Top stories for the morning: Trump threatens duties on copper and pharma, Bezos sells Amazon stock

Investors are showing mixed reactions amid the Trump administration's escalating trade measures, with Asian markets faltering and China expecting its best close in three years despite the threat of 50 percent duties on copper and levies on pharmaceutical products by the U.S. Amazon founder Jeff Bezos continues to sell off stocks. The Indian market is buzzing with ICICI Prudential filing for a $1.2 billion IPO, the country's second largest offering this year. On these and other topics - in our review of key events for the morning of July 9.

US President Donald Trump said he will impose a 50 percent duty on copper imports and also promised to iniitialize even harsher tariffs on certain sectors, reports CNBC. "We're taking on copper today," he said at the White House meeting, but did not specify exactly when the decision would take effect.

Copper prices soared to record levels after the announcement, ending the day up 13.12%, the biggest one-day rise since 1989. Shares of mining company Freeport-McMoRan rose 5% as investors anticipate gains for U.S. producers.

Copper is the third most consumed metal after iron and aluminum, with the U.S. importing nearly half, with Chile being the main supplier.

Trump also said he would soon announce tariffs "at a very high level, on the order of 200%" on pharmaceutical imports. According to him, pharmaceutical companies will have a year to a year and a half to move production to the US before the new duties come into effect.

Chinese stocks may post their best close in three years as investors await additional measures to ease deflationary pressures and stimulate the economy from Chinese authorities, explains Bloomberg.

The Shanghai Stock Exchange index rose 0.4 percent to its highest level since the start of the year and is on track for its strongest close since January 2022. The CSI 300 Index, a key gauge of mainland Chinese stocks, is on track for its best close since December 2024.

"Local investors are building positions ahead of the Politburo meeting in July and amid discussions of possible support for the real estate sector," said Billy Leung, investment strategist at Global X ETFs in Sydney. Foreign investors are also buying Chinese stocks, which have lagged Hong Kong stocks in growth, he said.

China's so-called "anti-abundance" policies aimed at reducing overproduction could have a positive impact on equities and global trade if implemented correctly, strategists at JPMorgan Chase said. These measures could reduce deflationary price pressures, boost business profitability and mitigate the effects of trade wars by limiting cheap exports from China.

China's Lens Technology, which makes touchscreen glass for Apple's iPhone, rose in value in debut trading in Hong Kong after listing at HK$4.8 billion ($607 million), reports Bloomberg.

The shares opened at HK$18.88, 3.9 percent above the offering price, which was set at the upper end of the stated range. The anchor investors include Xiaomi, UBS Asset Management AG and Oaktree Capital Management.

Headed by China's second richest woman, Zhou Qunfei, Lens Technology was another company to go public in Hong Kong amid a rally in the Hang Seng Index, whose value is expected to double to more than $22 billion this year.Notably, Wednesday proved to be the busiest day of listings on the floor in 2025, with Lens Technology the largest among debutants. 

The company also makes other components for consumer electronics. Last year, its sales and profits grew by at least 20% thanks to strong demand for smart devices. However, Lens Technology still relies heavily on a small number of customers, with Apple accounting for almost half of its sales.

ICICI Prudential Asset Management, one of India's largest asset managers, has filed preliminary documents for an IPO that could be the country's second-largest offering this year, writes Bloomberg. A so-called draft prospectus was disclosed late Tuesday night. 

The listing could fetch up to 100 billion rupees ($1.2 billion) and the company's total valuation could be around $12 billion, , the agency said;

ICICI Securities and Citigroup were chosen as underwriters for the IPO, later joined by 15 other banks including HSBC Holdings, Goldman Sachs Group, JPMorgan Chase and Morgan Stanley.

As of June 30, ICICI Prudential managed assets worth Rs 9.44 trillion, according to the Mutual Funds Association of India. Only SBI Mutual Fund has more (Rs 11.1 trillion). India's ICICI Bank owns 51% of the company, while UK-based Prudential  owns the remaining 49%. 

Amazon founder Jeff Bezos sold nearly three million shares of the company's stock worth $665.8 million over two days in July, according to regulatory filings released Tuesday, reports CNBC. This is part of a previously announced plan under which he intends to sell up to 25 million Amazon shares by May 2026.

In the last days of June, Bezos sold $736.7 million worth of shares. Including all transactions, he still owns more than 900 million shares of the company, whose combined value is approaching $200 billion, and remains the largest shareholder. In addition, he serves as chairman of the company's board of directors.

- Japan's Nikkei 225 index fell 0.15%, while the broader Topix index added 0.19%.

- South Korea's Kospi index was up 0.43% and the low-capitalization Kosdaq was up 0.44%.

- In Australia, the S&P/ASX 200 index was down 0.43 percent.

- U.S. stock futures remained almost unchanged in early Asian trading. On Tuesday, two of the three major U.S. indices ended trading near zero, with the broad S&P 500 index down 0.07% and the Nasdaq Composite adding 0.03%. Dow Jones lost 0.37%.

This article was AI-translated and verified by a human editor