TOKYO – Asian shares were mixed in a muted reaction Tuesday to the inauguration of U.S. President Donald Trump.
U.S. markets were closed Monday for the Martin Luther King Jr. Day holiday. U.S. futures rose and oil prices declined.
Recommended Videos
Some analysts said the inauguration would inject optimism into global markets, while others said the threat of higher tariffs might hurt sentiment.
Trump’s release of an “America First Trade Policy” memo after he took office Monday indicated no immediate action on raising tariffs, possibly alleviating immediate concerns about threats of double-digit tariffs on all imports. However the plan calls for a broad reassessment and overhaul of U.S. trade policy.
Worries about the effects of Trump’s policies on China have eased somewhat as both sides have pledged to work to improve relations.
“In a twist that calmed nerves across global markets ... President Trump revealed he would not, contrary to expectations, roll out new tariffs immediately,” said Stephen Innes, managing partner at SPI Asset Management.
Tokyo’s Nikkei 225 index gained 0.2% to 38,999.12.
Hong Kong's Hang Seng index jumped 0.9% to 20,102.22, in part lifted by embattled Chinese property developer Country Garden, whose shares jumped 23.7% after it got a reprieve on its deadline for working out an agreement with its creditors.
The Shanghai Composite index edged 0.1% lower to 3,241.57.
Australia's S&P/ASX 200 gained 0.7% to 8,402.40. South Korea's Kospi rose less than 0.1% to 2,521.21.
Shares in Fuji Media Holdings, of which major Japanese broadcaster Fuji TV is a part, recouped earlier losses after dozens of companies, including Toyota Motor Corp., decided to stop airing television commercials that accompany Fuji TV shows. The stock price has zigzagged recently as a sex scandal unfolded, reported by weekly magazine Shukan Bunshun.
In energy trading, benchmark U.S. crude declined 70 cents to $76.69 a barrel. Brent crude, the international standard, lost 17 cents to $79.98 a barrel.
In currency trading, the weak U.S. dollar was believed to be one reaction to uncertainty over Trump's tariff policies, but currency moves were moderate. The dollar fell to 155.42 Japanese yen from 155.61 yen. The euro cost $1.0378, down from $1.0419.