
Asian shares are mixed after Wall Street logs a 3rd straight winning week
Markets were closed for a holiday in Japan, where the ruling Liberal Democrats have lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday's election and the loss of their lower house majority in October.
A grim Prime Minister Shigeru Ishiba has vowed to stay on, but the outcome of the upper house election reflects voters' frustration with rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan's huge debt burden.
Japan is also facing the imposition of 25% tariffs across the board on its exports to the US as talks with the Trump administration appear to have made little headway.
"We expect short-term political instability to intensify due to the difficulties of forming a majority coalition, a likely change in leadership, and a potential deadlock in trade negotiations," Peter Hoflich of BMI, a part of the Fitch Group, said in a commentary.
"Without a structural reset through snap elections, Japan is likely to face prolonged policy drift throughout 2026," he said.
Chinese shares advanced after the central bank kept its key 1-year and 5-year loan prime interest rates unchanged. Hong Kong's Hang Seng rose 0.3% to 24,895.20, while the Shanghai Composite index gained 0.4% to 3,549.89.
Recent stronger economic data have eased pressure on the Chinese leadership to soften credit. Meanwhile, President Donald Trump's administration has softened its criticism of Beijing, raising hopes that the two sides can work out a trade deal and avert the imposition of sharply higher tariffs on imports from China.
South Korea's Kospi picked up 0.5% to 3,205.71 after the government reported a slight improvement in exports in June.
In Australia, the S&P/ASX 200 shed 1.1% to 8,659.50, while Taiwan's Taiex dropped 0.3%. In India, the Sensex rose 0.2%, while Bangkok's SET was down 0.5%.
This week will bring updates on US home sales, jobless claims and manufacturing. Several Big Tech companies including Alphabet and Tesla are due to provide earnings reports.
On Friday, the S&P 500 handed back less than 1 point after setting an all-time high the day before. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite edged up by less than 0.1% to add its own record.
Norfolk Southern chugged 2.5% higher after an AP source said it was discussing a merger with Union Pacific to create the largest railroad in North America, one that would connect the East and West coasts. Any such deal, though, would likely face tough scrutiny from U.S. regulators. Union Pacific's stock fell 1.2%.
The heaviest weight on the market, meanwhile, was Netflix, which fell 5.1% despite reporting a stronger-than-expected profit.
Exxon Mobil sank 3.5% and also tugged on the market. It had been challenging Chevron's $53 billion deal to buy Hess, but an arbitration ruling in Paris about Hess assets off Guyana's coast allowed the buyout to go through. Chevron fell 0.9% after losing an early gain.
Treasury yields eased after a report suggested US consumers may be feeling less fearful about coming inflation. They're bracing for inflation of 4.4% in the year ahead, down from last month's projection of 5%, according to preliminary results from a University of Michigan survey.
Prices may already be starting to feel the upward effects of President Donald Trump' s higher tariffs, according to data released last week.
The Trump administration is preparing to impose steeper import duties on many countries as of Aug. 1, although some have worked out deals to mitigate some of the damage.
In other trading early Monday, U.S. benchmark crude oil gained 14 cents to $66.19 per barrel. Brent crude, the international standard, added 10 cents to $69.38 per barrel.
The US dollar rose to 148.50 Japanese yen from 147.98 yen. The euro slipped to $1.1628 from $1.1629.
(ELAINE KURTENBACH)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
an hour ago
- Mint
Trump secures trade deal with EU, slashes tariffs to 15%; lands $750 billion energy deal and $600 billion investment
The United States and the European Union have reached a last-minute trade agreement that will impose a 15% tariff on EU goods entering the US, replacing the previously threatened 30% rate. The deal, reached just ahead of the August 1 deadline, was announced by President Donald Trump and European Commission President Ursula von der Leyen after a high-stakes meeting at Trump's Turnberry golf resort in Scotland. 'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. President Trump noted the long-standing friction in trade relations between the US and Europe, saying: "We've had a hard time with trade with Europe, a very hard time.' 'I think the main sticking point is fairness.' Under the deal, the US will impose a baseline 15% tariff on EU exports — the same level Japan recently agreed to — including autos, which were previously taxed at 25%. 'We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15 percent," Trump confirmed. As part of the agreement, the EU has committed to purchasing $750 billion worth of US energy and investing $600 billion more into the American economy. Trump called the outcome 'a good deal for everybody,' while von der Leyen added: 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The agreement reportedly mirrors the recent .S-Japan deal announced earlier in the week, which also featured a 15% import duty and avoided previously threatened higher tariffs. US Commerce Secretary Howard Lutnick emphasised the urgency to push both sides to reach a consensus: 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go.' With EU trade deal sealed, six countries including — Britain, Vietnam, Indonesia, the Philippines, and Japan — have reached agreements with the Trump administration ahead of the upcoming Friday deadline, as the US moves to reshape the global free trade framework by imposing tariffs on nations it accuses of unfair trade practices. While the tariffs agreed upon by these countries are generally higher than the 10 percent base rate the US has applied to most nations since April, they remain significantly lower than the steep rates the Trump administration had threatened if no deals were secured.


Hindustan Times
an hour ago
- Hindustan Times
‘Trump cheating at golf': Massive claim emerges amid Scotland trip; caddie video draws attention
A video of President Donald Trump playing golf during his Scotland trip has gone viral. The clip, showing the 79-year-old's caddie allegedly tossing a ball into the light rough near a bunker, has sparked a 'cheating' row. Now, several social media users claim that Trump was 'cheating at golf' - a sport he loves. US President Donald Trump waves from a golf cart at the Trump Turnberry golf course in Turnberry, Scotland(Bloomberg) Neither Trump nor the White House have responded to the renewed 'cheating' allegations yet. 'Trump caught cheating at golf, watch the second guy in the red vest toss a ball behind him,' one person wrote on X, platform formerly known as Twitter. Read More: Trump says US will work with Thailand and Cambodia, adds both 'want to settle' 'Watch his caddy drop the ball in a more favorable location for him. First he cheated on his wife with children, and now he's cheating at golf. What low will he not stoop to?' another person tweeted. The two X users posted videos of the alleged 'cheating' incident. The video, recorded during Trump's Saturday round, shows him arriving at a bunker in a cart, followed by a caddie dropping a ball just short of the sand trap. Trump then approaches and hits from the new position, prompting accusations of 'cheating'. This echoes past allegations, including claims from Rick Reilly's book Commander in Cheat, which details the president's alleged habit of manipulating shots. President Trump's Scotland trip, with scheduled talks with EU and UK leaders, has drawn criticism. Several Democrats noted that the 79-year-old is spending most of his time at Turnberry and his Aberdeen course. Rick Reilly, who has played with the president, spoke to The Spun about Trump's golf habits - including taking unearned chip-ins and claiming he 'cannot lose' and will 'do anything to cheat'. Read More: Donald Trump says Israel will have to 'make a decision' on next steps in Gaza Trump strikes EU deal The US and European Union agreed on a landmark deal that will see the bloc face 15% tariffs on most of its exports, including automobiles. This comes less than a week before the deadline for Trump's higher tariffs to take effect. Trump and European Commission President Ursula von der Leyen announced the deal Sunday at his golf club in Turnberry, Scotland, although they didn't disclose the full details.


India Today
2 hours ago
- India Today
Israel will have to make decision, says Trump as Gaza crisis worsens
Amid the worsening humanitarian situation in Gaza and the breakdown of delicate negotiations, US President Donald Trump on Sunday said that Israel would have to make a critical decision regarding the ongoing war in Gaza. Speaking to reporters in Scotland, Trump acknowledged the collapse of the ceasefire and hostage-release talks with Hamas had complicated the path ahead."They don't want to give them back, and so Israel is going to have to make a decision," Trump said of the hostages held by Palestinian militants. However, he declined to reveal his personal view on Israel's next also accused Hamas of stealing food supplies meant for Gaza and selling them, contradicting an internal US government report. According to news agency Reuters, US officials found no proof of theft of humanitarian aid by Hamas. Despite tensions, Trump pledged increased humanitarian aid to Gaza, but also called on other countries, particularly in Europe, to share the responsibility. "We're giving a lot of money, a lot of food, a lot of everything," Trump said. "If we weren't there, I think people would have starved, frankly. They would have starved."Trump seemed frustrated over what he called a lack of gratitude from European nations. "No other country gave anything," he said. "It makes you feel a little bad when you do that, and, you know, you have other countries not giving anything Nobody gave but us. And nobody said, Gee, thank you very much."The president also mentioned discussions with Israeli Prime Minister Benjamin Netanyahu and British Prime Minister Keir Starmer about the CONSIDERS ALTERNATIVE MEASURESThe deadlock over ceasefire and hostage negotiations has hardened positions. Netanyahu said that Israel is considering "alternative" measures to bring home hostages and dismantle Hamas's control of backed Netanyahu, saying, "Hamas really didn't want to make a deal. I think they want to die And it got to be to a point where you're going to have to finish the job." He predicted that Hamas leaders would be "hunted down" following the collapse of CRISIS WORSENS AMID BLOODSHEDThe humanitarian situation in Gaza has deteriorated sharply in the past few months. Gaza's health ministry reported that more than 130 people, including 87 children, have died from malnutrition and hunger since the start of Israel's assault. Over the past 24 hours alone, six new deaths related to starvation have been of starvation and suffering have sparked alarm. Former President Barack Obama condemned the blockade on aid supplies, writing on X, "There is no justification for keeping food and water away from civilian families,' and calling for urgent action 'to prevent the travesty of innocent people dying of preventable starvation."advertisementOver 20 Democratic US senators also sent a letter to the Trump administration urging it to end funding for the Gaza Humanitarian Foundation -- a new private aid group -- and to restore support for the UN's aid distribution. The United Nations claims Israeli forces have killed more than 1,000 people near GHF's food distribution current bloodshed traces back to October 2023, when Hamas launched a deadly attack on Israel, killing around 1,200 people and taking approximately 250 hostages, according to Israeli response, Israel's military assault on Gaza has resulted in nearly 60,000 Palestinian deaths, according to Gaza's health ministry. The assault has displaced the almost entire population of Gaza, devastated infrastructure, and led to a severe hunger crisis.- EndsWith inputs from AgenciesTune InMust Watch