Asian shares mixed as US markets hit new highs ahead of Trump’s tariff deadline

Asian markets were mixed on Friday as investors treaded cautiously ahead of a looming July 9 tariff deadline set by US President Donald Trump.

Despite record gains on Wall Street, sentiment across Asia remained restrained due to ongoing trade uncertainties.

Japan’s Nikkei 225 fell 0.6% to 39,762.20, giving up earlier gains. South Korea’s KOSPI dropped 1.2% to 3,078.31, while Hong Kong’s Hang Seng index slipped 0.6% to 23,914.44. China’s Shanghai Composite edged up 0.4% to 3,475.24.

Elsewhere in the region, Australia’s S&P/ASX 200 rose 0.1% to 8,609.50, and India’s Sensex was also up 0.1%, closing at 83,288.73.

“Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder,” wrote Stephen Innes, managing partner at SPI Asset Management. “While US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory.”

US stocks rallied Thursday after a better-than-expected jobs report boosted optimism. The S&P 500 rose 0.8%, marking its fourth record high in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, while the Nasdaq Composite climbed 1%.

Trump’s proposed tariffs, currently paused, are due to take effect next week unless trade agreements are reached—keeping global investors on edge.

In commodities, US crude slipped 19 cents to $68.81 per barrel, while Brent crude fell 30 cents to $68.50.

In currency markets, the US dollar eased to 144.48 yen from 144.92, and the euro ticked up to $1.1771 from $1.1761.