Global Markets Rise on Tech Tariff Reprieve

By Dow Jones Newswires StaffMost major Asian stock markets closed up, U.S. stock futures rose and European bourses opened higher after the Trump administration exempted tariffs on semiconductor equipment, smartphones and other electronics, even though officials later signaled they would be put in their own levy bracket.The dollar continued to ease and Treasury yields fell slightly.South Korea's benchmark Kospi rose 0.95% and Japan's Nikkei Stock Average rose 1.2% led by electronics and battery stocks. Still, Taiwan stocks edged lower, snapping a two-session run of gains as shares of index heavyweight TSMC dropped 2.7%, offsetting gains elsewhere. China's Shanghai Composite Index gained 0.8% as Chinese leader Xi Jinping started a Southeast Asia trip in Vietnam, aimed at shoring up relations among some of China's closest trading partners.U.S. Nasdaq stock futures were last up 1.7%, with Dow Industrials gaining 0.7% and S&P 500 futures up 1.2%.In Europe, the Stoxx Europe 600 gained 1.5% in morning trading with its technology sub-index up 2.8%. France's CAC 40 gained 1.7% and Germany's DAX climbed 1.8%. The U.K.'s FTSE 100 added 1.4%.After last week's volatility, the 10-year U.S. Treasury yield was recently down 2.7 basis points at 4.466%, according to Tradeweb.-The dollar remained under pressure after hitting a three-year low Friday. U.S. President Trump on Sunday said there would be no exemptions in tariffs, sowing confusion over the levies on electronics. "De-dollarization is now a real, and frankly scary, prospect," Pepperstone strategist Michael Brown said in a note. The DXY dollar index against a basket of major currencies fell 0.7% to 99.4490 after hitting a low of 99.3510 Friday.On the docket this week, in addition to earnings, U.S. retail sales data and industrial production is due on Wednesday and weekly jobless claims and March housing starts are scheduled for Thursday.The Bank of Canada announces a decision on Wednesday when it is expected to keep its key policy rate on hold at 2.75% following seven straight reductions. The European Central Bank, at its rate-setting meeting on Thursday, is widely expected to cut the deposit rate by another 25 basis points to 2.25%.Write to Barcelona Editors at [email protected]