Asian markets mostly gained on Friday, showing resilience despite a sharp sell-off on Wall Street triggered by fresh tariff threats from US President Donald Trump.
Investors in the region reacted to economic data, central bank signals, and rising gold prices, which helped lift sentiment across key indices.
Meanwhile, Australian miners surged as gold prices hit a record high, and Chinese stocks rebounded from a volatile week.
China’s CSI 300 leads gains
Mainland China’s CSI 300 index jumped 2.34% by midday Singapore time, marking one of the strongest gains in the region.
The rally was led by healthcare, consumer cyclicals, and non-cyclicals stocks, reflecting renewed investor confidence despite ongoing global uncertainties.
Hong Kong’s Hang Seng Index also saw a robust 1.9% rise, driven by a 14.38% surge in pharmaceutical giant WuXi Biologics.
Other top gainers included BYD (+6.43%), Ping An Insurance (+6.12%), and Meituan (+5.90%).
In Japan, the Nikkei 225 climbed 0.89%, while the broader Topix index rose 0.79%, supported by gains in tech and financial stocks.
Australia’s S&P/ASX 200 closed 0.55% higher at 7,789.7, with gold miners leading the charge.
Gold miners rally as prices hit record highs
Gold prices soared to a new record, nearing the key $3,000 per ounce mark as concerns over US trade policies and potential Federal Reserve rate cuts fueled demand for the safe-haven asset.
Australian mining stocks surged in response. Bellevue Gold rallied 5.71%, Newmont Corporation gained 5.46%, while Evolution Mining (+5.11%) and Kingsgate Consolidated (+4.12%) also posted strong gains.
Wall Street plunge fails to shake Asia’s confidence
The gains in Asia came despite a sharp downturn in US markets, where the S&P 500 fell 1.39%, the Dow Jones Industrial Average dropped 1.3%, and the Nasdaq Composite tumbled 1.96%.
The sell-off was triggered by Trump’s vow to impose 200% tariffs on European alcoholic products, escalating global trade tensions.
However, Asian markets remained resilient, with investors focusing on domestic economic trends and company performance rather than external volatility.
Bank of Japan expected to hold rates steady
Investors are also eyeing the Bank of Japan’s monetary policy meeting on March 18-19, with MFS Investment Management predicting that the central bank will keep rates unchanged amid expectations of strong inflation and wage growth.
Meanwhile, shares in Samsung SDI fell 7.21% after the company announced a 2 trillion won ($1.38 billion) share issuance to fund its joint venture with General Motors and expand manufacturing capacity in Hungary.
Asian currencies weaken
The Japanese yen depreciated 0.29% to 148.25 per US dollar, retreating from recent five-month highs.
The Korean won also weakened 0.15%, while the Australian dollar edged 0.1% lower.
Gold maintains gains amid trade and monetary policy uncertainties
Spot gold surged 0.14% overnight to a record $2,989.86 per ounce, driven by rising concerns over Trump’s trade policies and Fed rate cut bets.
As of Friday morning, prices hovered near $2,986.90 per ounce.
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