Asian shares mixed after S&P 500 and Nasdaq composite pull back from all-time highs
Trump detailed the planned tariffs Saturday in letters posted to his social media account. The Mexican peso weakened slightly against the dollar, trading at 18.6 pesos to the dollar. Chinese shares advanced after the government reported that exports rose last month as a truce in a tariffs war prompted a surge in orders ahead of an Aug 12 deadline for reaching a new trade deal with Washington.
Hong Kong's Hang Seng gained 0.5% to 24,253.18, while the Shanghai Composite index also was up 0.5%, at 3,526.75. Tokyo's Nikkei 225 index slipped 0.3% to 39,459.20, while the Kospi in South Korea jumped 0.8% to 3,200.25. In Australia, the S&P/ASX 200 was little changed at 8,577.80. Taiwan's benchmark lost 2.3%. On Friday, a modest pullback for US stocks left major stock indexes on Wall Street in the red for the week.
The S&P 500 closed 0.3% lower, at 6,259.75, a day after setting a record high. The Dow Jones Industrial Average dropped 0.6% to 44,371.51, and the Nasdaq composite gave up 0.2% to 20,585.53 after drifting between small gains and losses much of the day. The tech-heavy index was coming off its own all-time high on Thursday.
The selling capped an uneven week in the market as Wall Street kept an eye on the Trump administration's rollout of new tariff threats against trading partners like Canada and looked ahead to the upcoming corporate earnings reporting season. Trump said in a letter Thursday that he will raise taxes on many imported goods from Canada to 35%, deepening the rift between the longtime North American allies.
The letter to Canadian Prime Minister Mark Carney was an aggressive increase to the top 25% tariff rates that Trump first imposed in March. The administration had initially set Wednesday as a deadline for countries to make deals with the U.S or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been been extended to Aug 1.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
4 hours ago
- Arab Times
Hong Kong plans to regulate Uber and other online ride-hailing services
HONG KONG, July 16, (AP): The Hong Kong government on Tuesday unveiled proposals to regulate online ride-hailing services provided by tech companies like Uber, requiring platforms, cars and drivers to be licensed before hitting the road. In a document sent to the legislature, transport officials said those companies applying for a license would need to have business registration and an office in the city. They also said the platforms would have to fulfill certain conditions on operating experience, proof of financial capability and capital investment, in addition to ensuring the cars and drivers working for them already purchased the required insurance. Under the licensing plans, eligible drivers must have held a private car driving license for at least one year and have no serious traffic convictions within five years. The drivers also need to pass a test and complete training. Officials plan to set a quota on the number of vehicles allowed to be run under the policy, adding that the cars cannot be over seven years old and have to pass an annual inspection. Currently, it is illegal for drivers of private vehicles to provide paid services to customers without a permit. Police have arrested some Uber drivers suspected of driving without a permit in the past and in 2018, more than two dozen drivers were fined. Uber, which started operating in Hong Kong in 2014, has faced multiple legal and regulatory challenges in its overseas expansion but remains popular in the semi-autonomous Chinese city, where many residents are frustrated with poor taxi services. Some taxi companies have long resisted online platforms like Uber, seeing them as a threat to their business. Hong Kong leader John Lee said the legislative framework would need to ensure the co-existence of online ride-hailing services and traditional taxi services. Transport officials could first handle issues with consensus and set up the framework before focusing on other controversial technical problems, Lee said. "I agree the problem is complicated but it should not be further delayed,' he said. In the document, the government said it would consider charging the platforms fees to provide resources for supporting the taxi industry in improving its service quality. It also suggested the companies allow taxi drivers to offer services through their platforms. Officials aimed to propose the changes in the third quarter of the year to set out matters in principle first. They planned to suggest further legal amendments for other issues in the first half of 2026.
Arab Times
5 hours ago
- Arab Times
France's PM wants to cut 2 public holidays to save money for indebted economy
PARIS, July 16, (AP): France's prime minister proposed on Tuesday the elimination of two public holidays from the country's annual calendar - possibly Easter Monday and the day marking the Allied victory over the Nazis - to save money in next year's budget. That's among a raft of spending cuts laid out by Prime Minister Francois Bayrou in a sweeping, and potentially doomed, budget plan. He argued that removing two state holidays would bring in tax revenues generated from economic activity, contributing to around 44 billion euros ($51.3 billion) in overall savings. President Emmanuel Macron tasked Bayrou with crafting a budget that shaves costs to bring down France's staggering debt and deficit - while also adding billions in new defense spending to face what Macron says are resurgent threats from Russia and beyond. Bayrou questioned the religious importance of Easter Monday. And Victory Day, celebrated on May 8, comes in a month that has become a "veritable Gruyere,' or holey cheese, of days off that includes May Day and the Catholic holiday of Ascension, he said. He said that those holidays were just suggestions, and that he was open to other ideas. France currently has 11 official holidays per year. With no parliamentary majority, Macron's centrist grouping must win support from adversaries on the left and right to pass the budget this fall. Bayrou's proposals, which are just a first step in the budget process, were quickly assailed by unions and the far-right National Rally, the largest single party in the lower house of Parliament. Bayrou's job is precarious, and he could be voted out if he fails to reach compromise on the budget.
Arab Times
5 hours ago
- Arab Times
Asian shares mixed after Nvidia nudges Nasdaq to record
BANGKOK, July 16, (AP): Shares in Asia traded mixed on Wednesday after an update on U.S. inflation pulled most Wall Street stocks lower, though gains for Nvidia pushed the Nasdaq to another record. Tokyo's Nikkei 225 edged less than 0.1% lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. "What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng added 0.1% to 24,618.23 while the Shanghai Composite index slipped 0.1% to 3,503.78. South Korea's Kospi lost 0.9% to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8% to 8,561.80. Taiwan's Taiex jumped 0.9% and India's Sensex was flat. Thailand's SET also was little changed. In Jakarta, shares rose 0.4% after President Donald Trump said on Truth Social that he plans to tariff imports from Indonesia at 19%, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. On Tuesday, the S&P 500 fell 0.4% to 6,243.76, but stayed near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones Industrial Average dropped 1% to 44,023.29. The Nasdaq composite rose 0.2% to a record 20,677.80 thanks to Nvidia, the market's most influential stock. Nvidia said the U.S. government has assured it that licenses will be granted for its H20 chip, used for artificial intelligence, again and that deliveries will hopefully begin soon. Its 4% gain was by far the strongest force pushing upward on the S&P 500. Stocks of big U.S. banks were mixed following their latest profit reports. JPMorgan Chase slipped 0.7% despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns.
