Asian markets recorded declines at the close of trading today, Friday, August 1, the closing session of the week, as trade tensions returned to the forefront after the tariff deadline was postponed from today. US President Donald Trump imposed new tariffs on 68 countries, which will take effect on the 7th of the month, while raising tariffs on Canada to 35%, which will take effect today, Friday.
In economic data released this morning, figures from Japan showed a slowdown in the manufacturing Purchasing Managers’ Index (PMI) in July, which fell to 48.9 from 50.1 in June. Companies reported a decline in demand due to the tariffs, which were 25% before the trade agreement. In contrast, the Caixin China Manufacturing Purchasing Managers’ Index (PMI) fell to 49.5 in July, compared to 50.4 in June, affected by a decline in new business growth, as new export orders contracted for the fourth consecutive month.
Japanese markets were mixed today, with the Nikkei index closing the week at 40,799 points, down 0.66%, or 270 points. The Topix index of the Tokyo Stock Exchange rose today by about 0.25%, closing at 2,950. Both indices recorded weekly losses of 1.6% and 0.1%, respectively. Tokyo Electron led the Nikkei’s losses, falling more than 18%, the largest decline since August 2024, as the chip equipment manufacturer cut its operating profit forecast by more than 20%.

Chinese indices also declined in today’s closing session, with the broader CSI300 index falling by approximately 0.51% to close at 4,054 points, while the Shanghai Composite Index closed down 0.37% at 3,559 points.
The Hang Seng Index, the main index tracking the largest technology companies listed on the Hong Kong Stock Exchange, fell by approximately 92.0% today, closing at 24,546 points. China Petroleum & Chemical led the declines, with declines of more than 5.5%.
Conversely, South Korea’s Kospi index fell by approximately 3.88% in today’s session, closing at 3,119 points.
India’s Sensex index lost approximately 0.38% before closing at 80,877 points, while the Nifty 50 index declined by approximately 0.47% to trade at 24,650 points.

New Zealand stock markets closed with losses today, with the NZX50 index falling by 0.74% to close at 12,729 points, while Australia’s ASX200 index fell by 0.92% to close at 8,662 points, marking a new record high. Singapore’s main index fell by 0.35% in pre-market trading.