MANILA, Philippines — Global shares are mostly down on Friday after Wall Street closed at an all-time high with Delta Air Lines kicking off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally.
In early European trading, Germany's DAX lost 0.9% to 24,246.86. In Paris, the CAC 40 shed 0.7% to 7,850.46, while Britain's FTSE 100 edged 0.2% down to 8,956.81.
In Asia, shares were mixed. Chinese markets were sharply higher in earlier trading, buoyed by signs of possible additional stimulus measures in China and Goldman Sachs Group's upgrade of Hong Kong stocks to market-weight. The gains were later trimmed, with the Hang Seng in Hong Kong finishing 0.6% higher to 24,172.50, and the Shanghai Composite up 0.1% to 3,510.18 .
Tokyo's Nikkei 225 closed 0.2% lower to 39,569.68, while South Korea's Kospi shed 0.2% to 3,173.77.
Australia's S&P/ASX 200 slipped 0.1% to 8,580.10, and India's BSE Sensex fell 0.8% to 82,518.15.
The S&P 500 futures was down 0.5%. The Dow Jones Industrial Average futures slid 0.6%.
''Just as the market was catching its breath at new highs—drunk on Nvidia fumes and blissfully ignoring the dollar's quiet groan—President Trump tugged the rug again. A new act in the tariff opera: 35% duties on Canadian imports, with a sweeping upgrade in blanket tariffs now floating between 15% and 20%," Stephen Innes of SPI Asset Management said in a commentary.
''Asian equities, initially hopeful, wilted into flat lines as if someone had pulled the plug on the optimism generator. There's a growing sense now that risk has become radioactive—tradable, but only in hazmat gloves," he added.