Global markets down after Trump Fed firing, tariff threats

Hong Kong: Global stocks retreated on Tuesday after a series of market rattling announcements by US President Donald Trump, including an unusual move...

Hong Kong: Global stocks retreated on Tuesday after a series of market-rattling announcements by US President Donald Trump, including an unusual move to fire a central bank official and threats to impose new export controls and tariffs.

Traders had been riding a wave of confidence since Friday's speech by US Federal Reserve Chairman Jerome Powell, which suggested coming interest rate cuts in the world's largest economy.

But the upward flurry appeared to die out on Wall Street on Monday as attention turned to this week's earnings report from AI chip giant Nvidia -- a bellwether for the industry as concerns over a tech bubble mount.

Asian markets notched mostly moderate losses on Tuesday, tracking drops made the previous day in New York and Europe.

Hong Kong's main index recorded one of the more pronounced slides, finishing 1.2 percent lower.