Asia stocks pivot ahead of US‑Russia summit
Japanese Growth Surges Amid Trump Trade Tariffs
Japan’s economy advanced 0.3 percent in the three months to June, an expansion that defied the U.S. President’s import duties on Japanese cars and other goods. The rebound lifted output for the prior period, averting a technical recession for the world’s fourth‑largest economy.
Asian Markets Show Mixed Reactions
- Tokyo: Nikkei 225 up 0.9 percent at 43,036.46.
- Shanghai: Composite Index up 0.3 percent at 3,675.05.
- Hong Kong: Hang Seng Index down 1.1 percent at 25,236.62.
- Seoul: Market moved higher but data not specified.
- Sydney: Market moved higher but data not specified.
US–Russia Summit Raises Oil Price Uncertainty
Oil prices dipped, reversing Thursday gains ahead of President Trump’s summit with Russian President Vladimir Putin on the Ukraine conflict. Traders worry that a poorly finished meeting could trigger stronger sanctions on Russian oil, limiting global market access.
West Texas Intermediate: down 0.2 percent at $63.84 per barrel.
Brent North Sea Crude: down 0.1 percent at $66.76 per barrel.
US Interest‑Rate Outlook Tightens
- Wall Street: finished little changed; strong wholesale inflation data tempered optimism about Fed rate cuts.
- Fed Cut Expectation: a quarter‑point cut remains expected, but a larger half‑point cut is likely off the table (Jack Ablin, Cresset Capital).
- White House: Donald Trump considers a government stake in struggling chip company Intel, spurring a 7.4 percent jump after Bloomberg report.
Currency Movements
- Euro/dollar: up $1.1658.
- Pound/dollar: up $1.3543.
- Dollar/yen: down 147.28 yen.
- Euro/pound: up 86.06 pence.
Dow Jones and FTSE 100 Close
- New York Dow: down less than 0.1 percent at 44,911.26 (close).
- London FTSE 100: up 0.1 percent at 9,177.24 (close).
Hong Kong’s Hang Seng fell for the second straight day after under‑performance of Chinese retail sales and industrial production, while long‑term real‑estate crisis and high youth unemployment continue to weigh on Chinese consumer sentiment.
Key Figures at 0230 GMT
Tokyo – Nikkei 225: UP 0.9 percent at 43,036.46.
Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,236.62.
Shanghai – Composite: UP 0.3 percent at 3,675.05.
Euro/dollar: UP at $1.1658 from $1.1657 on Thursday.
Pound/dollar: UP at $1.3543 from $1.3535.
Dollar/yen: DOWN at 147.28 yen from 147.76.
Euro/pound: UP at 86.06 pence from 86.05 pence.
West Texas Intermediate: DOWN 0.2 percent at $63.84 per barrel.
Brent North Sea Crude: DOWN 0.1 percent at $66.76 per barrel.
