Stock markets mostly rise on US optimism

AFP | London

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Global stock markets mostly moved higher yesterday, with tech and tariffs in the spotlight.

Traders were still assessing the tariff plans of incoming US president Donald Trump following a report he may take a more targeted approach than previous stated.

“After a sluggish December, US stocks have kicked off the year in style, with tech and semiconductors stealing the spotlight,” noted Matt Britzman, senior equity analyst at Hargreaves Lansdown.

He added there was also “tariff optimism despite mixed signals”.

The Washington Post said Trump’s aides were weighing plans to apply tariffs to goods only in certain critical sectors -- a narrower definition than the president-elect previously proposed.

Trump, however, described the Post story as “just another example of Fake News”.

The report comes after Trump warned last year that he would slap huge levies on China, Canada and Mexico.

Tech stocks surged on Monday as Nvidia -- which drove a rally in the sector last year thanks to its AI chips -- provided a positive outlook. Its shares popped more than 3.4 percent to close at a new record, giving the company a market valuation of more than $3.6 trillion.