Markets in the Asia-Pacific region experienced a late recovery on Friday, following a downturn on US Market driven by concerns regarding energy supplies. Oil prices surpassed the $80 per barrel threshold overnight, yet experienced a decline on Friday. Brent futures experienced a decline of approximately 0.3%, settling at $85.14. Meanwhile, U.S. West Texas Intermediate, which recorded its most significant single-day increase since May 2020 on Thursday, was last observed down 0.53% at $80.58. Increased uncertainty has emerged on the global trade landscape following the lawsuit initiated by New York Attorney General Letitia James, alongside the chief prosecutors from 23 additional states, aimed at obstructing President Donald Trump’s global tariff framework. This follows the ruling by the U.S. Court of International Trade on Thursday, which determined that companies are eligible for tariff refunds related to Trump’s duties that were invalidated by the Supreme Court.
South Korea’s Kospi reversed course to conclude slightly higher at 5,584.87, following its most impressive performance since 2008 in the previous session. The small-cap Kosdaq continued its upward trajectory, increasing by 3.43% to reach 1,154.67. Kosdaq 150 futures experienced a significant increase of 6% in the early trading session, prompting the implementation of a buy trading curb for a duration of five minutes. Defense heavyweight LIG Nex1 experienced an increase of over 9%, following reports from South Korean media indicating that its air defense systems effectively intercepted Iranian missiles aimed at the United Arab Emirates.
Japan’s Nikkei 225 experienced an increase of 0.62%, closing at 55,620.84, thereby reversing earlier losses. Meanwhile, the Topix concluded the day 0.39% higher, finishing at 3,716.93. A report indicated that SoftBank was pursuing a historic $40 billion loan to support its investment in OpenAI. The stock of SoftBank Group Corp experienced an increase of 1.6%. Australia’s S&P/ASX 200 experienced a decline of 1%, settling at 8,851, primarily influenced by the performance of basic materials stocks. Hong Kong’s Hang Seng index exhibited a 1.69% increase during its final trading hour, building on the gains observed on Thursday. Meanwhile, the mainland Chinese CSI 300 saw a modest rise of 0.27%, reaching 4,660.44.
India’s Nifty 50 experienced a decline of 0.67%, whereas the BSE Sensex recorded a decrease of 0.73% as of 1:55 pm. Overnight in the U.S., all three major indexes experienced declines, with the stock sell-off primarily driven by Boeing, Caterpillar, and other companies that are likely to be adversely affected by a slowdown in the global economy. The Dow Jones Industrial Average experienced a decline of 1.61%, whereas the S&P 500 registered a decrease of 0.56%. The technology-focused Nasdaq Composite experienced a decline of 0.26%.