Asia stock markets mixed on Friday following overnight rally on Wall Street after the S&P 500 closed to a near record. The White House’s efforts downplayed the urgency of upcoming tariff deadlines, easing investor concerns over a prolonged trade war. U.S. Commerce Secretary Howard Lutnick stated President Trump plans to finalize major trade deals in the next two weeks, before a July 9 deadline could see tariffs reinstated. Lutnick emphasized a "top 10 deals" strategy for Bloomberg News. Investors now closely watched upcoming US-Iran nuclear talks, while the fragile Israel-Iran ceasefire appears to be holding. WTI crude oil futures rose for a third straight session toward $66 per barrel on Friday but remained on track for its worst week since March 2023, following a ceasefire between Israel and Iran. Gold fell to around $3,300 per ounce on Friday, approaching its lowest level in nearly four weeks. Japan ( NKY:IND ) rose 1.42% to around 40,100 on Friday, while the broader Topix Index advanced 1.1% to 2,835, as Japanese equities rallied to multi-month highs after data showed that Tokyo’s core inflation rate slowed in June. The Japanese yen steady around 144.3 per dollar on Friday, near two-week highs. In Japan, investors weighed data showing Tokyo’s core inflation slowed in June rose 3.1% year-on-year in June 2025, though it remained well above the Bank of Japan’s 2% target—sustaining expectations of further rate hikes by the BOJ. Retail sales in Japan increased by 2.2% year-on-year in May 2025, down from an upwardly revised 3.5% rise in the previous month and below market expectations of 2.7% growth. Japan’s unemployment rate held steady at 2.5% in May 2025 for the third consecutive month, matching market expectations. China ( SHCOMP ) fell 0.37% to around 3,355 while the Shenzhen Component gained 0.8% to 10,430 on Friday, after President Donald Trump announced that the US and China signed a trade deal, and the offshore yuan weakened to around 7.16 per dollar on Friday, retreating from a near eight-month high reached in the previous session, as investors were left disappointed by the lack of details in the latest US-China deal. The White House announced a "framework" agreement for the U.S. and China to resume rare earth shipments. Commerce Secretary Howard Lutnick confirmed China will supply the materials, and the U.S. will lift "countermeasures." China’s industrial profits fell 9.1% year-on-year in May — the sharpest decline in seven months — highlighting persistent headwinds facing the economy. Meanwhile, investors are closely watching the outcome of the concluding Politburo meeting for potential stimulus measures. Separately, Reuters reported that Taiwan will impose anti-dumping duties on Chinese-made beer and hot-rolled steel for four months, starting July 3. Hong Kong ( HSI ) fell 0.03% to 24,348 in early trade Friday, following losses in the previous session. India ( SENSEX ) rose 0.11% India has imposed anti-dumping duties on plastic processing machines imported from China and Taiwan for five years, according to a report by The Economic Times. Australia ( AS51 ) fell 0.12% to around 8,601 on Friday. The Australian dollar strengthened to above $0.655 on Friday, extending a five-session rally and reaching its highest level since November 2024. On the domestic front, attentions turn to next week’s May retail sales, which could reinforce concerns over Australia’s growth outlook and support the case for a July rate cut. In the U.S., on Thursday, all three major indexes ended higher with the S&P 500 reaching all-time high and Nasdaq 100 topping its previous session's record closes, driven by easing geopolitical tensions, strong tech performance, and rising hopes for interest rate cuts. Traders are closely watching the upcoming PCE price index report—the Fed’s preferred inflation gauge—for further policy signals. U.S. stock futures were little changed on Friday as investors awaited the release of the latest PCE price index report: Dow +0.19% ; S&P 500 +0.13% ; Nasdaq +0.11% . Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Japan's retail sales up 2.2% in May, least in 3 months; unemployment stalls at 2.5% China’s industrial profits fall 9.1% Y/Y in May; fall slightly in Jan-May BoJ minutes reveal ongoing caution on economy amid inflation & market risks PBoC injects CNY 300 Billion into banking system via MLF to boost liquidity Australia's monthly CPI dips to 7-month low of 2.1% in May
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