S&P 500 PARES DROP TO 1%, NASDAQ 100 PARES DECLINE TO 1.4%

Donald Trump is preparing to revise steel and aluminum tariffs, applying a 25% duty to the full value of finished imports instead of a 50% levy on metal content. Commodity metals would still face 50% tariffs. The change aims to simplify compliance but could raise effective costs for many imports and boost tariff revenue, while supporting domestic manufacturing under Section 232.

UOB Kay Hian analysts said BYD’s earnings likely bottomed in 1Q, after 4Q profit met their estimates but missed consensus due to weaker revenue. They expect a recovery from 2Q, driven by new technology launches and overseas expansion. External battery sales surged in 2025 and are seen growing at a 38% CAGR over 2026–2028. The analysts raised 2026–2027 net profit forecasts by 58%–100%, upgraded the stock to buy from sell, and lifted the target price to HK$130 from HK$81.