Asian stocks fell broadly on Friday as EU tariffs on Chinese imports took effect and China announced the next step in its anti-dumping investigation into European brandy imports.
Traders also reacted to the British general election results and braced for France’s runoff election on Sunday that could see the country’s first far-right government since the World War II Nazi occupation — or no majority emerging at all.
The dollar retreated from its elevated levels as traders eyed the all-important U.S. jobs report later in the day for clues on the Federal Reserve’s future policy path.
Oil prices were on course for another weekly gain despite dipping in Asian trading. Gold prices were set for a second straight weekly gain on bets the Federal Reserve might cut interest rates in September.
China’s Shanghai Composite Index dipped 0.3 percent to 2,949.93 as European tariffs on electric cars from China took effect. Hong Kong’s Hang Seng Index tumbled 1.3 percent to 17,799.61.
Japanese shares ended on a flat note after a choppy session. The Nikkei 225 Index finished marginally lower at 40,912.37 after hitting another record high earlier in the day on the back of a weaker yen and expectations for earnings growth.
The broader Topix Index also briefly hit record levels before reversing course to end 0.5 percent lower at 2,884.18.
Data showed today that Japanese household spending unexpectedly fell in May, as higher prices continued to squeeze consumers’ purchasing power.
Seoul stocks rallied after Samsung Electronics estimated a more than 15-fold rise in its second quarter operating profit, benefiting greatly from increased demand for memory chips from the artificial intelligence industry.
Samsung shares surged 3 percent and rival SK Hynix advanced 2.6 percent, while the Kospi jumped 1.3 percent to 2,862.23.
Australian markets ended slightly lower after two straight sessions of gains. The benchmark S&P/ASX 100 Index slipped 0.1 percent to 7,822.30, with commodity-related stocks and financials leading losses. The broader All Ordinaries Index ended down 0.1 percent at 8,070.10.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 Index rose 0.4 percent to 11,794.81.
U.S. markets were closed Thursday for the Independence Day holiday.
Business News
Asian Shares Mostly Lower As EU Slaps Tariffs On Chinese Electric Vehicles
2024-07-05 08:35:09
