STI, Asian markets rebound after Trump backs off on Greenland tariffs
The Straits Times Index climbs about 0.4% throughout the day
[SINGAPORE] Asian markets rebounded on Thursday (Jan 22) morning as Wall Street closed higher after news that a Greenland deal framework has been reached.
US President Donald Trump said that he would not be imposing the additional tariffs that were set to come into effect on Feb 1 after forming “the framework of a future deal with respect to Greenland and, in fact, the entire Arctic region”.
Asian markets followed Wall Street, which climbed after its worst sell-off in three months, with the Straits Times Index (STI) closing about 0.4 per cent up. Leading the charge was UOB, which was up 2.3 per cent on the day.
In Malaysia, the Kuala Lumpur Composite Index rose about 0.7 per cent. South Korea’s Kospi benchmark topped 5,000 points for the first time, climbing as much as 2.1 per cent after gains in chipmakers such as Samsung Electronics and SK Hynix. It later pared some of the gains to close 0.9 per cent up.
In Japan, the Nikkei 225 advanced 1.7 per cent, while the Topix was up 0.7 per cent as gains in the real estate, banking and textile sectors led shares higher.
Hong Kong’s Hang Seng Index rose by 0.2 per cent, and Shanghai’s CSI 300 was up 0.01 per cent.
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Outside Asia, the pan-European Stoxx 600 had closed flat at 602.67 points on Wednesday, paring its losses of nearly 1 per cent earlier in the session.
Meanwhile, gold slipped as much as 1 per cent to US$4,785.53 as at 8.19 am in Singapore, and spot silver slid 1.9 per cent to US$91.26.
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