A picture of President Donald Trump on a hundred dollar bill is displayed at a post on the floor of the New York Stock Exchange in New York, Tuesday, Jan. 21, 2025. (AP Photo/Seth Wenig)

New York, United States — Global stock markets climbed on Tuesday as Donald Trump wasted no time in starting his second term as US president with a raft of announcements affecting the global economy.

Wall Street stocks rose as markets greeted Trump’s early executive orders and comments that raised hopes new tariffs may not be as bad as feared.

About a year later, all that optimism disappeared into thin air, along with its Greenbelt showroom, which was once a vibrant outlet showcasing different e-scooter models. This space—meant to attract heavy foot traffic—has been padlocked very recently.

ChocoVron Vice President Marissa Lourdes Yala told the Philippine News Agency on the sidelines of the US-PH 2024 Trade Mission Conference at The Manila Hotel on Friday, October 18, that the P500 million (US$8.75 million) expansion plan of the company will triple the capacity of its production facility in San Pedro, Laguna.

Article continues after this advertisement

Oil prices slumped however on the prospect of more drilling in the United States.

FEATURED STORIES BUSINESS 'Too hard': Vietnam's factory workers return to country life BUSINESS Marcos admin needs new tax measures BUSINESS BIZ BUZZ: First MB meeting for 2025 moved

READ: Trump policies stun investors

The rise on Wall Street following the Martin Luther King public holiday was part of a “Trump bump,” noted Briefing.com analyst Patrick O’Hare.

Article continues after this advertisement

On becoming president, Trump signed executive orders that indicated he could resume his hardball approach to global diplomacy and trade.

Article continues after this advertisement

He also spoke about the possibility of imposing a 25-percent tariff on Canadian and Mexican goods, which sent their currencies tumbling.

Article continues after this advertisement

Canadian and Mexican stock markets were marginally higher in Tuesday trading.

“What was missing in yesterday’s executive orders, however, was any declaration of a decisive tariff action against China,” said O’Hare. “Instead, President Trump said existing trade agreements should be reviewed for any recommended revisions.”

Article continues after this advertisement

Analysts at Goldman Sachs also found Trump’s initial announcements to have been “more benign than expected.”

‘Less hawkish’ China remarks

“Trump’s comments on China were notably less hawkish than during the presidential campaign or even his more recent comments since the election,” noted economists at Goldman Sachs.

That helped Chinese markets push higher, with Hong Kong gaining nearly one percent.

A top Chinese official said on Tuesday that no country would emerge victorious from a trade war.

“Protectionism leads nowhere and there are no winners in a trade war,” Vice Premier Ding Xuexiang said in a speech at the World Economic Forum in Davos, Switzerland.

Trump also gave social media app TikTok 75 days to find a buyer for its US business, after its Chinese owners ByteDance missed a Saturday deadline to sell its US subsidiary to non-Chinese buyers or be banned.

European stocks also ended the day in the green, with both Frankfurt’s DAX and London’s FTSE 100 setting record closes.

Wall Street received an initial Trump bump after his November re-election, with investors excited about the prospect of tax cuts and deregulation.

But as November gave way to December, the bump dissipated on rising fears that Trump’s plans to slap tariffs on key US trading partners would spark inflation and dim the prospect of further Federal Reserve interest rate cuts.

Oil prices slumped on Tuesday after the Trump administration declared a “national energy emergency” to significantly expand drilling in the world’s top oil and gas producer.

“Mr Trump’s full-throated yell for US producers to ‘Drill, baby, drill!’ is not new,” said David Morrison, Senior Market Analyst at Trade Nation.

“And it’s perfectly logical that prices should fall at the prospect of increased supply,” he added.

no deposit spins Key figures around 2115 GMT

New York – Dow: UP 1.2 percent at 44,025.81 points (close)

New York – S&P 500: UP 0.9 percent at 6,049.24 (close)

New York – Nasdaq Composite: UP 0.6 percent at 19,756.78 (close)

London – FTSE 100: UP 0.3 percent at 8,548.29 (close)

Paris – CAC 40: UP 0.5 percent at 7,770.95 (close)

Frankfurt – DAX: UP 0.3 percent at 21,042.00 (close)

Tokyo – Nikkei 225: UP 0.3 percent at 39,027.98 (close)

Hong Kong – Hang Seng Index: UP 0.9 percent at 20,106.55 (close)

Shanghai – Composite: DOWN 0.1 percent at 3,242.62 (close)

Euro/dollar: UP at $1.0426 from $1.0404 on Monday

Pound/dollar: UP at $1.2342 from $1.2302

Dollar/yen: DOWN at 155.50 yen from 155.67 yen

Euro/pound: DOWN at 84.45 pence from 84.56 pence

West Texas Intermediate: DOWN 2.6 percent at $75.89 per barrel

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Brent North Sea Crude: DOWN 1.1 percent at $79.29 per barrelttslot

READ NEXT Trump says EU ‘in for tariffs’, warns of 10% rate ... The Medical City and Rizal Medical Center forge partnership to... EDITORS' PICK Tulfo renews call for total OFW deployment ban to Kuwait amid abuses AFP sees links among Chinese spy, recovered drones, falsified PH IDs Marcos hails Trump inauguration, eyes collaboration House bill pushes ‘rondalla’ training program for music teachers 4 cops in 2011 shooting fired for abusing power Trump’s inauguration sparks mixed reactions among Fil-Ams MOST READ Baguio gov’t steps in to help locked-out John Hay residents Coffins fall onto NLEX near Pulilan Exit, causing minor delay in traffic CSC exec: Not so fast on new gov’t work sked Chinese Navy watches PH-US joint drills in WPS Follow @FMangosingINQ on Twitter --> View comments