Asian shares are mixed as Trump's tariff deadline looms, while US stocks set records
Japan's Nikkei 225 fell 0.6% to 39,762.20 after earlier gains, while South Korea's KOSPI index was down 1.2% to 3,078.31.
Hong Kong's Hang Seng index lost 0.6% to 23,914.44 while the Shanghai Composite index added 0.4% to 3,475.24. Australia's S&P/ASX 200 rose 0.1% to 8,609.50. India's Sensex index was up 0.1% to 83,288.73.
'Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder — because while US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory. The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger,' Stephen Innes, managing partner at SPI Asset Management, wrote in a commentary.
On Thursday, after a report showed a U.S. job market stronger than Wall Street expected, the S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.
Many of Trump's stiff proposed taxes on imports are currently on pause, but they're scheduled to kick in next week unless Trump reaches deals with other countries to lower them.
In other dealings on Friday, U.S. benchmark crude was down 19 cents to $68.81 per barrel. Brent crude, the international standard, shed 30 cents to $68.50 per barrel.
The U.S. dollar slid to 144.48 Japanese yen from 144.92 yen. The euro edged higher to $1.1771 from $1.1761.
___
AP Business Writer Stan Choe contributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Bay Street shrugs off tariff threat as dealmaking tally hits $310 billion
An uncertain economy stemming from United States President Donald Trump's tariffs hasn't slowed Canada's financial sector, which posted one its strongest starts to the year in the past decade. Overall, Canada's capital markets sector raised about $310 billion through 502 deals in the first six months of 2025, according to figures provided by Financial Post Data. While that's an 8.5 per cent decline from the record $338.8 billion raised in the first half of 2024, it's still the third highest total since 2011. 'It's hard to believe that equities are setting new all-time highs, credit spreads are at multi-year tights and corporate deal-making activity is well above historical averages when you consider the global trade war, recent developments in the Middle East and uncertain economic outlook,' said Rob Brown, co-head of Canadian debt capital markets at the Royal Bank of Canada. 'But that is exactly what has happened.' A strong capital markets sector suggests that businesses and governments are keen on raising long-term funds to make investments, expand operations and in the process, create jobs and boost productivity. While there was a standstill in issuance activity in April after Trump's 'Liberation Day' tariffs were announced, for the most part activity remained consistently high throughout the first half of the year, said Brown. The tariff situation compelled issuers to pull funding plans forward to the first quarter to get ahead of the Liberation Day deadline, he said. But then they returned in 'droves in May and June' as the market recovered. 'A recognition that tariff and geopolitical risks remain ever-present continue to motivate opportunistic issuance while the tone is supportive,' said Brown. He credited the 'recent improvement in sentiment' to the 'perception that trade tensions will soften, (the) expectation that the U.S. Fed will eventually begin cutting rates and resilient economic data.' RBC's capital markets team participated in the most deals and helped raise the largest amount of capital — $44.51 billion — in the first half of 2024, earning a market share of 14.3 per cent of all capital raised, according to tallies from FP Data. BMO Capital Markets was second with a market share of 10.86 per cent, raising about $33.6 billion, while CIBC World Markets Inc. was third with $30.65 billion. TD Securities Inc., National Bank Financial and Scotia Capital Inc., followed at $30.34 billion, $29.41 billion and $21.57 billion respectively, giving them corresponding market shares of 9.79, 9.49 and 6.96 per cent. The total amount of debt raised by corporations was $153.04 billion, down 4.3 per cent from the same time last year, while government entities raised $144.9 billion, down 13.5 per cent. Despite the yearly declines, the money raised through each of these segments this year remains the third highest since 2011. In contrast, capital raised by companies through selling shares increased 3.3 per cent to $11.46 billion in the first half of 2025. Activity in the equity markets space had been on the decline since 2022, following a steep increase in 2021. But the increase in the first half of 2025, may potentially change that trend. The yearly increase in the equity space though took place thanks to a series of deals that closed in June — right before the end of the first half of the year. For instance, the biggest deal on the equity side closed on June 20, when Calgary-based Keyera Corp. sold new shares to raise a total of $2.1 billion as it looked to purchase Plains' Canadian NGL business, plus select U.S. assets, for total cash consideration of $5.15 billion. Similarly, Pet Valu Holdings Ltd., was third on the list as a secondary offering raised about $576 million on June 9, while Idaho-based Perpetua Resources Corp., raised about $444 million on June 16, as part of a plan to develop one of its gold projects. Critical minerals help drive dealmaking surge on Bay Street Interest rate peak fuels optimism on Bay Street 'Despite the macro and geo-political uncertainty, there has been a healthy amount of M&A activity, some of which has resulted in equity issuance as part of the acquisition financing strategy,' said Jackie Nixon, Canada head of equity capital markets at RBC. 'There is also a much more active dialogue today than there was a year ago with private companies about going public, so hopefully we will start to see more signs of life in the Canadian issuer IPO market.' Given the current political backdrop, RBC is encouraging potential issuers to be 'nimble, opportunistic' and to take advantage of available windows, said Nixon. • Email: nkarim@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
27 minutes ago
- TechCrunch
Microsoft is closing its local operations in Pakistan
Microsoft is closing its operations in Pakistan, marking the end of a 25-year presence in the South Asian nation. The Redmond-based company on Friday told TechCrunch that it is changing its operational model in Pakistan and will now serve its customers through resellers and 'other closely located Microsoft offices.' 'Our customer agreements and service will not be affected by this change,' a Microsoft spokesperson said in an emailed statement. 'We follow this model successfully in a number of other countries around the world. Our customers remain our top priority and can expect the same high level of service going forward,' the spokesperson added. The decision will impact five Microsoft employees in Pakistan, according to sources who talked with TechCrunch; they add that Microsoft did not have any engineering resources in Pakistan, unlike India and other growing markets, and had its employees sell Azure and Office products in the country. The closure comes amid broader company restructuring. Pakistan's Information and Broadcasting Ministry described the Redmond company's exit 'as part of a wider workforce-optimization program.' Earlier this week, the company reduced its workforce by 4%, or about 9,000 roles globally. To prepare for this transition, Microsoft had shifted licensing and commercial contract management for Pakistan to its European hub in Ireland over the past few years, while certified local partners have handled day-to-day service delivery, the ministry said. Techcrunch event Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW 'We will continue to engage Microsoft's regional and global leadership to ensure that any structural changes strengthen, rather than diminish, Microsoft's long-term commitment to Pakistani customers, developers and channel partners,' the ministry noted. Former Microsoft executive and its first lead in Pakistan Jawwad Rehman reported the company's exit in a post on LinkedIn on Thursday. 'This is more than a corporate exit. It's a sobering signal of the environment our country has created . . . one where even global giants like Microsoft find it unsustainable to stay. It also reflects on what was done (or not done) with the strong foundation we left behind by the subsequent team and regional management of Microsoft,' Rehman posted. The exit comes just days after Pakistan's federal government announced its plan to provide IT certifications from tech companies including Google and Microsoft to half a million youth. The move stands in particularly stark contrast to Google, which disclosed a $10.5 million investment in the country's public education sector last year and is also considering Pakistan as a market to produce half a million Chromebooks by 2026. Microsoft's exit reflects broader challenges in Pakistan's tech sector. Unlike India and other regional markets, Pakistan has not established itself as a major engineering outsourcing destination for Western tech giants. Instead, the country's tech ecosystem is dominated by two main players: local companies that have developed their own engineering capabilities, and Chinese firms like Huawei, which have gained significant market share by providing enterprise-grade infrastructure to telecommunications companies and banks. Pakistan's Information and Broadcasting Ministry did not respond to requests for comment.
Yahoo
27 minutes ago
- Yahoo
BRICS Aspires to Occupy Ground Vacated by US Under Trump
(Bloomberg) -- Ever since BRICS was founded more than a decade ago, the group of emerging-market nations has struggled to identify a common purpose. President Donald Trump's tariffs may have solved that problem. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing BRICS leaders meeting in Rio de Janeiro this weekend for a summit hosted by Brazilian President Luiz Inacio Lula da Silva are expected to sign up to a joint statement decrying 'the rise of unjustified unilateral protectionist measures' and the 'indiscriminate raising' of tariffs. That's what foreign ministers from the bloc named for oldest members Brazil, Russia, India, China and South Africa agreed to in April, and several officials said the text would remain in the communique. The concluding language is unlikely to directly cite the US. But the group is sending an unmistakable signal to the Trump administration on the eve of the July 9 deadline for his levies to take effect. BRICS members all agree that 'these tariffs are not productive,' Ambassador Xolisa Mabhongo, South Africa's lead negotiator, or sherpa, said in an interview. 'They are not good for the world economy. They are not good for development.' As Trump alienates traditional allies and pursues his America First agenda, BRICS is seeking to occupy the ground the US leader has ceded. The upshot is that the group long presumed to be forging an alternative to the US-led world order is now projecting itself as defender of those same core values, including free trade and multilateralism. 'Multilateralism is going through its worst moment since the World War II,' Lula said Friday during a meeting of the New Development Bank, the financing arm of the BRICS. China will work with member states to 'strengthen the BRICS strategic partnership and safeguard multilateralism,' Foreign Ministry spokesperson Mao Ning said in a briefing in Beijing on Wednesday. Even with Trump providing some elements of a unity of purpose, the BRICS grouping is still likely to fall far short of wielding the global influence its members have long sought. Chinese President Xi Jinping, who held a state visit to Brasilia in November and is expected to attend the COP30 climate summit in Brazil later this year, is skipping the BRICS meeting. Vladimir Putin of Russia will stay away to avoid putting Brazil's government in the uncomfortable position of having to arrest a president wanted for war crimes in Ukraine. Founded in 2009, the original BRICS group has long suffered from a lack of shared values among members who have little in common beyond their status as large, emerging economies that wanted a voice in global affairs dominated by Washington and the West. Its rapid expansion to include Egypt, Ethiopia, Iran, Indonesia and the United Arab Emirates bolstered its representation — the new BRICS accounts for about 40% of global GDP and roughly half the planet's population — but threatens to make it even less coherent. What Bloomberg Economics Says The group is held together primarily by a shared sense that emerging markets should have a louder voice in the global order and a desire to build a multipolar world. In the absence of a clearer shared agenda, though, the group's geopolitical gravitas will probably continue to increase only gradually, in line with its economic heft or, potentially, its further expansion. —Jimena Zuniga, Latin America geoeconomics analyst Read the full report here. Notably, the bloc is divided on references to war, with Russia and China against any significant mention, according to several delegations. Egypt is pushing for a mention of peace and security in the Middle East, by which it mainly means resolving the war on its border in Gaza, according to a person familiar with the matter. Trump's aggression offers the bloc something of a dilemma. While his tariffs push gives it a degree of shared resolve, some members are keen to maintain balanced relations with both the US and China. Paradoxically, Trump's threat to slap 100% levies on the bloc if it ditches the dollar in bilateral trade has spurred interest in developing local payment systems and other instruments that can facilitate commerce and investment between the nations. The idea of abandoning the dollar isn't under discussion, according to Brazilian officials. Trade among the five original BRICS nations grew 40% between 2021 and 2024 to $740 billion a year, according to International Monetary Fund data. Lula's government is optimistic that leaders will make progress on collective alternatives, in part because Trump's trade threats have given countries incentives to forge consensus and new partnerships, according to two Brazilian officials familiar with the discussions. The BRICS group is also discussing mechanisms to boost climate finance among members for the first time, the officials said, an issue that has taken on greater importance after Trump pulled the US out of the Paris agreement. China continues to engage with other BRICS nations on climate, also as a way to show it is a friendlier and more reliable ally than the US. Along with Indonesia, Beijing has held discussions with Brazil about the agenda for the UN's annual climate summit. For its part, India sees no major hurdles to a joint declaration from the summit, according to a government official familiar with the preparations, who asked not to be named discussing ongoing diplomacy. Indian Prime Minister Narendra Modi is undertaking a state visit in Brazil after the Rio gathering ends. Lula will also welcome Indonesia's President Prabowo Subianto and South African President Cyril Ramaphosa in back to back pageantry. Yet divisions among BRICS members — and especially between its old guard and new arrivals — could still surface. Egypt and Ethiopia had balked at supporting South Africa for a permanent seat on the UN Security Council, something that had been one of the bloc's few unifying themes. There are also simmering tensions between the group's two largest economies. China and India both vie to lead the BRICS and the Global South as a whole. Modi will stake his claim as leader when he takes over the BRICS presidency for 2026, just three years after Xi skipped India's G-20 summit. At a time when BRICS is trying to prove it's more than just a catchy acronym, another snub from Xi wouldn't be a good look. --With assistance from Mirette Magdy, Sudhi Ranjan Sen and Jing Li. (Updates with comment from Lula in sixth paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried For Brazil's Criminals, Coffee Beans Are the Target How to Steal a House Sperm Freezing Is a New Hot Market for Startups ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
