Asia-Pacific markets traded mixed on Friday as investors monitored trade developments between South Korea and the United States ahead of the 1 August deadline.
By 11:15 am AEST (1:15 am GMT), Australia’s S&P/ASX 200 was down 0.5%, while Japan’s Nikkei 225 eased 0.4% from Thursday’s record closing level. South Korea’s Kospi 200 bucked the trend, inching up 0.1%.
On the economic front, fresh data showed Tokyo’s consumer price index rose 2.9% year-on-year in July, slightly below the 3.1% pace in June but still above the Bank of Japan’s 2% inflation target. The reading has strengthened expectations for another interest rate hike by the central bank before year-end.
Trade negotiations remained in focus after South Korea’s Industry Minister Kim Jung-kwan met U.S. Commerce Secretary Howard Lutnick in Washington on Thursday.
According to South Korea’s industry ministry, both sides reaffirmed their intention to finalise a trade agreement on tariffs by the 1 August deadline.
Discussions centred on how deeper cooperation in manufacturing could help support a deal that would roll back proposed U.S. tariffs on South Korean exports.
Overnight in the United States, Wall Street closed mixed. The Dow Jones Industrial Average slipped 0.7%, while the S&P 500 and Nasdaq Composite edged up 0.1% and 0.2%, respectively, extending their record-setting rallies.
In commodities trade, Brent crude rose 1% to US$69.18 per barrel on supply concerns, while spot gold eased 0.6% to US$3,368.71 per ounce amid reduced safe-haven demand.
In China, equities extended their recent rally. The Shanghai Composite climbed 0.7% to 3,605.72, while the CSI 300 also advanced 0.7% to 4,149.0.
Hong Kong’s Hang Seng Index added 0.5% to close at 25,667.2, marking a four-year high.
India’s BSE Sensex slipped 0.7% to 82,184.2, as investors locked in profits following recent gains.
European markets also ended mixed on Thursday. London’s FTSE 100 rose 0.9% to a new all-time high of 9,138.4, Germany’s DAX added 0.2% to 24,295.9, while France’s CAC 40 dropped 0.4% to 7,818.3.
