1. Asia-Pacific markets close mostly lower as two key Wall Street benchmarks fall
Asia-Pacific markets ended the day mostly lower on Friday. Hong Kong’s Hang Seng Index declined 0.89% to close at 24,858.82, while mainland China’sCSI 300 index decreased by 0.24% to 4,104.97. Japan’s Nikkei 225 benchmark ended the day 1.85% higher at 41,820.48, while the broader Topix index added 1.21% to 3,024.21. Meanwhile, South Korea’s Kospi index retreated 0.55% to close at 3,210.01, while the small-cap Kosdaq moved up 0.43% to 809.27. Australia’s S&P/ASX 200 benchmark fell 0.28% to end the day at 8,807.10. Over in India, the benchmark Nifty 50 was down 0.64%, while the BSE Sensex index lost 0.65%.
2.S&P 500 rises, Nasdaq closes at record Friday as Apple shares rally
Stocks rose on Friday, led by the tech sector, as the major averages ended the week with solid gains. The Nasdaq Composite jumped 0.98% for a record close of 21,450.02. The tech-heavy index hit a fresh all-time intraday high earlier in the day. The S&P 500 added 0.78% and ended at 6,389.45, a hair’s breadth below a record close. The Dow Jones Industrial Average climbed 206.97 points, or 0.47%, closing at 44,175.61. The major averages posted a winning week, with the 30-stock Dow jumping about 1.4% and the broad market S&P 500 up 2.4% in the period. The Nasdaq posted a 3.9% climb on the week. Apple lifted both the S&P 500′s tech sector and the Nasdaq.
3. Gold prices fell from a record high Friday after the White House said it will clarify “misinformation” about the precious metal facing tariffs.
Gold futures fell from an all-time closing high of $3,491.30 on the White House statement. The precious metal was last trading at $3,463.30. The Swiss Precious Metals Association warned earlier Friday that U.S. tariffs “may negatively impact the international flow of physical gold.” President Donald Trump has imposed a 39% tariff on Swiss exports to the U.S. The U.S. Customs and Border Protection apparently clarified this week that that 1 kilogram and 100-ounce gold bars are not excluded from the tariffs. Switzerland is the largest refiner of gold in the world. Gold futures closed at a record but have pulled back on the White House statement.
4. Oil holds steady on reports of US-Russia deal
Oil largely held steady on Friday as markets awaited a meeting in coming days between Russian president Vladimir Putin and his U.S. counterpart Donald Trump, but prices marked their steepest weekly losses since late June on a tariff-hit economic outlook. Brent crude futures settled 16 cents, or 0.2%, higher at $66.59 a barrel, while U.S. West Texas Intermediate crude futures were unchanged at $63.88. Brent fell 4.4% over the week, while WTI finished 5.1% lower than last Friday’s close. U.S. crude had fallen over 1% after reports that Washington and Moscow were aiming to reach a deal to halt the war in Ukraine that would lock in Russia’s occupation of territory seized during its military invasion.
5. Dollar heads for weekly loss on dovish Fed expectations
The dollar firmed on Friday but was heading for a weekly fall as weakening economic data leads traders to price in the probability of more interest rate cuts this year, and as investors evaluate U.S. President Donald Trump’s nominations to the Federal Reserve. The dollar has dropped since last week’s jobs report for July showed employers added fewer jobs than expected during the month, while job gains from previous months were also revised down sharply. Other data including a weakening housing market and services sector data are also pointing to a slowing economy. Traders now see a 89% chance of a rate cut at the Fed’s September meeting, and are pricing in 58 basis points in cuts by year-end. Traders are also watching developments in a potential peace deal between Russia and Ukraine.
6. China’s July factory-gate prices miss forecast, deflation concerns persist
China’s producer prices fell more than expected in July, while consumer prices were unchanged, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment. Factory-gate prices have been declining for more than two years, and Saturday’s data suggest early-stage efforts to tackle price competition have yet to yield significant results. Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral. Extreme weather and global trade uncertainties contributed to price declines in some industries.
7. Zelenskyy rejects Trump’s proposal that Ukraine could swap territories with Russia
Ukraine’s President Volodymyr Zelenskyy defiantly declared Saturday that his countrymen “will not give their land to occupiers,” after President Donald Trump suggested that a peace deal would include some “swapping” of territories with Russia. His comments came after Trump announced on Truth Social that a long-awaited meeting with Russian President Vladimir Putin had been scheduled for next Friday in Alaska. Further details and logistics of the meeting are still unclear and remain very fluid, including whether Zelenskyy will be involved. Trump did not mention the Ukrainian President in the post announcing the meeting with Putin. Later Friday, at the White House, Trump suggested that there have been talks about Russia and Ukraine potentially “swapping” territory as part of a ceasefire deal.
8. Trump warns courts against knocking down tariffs, says duties are ‘huge positive’ for stock market
President Donald Trump on Friday warned U.S. courts against blocking his tariff policy, citing its “positive impact” on the stock market and saying such a move could cause a severe economic downturn. Trump’s comments come as a federal appeals court is hearing arguments on how to handle his tariff policy. Legal challenges to the imposition of higher U.S. tariffs by the White House have centred on arguments that they may exceed emergency powers granted to the President by Congress in the 1970s. However, Alan Wolff, a senior fellow at the Peterson Institute for International Economics, said in a report this week that these levies being struck down would lead to a “massive amount of red tape” around who would receive refunds.
9. Trump announces peace deal between Azerbaijan and Armenia at White House
Azerbaijan and Armenia signed a U.S.-brokered peace agreement on Friday during a meeting with U.S. President Donald Trump that would boost bilateral economic ties after decades of conflict. The deal between the South Caucasus rivals – assuming it holds – would be a significant accomplishment for the Trump administration that is sure to rattle Moscow, which sees the region as within its sphere of influence. “It’s a long time – 35 years – they fought and now they’re friends, and they’re going to be friends for a long time,” Trump said at a signing ceremony at the White House, where he was flanked by Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan. Trump said the two countries had committed to stop fighting, open up diplomatic relations and respect each other’s territorial integrity. He said restrictions had also been lifted on defence cooperation between Azerbaijan and the United States.
10. Trump removes IRS boss, Treasury Secretary Bessent takes over for now
President Donald Trump on Friday removed Internal Revenue Service Commissioner Billy Long and is replacing him temporarily with Treasury Secretary Scott Bessent, three sources with knowledge of the matter said. Long was only just sworn in as commissioner in June. The change also comes days after Trump’s sprawling new tariffs took effect, and a month after the president signed several tax cuts and changes to the tax code into law. Bessent will become the sixth person this year to oversee the critical agency under Trump. Danny Werfel, who was nominated to the role by President Joe Biden, also held the job until Trump’s inauguration in January.The temporary appointment adds to Bessent’s long list of tasks such as managing trade talks with China, Canada and Mexico as well as other countries that are still trying to negotiate tariff rates. Bessent is also currently helping with the search for the next Federal Reserve chair.
11. US Fed’s Bowman: Latest jobs data stiffens support for three rate cuts in 2025
The Federal Reserve’s vice chair of supervision, Michelle Bowman, on Saturday said recent weak job data underscores her concerns about labour market fragility and strengthens her confidence in her own forecast that three interest-rate cuts will likely be appropriate this year. Bowman was one of two Fed governors to dissent last month against the U.S. central bank’s decision to leave short-term borrowing costs in the 4.25%-4.50% range where they have been since December. Most Fed officials have been more cautious about lower rates given the potential they see that the Trump administration’s tariffs could disrupt progress on getting inflation down to the Fed’s 2% goal. In recent days, however, several Fed policymakers appear to have moved closer to supporting cuts.
12. US licenses Nvidia to export chips to China, official says
The commerce department has started issuing licenses to Nvidia to export its H20 chips to China, a U.S. official told Reuters on Friday, removing a significant hurdle to the AI bellwether’s access to a key market. The U.S. last month reversed an April ban on the sale of the H20 chip to China. The company had tailored the microprocessor specially to the Chinese market to comply with the Biden-era AI chip export controls. The company said in July it was filing applications with the U.S. government to resume sales to China of the H20 graphics processing unit, and had been assured it would get the licenses soon. It is unclear how many licenses may have been issued, which companies Nvidia is allowed to ship the H20s to, and the value of the shipments allowed.
13. UK regulator clears Boeing takeover of Spirit AeroSystems
Britain’s competition regulator said on Friday it has cleared Boeing’s planned acquisition of Spirit AeroSystems after deciding against an in-depth investigation into whether the deal would be anti-competitive. The news is likely to reassure investors after a series of crises depleted Boeing’s finances, strained employee morale and damaged public trust. The UK’s Competition and Markets Authority (CMA) did not provide details in its initial statement, but said the investigation would not go to a “phase 2” stage based on available data. The full text of its decision will be published shortly, it said. The watchdog began its initial investigation in June and had a deadline of August 28 for a decision. “We’re pleased with the outcome and continue to work through the remaining regulatory processes,” Boeing said in a statement. The deal, which marks an end to nearly two decades of independence for Spirit AeroSystems, would still need approval by the European Commission and U.S. Federal Trade Commission.
14. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers
Shares of cloud-based ad tech firm Trade Desk were set for their biggest single-day decline on record on Friday, after CEO Jeff Green warned about ongoing tariff uncertainty pressuring some of the world’s largest advertisers. Trade Desk’s stock move looked set to wipe out nearly $16 billion from the company’s market valuation, if losses hold. Changing trade policies have led to concerns about soft ad spending as companies are holding back on launching new campaigns, particularly in sectors directly affected by tariffs. This focus has made the company more vulnerable to wider economic pressures, in contrast to competitors who rely more on small and medium-sized businesses, Green said on Thursday. “TTD is also meaningfully exposed to large brands, which are facing tariff pressures.”
15. TSMC July sales jump 26% as AI chip demand remains strong
Taiwan Semiconductor Manufacturing Co. on Friday announced a 26% increase in its sales in July, indicating that artificial intelligence-fuelled demand for its advanced chips remained sound. TSMC said its July sales rose 25.8% year-on-year to T$323.17 billion ($10.8 billion). Sales also grew 22.5% from the prior month. The chipmaker, which is a key supplier to major AI processor developers such as Nvidia, has seen stellar sales growth so far in 2025, which it has attributed largely to AI. Its sales for the first seven months of 2025 are up nearly 38% from the same period last year. TSMC’s shares hit a record high on Thursday after Taipei said the company will be exempt from a 100% tariff on chip exports to the United States, which was announced by Trump earlier this week. Shares of the firm are up about 10% so far in 2025, after rising roughly threefold since late-2022.
16. Nvidia and AMD to pay 15% of China chip sales revenues to the U.S. government – reports Nvidia and Advanced Micro Devices have agreed to give the U.S. government a share of revenues from certain chips sold in China, according to sources, in an unprecedented arrangement with the White House. In exchange for 15% of revenues from the chip sales, the two chipmakers will receive export licenses to sell Nvidia’s H20 and AMD’s MI308 chips in China. The arrangement comes as President Donald Trump’s tariffs continue to reverberate through the global economy, underscoring the White House’s willingness to carve out exceptions as a bargaining tool.
