JAPAN RALLY PACES REGION AS TRADE WORRIES EASE

RECAP: Most Asian stock markets gained yesterday, led by a rally in Japanese shares amid signs of easing trade tensions with the US, and optimism that Tokyo will be able to negotiate lower automobile tariff rates with Washington.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

After rising for four consecutive days, the Thai index consolidated on Friday ahead of a four-day holiday weekend and a Bank of Thailand interest rate meeting next week.

The SET index moved in a range of 1,212.68 and 1,280.78 points this week, before closing yesterday at 1,259.07, up 3.3% from the previous week, with daily turnover averaging 53.5 billion baht.

NEWSMAKERS: President Donald Trump said on Wednesday that he would impose a 100% tariff on all semiconductors imported to the United States, but would exempt companies that commit to “building” on US soil.

■Apple announced a plan to invest an additional $100 billion in US manufacturing after chief executive Tim Cook met with Trump at the White House. The company hopes the additional commitments will result in lower tariffs on its flagship iPhones, most of which are assembled in Asia.

■Trump said the US would initially place a “small tariff” on pharmaceutical imports before raising it to 150% within 18 months and eventually to 250% in an effort to encourage producers to return to the US.

■Trump said he would double the tariff rate on India to 50% from 25% as it continues to import crude oil from Russia, a move New Delhi slammed as unjustified in an escalating fight between the two major economies.

■Three Federal Reserve officials signalled a policy rate cut in September, citing concerns over the labour market slowdown, as July job growth was lower than expected.

■Gold futures jumped to a fresh all-time high of $3,534 yesterday following a Financial Times report that the US has imposed tariffs on imports of one-kilo gold bars.