South Korean shares surge over 1%
South Korean stocks rallied Monday amid mixed trading in Asia after U.S. President Donald Trump delayed his threat to impose 50% tariffs on the European Union by more than a month.
As of 11.56 a.m. local time, the Kospi index had advanced 1.34%. The index has gained 9.47% since the start of the year.
KOSPI index
Meanwhile, the small-cap Kosdaq index was last seen trading 1.43% higher; it has risen 7.43% since the start of the year.
Gains were broad-based across sectors, with strong moves seen in Hyundai-Rotem, which surged 11.48% and Hyundai Engineering & Construction, which advanced 7.58%.
Among the index heavyweights, Samsung Electronics was last seen up 1.11% while SK Hynix moved up 0.5%. Shares of battery maker LG Energy Solutions rose 3.92% while Samsung SDI gained 4%
— Amala Balakrishner
Asian currencies rally as the dollar weakens on fears of ballooning U.S. debt
Asia-Pacific currencies rallied Monday as the greenback extended declines, with U.S. President Donald Trump’s tax bill threatening to pile on debt.
The U.S. dollar index had declined 0.39% to 98.725 as at 10.37 a.m. Singapore time, its weakest level since December 2023.
The Australian dollar appreciated by 0.51% against the greenback to 0.6528, after briefly hitting its highest level since last December earlier in the session.
The South Korean won gained 0.23% against the dollar to 1,361.66, as several analysts expect the currency to strengthen alongside its trade negotiations with the U.S. and easing political uncertainties.
Meanwhile, the Japanese yen strengthened 0.17% against the dollar to 142.28 while the offshore Chinese yuan strengthened marginally by 0.08% to 7.1648.
Elsewhere in Southeast Asia, the Singapore dollar strengthened 0.24% against the greenback to 1.2806, after hitting an eight-month high earlier in the session.
The Thai baht had also hit an eight-month high and was last seen 0.15% stronger at 32.40 against the dollar.
— Amala Balakrishner
Nippon Steel shares gain over 7% after Trump offers support for its $14.9 billion U.S. Steel bid
Shares of Nippon Steel gained as much as 7% in early trade on Monday, on the back of U.S. President Donald Trump’s support for the company’s $14.9 billion bid to acquire U.S. Steel.
The world’s fourth-largest steelmaker was briefly the top performer on Japan’s Nikkei 225 index.
Shares in Nippon Steel
The rally in Nippon Steel’s shares comes as Trump noted that its “planned partnership” with U.S. Steel “will create at least 70,000 jobs, and add $14 billion to the U.S. Economy.”
Trump’s comments — which were posted on Truth Social last Friday — sent U.S. Steel shares up by 21%, as investors interpreted his views as a nod of approval on the long-planned takeover.
— Amala Balakrishner
Shares of Australia’s WiseTech surges over 5% on $2.1 billion purchase of E2Open
Shares of Australian logistics software company WiseTech Global surged as much as 5.67% Monday, following its announcement to acquire U.S. cloud computing firm E2Open for $2.1 billion.
WiseTech will pay $3.30 per share for E2open, a 28% premium to Friday’s closing price in New York, the company announced on Monday.
The deal, which will be fully funded through a new $3 billion debt facility underwritten by a syndicate of nine lenders, including Deutsche Bank and HSBC, is in line with WiseTech’s move to expand its global product and customer base.
The company, which is known for its CargoWise platform, will gain around 5,600 additional customers is expected to increase WiseTech’s earnings-per-share in the first year, it added.
The acquisition comes just two months after Australia’s largest pension fund AustralianSuper sold around 580 million Australian dollars ($377.35 million) worth of WiseTech stocks over corporate governance concerns.
Shares of WiseTech Global
