Asia stocks fall on tariff uncertainty.
Asian stocks fell on Friday amid increased concerns over U.S. President Donald Trump’s trade tariffs after they were reinstated by an appeals court, overshadowing a prior ruling that blocked the levies.
Chinese markets led losses after Treasury Secretary Scott Bessent said trade talks with Beijing had stalled in recent weeks, denting bets on a more permanent tariff deescalation.
Regional markets tracked a middling overnight performance on Wall Street, which ended well below intraday highs after Trump’s tariff agenda was reinstated by an appeals court, keeping his 90-day trade deal deadline in place.
Trump lashed out against the initial court ruling that blocked his tariffs, and said that he was confident the Supreme Court will allow his tariffs to proceed. He also flagged the possibility of using other mechanisms to impose his tariffs- a bulk of which are set to take effect from early-July.
S&P 500 Futures fell 0.3% in Asian trade. Focus is now on PCE price index data- the Federal Reserve’s preferred inflation gauge– which is due later in the day.
Oil set for second weekly decline.
Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept U.S. President Donald Trump’s tariffs in place.
Brent crude futures slipped 21 cents, or 0.33%, to $63.94 a barrel by 0626 GMT. U.S. West Texas Intermediate crude fell 22 cents, or 0.36%, to $60.72 a barrel. The Brent July futures contract is due to expire on Friday.
Both contracts have fallen 1.3% so far this week.
The downward trajectory largely stemmed from the prospect of rising supplies as investors priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, when eight of its members meet on Saturday.
The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note. The analysts expect prices to remain within current ranges before easing into the high $50s by year-end.
Bitcoin price today down to $106k.
Bitcoin fell on Friday, extending a recent decline from record highs as heightened uncertainty over U.S. President Donald Trump’s trade tariffs spurred sustained profit-taking in crypto.
The world’s largest crypto was set for mild weekly losses, as it retreated from last week’s peaks. More corporate buying action failed to lift prices, after Gamestop announced it had purchased over $500 million worth of coins.
Positive regulatory developments also offered limited support, as the Securities and Exchange Commission said it was dropping its lawsuit against crypto exchange Binance.
Bitcoin fell 1.3% to $106,267.6 by 01:44 ET (05:44 GMT).
Bitcoin heads for weekly loss amid Trump tariff whipsaw
Bitcoin faced extended profit-taking this week after it raced to a record high of over $111,000 last week.
Risk appetite was dented by vastly contrasting signals on Trump’s tariff plans. An appeals court ruled on Thursday to temporarily allow Trump’s tariff agenda, after a federal trade court ruled to block his tariffs earlier this week.
Trump lashed out against the judges involved in the trade court decision, and said he hoped that the Supreme Court will back his tariffs.
But analysts warned that prolonged legal sparring over Trump’s tariffs only stood to increase market uncertainty over their impact.
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