Asian shares mostly advance after Wall Street cruises to more records
MANILA, Philippines — Asian shares were mostly higher on Friday after Wall Street rose to records following better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies.
Japan's Nikkei 225 edged 0.2% lower to 39,819.11 as traders stayed on the sidelines ahead of an election for the upper house of parliament on Sunday that could wipe out the ruling coalition's upper house majority.
The government reported that core inflation excluding volatile food and energy prices rose to 3.3% in June from a year earlier, slowing from 3.7% in May but still above the central bank's 2% target.
Hong Kong's Hang Seng index added 1.3% to 24,805.74, while the Shanghai Composite index advanced 0.3% to 3,534.48.
Taiwan's Taiex climbed 1.2%, helped by a 2.2% gain for Taiwan Semiconductor Manufacturing Co. On Thursday, TSMC reported its net income soared nearly 61% in the last quarter from a year earlier. The world's largest contract chip maker said it's seeing strong demand from artificial-intelligence and other customers. On Thursday, TSMC's stock that trades in the United States rose 3.4%.
Australia's S&P/ASX 200 rose 1.4% to 8,757.20, and the Kospi in South Korea shed 0.1% to 3,188.07. India's Sensex lost 0.7%.
'Asia's riding the global rally wave, AI fever refuses to break, and even the Fed is making soothing noises,' Stephen Innes of SPI Asset Management wrote in a commentary. 'But underneath all the sunshine is a market running hot, with volatility on sale and positioning still cautious.'
On Thursday, the S&P 500 climbed 0.5% to top its all-time high set a week ago, closing at 6,297.36. The Dow Jones Industrial Average rose 0.5% to 44,484.49, and the Nasdaq composite added 0.7% to its own record set the day before, climbing to 20,885.65.
Trading was calmer than on Wednesday, when President Donald Trump rocked financial markets by saying he had discussed the 'concept' of firing the chair of the Federal Reserve, though he said he was unlikely to do so. Such a move could help Wall Street get the lower interest rates investors love, but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.
Apart from TSMC, other stocks involved in AI also climbed. A 1% gain for Nvidia was one of the strongest forces pushing upward on the S&P 500.
PepsiCo jumped 7.5% after delivering revenue and profit that topped Wall Street's expectations.
Treasury yields were mixed following several better-than-expected reports on the economy.
One said that shoppers upped their spending at U.S. retailers by more last month than economists expected. Such spending, along with a relatively solid jobs market, has helped keep the U.S. economy out of a recession.
A separate report said that fewer U.S. workers applied for unemployment benefits last week, which could be a signal of limited layoffs. A third suggested unexpectedly strong growth in manufacturing in the mid-Atlantic region.
Such solid data could keep the Federal Reserve on pause when it comes to interest rates. The Fed has been keeping rates steady this year, after cutting them at the end of last year. The Fed's chair, Jerome Powell, has been insisting that he wants to wait for more data about how Trump's tariffs will affect the economy and inflation before the Fed makes its next move.
That's because while lower interest rates could boost the economy and prices for investments, they would also give inflation more fuel. Prices may already be starting to feel the upward effects of tariffs, based on the latest data. In other dealings on Friday, U.S. benchmark crude oil rose 55 cents to $66.78 per barrel. Brent crude, the international standard, also was up 58 cents, at $70.10 per barrel. The U.S. dollar edged slightly higher to 148.70 Japanese yen from 148.61 yen. The euro rose to $1.1631 from $1.1596.
Teresa Cerojano, The Associated Press
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The Latest: Businesses and US trading partners worldwide respond to Trump's new tariffs
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Here's the latest: New tariffs could raise costs of coffee and hamburgers, restaurant group says The National Restaurant Association, which represents more than 1 million U.S. restaurants and food service providers, said Friday that the tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Michelle Korsmo, CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' Supermarket chain assesses tariff impacts on chocolate and wine Stew Leonard Jr., president and CEO of Stew Leonard's, a supermarket chain that operates stores in Connecticut, New York and New Jersey, noted that the latest round of Trump's tariffs will now force him to look at doing more business with U.S. suppliers. For the winter holidays, he usually buys Swiss chocolates but will look at other U.S. vendors to fill the gap. 'Trump is doing what he intends to do,' he said. 'He's making it too expensive to buy chocolate from Switzerland. So what I'm going to do is make sure we buy our chocolate from the United States. ' As for wines, 50% of the wines and spirits the chain sells are imported from Europe and other countries. The price range has been $10 to $20 so with a 15% tariff rate on goods from the European Union, he would have to raise prices, a move that he believes will hurt demand. So he plans to promote more U.S. brands, he said. Leonard is already started to increase prices on some imported items, including jars of marinara sauce from Italy under the retailer's private label. They were $5.99 before the pandemic, then rose to $6.49 during the health crisis because of supply chain issues. That price will go up to $6.99 because of the 15% duties on products from the European Union, he said. Hungary's prime minister slams EU for failing to negotiate more favorable trade deal with the U.S. 'They didn't take seriously that the U.S. president was going to really reshape the world economy, they thought he was just a big-mouthed American entrepreneur who wouldn't do half of what he undertook,' Viktor Orbán, Hungary's populist prime minister, told state radio on Friday. The Hungarian leader, who is a Trump ally, also criticized European Commission head Ursula von der Leyen for making 'commitments to America that are beyond her authority,' and railed against reported agreements for European companies to purchase natural gas, oil and nuclear fuel from the U.S. and to make large-scale investments there. 'This is a terrible economic agreement,' Orbán said. 'I have been saying since February that we should take the initiative, to stand up for totally free trade ... but we shouldn't wait like a frozen rabbit or an animal charmed by a snake just to be attacked.' US hiring slowed as Trump's tariffs took effect U.S. hiring is slowing sharply as Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000. Economists have been warning that the rift with every U.S. trading partner will begin to appear this summer and the Friday jobs report appeared to sound the bell. 'We're finally in the eye of the hurricane,' said Daniel Zhao, chief economist at Glassdoor. 'After months of warning signs, the July jobs report confirms that the slowdown isn't just approaching—it's here.' Trade group reiterates that higher tariffs eventually get passed down to consumers David French, executive vice president of government relations at the National Retail Federation, the largest retail trade group in the U.S., said in a statement Friday that these higher tariffs are taxes paid by U.S. importers and are eventually passed along to consumers and hurt businesses. 'Retailers have been able to hold the line on pricing so far, but the new tariffs will impact merchandise in the coming weeks, ' he said. 'We have heard directly from small retailers who are concerned about their ability to stay in business in the face of these unsustainable tariff rates.' A 'structural rewrite' for the global economy 'Trump's new tariff directive, signed behind closed doors just ahead of the Aug. 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,' Stephen Innes of SPI Asset Management said in a commentary. 'This wasn't just an update — it was a structural rewrite. The average U.S. tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,' he said. France still wants to renegotiate parts of the EU's trade deal with the EU Just days after it was sealed with a handshake, France is already talking about possibly renegotiating parts of the EU-US deal on tariffs, to make it more favorable for European producers. 'It's a stage and we won't stop here,' French Foreign Minister Jean-Noël Barrot said Friday, speaking to broadcaster France Info. 'We want new concessions, guarantees on wine and spirits, a readjustment, a rebalancing on the service sector, in particular digital services.' The minister argued that European negotiators hadn't been feared enough by Trump. 'Europe has to beef up its game," Barrot added. If Europe had been stronger, had it been feared by Donald Trump and the American negotiators, we doubtless could have obtained better results.' Swiss pharmaceutical Roche says medications should be exempt from tariffs Swiss pharmaceuticals powerhouse Roche says it is working to ensure its patients and customers worldwide have access to their medications and diagnostics amid Trump's tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation,' the statement said. Still, the company said it was prepared for the implementation of potential tariffs. 'With strengthened U.S. production capacity and proactive measures like inventory adjustments and tech transfer, we are working to ensure uninterrupted access to our products.' Some African nations hope they can still negotiate reduced tariffs Some African nations that benefitted for 25 years from a duty-free trade agreement with the U.S. say they hope they can still negotiate a reduction on the new tariff rates imposed by the Trump administration, as they threaten tens of thousands of jobs in poor countries already struggling with high unemployment rates. South Africa, Africa's most diverse economy, received a 30% tariff rate which would impact exports like agricultural produce and cars. Those sectors have warned of potential job losses in a country that already has an unemployment rate of more than 32% — one of the highest in the world. South Africa is a beneficiary of the African Growth and Opportunity Act, a U.S. program giving some African countries duty-free access to the American market to spur development. African officials say that program — which started in 2000 — now appears doomed when it is up for renewal by the U.S. government in September. Meanwhile, neighboring Botswana expressed some relief that its rate was reduced from a threatened 37% in April to 15%. It was hoping for further talks, according to Botswana's chief trade negotiator. But in an indication of the wider impact, Botswana said its automotive industry also would be hurt because it provides parts to South Africa's car sector. Another African nation, tiny Lesotho, had been threatened with a massive 50% tariff rate. That was reduced to 15% by the U.S. in Thursday's list, but officials there fear it will still spell disaster for its clothing manufacturers, which make U.S. brands and export to the American market. Tens of thousands of jobs in Swiss tech companies at risk The director of Swissmen, an association for Swiss technology companies, says he is 'stunned' by the 39% tariffs for Switzerland. Stefan Brupbacher said that the number has 'no rational basis' and is 'arbitrary,' putting tens of thousands of jobs at risk. Swiss watch industry group 'very disappointed' The Federation of the Swiss Watch Industry says it is 'very disappointed and surprised' by the 39% tariffs imposed on Swiss exports. Swiss luxury watch brands — with products that cost tens of thousands, if not the hundreds of thousands, of euros — are expected to be hit hard by the tariffs. 'As Switzerland has eliminated all custom duties on imported industrial products, there is no problem with reciprocity between Switzerland and the U.S.,' the federation said in a statement. 'The tariffs constitute a severe problem for our bilateral relations. As an additional deadline has been granted, we expect that the Swiss authorities continue to negotiate and find a better solution.' Kosovo lifts tariffs on U.S. goods Kosovo's Cabinet on Friday decided to remove trade tariffs for American products imported into Kosovo. 'We are grateful for our enduring relationship with the United States of America,' Prime Minister Albin Kurti said in a statement on X. Kosovo's goods have a 10% tariff when exported to the United States. Norwegian furniture maker will pass on costs to American customers Norway's largest furniture manufacturer, Ekorne, says it will increase its prices for American customers as a result of the 15% tariffs, Norwegian broadcaster TV2 reported. Tine Hammernes Leopold, Ekorne's chief executive, told TV2 that the manufacturer has to adjust its prices, which are assessed based on individual markets. The furniture company earned more than $96 million last year in the U.S., TV2 reported. India plays down any strain in relationship with U.S. India's Foreign Ministry has dismissed any strain in relationship with the U.S. following the imposition of 25% tariffs on Indian goods. Ministry spokesman Randhir Jaiswal said Friday that India and U.S. share a comprehensive global strategic partnership, which is anchored in shared interests, democratic values and robust people-to-people ties. 'This partnership has weathered several transitions and challenges,' he said. 'We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward.' The ministry also said that India's relationship with Russia was 'steady and time-tested." The Trump administration also imposed an additional import tax on India because of New Delhi's purchase of Russian oil. Jaiswal said India's broader stance on securing energy needs was guided by availability in the markets and prevailing global circumstances. South Africa finalizing support package to companies South Africa's government is finalizing a package to support companies that will be affected by the 30% tariff on its exports to the U.S. announced by Trump. The citrus and vehicle manufacturing industries in South Africa are among those expected to be hit hard. President Cyril Ramaphosa said in statement Friday that the country would continue negotiating with the U.S. government regarding the tariffs, also noting that some key products like copper, pharmaceuticals and energy products were exempted from Trump's reciprocal tariffs. Anticipating the imminent 30% tarriffs, South Africa's central bank has revised the country's annual growth forecast from 1.2% to 1%, citing the tariffs' impact on agricultural and manufacturing exports. Labour federation Cosatu, which represents over 1.5 million workers, has warned of potential jobs losses. Swiss pharmaceutical Novartis reacts to 39% tariff Swiss pharmaceutical company Novartis said in a statement that it was reviewing Trump's executive order that imposes a 39% tariff on Switzerland. 'We remain committed to finding ways to improve access and affordability for patients,' it said. Thailand says 19% rate reflects 'close partnership' with US Thailand's finance minister says the 19% tariff rate imposed by the U.S. 'reflects the strong friendship and close partnership' between the two countries. Thailand's new rate of 19% was reduced from 36%, similar to other rates imposed on Southeast Asian nations, such as Vietnam, Cambodia and the Philippines. Finance Minister Pichai Chunhavajira wrote in a social media post on Friday that it would 'maintain Thailand's competitiveness on the global stage' and opens the 'door to economic growth,' but also acknowledged it would pose problems for some sectors of the economy and said that 'comprehensive support measures have been prepared." Speaking to reporters at a news conference in Bangkok later Friday, Pichai said that the deal will still need more time to be hammered out in details. Pakistan welcomes 19% tariffs under US trade deal Pakistan on Friday welcomed a new tariff arrangement with the United States that sets a 19% duty on Pakistani exports, calling it a positive step that could boost trade and economic growth. The new rate is lower than the 29% tariff initially announced by Trump and below the 25% currently imposed on neighboring India. The Finance Ministry said the agreement reflects a 'balanced and forward-looking approach' by U.S. authorities and will help keep Pakistani goods competitive in the American market compared to other South and Southeast Asian countries. Norway wants 'zero tariffs' Norwegian Prime Minister Jonas Gahr Støre told newspaper VG that he believes the Scandinavian country should have 'zero tariffs.' Gahr Støre, following the White House's announcement, said Norwegian officials are still in talks with Washington in the hopes of eliminating the duties altogether. Norway got hit with an expected 15% tariff. Switzerland hit with 39% tariff and will try to negotiate The land of luxury watches, pharmaceuticals and secretive financial services was reeling Friday, Switzerland's National Day, upon learning it had been slapped with a 39% tariff, although Trump had proposed a 31% rate in April. The Swiss government said officials will continue to seek a negotiated solution. 'The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland's very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,' the government said in a post on X. Trump orders 35% tariff on Canadian goods Trump has raised the tariff rate on U.S. imports from Canada to 35% from 25%, effective Friday, citing a lack of cooperation on illicit drugs. The announcement from the White House late Thursday said that Canada had failed 'to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug or human traffickers, criminals at large, and illicit drugs." Trump earlier had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Canada wasn't included in Trump's updated list of tariff rates on other countries announced late Thursday. Those import duties are due to take effect on Aug. 7. Malaysia hails 'significant achievement' in 19% tariff rate Malaysia's Trade Ministry said Friday that the U.S. tariff reduction from 25% to 19% was a 'significant achievement' as the deal was struck without compromising key national interests. 'The 19% rate roughly tracks the rate of other countries in the Southeast Asian region,' the ministry said in a statement. 'Most importantly, Malaysia had stood firm on various 'red line' items, and the 19% tariff rate was achieved without compromising the nation's sovereign right to implement key policies to support the nation's socio-economic stability and growth.' The ministry said that Malaysia's economy remains resilient despite global headwinds, citing strong domestic demand and ongoing structural reforms. Cambodia will impose zero tariffs on all American goods Cambodia's deputy prime minister, who led trade talks with the U.S., thanked Trump for setting the tariff rate on Cambodian goods at 19% and said the government would impose zero tariffs on all American goods. When Washington originally posted its list of notional 'reciprocal' tariffs, the rate for goods from Cambodia was 49%, one of the highest in the world. It had estimated that Cambodian tariffs on U.S. imports averaged 97%. Deputy Prime Minister Sun Chanthol also said Cambodia would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages. Trump had threatened to not conclude a deal with reduced tariffs if Cambodia and Thailand didn't stop a recent armed conflict over border territory. The two nations agreed on a ceasefire beginning Tuesday that appears to be holding. Australia says 10% rate gives country competitive advantage Australian Trade Minister Don Farrell says gaining the minimum 10% U.S. tariff on exports including beef, lamb, wine and wheat gave Australia a competitive advantage over some competitors. Farrell told reporters Australia did not introduce tariffs on U.S. goods at any point, and added, 'I haven't seen any case or any example where the retaliatory imposition of tariffs has resulted in a country being in a better position." Farrell argues that no U.S. tariffs can be justified because Australia imposes no tariffs on its bilateral free trade partner. The United States has enjoyed a trade surplus with Australia for decades. Australian Prime Minister Anthony Albanese has been criticized for failing to secure a face-to-face meeting with Trump to discuss trade. Japan welcomes Trump's signing of executive order Japanese Chief Cabinet Secretary Yoshimasa Hayashi welcomed Trump's signing of the executive order setting Japan's new reciprocal tariffs as a step that would reduce uncertainty of the U.S. trade policy and its negative impact on the global economy, including that of Japan. Hayashi, however, said Japan still needs to closely examine the measures and continue urging prompt implementation by the U.S. government to carry out the agreement, including reduction of tariffs on automobiles and auto parts. Hayashi acknowledged that Japan's new tariff rate of 15% is a 'major reduction' from the initially imposed 25%, but his government will continue to watch and mitigate its impact on Japanese exports, including by providing financial assistance for small and medium-sized businesses. New Zealand looks to lobby for lower tariff rates New Zealand officials said they would lobby the administration for a change to the 15% tariff announced for the country's exporters to the U.S. It's an increase from the original 10% baseline announced for New Zealand in April. 'We don't think this is a good thing. We don't think it's warranted,' Trade Minister Todd McClay told Radio New Zealand Friday. He said New Zealand appeared to have been targeted for a larger levy because the country sells more to the U.S. than it imports, but that the gap of about half a billion dollars each year was 'not significant or meaningful.' Neighboring Australia dodged an increase to remain at 10%, but it buys more from the U.S. than it exports, McClay added. The U.S. in January overtook Australia to become New Zealand's second-largest export partner, behind China. New Zealand exports are largely made up of meat, dairy, wine and agricultural machinery. Taiwan president says final tariff negotiations yet to come Taiwan President Lai Ching-te said Taiwan had yet to engage in final negotiations with the U.S. owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks. The Trump administration hit Taiwan with 32% tariffs, and lowered it to 20% on Thursday. Taiwan was notified on Thursday by the administration of the lower rate. '20% from the beginning has not been our goal. We hope that in further negotiations we will get a more beneficial and more reasonable tax rate,' he told reporters in Taipei on Friday.
CTV News
40 minutes ago
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N.S. premier ‘will not hesitate to implement retaliatory measures' as U.S. increases tariffs
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