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Japan Today
3 days ago
- Business
- Japan Today
Asian shares mixed after U.S. stocks rise to brink of a record
A dealer walks past near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, June 27, 2025. (AP Photo/Lee Jin-man) By TERESA CEROJANO Asian shares were mixed on Friday, losing some of their morning gains, after U.S. stocks ran to the brink of another record. U.S. futures and oil prices also logged modest gains. Investors were watching for further details after President Donald Trump said the U.S. and China had signed a trade deal. Commerce Secretary Howard Lutnick said in an interview on Bloomberg TV that the deal was signed two days ago, but he gave no details, saying 'The president likes to close these deals himself.' China's Commerce Ministry said Friday that the two sides had 'further confirmed the details of the framework.' But its statement was vague, not explicitly mentioning an agreement to ensure U.S. access to rare earths, materials used in high-tech applications that have been at the center of negotiations. 'China will approve the export applications of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly. It is hoped that the United States and China will meet each other halfway,' it said. Worries about Trump's higher tariffs have receded since the president shocked the world in April with stiff proposed levies, but they have not disappeared. The wait is still on to see how big the tariffs will ultimately be, how much they will hurt the economy and how much they will push up inflation. Hong Kong's Hang Seng index lost 0.3% to 24,250.77, while the Shanghai Composite index gave up 0.7% to 3,424.23 after China reported that industrial profits slid 9.1% in May, the sharpest drop since last October. 'Beijing may have paused the worst of the trade fight with Washington, but the tariff scars are showing—and unless demand picks up or pricing stabilizes, the pressure on margins and business sentiment will linger,' Stephen Innes, Managing Partner at SPI Asset Management, said in a commentary. Tokyo's Nikkei 225 index 1.4% to 40,150.79 as the government reported that consumer prices eased slightly in May. South Korea's KOSPI Composite Index fell 0.8% to 3,055.94, while Australia's S&P/ASX 200 shed 0.4% at 8,514.20. Markets have settled somewhat after the upheavals of the Israel-Iran war and its aftermath. On Thursday, the S&P 500 climbed 0.8% to 6,141.02 and was sitting just 0.05% below its all-time closing high set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump's tariffs. The Dow Jones Industrial Average rallied 0.9% to 43,386.84, and the Nasdaq composite gained 1% to 20,167.91. Reports Thursday added to evidence the U.S. economy is holding up despite higher tariffs and other challenges, though it has slowed. Orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. Another report said fewer U.S. workers filed for unemployment benefits last week, a potential signal of fewer layoffs. A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers were distorted by a surge in imports as companies tried to get ahead of tariffs. They're expecting a better performance in upcoming months. Following the reports, Treasury yields swiveled up and down in the bond market before easing. The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday. Analysts said yields may have felt pressure because of a report from The Wall Street Journal saying Trump could name his nominee to replace Fed Chair Jerome Powell unusually early, in an attempt to undermine him. That could hurt confidence among investors about the Fed's capability to make unpopular decisions when it comes to fighting inflation. In other dealings on Friday, the U.S. benchmark crude gained 32 cents to $65.56 per barrel. Brent crude, the international standard, added 34 cents to $67.03 per barrel. The U.S. dollar rose to 144.50 Japanese yen from 144.40 yen. The euro edged higher to $1.1715 from $1.1703. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Korea Herald
3 days ago
- Automotive
- Korea Herald
Seoul shares end lower for 2nd day on profit-taking
South Korean stocks fell for the second-straight session Friday as investors continued to cash in recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 23.62 points, or 0.77 percent, to close at 3,055.94. Trade volume was moderate at 377.4 million shares worth 13.8 trillion won ($10.2 billion), with losers outnumbering winners 659 to 245. Foreigners sold a net 855.4 billion won worth of local shares, while institutions and retail investors combined bought shares worth a net 805 billion won. Overnight, Wall Street ended higher on hopes that the United States could extend its pause on reciprocal tariffs, which is set to expire next month. The Dow Jones Industrial Average went up 0.94 percent, and the S&P 500 gained 0.8 percent, while the tech-heavy Nasdaq composite added 0.97 percent. "The Kospi, which had risen around 15 percent this month, apparently fell as profit-taking continued for the second session," said Lee Kyung-min, an analyst at Daishin Securities. The overall losses were led by battery and automotive shares, with top battery manufacturer LG Energy Solution plunging 3.03 percent to 288,000 won and leading automaker Hyundai Motor dropping 2.15 percent to 205,000 won. Internet portal operators and refiners also extended their losses. Top portal firm Naver went down 1.34 percent to 257,500 won, and leading refiner SK Innovation tumbled 2.49 percent. Chip shares traded mixed, with Samsung Electronics up 1 percent to 60,800 won and rival SK hynix falling 3.07 percent to 284,000 won. The local currency was trading at 1,357.4 won against the greenback at 3:30 p.m., down 0.5 won from the previous session. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.1 basis point to 2.453 percent, and the return on the benchmark five-year government bonds declined 1.4 basis points to 2.585 percent. (Yonhap)
Korea Herald
3 days ago
- Automotive
- Korea Herald
Seoul shares open tad lower on battery, auto losses
South Korean stocks opened slightly lower Friday, as investors continued to cash in recent gains. The benchmark Korea Composite Stock Price Index shed 7.84 points, or 0.25 percent, to 3,071.72 in the first 15 minutes of trading. The overall losses were led by battery and automotive shares, with top battery manufacturer LG Energy Solution down 1.01 percent and leading automaker Hyundai Motor falling 0.95 percent. Internet portal operators and refiners also extended their losses. Top portal firm Naver slid 0.96 percent, and leading refiner SK Innovation tumbled 1.2 percent. Chip shares traded mixed, with Samsung Electronics up 0.33 percent and rival SK hynix falling 1.54 percent. The local currency was trading at 1,355.15 won against the greenback at 9:15 a.m., down 1.75 won from the previous session. (Yonhap)
Korea Herald
3 days ago
- Business
- Korea Herald
Seoul shares snap 2-day rise on profit-taking
Seoul shares closed lower Thursday, snapping a two-day advance, as investors offloaded stocks to lock in recent gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 28.69 points, or 0.92 percent, to close at 3,079.56. Trade volume was moderate at 451.12 million shares worth 16.62 trillion won ($12.2 billion), with decliners outnumbering gainers 724 to 180. Foreigners and institutions sold a combined 843.24 billion won worth of stocks, while individuals bought a net 833.55 billion won of stocks. Overnight, US stocks ended mixed amid easing tensions in the Middle East following a ceasefire between Israel and Iran, and growing expectations of interest rate cuts by the US Federal Reserve amid pressure from President Donald Trump. The Dow Jones Industrial Average fell 0.25 percent but the tech-heavy Nasdaq Composite rose 0.31 percent. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics fell 1.79 percent to 60,200 won, top carmaker Hyundai Motor declined 3.46 percent to 209,500 won and leading battery maker LG Energy Solution shed 0.34 percent to 297,000 won. Leading steelmaker POSCO Holdings fell 0.74 percent to 267,500 won and leading shipbuilder HD Hyundai dropped 2.24 percent to 126,700 won. Among gainers, Korea Aerospace Industries rose 5.34 percent to 94,700 won and state-run utility firm Korea Electric Power Corp. climbed 7.27 percent to 40,600 won. Chip giant SK hynix jumped 2.45 percent to 293,000 won and Samyang Foods, known for its globally popular Buldak spicy ramyeon, was up 1.54 percent to 1,319,000 won. The local currency was trading at 1,356.90 won against the greenback at 3:30 p.m., up 5.5 won from the previous session. (Yonhap)
Korea Herald
4 days ago
- Business
- Korea Herald
Seoul shares open lower on profit taking, mixed US results
South Korean stocks opened slightly lower Thursday following mixed overnight results on Wall Street and profit taking following the recent market rally. The benchmark Korea Composite Stock Price Index shed 14.37 points, or 0.46 percent, to 3,093.88 in the first 15 minutes of trading. Overnight, Wall Street ended mixed with no significant new catalysts following the ceasefire agreement between Israel and Iran. The Dow Jones Industrial Average went down 0.25 percent, and the S&P 500 closed flat while the tech-heavy Nasdaq composite went up 0.31 percent. In Seoul, most blue chips lost ground, with market heavyweight Samsung Electronics down 0.98 percent and top automaker Hyundai Motor falling 1.84 percent. Top shipbuilder HD Hyundai Heavy Industries lost 0.92 percent, and top internet portal operator Naver plunged 5.11 percent. Leading steelmaker POSCO Holdings and top refiner SK Innovation lost 0.19 percent and 1.09 percent, respectively. In contrast, No. 2 chipmaker SK hynix surged 4.02 percent, and top defense systems manufacturer Hanwha Aerospace gained 1.52 percent. The local currency was trading at 1,355.7 won against the greenback at 9:15 a.m., up 6.7 won from the previous session. (Yonhap)
