Asian stocks rise, Australia close to correction
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Asian stocks traded in a tight range after President Donald Trump played down fears of a recession, which helped US stocks stage a late-day recovery after whipsawing all day. Australian shares fell, with the benchmark S&P/ASX 200 index hovering near a correction, after Trump ruled out an exemption from steel and aluminum tariffs despite a lobbying campaign by Prime Minister Anthony Albanese’s government. Stocks rose in Japan and South Korea. Contracts for the S&P 500 rose in early trading after Trump said he doesn’t see a US economic recession, downplaying Wall Street’s jitters around his trade war. Wall Street is growing anxious about tariff policy, sticky inflation and the unknown pace of the Federal Reserve’s interest-rate cuts. Investors will look for clues Wednesday after the consumer price index reading. The VIX gauge of stock volatility is hovering near its highest since August, while a similar measure for Treasuries is at ...