Asian markets remained mixed on Friday as the investors assessed US President Donald Trump’s recent tariff moves and broader volatility in the domestic economies
Export-dependent economies of Asia are bracing for a major impact from Donald Trump’s higher tariffs with major economies like Japan and South Korea facing up to 25% duties on imports to the United States.
Japanese leaders are increasingly focused on an important election coming up on July 20, as new polling shows the ruling coalition may be in danger of losing control of the upper house.
Meanwhile, the country is reportedly seeking to set up talks between its top tariff negotiator, Ryosei Akazawa, and US Treasury Secretary Scott Bessent, who is expected to visit the country next week for the World Expo.
Asian markets: Nikkei, Kospi end in red
Japan’s Nikkei index slipped on Friday, giving up earlier gains as a sharp selloff in Fast Retailing dragged tech stocks lower.
The benchmark had risen as much as 0.8% during the session but reversed course to close down 0.19% at 39,569.68, ending the week with a 0.6% loss.
In contrast, the broader Topix index edged up 0.39% to close at 2,823.24.
Fast Retailing tumbled 6.93% after warning on Thursday that higher US tariffs would take a toll on its business in the United States later this year.
South Korea’s KOSPI index briefly broke above the 3,200 level on July 11, hitting a fresh yearly high of 3,216.69 in early trading.
However, those gains didn’t hold, and the index eventually slipped to close at 3,175.77, down 7.46 points, or 0.23%, from the previous day.
Hang Seng gains 1% this week
Hong Kong stocks ended the week with a modest gain of about 1%, holding up despite jitters over renewed US tariff threats.
The Hang Seng Index closed Friday at 24,139, up 111 points, or 0.46%, after briefly touching a two-week high of 24,506 earlier in the session.
Trading activity picked up significantly, with main board turnover jumping 31% on the day to HK$324 billion.
China’s CSI 300 index remained flat for the day but was trading in green at the closing bell as it ended at 4,014.81, 0.12% higher than its previous close.
A similar trend was followed by the Australia S&P/ASX 200 as it traded muted on Friday and ended the day 0.11% lower at 8,580.10.
Sensex drops 690 points
Indian equity benchmarks ended sharply lower on Thursday, with the Sensex dropping 689.81 points, or 0.83%, to settle at 82,500.47. The Nifty also slipped 205.40 points, or 0.81%, closing the session at 25,149.85.
Market breadth leaned negative, as declines outpaced advances with 2,341 stocks ending in the red, 1,510 advanced, and 150 remained unchanged.
Among the top drags on the Nifty were TCS, Bajaj Auto, M&M, Hero MotoCorp, and Wipro.
On the flip side, HUL, SBI Life, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank helped cushion the fall.
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