday, following a national holiday that had shielded the country from a global market rout sparked by renewed US trade tensions.
The Stock Exchange of Thailand (SET) index fell nearly 50 points from Friday’s close of 1,125.21 — a sharp drop from recent highs of around 1,400 seen before Donald Trump took office as US President in January.
EAM Jaishankar speaks to US secretary of state Rubio
Meanwhile, external affairs minister S Jaishankar spoke with US secretary of state Marco Rubio, emphasising the importance of concluding a bilateral trade agreement between India and the US.
“Good to speak with Rubio today. Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement. Look forward to remaining in touch,” he wrote on X.
Impact on oil and gold prices
Oil prices also reflected global uncertainties, with US crude briefly dipping below $60 for the first time since 2021. Gold climbed to $3,011.60 per ounce as investors sought safe havens, while Bitcoin rebounded slightly to $80,081 after falling below $79,000.
US-China trade war escalates
As global markets continue to gyrate, investors remain on edge, watching closely for any signals of easing tensions between the world’s two largest economies.
The market turmoil follows US President Donald Trump’s fresh threat of imposing a 50 per cent tariff on Chinese goods, compounding fears of a prolonged trade battle. Trump insisted that China should not retaliate, warning that overall tariffs could rise to 104 per cent if Beijing doesn’t back down.
“I have great respect for China, but they cannot do this,” Trump said from the White House, making it clear he had no plans to ease up on his tariff campaign.
In response, China’s commerce ministry declared it would “fight to the end” to defend its economic interests. It also announced 34 per cent duties on US imports, scheduled to come into effect on Thursday.
Despite the tensions, Beijing reiterated its openness to dialogue, saying that “there are no winners in a trade war.”
Dow drops 1,200, global markets tumble
US markets plunged sharply on Monday, mirroring a global selloff. The S&P 500 dropped 3.8 per cent in early trading, extending last week’s heavy losses — its worst performance since the Covid-19 pandemic sent markets into freefall in March 2020.
The Dow Jones Industrial Average plummeted by more than 1,200 points, while the tech-heavy Nasdaq composite slid 4 per cent, reflecting broad-based concerns across sectors.
Further, Wall Street stocks closed mostly lower after a choppy trading session. The Dow Jones Industrial Average shed 0.9 per cent to end at 37,965.60. The S&P 500 also lost ground, dipping 0.2 per cent to close at 5,062.25.
In contrast, the tech-heavy Nasdaq Composite eked out a modest gain, rising 0.1 per cent to finish at 15,603.26, supported by strength in select technology stocks.
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