MANILA, Philippines (AP) - Asian shares exhibited a mixed performance in cautious trading on Friday, following Wall Street's closure at an all-time high. The market rally was fueled by Delta Air Lines' strong earnings report, which kicked off the earnings season with an optimistic outlook for the remainder of 2025. This positive momentum boosted airline stocks across the board.
Chinese markets showed notable gains, with the Hang Seng index in Hong Kong rising by 1.6% to close at 24,402.41. Meanwhile, the Shanghai Composite index experienced a 1.1% uptick, landing at 3,546.50. In contrast, Tokyo's Nikkei 225 faced a slight decline, edging down 0.1% to 39,662.19. South Korea's Kospi posted a marginal increase of 0.1%, closing at 3,185.15, while Australia's S&P/ASX 200 dipped 0.1% to 8,583.40. India's BSE Sensex remained relatively stable, finishing flat at 83,190.28.
In the backdrop of these market movements, Stephen Innes of SPI Asset Management provided a commentary that highlighted the prevailing uncertainty. He noted that just as markets were beginning to stabilize at new highs, external factors, such as President Trump's latest tariff announcement—including 35% duties on Canadian imports—introduced fresh unpredictability. Innes mentioned, “Asian equities, initially hopeful, wilted into flat lines as if someone had pulled the plug on the optimism generator.” His remarks suggested a growing perception that risk has become increasingly hazardous, implying that investors should approach markets with caution.
On Thursday, the U.S. markets added to their recent successes, with the S&P 500 index rising by 0.3%, surpassing a previous record set just the week before, driven by a favorable June jobs report. The Nasdaq composite recorded a modest gain of 0.1%, which was enough to establish a new high for the second consecutive day. Meanwhile, the Dow Jones Industrial Average saw an increase of 0.4%.
Delta Air Lines notably surged by 12%, propelling other airline stocks along with it. The airline exceeded Wall Street's revenue and profit expectations, offering a more positive perspective for the forthcoming summer travel season compared to earlier forecasts, which had been revised down amid macroeconomic concerns.
In a broader context, other major U.S. carriers had previously lowered their forecasts due to uncertainties related to President Trump's tariff policies, which contributed to a sense of consumer unease regarding spending on travel. Concurrently, Bitcoin (BTC-USD) soared to a new all-time high, surpassing $113,000 on Thursday. This price surge emerged amid growing bullish sentiment across risk assets and coincided with Nvidia's remarkable rise to a valuation of $4 trillion. Additionally, this momentum occurred just ahead of the upcoming U.S. Congress's Crypto Week on July 14, where lawmakers are set to discuss regulatory frameworks for the cryptocurrency industry.
In other market developments on Friday, benchmark U.S. crude oil prices increased by 44 cents to reach $67.01 per barrel, while Brent crude, the international standard, gained 41 cents, climbing to $69.05 per barrel. The trading session also saw the dollar exchange at 146.95 Japanese yen, up from the previous 146.20 yen, while the euro slipped to $1.1682 from $1.1704.
Reported by the Associated Press, this mix of economic indicators and market activities illustrates the volatile landscape investors are navigating as they assess both opportunities and risks associated with broader economic developments.
