STI soars 1.6% as tariff fears fade, for now
Stocks still poised for near-term correction but longer-term trend is positive, says Maybank Kim Eng
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STOCK markets in Asia enjoyed some reprieve on Tuesday, after Wall Street rose sharply following resistance from US congressional Republicans to President Donald Trump's planned tariffs on steel and aluminium.
Following Mr Trump's threats, House Speaker Paul Ryan urged the administration not to finalise the new tariffs, citing risks to the economy. His comments pushed the Dow Jones Industrial Average to close at 24,874.76, up 336.70 points, or 1.37 per cent.
"Given the overwhelmingly negative response from industry leaders, international financial markets and even the furious backlash from loyal members of the Trump administration, there is growing optimism that perhaps significant exemptions will be forthcoming," said Stephen Innes, head of Asia-Pacific trade at OANDA.
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