Asia-Pacific markets track Wall Street gains after White House downplays tariff deadline

Asia-Pacific markets track Wall Street gains after White House downplays tariff deadline


Aerial view of Osaka Skyline

Nikada | E+ | Getty Images

Asia-Pacific markets mostly rose Friday, tracking Wall Street’s gains after White House spokesperson Karoline Leavitt downplayed the impending start of the tariff deals, which have weighed on investor sentiment.

July 8 is when the so-called liberation day tariffs are set to take effect after a 90-day pause, and July 9 is the deadline for an EU deal to avoid 50% tariffs.

“The deadline is not critical,” said Leavitt. “Perhaps it could be extended, but that’s a decision for the president to make.7

Japan’s benchmark Nikkei 225 climbed 1.07% in early trade after hitting a five-month high in its previous session, while the broader Topix index advanced 1.05%.

The country’s capital city of Tokyo saw core consumer price index excluding fresh food and fuel rise 3.1% year on year in June, slower than the 3.6% increase seen in the previous month, and the 3.3% gain penciled by economists polled by Reuters.

In South Korea, the Kospi index and the small-cap Kosdaq were flat.

Over in Australia, the S&P/ASX 200 benchmark rose 0.61% in early trade.

Futures for Hong Kong’s Hang Seng index stood at 24,348, pointing to a slightly higher open compared to the HSI’s last close of 24,325.40.

U.S. stock futures were near the flatline in early Asian hours as investors awaited the release of several data points, including inflation, personal income, consumer spending and consumer sentiment.

Overnight stateside, the S&P 500 rose to within a whisker of a new record high, as the broad market index overcame a slew of macroeconomic challenges including tariff wars, geopolitical tensions and sticky inflation.

The S&P 500 climbed 0.8% to close at 6,141.02, bringing its gain on the week to 2.9% and putting it just a few points away from its intraday all-time high of 6,147.43 in late February.

The Nasdaq Composite advanced 0.97% to 20,167.91, also inches away from a new record. The Dow Jones Industrial Average increased by 404.41 points, or 0.94%, to 43,386.84.

— CNBC’s Brian Evans and Sean Conlon contributed to this report.



Source

This Wall Street strategist thinks small caps are ‘inferior.’ Where to pick your spots
World

This Wall Street strategist thinks small caps are ‘inferior.’ Where to pick your spots

Small caps may have climbed to all-time highs, but investors shouldn’t expect a repeat performance, according to Trivector Research. The Russell 2000 has rallied to all-time highs after clearing its prior record going all the way back to November 2021. It topped 2,500 for the first time this week, and it’s up more than 10% […]

Read More
Iraq signs deal with Exxon to help develop large oilfield
World

Iraq signs deal with Exxon to help develop large oilfield

A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq. Essam Al-Sudani | Reuters Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its giant Majnoon oilfield and expand oil exports, government officials and sources said, marking the U.S. major’s return to the […]

Read More
European steelmakers rise after EU proposes slashing tariff-free import quota
World

European steelmakers rise after EU proposes slashing tariff-free import quota

LONDON — European stocks moved higher on Wednesday, as investors reacted to proposed tariffs on steel imported into the European Union. The pan-European Stoxx 600 was up around 0.6% by 3 p.m. in London (10 a.m. ET), with most sectors and major bourses in positive territory. The U.K. has been left fearing for its beleaguered […]

Read More