Asian Stocks Rise as US Market Nears Records Amid Tariff Adjustments and Oil Gains

Japan Stocks Slightly Higher, ASX 200 Hits Record High on Month-End Buying

Key Points

  • Asian markets gained following Wall Street’s rally and the extension of U.S. tariff exemptions on Chinese goods.
  • U.S. stock indexes neared record highs, driven by gains in tech stocks and easing trade tensions.
  • Oil prices rose due to geopolitical uncertainty from the Ukraine-Russia conflict.
  • China criticized the U.S. for new tech-related export restrictions despite the tariff pause.

Asian markets advanced on Tuesday following gains on Wall Street, where key U.S. indexes inched closer to record highs after a strong May. The boost came as the U.S. government extended tariff exemptions on certain Chinese imports, and oil prices surged amid geopolitical tensions.

The U.S. Trade Representative announced a three-month extension—until August 31—of tariff exemptions on certain Chinese goods, including solar manufacturing equipment. The move eased market concerns about escalating trade tensions between the world’s two largest economies.

Despite the extension, China criticized Washington over new measures, including AI chip export restrictions, the suspension of chip design software sales, and a proposal to revoke some Chinese student visas. Nonetheless, investors appeared to welcome the temporary de-escalation, with markets across Asia rallying.

Hong Kong’s Hang Seng rose 1.42% to 23,487.70, Shanghai’s Composite gained 0.42% to 3,361.56, Japan’s Nikkei 225 added 0.11% to 37,512.70, Australia’s ASX 200 climbed 0.63% to 8,466.70, and Taiwan’s Taiex jumped 0.59% to 21,126.93. South Korea’s markets were closed due to a snap presidential election triggered by the impeachment of President Yoon Suk Yeol.

On Wall Street, the S&P 500 rose 0.4% to 5,935.94, the Dow Jones Industrial Average inched up 0.1% to 42,305.48, and the Nasdaq Composite climbed 0.7% to 19,242.61. Tech stocks, such as Nvidia and Meta, led the rally, gaining 1.7% and 3.6%, respectively.

Meanwhile, oil prices climbed due to heightened risks to global supply after Ukrainian attacks in Russia. U.S. crude rose by 62 cents to $63.14 per barrel, while Brent crude increased by 57 cents to $65.19.

President Trump’s move to double steel tariffs to 50% boosted U.S. steelmakers, with Nucor and Steel Dynamics surging over 10%. However, automakers suffered; Ford and GM each fell 3.9%.

Treasury yields rose, with the 10-year yield hitting 4.44%, as concerns about rising U.S. debt and borrowing costs persist. The dollar strengthened slightly against the yen, while the euro dipped marginally.

EDITORIAL TEAM
EDITORIAL TEAM
TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

Read More

We are highly passionate and dedicated to delivering our readers the latest information and insights into technology innovation and trends. Our mission is to help understand industry professionals and enthusiasts about the complexities of technology and the latest advancements.

Visits Count

Last month: 31023
This month: 26491 🟢Running

TECHNOLOGY ARTICLES

SERVICES

COMPANY

CONTACT US

FOLLOW US