- Akira Ito
- 24 Jul, 2026
- Tokyo
Japan's indexes reversed gains of the previous session on Friday amid multiple headwinds rooted in international trade, geopolitical conditions, and AI trade.
The Nikkei 225 Stock Average declined 3.2%, the broader TOPIX fell 1.3%, and the Japanese yen weakened to 163.81 against the U.S. dollar.
The U.S. president reimposed temporary tariffs of between 10% and 12.5% on goods imported from 60 nations, prolonging the higher costs of imported goods to U.S. consumers.
The new set of levies is imposed just to continue the temporary tariffs slapped on imported goods, which are set to expire on Friday, following the Trump administration's defeat at the U.S. Supreme Court.
Asian markets fell sharply following the extension of U.S. tariffs on Friday amid escalating tensions in the Middle East. Benchmark indexes in China declined 1.2%, in India fell 1%, and in South Korea plunged 5.7%.
The Brent crude oil price rose 0.1% to $100.75 a barrel after the U.S. and Iran continued to exchange military strikes, and the hostilities in the wider Middle East showed no signs of easing.
Closer to home, Japan's headline inflation in June rose to a six-month high, largely driven by higher energy prices as the government scaled back energy subsidies.
Consumer price inflation accelerated to 1.7% in June from 1.5% in May, driven by an acceleration in transportation to 2.4% from 1.9%, housing to 1.0% from 0.9%, household goods to 2.4% from 2.2%, and healthcare to 1.3% from flat.
However, food price inflation eased to 3.2% from 3.5% in May and dropped to the weakest level since May 2024, said the Ministry of Internal Affairs and Communications.
Core inflation, which excludes food prices, accelerated to 1.6% from 1.4% in the previous month and stayed below the 2% target set by the Bank of Japan for the fifth consecutive month.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 3.2% to 64,294.53, and the broader TOPIX dropped 1.3% to 4,001.88.
For the week, the Nikkei 2225 Stock Average decreased 0.4%, and the broader TOPIX advanced 1.2%.
Kioxia Holdings plunged 9.8% to ¥55,810.0, Tokyo Electron declined 6.3% to ¥61,780.0, and Advantest Corp. dropped 7% to ¥28,635.0, and Taiyo Yuden decreased 9.2% to ¥11,030.0.
Nippon Yusen KK increased 2.2% to ¥5,949.0, Mitsui O.S.K. Lines rose 1.3% to ¥5,872.0, and Kawasaki Kisen Ltd. edged up 0.8% to ¥2,813.50.
- Li Chen
- 24 Jul, 2026
- Hong Kong
China's indexes turned sharply lower on Friday, trimming weekly gains as international trade faced new headwinds.
The Hang Seng Index decreased 1.4%, and the mainland-focused CSI 300 Index fell 1.3% as the U.S. president imposed a new set of tariffs ranging between 10% and 12.5% on imports from 60 countries.
The new set of levies is imposed just to continue the temporary tariffs slapped on imported goods, which are set to expire on Friday, following the Trump administration's defeat at the U.S. Supreme Court.
Asian markets fell sharply following the extension of U.S. tariffs on Friday amid escalating tensions in the Middle East.
The Brent crude oil prices rose 0.1% to $100.75 a barrel after the U.S. and Iran continued to exchange military strikes, and the hostilities in the wider Middle East showed no signs easing.
Houthi rebels continued to target Saudi vessels in the Red Sea, raising risks for global energy exports from the Gulf nations and driving energy prices higher.
Closer to home, the People's Republic of China injected a net 500 billion yuan into the banking system through a one-year MLF operation, following the 700 billion yen liquidity operation earlier this month through a direct purchase of reverse repos.
China Indexes and Stocks
The Hang Seng Index decreased 1.4% to 24,856.78, and the mainland-focused declined 1.3% to 4,667.49.
For the week, the Hang Seng Index increased 0.3%, and the mainland-focused CSI 300 Index advanced 2.1%.
Foxconn Industrial Internet decreased 3.6% to ¥60.60, Eoptolink Technology declined 2.7% to ¥483.80, Zhongji Innolight fell 1.5% to ¥1,056.79, and SMIC advanced 0.9% to HK $71.40.
- Li Chen
- 24 Jul, 2026
- Hong Kong
China's indexes turned sharply lower on Friday, trimming weekly gains as international trade faced new headwinds.
The Hang Seng Index decreased 1.4%, and the mainland-focused CSI 300 Index fell 1.3% as the U.S. president imposed a new set of tariffs ranging between 10% and 12.5% on imports from 60 countries.
The new set of levies is imposed just to continue the temporary tariffs slapped on imported goods, which are set to expire on Friday, following the Trump administration's defeat at the U.S. Supreme Court.
Asian markets fell sharply following the extension of U.S. tariffs on Friday amid escalating tensions in the Middle East.
The Brent crude oil prices rose 0.1% to $100.75 a barrel after the U.S. and Iran continued to exchange military strikes, and the hostilities in the wider Middle East showed no signs easing.
Houthi rebels continued to target Saudi vessels in the Red Sea, raising risks for global energy exports from the Gulf nations and driving energy prices higher.
Closer to home, the People's Republic of China injected a net 500 billion yuan into the banking system through a one-year MLF operation, following the 700 billion yen liquidity operation earlier this month through a direct purchase of reverse repos.
China Indexes and Stocks
The Hang Seng Index decreased 1.4% to 24,856.78, and the mainland-focused declined 1.3% to 4,667.49.
For the week, the Hang Seng Index increased 0.3%, and the mainland-focused CSI 300 Index advanced 2.1%.
Foxconn Industrial Internet decreased 3.6% to ¥60.60, Eoptolink Technology declined 2.7% to ¥483.80, Zhongji Innolight fell 1.5% to ¥1,056.79, and SMIC advanced 0.9% to HK $71.40.
- Barry Adams
- 23 Jul, 2026
- New York City
U.S. indexes traded down on Thursday amid escalating tensions in the Middle East, and investors reviewed the latest batch of earnings.
The S&P 500 Index dropped 0.4%, and the tech-heavy Nasdaq Composite decreased 0.3% as worried investors focused on the durability of the hyperscalers' elevated level of artificial intelligence infrastructure spending.
Crude oil prices surged and advanced for the fifth session in a row after the Houthi rebels attacked two Saudi tankers, bringing the shipping disruptions to the Red Sea.
The West Texas Intermediate crude oil price jumped 4% to $90.25 a barrel, and the international Brent crude oil price increased 4.5% to $98.29 a barrel.
Later in the day the European Central Bank is widely anticipated to hold interest rates, following June's first increase in three years.
The renewed surge in oil prices has supported the view that policymakers are likely to raise rates in September, and investors will focus on ECB President Christine Lagarde's press conference.
U.S. Movers
Alphabet Inc Class C decreased 3.3% to $331.91 after the parent company of Google search lifted its 2026 estimate of artificial intelligence infrastructure spending.
Consolidated revenue in the second quarter increased 24% to $119.8 billion from $96.4 billion, net income soared to $112.1 billion from $28.2 billion, and diluted earnings per share jumped $9.11 from $2.31 a year ago.
Net income soared because of a massive $99 billion boost in the revaluation of investments in SpaceX and Anthropic and other investment holdings.
However, core operating earnings increased 30% to $40.8 billion, driven by an 82% surge in Google Cloud and steady advertising revenue. Google search revenue jumped to $63.2 billion from $54.2 billion, YouTube ads increased to $11.1 billion from $9.8 billion, and Google cloud revenue advanced to $24.7 billion from $13.6 billion, and Google services, platforms, and devices revenue gained to $12.9 billion from $11.2 billion a year ago.
The company's long-term debt jumped to $98.2 billion from $46.5 billion, and operating lease liabilities advanced to $14.6 billion from $12.7 billion a year ago.
Tesla declined 3.2% to $358.55 after the vehicle maker reported second-quarter results.
Total revenues increased 26% to $28.2 billion from $22.5 billion, net income attributable to shareholders decreased 5% to $1.11 billion from $1.17 billion, and earnings per diluted shares declined 3% to 32 cents from 33 cents a year ago.
Total automotive revenue increased 23% to $20.5 billion, energy generation and storage advanced 13% to $3.1 billion, and services and other revenues soared 50% to $4.6 billion.
Total vehicle deliveries increased 25% to 480,126 from 384,122 a year ago, driven by a 25% rise in Model 3/Y deliveries to 467,762 from 373,728 a year ago.