Major US stock indices, including S&P 500 and Dow Jones E-mini futures, dropped by 0.5% in the Asian session due to renewed tariff concerns. President Trump threatened the European Union with a 30% tariff if trade terms aren’t improved by August 1st. This comes after hopes for a US-EU trade deal were dashed, leading to market losses in Germany.

Despite the tariff tensions, Asia Pacific markets remained resilient. Hong Kong’s Hang Seng Index rose 0.4%, Singapore’s STI rallied 0.4%, and China’s June exports exceeded expectations, growing by 5.8% year-on-year. Singapore’s Q2 GDP also beat forecasts, growing by 1.4%.

Gold prices surged to a three-week high last Friday, driven by safe-haven demand amid tariff tensions. In the Asia session, gold edged up 0.1% and could confirm a bullish phase with a daily close above US$3,360. Technical signals remain positive for the precious metal.

Read more at Investing.com: Asia Stocks Rally on China Data While US Futures Dip on Trump’s EU Tariff Threats