European shares opened higher and U.S. futures surged after U.S. President Donald Trump announced a delay in imposing a 50 per cent tariff on European Union goods. Meanwhile, most Asian markets declined, with the Hang Seng Index in Hong Kong dropping 1.4 per cent to 23,282.33.Trump said the tariff hike would now be pushed back to July 9 following a phone conversation with European Commission President Ursula von der Leyen. This comes after his earlier comments that talks with the EU were stalling and tariffs could take effect on June 1.Germany’s DAX gained 1.7 per cent to 24,020.48, and France’s CAC 40 rose 1.3 per cent to 7,830.99. Markets in the U.K. remained closed for a public holiday. In the U.S., futures for the S&P 500 and Dow Jones Industrial Average rose 1.3 per cent and 1.1 per cent, respectively, AP reported.In Asia, Tokyo’s Nikkei 225 climbed 1 per cent to 37,531.53, and South Korea’s Kospi added 2 per cent to 2,644.40. However, other regional markets saw declines. The Shanghai Composite slipped 0.1 per cent to 3,346.84, Taiwan’s Taiex fell 0.5 per cent, and Australia’s S&P/ASX 200 was nearly flat at 8,361.00. India’s Sensex edged up 0.5 per cent.Last week ended on a downbeat note for Wall Street amid concerns over potential new tariffs. The S&P 500 fell 0.7 per cent, the Dow declined 0.6 per cent, and the Nasdaq dropped 1 per cent.Apple shares dropped 3 per cent after Trump said the company should pay a 25 per cent tariff if it continues making iPhones abroad. He later stated that the proposed tariff would apply to all smartphones manufactured outside the U.S., including brands like Samsung.Retail and consumer companies also faced pressure. Deckers Outdoor, maker of Hoka and Uggs, fell nearly 20 per cent after withdrawing its full-year forecast despite reporting strong earnings. Ross Stores dropped almost 10 per cent for similar reasons.On the upside, Intuit saw its shares jump 8.1 per cent following strong quarterly results. Stocks in the nuclear energy sector rallied after Trump signed executive orders to streamline licensing for nuclear projects, with Oklo gaining 23 per cent.Crude oil prices rose early Monday. U.S. benchmark crude was up 43 cents to $61.96 a barrel, while Brent crude gained 40 cents to $64.61.Currency markets saw the dollar strengthen to 142.81 yen, and the euro edged higher to $1.1388.
