Markets in Asia were mixed on Friday following recent strong gains and after the Dow and the S&P 500 hit new records, although European stocks retreated.
Modest gains on Wall Street came after an upward revision to US GDP for the second quarter and bumper results from AI chip giant Nvidia.
The upward GDP hike to 3.3 percent from 3.0 percent mainly reflected improvements in investment and consumer spending.
“After the initial release, there were concerns that the domestic (US) economy was slowing quite sharply,” said Richard Flax at Moneyfarm. “But these latest data suggest that the economy is a bit stronger than initially feared.”
Attention is now on Friday’s release of a key US inflation reading and the implications for the Federal Reserve’s interest rate outlook.
The Paris stock market extended its recovery Thursday after tumbling early in the week on fears that France’s minority government could be toppled, as it struggles to find around $51 billion in savings.
But London, Paris and Frankfurt retreated during early trading Friday.
In Asia, Japan’s Nikkei and Seoul ended down while Shanghai advanced.
Hong Kong crept higher ahead of results from tech titan Alibaba and electric car giant BYD. Oil prices dipped.
Japanese industrial production fell by 1.6 percent month-on-month, while vehicle output plunged 6.7 percent.
“That fall echoes the big drop in motor vehicle exports last month and suggests that US tariffs are starting to bite,” said Marcel Thieliant at Capital Economics.
On Thursday, Japan’s tariff envoy, who was seeking to finalise a trade deal struck in July, abruptly cancelled a visit to Washington.
Tokyo – Nikkei 225: DOWN 0.3 percent at 42,718.47 (close)
Hong Kong – Hang Seng Index: UP 0.8 percent at 25,189.34
Shanghai – Composite: UP 0.4 percent at 3,857.93 (close)
London – FTSE 100: DOWN 0.1 percent at 9,210.71
Euro/dollar: DOWN at 1.1664 from $1.1680 on Thursday
Pound/dollar: DOWN at $1.3485 at from $1.3508
Dollar/yen: UP at 147.13 yen from 146.97 yen
Euro/pound: UP at 86.50 at from 86.46 pence
West Texas Intermediate: DOWN 0.7 percent at $64.17 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $68.17 per barrel
New York – Dow: UP 0.16 percent at 45,636.90 points (close)
New York – S&P 500: UP 0.32 percent at 6,501.86 (close)
