Stocks Mixed With Trade And Earnings In Focus; Tokyo Reopens With Gains
Japanese stocks edged up and the yen held gains after Prime Minister Shigeru Ishiba said he will stay in power despite the weekend election debacle.
Investors took a more cautious path after a largely positive day on Wall Street, where the S&P ended above 6,300 points for the first time and the Nasdaq chalked up yet another record.
Equities continue to rally on expectations key trading partners will strike agreements with Washington before August 1 to avoid Donald Trump's sky-high tariffs, with the US president saying several deals were close. Just three have been struck so far.
His press secretary Karoline Leavitt said more could be reached before next Friday but also warned the president could unveil fresh unilateral tolls in that time.
While Trump's initial tariff bombshell on April 2 rattled global markets before he delayed introducing the measures twice, they have seen more muted reactions to successive threats as traders expect him to eventually row back again.
That optimism has been helped by data indicating the US economy remained healthy despite the imposition of other levies that are beginning to be felt on Main Street.
And SPI Asset Management's Stephen Innes warned traders could be in for a shock next week.
"The new tariff regime isn't being priced -- full stop," he wrote.
"Markets have seen this movie before: tough talk, last-minute extensions, and deal-making in overtime. But this time, Trump isn't bluffing. He's already posted 'No extensions will be granted'.
"The new rates -- 30 percent on the EU, 35 percent on Canada, 50 percent on Brazil -- are politically loaded and economically radioactive. If they go live, there's no soft landing."
Hong Kong has been the standout in Asia this year, piling on around a quarter thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.
And the Hang Seng Index continued its advance Tuesday, with Shanghai, Sydney and Taipei also up.
There were losses in Singapore, Seoul, Wellington and Manila.
Tokyo rose as investors returned from a long weekend to news that Ishiba would remain in power even after his ruling coalition lost its majority in Japan's lower house elections Sunday, months after it suffered a similar fate in the upper house.
His refusal to leave helped the yen push higher against the dollar and other peers, though observers warned the government's tenure remained fragile and investors remained nervous.
The yen strengthened to 147.08 Tuesday before paring some of the gains. That compares with 148.80 Friday.
But Franklin Templeton Institute's Christy Tan said that "Ishiba now faces heightened political headwinds, including pressure over inflation, taxes, and US trade talks".
Focus also turns this week to earnings from some of the world's biggest names, including Tesla, Google-parent Alphabet, General Motors, Intel and Coca-Cola.
While there will be plenty of attention given to the results, the firms' guidance will be key as investors try to gauge companies' pulses in light of Trump's trade war.
Tokyo - Nikkei 225: UP 0.2 percent at 39,892.81 (break)
Hong Kong - Hang Seng Index: UP 0.3 percent at 25,074.15
Shanghai - Composite: UP 0.1 percent at 3,563.59
Dollar/yen: UP at 147.50 yen from 147.42 yen on Monday
Euro/dollar: UP at $1.1690 from $1.1688
Pound/dollar: DOWN at $1.3484 from $1.3485
Euro/pound: UP at 86.69 pence from 86.68 pence
West Texas Intermediate: DOWN 0.7 percent at $66.70 per barrel
Brent North Sea Crude: DOWN 0.9 percent at $68.62 per barrel
New York - Dow: FLAT at 44,323.07 (close)
London - FTSE 100: UP 0.2 percent at 9,012.99 (close)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Int'l Business Times
an hour ago
- Int'l Business Times
FCC Chair Backs White House Threat to Cancel The View After Hosts Rip Trump: 'Consequences Aren't Finished'
The chair of the Federal Communications Commission (FCC) seemed to back the White House's threat to cancel "The View" after the show's hosts mocked President Donald Trump. On Wednesday, host Joy Behar ripped into Trump's appearance and intellect over a recent press release by Director of National Intelligence Tulsi Gabbard's office, claiming to have discovered evidence that former President Barack Obama "manufactured" reports on Russian interference in the 2016 election. "First of all, who tried to overthrow the government on January 6? Who was that again? That was not Obama," Behar said to applause from the studio audience. Behar continued to ridicule Trump, saying he is "so jealous of Obama" because Obama is "trim, smart, handsome" and "can sing," all things Behar said Trump is not. Another host chimed in to say that Obama is "happily married," suggesting Trump is not. The White House then called for the show to be "pulled off the air" in a statement to Entertainment Weekly , claiming the show has "hit the lowest ratings" recently. "Joy Behar is an irrelevant loser suffering from a severe case of Trump Derangement Syndrome," White House spokesperson Taylor Rogers told the outlet. This prompted Fox News to ask FCC Chair Brendan Carr if "The View" could be facing "the crosshairs" of the Trump administration during a Thursday morning interview. "It's entirely possible that there's issues over there," Carr said. "Once President Trump has exposed these media gatekeepers and smashed this facade, there's a lot of consequences. I think the consequences aren't quite finished." The FCC chair's statement comes after CBS agreed to pay $16 million to settle a lawsuit with Trump over the "60 minutes" episode with former Vice President Kamala Harris. Days after late night host Stephen Colbert criticized the deal, CBS' parent company Paramount canceled "The Late Show" hosted by Colbert. While "The View" is under the ABC network, the hosts have bashed the president in the past, challenging Democratic lawmakers to do more against Trump and praising rapper Kendrick Lamar's Super Bowl halftime performance, saying he did not "capitulate to Trump" amid the administration's anti-DEI efforts. Originally published on Latin Times
DW
an hour ago
- DW
Ukraine: Zelenskyy backs new anti-graft bill after backlash – DW – 07/24/2025
The initial bill, which Ukraine's parliament passed on Wednesday, would have given the government more oversight of anti-corruption bodies. Zelenskyy reversed course after protests and backlash from the European Union. Ukrainian President Volodymyr Zelenskyy announced he would send a new anti-corruption bill to Parliament on Thursday after a previous attempt sparked protests at home, and condemnation from the European Union. The previous iteration of the bill gave the government more powers to focus on the work of anti-corruption watchdogs. "I have just approved the text of a draft law that guarantees real strengthening of the rule of law in Ukraine, independence of anti-corruption bodies and reliable protection of the rule of law from any Russian influence or interference," Zelenskyy posted on X, vowing to send the new bill to parliament on Thursday. "It is important that we respect the position of all Ukrainians and are grateful to everyone who stands with Ukraine," he added. The move from the Ukrainian president to remove the independence of two anti-corruption bodies earlier in the week had sparked nationwide protests — the country's first large-scale unrest since Russia's full scale invasion began in February 2022 — and criticism from the European Union. Thousands took to the streets across Ukraine this week to protest against the Ukrainian government amid the scandal. Protesters highlighted what they saw as a "return" to the era of pro-Russian President Viktor Yanukovych, who was forced to flee to Russia during the Euromaidan Revolution in 2014. The EU has been a key supporter of Kyiv since Russia launched its full-scale invasion of Ukraine in February 2022, but Brussels has also said reforms are essential for closer European integration. Tackling corruption is crucial for Ukraine's ambitions to join the EU while also acquiring billions of dollars in Western aid as it continues to fend off Russia's invasion. EU Enlargement Commissioner Marta Kos expressed concern on Wednesday over the earlier legislation, describing it as "a serious step back." The Ukrainian branch of Transparency International condemned parliament's decision to initially approve the initial bill, saying it damages one of the most significant reforms since what Ukraine calls its Revolution of Dignity, the Euromaidan Revolution, in 2014, while adding that it also harms trust with international partners. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
Int'l Business Times
2 hours ago
- Int'l Business Times
Justice Dept To Meet Epstein Accomplice Maxwell On Thursday
A top Department of Justice official was expected to meet on Thursday with Ghislaine Maxwell, the imprisoned accomplice of sex offender Jeffrey Epstein, as President Donald Trump struggles to quell fury over his handling of the notorious case. The former British socialite is serving a 20-year sentence after being convicted in 2021 of sex trafficking minors on behalf of Epstein, who died in jail in 2019 while awaiting trial in his own pedophile trafficking case. Deputy Attorney General Todd Blanche -- Trump's former personal lawyer for his hush money trial and two federal criminal cases -- was to interview Maxwell at a federal courthouse in Tallahassee, Florida, multiple US media reported. "If Ghislane Maxwell has information about anyone who has committed crimes against victims, the FBI and the DOJ will hear what she has to say," Blanche said in a statement on Tuesday. "No one is above the law -- and no lead is off-limits." Maxwell, the daughter of the late British press baron Robert Maxwell, is the only former Epstein associate who was convicted in connection with his activities, which right-wing conspiracy theorists allege included trafficking young models for VIPs. But Joyce Vance, an ex-federal prosecutor who now teaches law at the University of Alabama, said any "'new' testimony (Maxwell) offers is inherently unreliable unless backed by evidence." "Trump could give Ghislaine Maxwell a pardon on his last day in office, in exchange for favorable testimony now," Vance said in a post on X. "She knows he's her only chance for release." The meeting with Maxwell marks another attempt by the Trump administration to defuse anger among the Republican president's own supporters over what they have long seen as a cover-up of sex crimes by Epstein, a wealthy financier with high-level connections. A Wall Street Journal report on Wednesday hiked up that pressure as it claimed Trump's name was among hundreds found during a review of DOJ documents on Epstein, even if there was no indication of wrongdoing. Trump spokesman Steven Cheung called the report "fake news" and said Trump had long ago broken with Epstein and "kicked him out of his (Florida) club for being a creep." The same newspaper claimed last week that Trump had penned a sexually suggestive letter to Epstein, a former friend, for his birthday in 2003. Trump has sued for at least $10 billion over the story. Many of the president's core supporters want more transparency on the Epstein case, and Trump -- who has long fanned conspiracy theories -- had promised to deliver that on retaking the White House in January. But he has since dismissed the controversy as a "hoax," and the DOJ and FBI released a memo this month claiming the so-called Epstein files did not contain evidence that would justify further investigation. Epstein had committed suicide while in jail, did not blackmail any prominent figures, and did not keep a "client list," according to the FBI-DOJ memo. Seeking to redirect public attention, the White House has promoted unfounded claims in recent days that former president Barack Obama led a "years-long coup" against Trump around his victorious 2016 election. The extraordinary narrative claims that Obama had ordered intelligence assessments to be manipulated to accuse Russia of election interference to help Trump. Yet it runs counter to four separate criminal, counterintelligence and watchdog probes between 2019 and 2023 -- each of them concluding that Russia did interfere and did, in various ways, help Trump. Epstein was found hanging dead in his New York prison cell in 2019 while awaiting trial on charges that he sexually exploited hundreds of victims at his homes in New York and Florida. Among those with connections to Epstein was Britain's Prince Andrew, who settled a US civil case in February 2022 brought by Virginia Giuffre, who claimed he sexually assaulted her when she was 17. Giuffre, who accused Epstein of using her as a sex slave, committed suicide at her home in Australia in April.
