Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
UK House Prices Fall for First Time Since 2023 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Asian Stocks Mixed as Korean Chipmakers Rally 
South Korea GDP Surges on Chip and AI Boom 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
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Asian shares fell on Friday after the U.S. imposed steep tariffs on dozens of trading partners, heightening market uncertainty ahead of crucial U.S. jobs data that could determine the Federal Reserve’s next interest rate move.
President Donald Trump signed an executive order late Thursday implementing tariffs of 10% to 41% on imports from multiple countries. India faces 25%, Taiwan 20%, Thailand 19%, and South Korea 15%. Tariffs on Canadian goods rose to 35% from 25% for items not covered by the U.S.-Mexico-Canada trade pact, while Mexico received a 90-day exemption to negotiate a broader deal. Taiwan’s President Lai Ching-te described the tariffs as temporary and expected reductions once agreements are reached.
MSCI’s Asia-Pacific index outside Japan dropped 0.7%, extending weekly losses to 1.8%. South Korea’s KOSPI plunged 3%, Taiwan’s benchmark slipped 0.9%, Japan’s Nikkei declined 0.4%, while China’s blue chips were flat and Hong Kong’s Hang Seng edged up 0.2%.
European and U.S. futures also weakened, with EUROSTOXX 50, Nasdaq, and S&P 500 futures down 0.2%. Wall Street retreated overnight after Amazon reported disappointing earnings, sinking 6.6% after hours, while Apple gained 2.4% on stronger-than-expected revenue guidance.
Investors are closely watching July’s U.S. nonfarm payrolls, expected to rise by 110,000, with unemployment seen at 4.2%. A stronger-than-expected report could reduce chances of a September Fed rate cut, now priced at 39%, down from 65% earlier this week.
The dollar index climbed 2.5% this week to a two-month high of 100.1, while the yen weakened to 150.7 per dollar. U.S. Treasury yields held steady, oil prices hovered near $70, and gold traded around $3,286 an ounce.
