Most Asian markets extended a global rally Wednesday as investors gave a cautious welcome to Donald Trump’s first full day in office amid hopes he will take a more cautious approach on trade than initially feared.
Software investment giant SoftBank soared more than nine percent — leading Tokyo-listed chipmakers higher — after the American president said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.
However, Hong Kong and Shanghai fell after the tycoon warned China could be included in a list of countries to be hit with tariffs on February 1 “based on the fact that they’re sending fentanyl to Mexico and Canada”.
Traders have been bracing for Trump 2.0 since his re-election in November, with an initial rally — fuelled by hopes for market-boosting measures — giving way to worries he would resume his trade war with Beijing and …