Stocks in Japan Hit 12-month High

The Ibovespa fell nearly 0.5% to hover below 136,000 on Friday, as investors focused on corporate earnings and the government’s contingency plan for US tariffs.

On Wednesday, Petrobras reported a Q2 net profit of R$26.65 billion, supported by higher oil production but offset by a drop in global oil and fuel prices, but its shares dropped by over 2% in the session as markets assessed the outlook for the sector and the company's trade with the US. Meanwhile, Vice President Geraldo Alckmin called for dialogue on issues including data centers, big tech, and strategic minerals in regards to trade with the US after talking with charge d'affaires Gabriel Escobar, and said the government’s contingency plan should be unveiled by next Tuesday.

Among other stocks, Vale gained 0.4%, and major banks traded mixed (Banco do Brasil -0.2%, Itaú Unibanco +0.6%).

The S&P/TSX Composite hovered just above the flatline near the 27,770 level on Friday, holding on to a weekly gain of over 2.8% as investors weighed mixed corporate earnings against mounting macroeconomic headwinds.

Software giant OpenText led gains, surging over 8% after beating earnings forecasts despite softer overall sales and the impact of a major divestiture.

Meanwhile, energy and mining heavyweights traded firmly in positive territory as oil and gold prices stabilized heading into the weekend.

However, a steeper-than-expected 41,000 drop in July employment and a persistent 6.9% jobless rate have renewed concerns over domestic demand.

Additionally, investors remain cautious amid escalating trade tensions, with President Trump’s newly imposed 35% tariff on Canadian aluminum and looming auto parts duties posing fresh threats to export-driven sectors.

Stocks in the US were in the green on Friday, with contracts on the three major averages up about 0.3%, as traders weighed President Trump’s latest tariffs, corporate earnings, and developments at the Federal Reserve.

News showed the US administration will apply tariffs on gold bars, reversing industry expectations that they would be exempted.

President Trump also nominated Stephen Miran, chair of the Council of Economic Advisors, to replace Adriana Kugler on the Fed’s Board of Governors.

All sectors booked gains but health outperformed.

On the corporate front, Intel gained 0.4% after its CEO said he has the board’s backing, following Trump’s call for his resignation.

Gilead Sciences jumped 8.6% on strong earnings, and Tesla was up 1.3% despite disbanding its Dojo team.

For the week, the S&P 500 is up 1.6% - its biggest weekly gain in five, the Dow Jones added 0.9%, and the Nasdaq soared 2.9%.

US futures edged higher on Friday, with contracts on the three major averages up about 0.3%, as traders weighed President Trump’s latest tariffs, corporate earnings, and developments at the Federal Reserve.

News showed the US administration will apply tariffs on gold bars, reversing industry expectations that they would be exempted.

President Trump also nominated Stephen Miran, chair of the Council of Economic Advisors, to replace Adriana Kugler on the Fed’s Board of Governors.

On the corporate front, Intel gained 1.1% in premarket trading after its CEO said he has the board’s backing, following Trump’s call for his resignation.

Gilead Sciences jumped 4.5% on strong earnings, while Tesla slipped 0.3% after disbanding its Dojo team.

For the week, the S&P 500 is up 1.6% - its biggest weekly gain in five, the Dow Jones added 0.9%, and the Nasdaq soared 2.9%.

In Mumbai, the SENSEX Index decreased 807 points or 1.00 percent on Friday.

Losses were driven by Bharti Airtel (-3.31%), Mahindra & Mahindra (-1.12%) and Infosys (-0.90%).

The Hang Seng dipped 223 points or 0.9% to close at 24,859 on Friday, reversing gains from the prior four sessions amid broad-based losses.

Sentiment soured ahead of the August 12 deadline for China to reach a lasting tariff deal with the Trump administration.

Traders also remained cautious ahead of China’s July CPI and PPI data due Saturday, with expectations for a slight drop in consumer prices amid weak demand and continued producer deflation due to lingering trade risks.

The tech sector led losses, down around 1.5%, pressured by a nearly 8% plunge in chipmaker SMIC after disappointing Q2 earnings.

Other notable decliners included Mixue Group (-3.1%), Trip.com (-2.3%), and Sands China (-2.3%).

Still, the index gained 1.4% for the week, partially recovering from last week’s 3.5% fall, helped by upbeat July trade data from China.

Meanwhile, mainland stock markets hovered near 10-month highs, buoyed by optimism around the upcoming NPC Standing Committee meeting and Q2 earnings season.