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Trump announces new tariffs beginning October 1

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Pharmaceutical stocks fall, most indexes down

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Fed easing expectations recede on U.S. economic resilience

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Dollar steady, yen weak

By Rae Wee

SINGAPORE, Sept 26 (Reuters) - Asia shares got off to a

shaky start on Friday after U.S. President Donald Trump unveiled

a fresh round of punishing tariffs and as traders pared bets of

sharp U.S. rate cuts following stronger-than-expected economic

data.

Trump on Thursday announced that the U.S. would impose 100%

duties on imported branded drugs, 25% tariffs on heavy-duty

trucks and 50% tariffs on kitchen cabinets.

He also said he would start charging a 50% tariff on

bathroom vanities and a 30% tariff on upholstered furniture next

week, with all the new duties to take effect from October 1.

Japan's Topix pharmaceutical index slid 1.4% in

the wake of the news, while shares of Australian biotech firm

CSL tumbled more than 3%.

The Nikkei fell 0.5%, while MSCI's broadest index of

Asia-Pacific shares outside Japan was down

0.45%.

"At this point of time, it sort of adds to a bit of a shaky

backdrop we've got in terms of risk assets," said Tony Sycamore,

a market analyst at IG.

Nasdaq futures were down 0.08% while S&P 500 futures

dipped 0.02%.

European futures meanwhile eked out gains, with EUROSTOXX 50

futures up 0.37% while FTSE futures rose 0.25%.

Also adding to headwinds for stocks were reduced

expectations of aggressive Federal Reserve rate cuts, after a

slew of data on Thursday showed the U.S. economy remains in rude

health.

"(The) data deluge... gives the U.S. economy a new lease on

life," said economists at Wells Fargo in a note.

"Ultimately the updated GDP figures suggest the U.S. economy

was undeniably resilient in the first half of the year despite

the on-again off-again approach to U.S. trade policy."

Traders are pricing in just about 39 basis points worth of

rate cuts by December this year, down from over 40 bps earlier

this week.

Focus will now be on PCE data due later on Friday, which

could provide further clarity on the outlook for rates.

"There was some bullish optimism built into markets, because

everybody started thinking we're going to get somewhere between

four and six rate cuts, and now I think we're probably looking

at four at most, and maybe even that seems a bit generous at

this point of time into the end of 2026," said IG's Sycamore.

While most Fed policymakers continue to strike a cautious

tone on the pace of future easing, the central bank's newest

policymaker, Stephen Miran, on Thursday pressed for sharp U.S.

interest-rate cuts to prevent labour market collapse.

The reduced expectations of Fed rate cuts have in turn

lifted the dollar, which hovered close to the 150 yen

level on Friday.

The euro last bought $1.1668, having lost 0.6% in

the previous session, while sterling was little changed

at $1.3344.

In commodities, oil prices rose on Friday, with Brent crude

futures up 0.24% to $69.59 a barrel, while U.S. crude

rose 0.43% to $65.26 per barrel.

Trump said on Thursday he believes Turkey will agree to his

request to stop purchasing Russian oil and that he may lift U.S.

sanctions on Ankara so it can buy advanced American F-35 jets,

following two hours of talks with Turkey's President Tayyip

Erdogan.

Spot gold edged slightly higher to $3,751.69 an

ounce.