0331 GMT - Hong Kong's Hang Seng Index and Taiwan's Taiex lead declines in Asia, slumping by about 10% in late-morning trading, as markets struggle to absorb last week's seismic tariff shock. "There seems to be no end of risk aversion and market selloff," given still-substantial fear that more measures are to come, DBS Chief Economist Taimur Baig says. The U.S. could ratchet up secondary tariffs, and China or the EU may then take aim at U.S. services exports. The Fed would then be pressured to cut rates despite well-above-target inflation, and global financial stability could be at stake, he writes in a note. DBS assigns a 45% probability to a scenario of below-trend growth and above-trend inflation. It sees a 35% probability of a U.S. recession, which will pressure the outlook of Asia's export-dependent economies.(farah.elias@wsj.com)
(END) Dow Jones Newswires
April 06, 2025 23:31 ET (03:31 GMT)
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