Manila, Jun 27 (AP) Global shares were mostly higher on Friday as the week was winding down with the Israel-Iran ceasefire still in place and signs of progress on a China-US trade deal.
Investors were watching for further details after President Donald Trump said the US and China had signed a trade deal. Commerce Secretary Howard Lutnick said in an interview on Bloomberg TV that the deal was signed two days ago, but did not elaborate, saying 鈥淭he president likes to close these deals himself.鈥 China鈥檚 Commerce Ministry said Friday that the two sides had 鈥渇urther confirmed the details of the framework鈥 for their trade talks. But its statement did not explicit mention an agreement to ensure US access to rare earths, materials used in high-tech applications that have been at the centre of negotiations.
鈥淐hina will approve the export applications of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly. It is hoped that the United States and China will meet each other halfway,鈥 the ministry said in a statement.
In early European trading, Germany鈥檚 DAX added 0.8 per cent to 23,847.16. In Paris, the CAC 40 surged 1.3 per cent to 7,656.55. Britain鈥檚 FTSE 100 gained 0.5 per cent to 8,779.78.
The futures for the S and P 500 and the Dow Jones Industrial Average were up 0.2 per cent.
Markets have settled somewhat after the upheavals of the Israel-Iran war and its aftermath.
Worries about Trump鈥檚 higher tariffs have receded since the president shocked the world in April with stiff proposed levies, but they have not disappeared. The wait is still on to see how big the tariffs will ultimately be, how much they will hurt the economy and how much they will push up inflation.
Hong Kong鈥檚 Hang Seng index lost 0.2 per cent to 24,284.15, while the Shanghai Composite index gave up 0.7 per cent to 3,424.23 after China reported that industrial profits slid 9.1 per cent in May, the sharpest drop since last October.
鈥淏eijing may have paused the worst of the trade fight with Washington, but the tariff scars are showing 鈥 and unless demand picks up or pricing stabilises, the pressure on margins and business sentiment will linger,鈥 Stephen Innes, Managing Partner at SPI Asset Management, said in a commentary.
Tokyo鈥檚 Nikkei 225 index gained 1.4 per cent to 40,150.79, as the government reported that consumer prices eased slightly in May.
South Korea鈥檚 KOSPI Composite Index fell 0.8 per cent to 3,055.94, while Australia鈥檚 S and P/ASX 200 shed 0.4 per cent at 8,514.20.
On Thursday, the S and P 500 climbed 0.8 per cent and at 6,141.02 was sitting just 0.05 per cent below its all-time closing high set in February. The index at the heart of many 401(k) accounts had dropped roughly 20 per cent below its record during the spring on worries about Trump鈥檚 tariffs.
The Dow Jones Industrial Average rallied 0.9 per cent and the Nasdaq composite gained 1 per cent.
Reports on Thursday added to evidence the US economy is holding up despite higher tariffs and other challenges, though it has slowed. Orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. Another report said fewer US workers filed for unemployment benefits last week, a potential signal of fewer layoffs.
A third report said the US economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers were distorted by a surge in imports as companies tried to get ahead of tariffs. They鈥檙e expecting a better performance in upcoming months.
In other dealings on Friday, the US benchmark crude gained 46 cents to USD 65.70 per barrel. Brent crude, the international standard, added 41 cents to USD 67.10 per barrel.
The US dollar fell to 144.37 Japanese yen from 144.40 yen. The euro edged higher to USD 1.1710 from USD 1.1703. (AP) PY PY