Asian markets were mostly higher in quiet Good Friday trading, shrugging off turbulence from Wall Street where the Dow Jones Industrial Average slumped 1.3% amid a dramatic sell-off in UnitedHealth Group shares.
Japan’s Nikkei 225 climbed 0.6% to 34,583.29, while South Korea’s Kospi added 0.3% to 2,478.39. Taiwan’s Taiex outpaced regional gains, jumping 0.8%, buoyed by upbeat earnings from chipmaking giant Taiwan Semiconductor Manufacturing Co. (TSMC).
TSMC reported quarterly profits in line with analysts’ expectations and signaled that, for now, customer demand remains intact despite growing concerns over President Donald Trump’s ongoing trade war. “While we have not seen any changes in our customers’ behavior so far, uncertainties and risks from the potential impact from tariff policies exist,” said CFO Wendell Huang. TSMC’s U.S.-listed shares edged up 0.1% on Thursday.
However, not all Asian markets participated in the rally. The Shanghai Composite Index slipped 0.3% to 3,272.09. Elsewhere, many exchanges remained closed for the Easter holiday, leading to thinner trading volumes.
On Wall Street, the Dow plunged 527 points Thursday, dragged down heavily by UnitedHealth Group, which plummeted 22.4%—its worst single-day drop since 1998. The health insurer slashed its profit outlook, citing unexpectedly high costs tied to Medicare Advantage patients requiring more outpatient and doctor care.
The broader market was mixed. The S&P 500 inched up 0.1% to 5,282.70, despite roughly 75% of stocks in the index advancing. The Nasdaq Composite slipped 0.1% to 16,286.45, following a sharper decline the previous day.
Chipmaker Nvidia was among the day’s biggest drags, falling 2.9% as investors reacted to its warning that newly imposed U.S. export restrictions on chips to China could slash its first-quarter revenue by as much as $5.5 billion.
Meanwhile, oil stocks surged on Thursday, rebounding from recent losses. U.S. benchmark crude rose $2.18 to $64.01 per barrel, while Brent crude gained $2.11 to settle at $67.96. Companies such as Diamondback Energy and Halliburton jumped 5.7% and 5.1% respectively. Oil markets were closed Friday in observance of Easter.
The economic fallout of President Trump’s trade policies continues to stir investor anxiety. While Trump signaled on Thursday that negotiations with trade partners might lead to reduced tariffs, his renewed criticism of Federal Reserve Chair Jerome Powell stoked fresh controversy. Trump accused Powell of being consistently “TOO LATE AND WRONG,” adding, “Powell’s termination cannot come fast enough!”
The Federal Reserve, traditionally independent from political influence, has reiterated that escalating tariffs could slow economic growth and stoke inflation. Central bank independence is a key pillar of global investor confidence in the U.S. economy, and history has shown that economies with autonomous central banks typically experience more stable inflation.
In the bond market, the yield on the 10-year U.S. Treasury note edged up to 4.32% from 4.29%, reversing a downward trend earlier in the week. Analysts have raised concerns that rising yields may reflect waning investor confidence in U.S. fiscal stability amid escalating trade tensions.
Economic data released Thursday painted a mixed picture. Weekly jobless claims came in lower than expected, suggesting resilience in the labor market. However, a separate report showed manufacturing activity in the mid-Atlantic region unexpectedly contracted, raising flags about industrial momentum.
European markets ended Thursday lower, with France’s CAC 40 falling 0.6% and Germany’s DAX slipping 0.5%. The European Central Bank cut its benchmark interest rate, a move that typically supports equities, but the decision had already been widely anticipated by investors.
In currency trading early Friday, the U.S. dollar dipped slightly to 132.42 Japanese yen from 132.44 yen. The euro edged higher to $1.1373 from $1.1367.
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