Asian shares mostly welcomed today’s development, as seen in these substantial gains. Inward investors faced the forthcoming July 9 tariff deadline placed on them by former President Donald Trump. In the interim, U.S. stocks rocketed to record new records. This increase occurred on the heels of an economy-boosting job surprise that beat Wall Street’s predictions by a mile.
On Wall Street, the Dow Jones Industrial Average was up 344 points or 0.8%. The Nasdaq composite rocketed up by 1. This was against the backdrop of the S&P 500 rising 0.8%, which closed the week at an all-time high, a fourth such occurrence in one week of trading (five days)! All of this is occurring against the backdrop of a very positive investor mood as equity investors continue to react to positive economic news.
Global shares were mostly lower on Friday. Japan’s Nikkei 225 rose by 0.1%, ending at 39,810.88. The other major Asian index in South Korea, KOSPI index, was hit with a major blow, sinking 2% to close at 3,054.28. European markets encountered setbacks. Germany’s DAX shed 0.8% to 23,730.61, while the CAC 40 in Paris lost 1.1% to 7,666.91. Britain’s FTSE 100 dropped by 0.4%, closing at 8,790.21.
Australia’s S&P/ASX 200 managed a slight increase of 0.1%, closing at 8,603.00, while India’s Sensex index experienced a minor setback, shedding 0.1% to reach 83,148.45. Hong Kong’s Hang Seng index closed down, falling 0.6% to close at 23,916.06.
Market analysts said fear over the U.S. president’s upcoming tariff announcements added to the risk-averse tone across Asia. Stephen Innes illustrated this uncertainty with a vivid metaphor:
“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.” – Stephen Innes
He further elaborated on the prevailing concerns:
“The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger.” – Stephen Innes
