Asian markets swung between gains and losses on Thursday following a turbulent day on Wall Street, where investor nerves were rattled by reports that U.S. President Donald Trump had considered removing Federal Reserve Chairman Jerome Powell.
Markets have been on edge all week, caught in a whirlwind of uncertainty surrounding global trade policy. Trump’s latest move—issuing letters to numerous countries outlining potential new tariffs of up to 15 percent—has only added to the unease, leaving traders wary of further disruptions to international commerce.
In Tokyo, shares in Seven & i Holdings, the Japanese parent company of 7-Eleven, took a sharp dive after a major acquisition deal fell apart. The company’s Canadian competitor unexpectedly withdrew from a nearly $50 billion takeover bid, bringing an end to what had been a prolonged battle for control of the global convenience store chain.
Despite the shaky global sentiment, Wall Street managed to close in positive territory on Wednesday. All three major indexes ended the day higher, with the Nasdaq notching another record close.
Earlier in the day, markets briefly dipped after reports surfaced that Trump had floated the idea of firing Powell during a private meeting with lawmakers. However, a partial rebound followed when Trump denied any firm plans to remove the Fed chief, stating, “I don’t rule out anything, but I think it’s highly unlikely.”
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