As of Thursday, July 3, 2025, the global markets present a mixed picture, with specific regional developments capturing significant attention. Traders and investors are closely watching the ripple effects of a newly announced trade agreement between the U.S. and Vietnam, alongside key movements in major Asian indices and anticipation for the upcoming U.S. jobs report.
Vietnamese stocks surged, with the benchmark Vietnam Index climbing 0.3% to its highest level since April 2022. This rally follows President Donald Trump’s announcement of a trade deal where the U.S. will impose a 20% tariff on Vietnamese goods, while Vietnam is expected to implement “ZERO Tariff” on American imports. Notably, top performers within the index included Saigon Machinery Spare Parts and Truong Tranh Furniture Corporation, which saw gains of 6.25% and 6.6% respectively, alongside Vietnam Container Shipping rising 4.4%. However, the Vietnamese dong weakened to a record low of 26,195 per dollar. This currency depreciation could offer a buffer against the new U.S. tariffs, as noted by Vishnu Varathan of Mizuho Securities, who also cautioned that such deals highlight an imbalance of leverage disadvantaging Asian exporters.
Across Asia, market performance was varied. Japan’s Nikkei 225 ended virtually flat at 39,785.9, with the Topix index adding a modest 0.1%. South Korea’s Kospi showed strength, gaining 1.34% to 3,116.27, and the Kosdaq rose 1.43%. Conversely, Hong Kong’s Hang Seng index slipped 0.78%, while mainland China’s CSI 300 posted a 0.62% gain. Taiwanese stocks also showed resilience, rising as much as 1.1% to their highest since March 6, driven by technology and consumer cyclicals.
Stateside, U.S. stock futures were largely unchanged as market participants await June’s crucial jobs report. Overnight, the S&P 500 achieved a fresh all-time intraday high and closed at another record, while the Nasdaq Composite advanced 0.94% to a record close of 20,393.13. The Dow Jones Industrial Average, however, experienced a slight dip of 0.02%. The ongoing trade negotiations and their potential impact on global supply chains, particularly regarding transshipment practices, remain a significant focal point for investors assessing future market dynamics.
