Asia-Pacific markets ticked lower on Friday, as regional investors reacted to a continued tech selloff on Wall Street overnight and fresh U.S. trade measures targeting pharmaceutical companies.
By 11:50 am AEST (1:50 am GMT), Australia’s S&P/ASX 200 was down 0.1%, while Japan’s Nikkei 225 slipped 0.1%. South Korea’s Kospi 200 lost 2%.
Investor sentiment across Asia was dampened after U.S. President Donald Trump announced sweeping new tariffs on pharmaceuticals, furniture and heavy trucks. In a Truth Social post early Friday, Trump said that beginning October 1, “any branded or patented Pharmaceutical Product” would face 100% duties, with exemptions only for companies that establish drug manufacturing operations in the United States.
The announcement sent shares of Japanese drugmakers lower. The Topix Pharma Index fell 0.9%, Daiichi Sankyo lost 1.5%, Chugai Pharmaceutical dipped 2.3%, and Sumitomo Pharma tumbled 4.3%.
Meanwhile, inflation data offered a mixed picture. Core inflation in the city came in softer than expected at 2.5%, below forecasts of 2.8%, while headline inflation held steady at 2.5%.
In the U.S. overnight, Wall Street’s major indexes extended their declines for a third straight session. The Dow Jones Industrial Average dropped 0.4%, the S&P 500 lost 0.5%, and the tech-heavy Nasdaq Composite fell 0.5%, weighed down by continued selling in major technology names including Nvidia and Oracle.
Commodities advanced, with Brent crude gaining 0.2% to US$68.58 per barrel, marking multi-week highs, while spot gold added 0.4% to settle at US$3,749.44 per ounce.
Chinese markets posted a mixed showing. The Shanghai Composite closed flat at 3,853.3, while the CSI 300 rose 0.6% to 4,593.5.
Hong Kong’s Hang Seng Index slipped 0.1% to 26,518.7, while India’s BSE Sensex fell 0.7% to 81,159.7.
European equities also ended Thursday lower, with the FTSE 100 down 0.4% at 9,214.0, Germany’s DAX sliding 0.6% to 23,534.8, and France’s CAC 40 falling 0.4% to 7,795.4.
