1. Asia-Pacific markets trade mixed, breaking ranks with Wall Street: Markets Wrap
Asia-Pacific markets traded mixed Friday, breaking ranks with Wall Street as investors also assessed a slate of economic data in the region. Japan’s Nikkei 225 slid 0.41%, while the Topix lost 0.39% after core consumer prices in Tokyo rose at a slower pace in August. The Tokyo core CPI, which strips out fresh food but includes energy, climbed 2.5% from a year earlier, matching Reuters’ economists’ forecasts, and easing from July’s 2.9% increase. The figure, however, remained above the Bank of Japan’s 2% target. Japan’s unemployment rate also eased to 2.3% in July, down from 2.5% the previous month. South Korea’s Kospi lost 0.22% while the Kosdaq Index slipped 0.27% after South Korea’s ex-first lady Kim Keon Hee was reportedly indicted over corruption and bribery charges.
2. S&P 500 closes over 6,500 for the first time as Nvidia results validate AI boom
The S&P 500 scored another record close on Thursday as traders pored over Nvidia’s earnings results and forecast. Investors largely looked at the numbers as affirming the AI boom. The broad market index finished 0.32% higher at 6,501.86 after hitting a new all-time intraday high above the 6,500 level. The Nasdaq Composite ended the day up 0.53% at 21,705.16, while the Dow Jones Industrial Average rose 71.67 points, or 0.16% to end at 45,636.90, which was also a record.
3. Gold hits 5-week peak on weaker dollar, Fed independence concerns
Gold prices hit a five-week high on Thursday, supported by a softer dollar and safe-haven flows, due to ongoing concerns over the Federal Reserve’s independence. Spot gold rose 0.6% to $3,416.14 per ounce, hitting its highest level since July 23. U.S. gold futures for December delivery settled at $3,466.10. The dollar index slipped 0.5%, making greenback-priced gold more affordable for overseas buyers. Investors now await Friday’s Personal Consumption Expenditures (PCE) data, a key inflation gauge for the U.S. central bank. Federal Reserve Governor Lisa Cook filed a lawsuit claiming Trump has no power to remove her from office, setting up a legal battle that could reset long-established norms for the U.S. central bank’s independence.
4. Oil settles higher as traders await Trump statement on Russia-Ukraine
Oil prices settled higher on Thursday, bouncing off early losses after the White House said U.S. President Donald Trump was not happy when he learned that Russia attacked Ukraine with missiles and drones overnight. Brent crude futures rose 57 cents, or 0.84%, to close at $68.62 per barrel. U.S. West Texas Intermediate (WTI) crude futures gained 45 cents, or 0.7%, to to settle at $64.60 a barrel. Russia hit Ukraine with deadly missiles and drone strikes early on Thursday, killing at least 21 people in Kyiv, city officials said. Meanwhile, the Ukrainian military said it used drones to hit two Russian oil refineries overnight. Traders are also watching for India’s response to pressure from the U.S. to stop buying Russian oil, after Trump doubled tariffs on imports from India to as much as 50% on Wednesday.
5. European Union to remove tariffs on U.S. industrial goods, triggering cuts for EU autos
The European Union formally proposed Thursday to remove tariffs on American industrial goods, fulfilling a key element of the U.S.-EU framework trade agreement and ensuring that lower automobile tariffs will be retroactive to the beginning of August. The European Commission, the executive arm of the EU, said in a statement that the removal of duties on industrial goods, along with providing “preferential market access” for some U.S. seafood and agricultural goods, would “ensure tariff relief by the US for the vital EU automotive sector starting retroactively from 1st of August.” It said tariffs on autos would be reduced from the first day of the month when the EU’s legislative proposal was introduced — which means the duties should be cut from Aug. 1.
6. Judge in Lisa Cook case sets Friday hearing on Trump effort to fire Fed governor
A judge set a hearing for Friday morning on Federal Reserve Board Governor Lisa Cook’s request to block President Donald Trump from firing her. The hearing was scheduled hours after Cook filed a lawsuit against Trump challenging his unprecedented attempt to remove her from the central bank’s board of governors. The suit, filed in federal court in Washington, D.C., also names Fed Chairman Jerome Powell and the board itself as defendants. Cook’s lawsuit is likely to end up being decided by the Supreme Court. The case has been assigned to Judge Jia Cobb, who was appointed to the federal bench in late 2021 by former President Joe Biden. Friday’s hearing on Cook’s bid to temporarily block her removal while her case proceeds is set for 10 a.m. ET.
7. U.S. economy expanded 3.3% in Q2, with growth even stronger than initially thought
The U.S. economy grew at a pace that was faster than expected in the second quarter as consumers and businesses held up against tariff volatility. Consumer spending, which rose by 1.6% compared with an initial 1.4% estimate, helped push the number higher. Importantly, a measure called final sales to private domestic purchasers jumped 1.9%, up from the previous figure of 1.2%. Federal Reserve officials watch that metric closely as an indication of demand and sales that focuses on activity within U.S. borders, an especially important measure considering the uncertain impact of President Donald Trump’s tariffs. The GDP number also reflected the unusual impact of the tariffs as they related to trade numbers.
8. France’s latest budget crisis poses risk to defence investment pledges
The latest clash between French lawmakers over reducing the country’s hefty public deficit could see its defense spending pledges fall to the wayside, analysts say. That would come as a blow to the likes of Thales, Dassault Aviation, Safran and Leonardo-owned MBDA — domestic defence players that have rallied this year on an expected boost in regional funding. French President Emmanuel Macron has stressed the need to “reindustrialize” the country’s regions, and for spending to be concentrated within Europe rather than the U.S. or elsewhere as the continent pursues “strategic autonomy.” A struggle to pass France’s annual budget currently risks toppling the country’s government for the second year running. Prime Minister Francois Bayrou has proposed cutting the 2026 budget by around 44 billion euros ($51 billion) via measures including public spending cuts and freezes on pensions, welfare and tax brackets, as well as reducing the number of public holidays.
9. Teva stock rises on launch of first generic weight loss GLP-1 drug
Teva Pharmaceutical Industries Ltd ADR stock rose 2.7% after the company announced FDA approval and U.S. launch of its generic version of Saxenda (liraglutide injection), marking the first-ever generic GLP-1 drug specifically indicated for weight loss. The generic liraglutide injection addresses growing demand for weight loss therapies in the U.S. market. It’s approved for adults with obesity or overweight who have weight-related medical problems, as well as paediatric patients aged 12-17 years weighing more than 60 kg with obesity. This represents Teva’s fifth first-to-market generic entry this year, supporting the company’s “Pivot to Growth Strategy” with its focus on complex generic medicines. The reference drug, Saxenda, had annual sales of $165 million as of June 2025.
10. NBCUniversal, Amazon strike deal to bring Peacock to Prime Video Channels
Comcast-owned NBCUniversal, and Amazon have reached a deal to bring the ad-free version of Peacock to Prime Video Channels, the first time the streaming service has been offered as part of the online retailer’s package of digital channels. The Prime Video Channels deal is one element of a broader distribution agreement that will give consumers continued access to the Peacock app on Amazon’s Fire TV streaming video platform, the renewed ability to buy or rent Universal Pictures movies through Prime Video, or watch Prime Video on Comcast’s Xfinity X1 devices. Amazon has positioned Prime Video as a one-stop entertainment destination, where consumers can stream original series’, watch live sports, including the NFL’s “Thursday Night Football”, the NBA, and NASCAR, and access third-party streaming services, including HBO Max, Apple TV+, and Paramount+.
11. Tesla sales plunge 40% in Europe as Chinese EV rival BYD’s triple
Sales of Tesla cars in Europe plunged in July, in the company’s seventh consecutive month of declines, while Chinese rival BYD saw a monthly surge, data released on Thursday showed. New car registrations of Tesla vehicles totalled 8,837 in July, down 40% year-on-year, according to the European Automobile Manufacturers Association, or ACEA. BYD meanwhile recorded 13,503 new registrations in July, up 225% annually. Tesla’s declines took place even as overall sales of battery electric cars rose in Europe, ACEA data showed. The automaker faces a number of challenges in Europe including intense ongoing competition and reputational damage to the brand from the billionaire’s incendiary rhetoric and relationship with the Trump administration. The company’s auto sales revenue fell in the second quarter this year and Musk warned that the automaker “could have a few rough quarters” ahead.
12. SentinelOne raises annual revenue forecast on strong cybersecurity demand
SentinelOne raised annual revenue forecast on Thursday, a sign of growing demand for the company’s cybersecurity tools, sending its shares surging around 9% in extended trading. The company’s artificial intelligence-powered Singularity platform ingests and analyses security data in real time, automates threat detection and responses, and aims to reduce manual work for security teams. A wave of cyberattacks has hit global companies, including Microsoft, UnitedHealth Group, Walt Disney and Oracle, prompting the need for robust security solutions. SentinelOne expects third-quarter revenue of $256 million, above analysts’ average estimate of $254.4 million, according to data.