Crispr Therapeutics shares tumble after significant earnings miss
Investing.com-- Most Asian stocks advanced on Thursday with technology shares tracking gains in Nvidia, which recently crossed a $4 trillion valuation, although concerns over U.S. trade tariffs remained in play.
Japanese markets lagged their peers for the day, with the Nikkei 225 falling 0.5% while the TOPIX shed 0.8% after U.S. President Donald Trump slapped the country with 25% tariffs earlier this week. Talks between Tokyo and Washington also appeared to have stalled, as Japan kept up its demands to be exempt from most U.S. tariffs.
Regional markets mostly took a positive lead-in from Wall Street, as NVIDIA Corporation (NASDAQ:NVDA) helped spur gains in broader tech stocks, pushing the NASDAQ Composite to a record high.
But Trump’s tariffs limited gains, especially after he slapped a 50% tariff on Brazil and also made good on his threat of a 50% levy on copper imports. S&P 500 Futures fell 0.2% in Asian trade, following Trump’s latest tariff volley.
South Korea boosted by chipmaker gains, BOK hold
South Korea’s KOSPI was the best performer for the day, rising 0.8% as local chipmaking stocks rose tracking Nvidia.
Memory chip giant and major Nvidia supplier SK Hynix rose 3.2%, extending gains from the prior session and remaining close to a record high. SK Hynix Inc (KS:000660) had risen earlier this week after rival Samsung Electronics Co Ltd (KS:005930) flagged a substantially weaker-than-expected profit for 2024.
The Bank of Korea kept interest rates unchanged as widely expected on Thursday, and signaled that policymakers remained open to more future rate cuts, amid persistent headwinds for the east Asian economy.
Other Asian markets were less upbeat, but still clocked some gains. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 0.3% each, but remained subdued following middling Chinese inflation data from Wednesday.
Hong Kong’s Hang Seng index was flat as gains in tech offset losses in locally listed Chinese stocks.
Australia’s ASX 200 rose 0.6% as uncertainty over the Reserve Bank of Australia was soothed by growing bets that the central bank will cut interest rates in August, following an unexpected hold earlier this week.
Singapore’s Straits Times index added 0.4%, while Gift Nifty 50 Futures for India’s Nifty 50 index fell 0.1%, pointing to a negative open.
Trump tariffs weigh, more trade deals eyed
Asian markets remained largely on edge this week, as Trump began releasing letters outlining steep trade tariffs against major trading partners. Japan and South Korea were slapped with 25% tariffs apiece.
Trump on Wednesday imposed a 50% levy on Brazil, drawing a sharp rebuke and threats of proportionate retaliation from Brasilia.
The U.S. president also announced a 50% tariff on copper, making good on his earlier threat of such a move. Trump claimed this was to boost the local copper industry.
While markets had taken some relief from Trump postponing his tariff deadline to August 1 from July 9, investors were now watching for more trade deals with Washington, which could help dull the full impact of the president’s tariffs.
But so far, Washington has only signed trade agreements with the UK and Vietnam, and a framework deal with China.
Trump’s exemption of India and the European Union from his latest round of tariffs suggested that deals with the two may be close.