- 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.
- 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.
- Akira Ito
- 23 Jul, 2026
- Tokyo
Japan's stocks extended this week's gains for the second consecutive session amid expectations that robust spending on AI infrastructure will continue to support the sector.
The Nikkei 225 Stock Average edged up 0.4%, the broader TOPIX inched higher 0.3%, and the yen hovered at 163.04 against the U.S. dollar ahead of key domestic earnings.
Investors bid up semiconductor and AI-related electronic component makers after Alphabet hiked its estimate for 2026 capital expenditure to between $195 billion and $205 billion from the previous range between $180 billion and $190 billion.
Google's parent company said the demand for AI-related searches and products is booming, while supply is still lagging behind.
Escalating tensions in the Middle East kept market gains in check as the U.S. and Iran war intensified and raised the risks of prolonged disruptions in shipments through the Strait of Hormuz.
Hostilities in the region spread to the Red Sea, and the Iran-backed Houthi rebels said they had targeted Saudi Arabian tankers there, raising shipping risks and further choking global energy supplies.
The Brent crude oil price increased 2.5% to $96.05 as the latest round of military exchanges between the U.S. and Iran extended to the 12th day in a row.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.4% to 66,338.74, and the broader TOPIX gained 0.35% to 4,048.31.
Tokyo Electron increased 0.9% to ¥66,530.0, Advantest Corp. gained 4.3% to ¥30,840.0, and Renesas Electronics added 1.7% to ¥4,247.0, and Murata Manufacturing advanced 3.6% to ¥8,612.0.
Nippon Yusen KK decreased 0.4% to ¥5,797.0, Mitsui O.S.K. Lines Ltd. declined 0.2% to ¥5,774.0, and Kawasaki Kisen Kaisha Ltd. edged up 0.5% to ¥2,777.0.
- Akira Ito
- 23 Jul, 2026
- Tokyo
Japan's stocks extended this week's gains for the second consecutive session amid expectations that robust spending on AI infrastructure will continue to support the sector.
The Nikkei 225 Stock Average edged up 0.4%, the broader TOPIX inched higher 0.3%, and the yen hovered at 163.04 against the U.S. dollar ahead of key domestic earnings.
Investors bid up semiconductor and AI-related electronic component makers after Alphabet hiked its estimate for 2026 capital expenditure to between $195 billion and $205 billion from the previous range between $180 billion and $190 billion.
Google's parent company said the demand for AI-related searches and products is booming, while supply is still lagging behind.
Escalating tensions in the Middle East kept market gains in check as the U.S. and Iran war intensified and raised the risks of prolonged disruptions in shipments through the Strait of Hormuz.
Hostilities in the region spread to the Red Sea, and the Iran-backed Houthi rebels said they had targeted Saudi Arabian tankers there, raising shipping risks and further choking global energy supplies.
The Brent crude oil price increased 2.5% to $96.05 as the latest round of military exchanges between the U.S. and Iran extended to the 12th day in a row.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.4% to 66,338.74, and the broader TOPIX gained 0.35% to 4,048.31.
Tokyo Electron increased 0.9% to ¥66,530.0, Advantest Corp. gained 4.3% to ¥30,840.0, and Renesas Electronics added 1.7% to ¥4,247.0, and Murata Manufacturing advanced 3.6% to ¥8,612.0.
Nippon Yusen KK decreased 0.4% to ¥5,797.0, Mitsui O.S.K. Lines Ltd. declined 0.2% to ¥5,774.0, and Kawasaki Kisen Kaisha Ltd. edged up 0.5% to ¥2,777.0.
- Li Chen
- 23 Jul, 2026
- Hong Kong
China's indexes rebounded following choppy trading earlier this week amid a renewed buying of AI-related stocks.
The Hang Seng Index increased more than 1%, and the mainland-focused CSI 300 Index edged lower 0.1%.
Regulators, policymakers, and central bankers mounted a concerted effort this week to shore up faltering investor sentiment, and life insurance companies and pension funds stepped up buying.
China's stocks have struggled to advance this year amid multiple headwinds, including weak domestic consumer spending, lingering weakness in the residential property market, and a deepening jobless rate, despite resilient AI-related and renewable energy product exports.
Escalating tensions in the Middle East kept market gains in check as the U.S. and Iran war intensified and raised the risks of prolonged disruptions in shipments through the Strait of Hormuz.
The Brent crude oil price increased 2.5% to $96.41 a barrel as the U.S. and Iran exchanged military strikes over the Strait of Hormuz for the 12th day in a row.
Hostilities in the region spread to the Red Sea, and the Iran-backed Houthi rebels said they had targeted Saudi Arabian tankers there, raising shipping risks and further choking global energy supplies.
China's AI-related companies are set to accelerate their listings on local exchanges, as model developers, electronic component makers, and device makers look to ramp up new product development and commercialize products and services.
China Indexes and Stocks
The Hang Seng Index gained 1.2% to 25,195.65, and the mainland-focused CSI 300 Index decreased 0.1% to 4,711.14.
Victory Giant Technology increased 1.9% to HK $231.20, Eoptolink decreased 2% to ¥498.63, Zhongji Innolight gained 1.6% to ¥1,067.63, and SMIC decreased 3.8% to HK $70.0.
- Li Chen
- 23 Jul, 2026
- Hong Kong
China's indexes rebounded following choppy trading earlier this week amid a renewed buying of AI-related stocks.
The Hang Seng Index increased more than 1%, and the mainland-focused CSI 300 Index edged lower 0.1%.
Regulators, policymakers, and central bankers mounted a concerted effort this week to shore up faltering investor sentiment, and life insurance companies and pension funds stepped up buying.
China's stocks have struggled to advance this year amid multiple headwinds, including weak domestic consumer spending, lingering weakness in the residential property market, and a deepening jobless rate, despite resilient AI-related and renewable energy product exports.
Escalating tensions in the Middle East kept market gains in check as the U.S. and Iran war intensified and raised the risks of prolonged disruptions in shipments through the Strait of Hormuz.
The Brent crude oil price increased 2.5% to $96.41 a barrel as the U.S. and Iran exchanged military strikes over the Strait of Hormuz for the 12th day in a row.
China's AI-related companies are set to accelerate their listings on local exchanges, as model developers, electronic component makers, and device makers look to ramp up new product development and commercialize products and services.
China Indexes and Stocks
The Hang Seng Index gained 1.2% to 25,195.65, and the mainland-focused CSI 300 Index decreased 0.1% to 4,711.14.
Victory Giant Technology increased 1.9% to HK $231.20, Eoptolink decreased 2% to ¥498.63, Zhongji Innolight gained 1.6% to ¥1,067.63, and SMIC decreased 3.8% to HK $70.0.