Analyst recaps Asian stock markets' performance on Friday

Hong Kong and Tokyo stock markets both retreated on Friday, with the Hang Seng Index edging down 1.09 percent amid broad sector declines, while Tokyo's Nikkei benchmark fell 0.88 percent as investors took profits following a recent surge driven by a U.S.-Japan trade deal.

The Hang Seng China Enterprises Index dropped 1.16 percent to end at 9,150.49 points, and the Hang Seng Tech Index fell 1.13 percent to end at 5,677.90 points.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 370.11 points at 41,456.23, retreating after a sharp rally of more than 2,000 points over the past two days.

Mitsubishi Motors dropped 7.9 percent at 406.0 yen after the automaker said its net profit in the April-June quarter plunged 97.5 percent from a year earlier, pressured by hefty U.S. tariffs.

Timothy Pope, a market analyst, recapped stock markets' performance of Hong Kong and Japan on Friday as follows:

"Hong Kong's markets were the biggest decliners around the region today, actually, the Hang Seng shed 1.1 percent by the close. One of the reasons - and I know I go on and on about this - was price wars. They are still doing nothing for the stock price of the big three Chinese e-commerce giants. Meituan, Alibaba and jd.com are all still putting out a blizzard of coupons for consumers. Now, the government is concerned about this not because it looks a bit like a waste of money, but also because they are concerned about it being a waste of food. A lot of people getting orders for next to nothing and these meals are just not being eaten," he said.

"Over in Japan, the Nikkei 225 was down today, on some profit-taking after Japan and the U.S came to that trade agreement this week. The index was down a bit less than 1 percent, but it's still sitting comfortably above 41,000 points, and up more than 4 percent for the week. Automaker Mitsubishi was among the biggest decliners, it fell 8 percent after reporting an 84-percent drop in first-quarter operating profit. But we're told to expect a bit more caution in the Japanese markets in the next week or so as we’ve got a few quite important central bank meetings coming up. The Fed, of course, will be deciding on interest rates, the BOJ, as well and the European Central Bank (ECB) will be meeting too" he added.

Analyst recaps Asian stock markets' performance on Friday

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.

UNGA President warns global multilateral system "under attack"