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Asian Markets Rise Amid Wall Street Trade War Woes
Friday April 18, 2025 4:22 AM
Asian shares showed modest gains during thin Good Friday trading, following a turbulent session on Wall Street where the Dow Jones Industrial Average dropped 1.3%. The decline was largely driven by UnitedHealth Group, which lost more than a fifth of its value after reporting weaker than expected profits.
Tokyo's Nikkei 225 rose 0.6% to close at 34,583.29, while South Korea's Kospi edged up 0.3% to 2,478.39. Taiwan's Taiex outperformed with a 0.8% jump, buoyed by regional tech stocks. The gains came after Taiwan Semiconductor Manufacturing Co. (TSMC) reported quarterly profits in line with analyst expectations.
TSMC, a key supplier to global tech giants, also reassured investors by stating it had not yet seen a drop in customer demand due to trade tensions between the U.S. and China. However, the company remained cautious, with Chief Financial Officer Wendell Huang noting that uncertainties related to tariff policies could still pose risks. TSMC's U.S. listed shares rose 0.1% on Thursday.
In contrast, China's Shanghai Composite index slipped 0.3% to 3,272.09. Many global markets, including those in Europe and Australia, were closed for the Good Friday holiday ahead of Easter.
Wall Street's mixed performance on Thursday saw the S&P 500 inch up just 0.1% to 5,282.70, despite threequarters of its component stocks advancing. The Nasdaq Composite dipped 0.1% to 16,286.45, stabilizing after a sharp selloff earlier in the week.
Nvidia continued to weigh on the market, falling 2.9% for a second consecutive day after warning that new U.S. export restrictions on chips to China could cost the company $5.5 billion in first quarter revenue. The chipmaker was the second largest drag on the S&P 500.
The Dow Jones Industrial Average plunged 527 points, largely due to UnitedHealth Group's 22.4% drop—its worst single day decline since 1998. The health insurer slashed its full year earnings forecast, citing higher than expected medical costs from Medicare Advantage patients.
Energy stocks provided a bright spot as oil prices rebounded from recent losses. Diamondback Energy surged 5.7%, while Halliburton climbed 5.1%. U.S. benchmark crude rose $2.18 to $64.01 per barrel, and Brent crude, the international standard, gained $2.11 to $67.96. Oil markets were closed Friday for the holiday weekend.
Investors remain cautious amid lingering concerns over inflation, interest rates, and geopolitical tensions. The mixed performance across global markets reflects ongoing uncertainty as traders await further economic data and corporate earnings reports in the coming weeks.
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Switzerland Tightens Sanctions Against Russia
Switzerland has expanded its sanctions against Russia, adding new advertising restrictions on several Russian media outlets. The updated sanctions list now targets 158 individuals and entities, bringing the country closer to EU measures. This move reinforces Switzerland's firm stance against Russian influence amid ongoing geopolitical tensions. Despite global economic challenges, Switzerland's economy remains strong, with the IMF predicting 0.9% GDP growth in 2025. Wages rose by 1.8% last year, outpacing inflation, with significant increases in health and social sectors. The country continues to demonstrate economic resilience. Zurich has secured the top spot in the 2025 Smart City Index for the sixth consecutive year, showcasing its leadership in urban innovation. In space science, Switzerland plays a key role in the European Space Agency's latest atomic clock mission, highlighting its technological contributions. The nation mourns the loss of renowned author Peter von Matt, a literary icon. Additionally, the traditional Swiss Guard ceremony has been postponed following the death of Pope Francis, marking a period of reflection during significant national and global events.
Japan, Switzerland to Hold Ukraine Landmine Talks
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Philippine President Marcos to Attend Pope Francis Funeral
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Roche to Invest $50 Billion in U.S. Operations
Swiss pharmaceutical giant Roche announced plans to invest $50 billion in the U.S. over the next five years. The expansion will create approximately 12,000 jobs and strengthen research, development, and manufacturing operations in states including California and Massachusetts. The move signals Roche's strong commitment to the U.S. market amid shifting global trade conditions. The investment will focus on advancing medical innovation and expanding production capacity. Roche emphasized the strategic importance of the U.S. as a key hub for pharmaceutical growth. Analysts view this as a significant boost to the domestic life sciences sector. The decision follows increasing competition in the global pharmaceutical industry. Roche's expansion is expected to enhance its ability to deliver cutting edge treatments while supporting local economies. Company executives highlighted the long term benefits of this investment for both patients and the broader healthcare system.
Switzerland Confident on Economy Ahead of U.S. Tariffs
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When Is Pope Francis’ Funeral? What We Know So Far
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Ethiopia Seeks BRICS Bank Membership for Growth
Ethiopia has officially applied to join the BRICS New Development Bank (NDB), marking it as a key priority for the year. Ambassador Leulseged Tadese Abebe confirmed the move, stating Ethiopia has secured political backing from all BRICS members and aims to finalize the process soon. The ambassador emphasized Ethiopia's commitment to integrating into BRICS mechanisms, particularly the NDB, to drive development in agriculture, energy, and industry. He also highlighted the African Union's growing influence within BRICS, with Ethiopia, South Africa, and Egypt advocating for Africa's trade and investment interests. The NDB, founded in 2014, focuses on sustainable development projects in BRICS nations and beyond. Its recent discussions with Bangladesh underscored plans to invest in infrastructure, clean energy, and digital networks. Ethiopia's potential membership could further strengthen Africa's role in global economic partnerships.