Asian markets rose on Friday after U.S. stock indexes slipped as Wall Street’s weak end to last year carried into 2025.
U.S. futures and oil prices rose.
Japan’s market is closed for the New Year holiday. The dollar remained steady on Friday, trading at 157.29 Japanese yen, down from 157.51 yen. In early December, it had been hovering around 150 yen.
Hong Kong stocks rallied from Thursday’s slump amid worries that U.S. President-elect Donald Trump might raise tariffs from China and other Asian countries once he takes office this month. The Hang Seng added 1% to 19,814.78, while the Shanghai Composite index dropped 0.4% to 3,249.04.
China has placed 28 U.S. entities, including General Dynamics, on its export control list to “safeguard national security and interests,” according to a statement from the Commerce Ministry on Thursday.
The ministry also announced it was adding export restrictions on specific technologies used in manufacturing battery components and processing critical minerals such as lithium and gallium.
The Kospi jumped 1.9% to 2,445.06, with the giant SK Hynix Inc. up 5.6% and Samsung Electronics Co. rose 2%. As the political crisis in South Korea entered a new phase, investigators arrived at the presidential residence with a warrant to detain impeached President Yoon Suk Yeol.
Australia’s S&P/ASX 200 climbed 0.6% to 8,252.00.
On Thursday, the S&P 500 fell 0.2% to 5,868.55, extending the four-day losing streak that dimmed the close of its stellar 2024. The index pinballed through the day between an early gain of 0.9% and a later loss of 0.9% before locking in its longest losing streak since April.
The Dow Jones Industrial Average fell 0.4% to 43,392.27, after an early gain of 360 points disappeared, and the Nasdaq composite lost 0.2% to 19,280.79.
Tesla helped drag the market lower after disclosing it delivered fewer vehicles in the last three months of 2024 than analysts expected. The electric-vehicle company’s stock slumped 6.1%.
Tesla was one of the big winners of 2024, particularly after Donald Trump’s Election Day victory raised speculation that Elon Musk’s close relationship with the president-elect could help the company. But critics have been warning that prices all across the stock market have run too high, too quickly and are at risk of a pullback.
Constellation Energy jumped 8.4% for the one of the biggest gains in the S&P 500 after announcing it won more than $1 billion in combined contracts with the U.S. General Services Administration to supply power and perform energy savings and conservation measures.
