Asian shares track rally on Wall Street that won back most of Friday's
wipeout
[August 05, 2025] By
ELAINE KURTENBACH
BANGKOK (AP) — Asian shares advanced on Tuesday, following U.S. stocks
higher after they won back most of their sharp loss from last week.
Investors appeared to have recovered some confidence after worries over
how President Donald Trump’s tariffs may be punishing the economy sent a
shudder through Wall Street last week.
At the same time, a stunningly weak U.S. jobs report Friday raised
expectations that the Federal Reserve will cut interest rates at its
next meeting in September, potentially a plus for markets.
This week's highlights will likely include earnings reports from The
Walt Disney Co., McDonald’s and Caterpillar, along with updates on U.S.
business activity.
In Asian trading, Tokyo's Nikkei 225 index gained 0.6% to 40,515.81,
while the Kospi in South Korea jumped 1.4% to 3,192.57.
In Hong Kong, the Hang Seng rose 0.3% to 24,799.67. The Shanghai
Composite index was up 0.5% at 3,602.13.
Australia's S&P/ASX 200 jumped 1.1% to 8,759.90, while the SET in
Thailand also gained 1.1%.
India's Sensex was the sole outlier, losing 0.5% on concerns over trade
tensions with the United States, with the Trump administration insisting
on cutbacks in oil purchases from Russia.
India has indicated that it will continue buying oil from Russia, saying
its relationship with Moscow was ‘steady and time-tested,’ and that its
stance on securing its energy needs is guided by the availability of oil
in the markets and prevailing global circumstances.
“Trump’s threats of ‘substantial’ tariff hikes on account of imports of
Russian crude pose a quagmire for India,” Mizuho Bank said in a
commentary. “Between exacerbated U.S.-imposed geo-economic headwinds and
financial/macro setbacks from Russian oil advantages lost, pain will be
hard to avert.”
On Monday, the S&P 500 jumped 1.5% to 6,329.94. The Dow Jones Industrial
Average climbed 1.3%, or 585.06 points, to 44,173.64.
The Nasdaq composite leaped 2% to 21,053.58.
Idexx Laboratories helped Wall Street recover from its worst day since
May, soaring 27.5% after the seller of veterinary instruments and other
health care products reported a stronger profit for the spring than
analysts expected.
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Currency traders watch monitors near a screen showing the Korea
Composite Stock Price Index (KOSPI) at the foreign exchange dealing
room of the Hana Bank headquarters in Seoul, South Korea, Tuesday,
Aug. 5, 2025. (AP Photo/Ahn Young-joon)
 The pressure is on U.S. companies to
deliver bigger profits after their stock prices shot to record after
record recently. Reports from big U.S. companies have largely come
in better than expected and could help steady a U.S. stock market
that may have been due for some turbulence.
A jump in stock prices from a low point in April had raised
criticism that the broad market had become too expensive.
Tyson Foods likewise delivered a bigger-than-expected profit for the
latest quarter, and the company behind the Jimmy Dean and Hillshire
Farms brands rose 2.4%.
They helped make up for a nearly 3% loss for Berkshire Hathaway
after Warren Buffett’s company reported a drop in profit for its
latest quarter from a year earlier. The drop-off was due in part to
the falling value of its investment in Kraft Heinz.
American Eagle Outfitters jumped 23.6% after Trump weighed in on the
debate surrounding the retailer’s advertisements, which highlight
actor Sydney Sweeney’s great jeans. Some critics thought the
reference to the blonde-haired and blue-eyed actor’s “great genes”
may be extolling a narrow set of beauty standards. “Go get ’em
Sydney!” Trump said on his social media network.
Wayfair climbed 12.7% after the retailer of furniture and home decor
said accelerating growth helped it make more in profit and revenue
during the spring than analysts expected.
Tesla rose 2.2% after awarding CEO Elon Musk 96 million shares of
restricted stock valued at approximately $29 billion. The move could
alleviate worries that Musk may leave the company.
In other dealings early Tuesday, U.S. benchmark crude oil shed 9
cents to $66.20 per barrel while Brent crude, the international
standard, gave up 8 cents to $68.68 per barrel.
The U.S. dollar was unchanged at 147.09 Japanese yen. The euro
slipped to $1.1555 from $1.1573.
___
AP Business Writers Stan Choe and Matt Ott contributed.
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