Singapore's Ministry of Finance expects global energy prices to remain elevated.

July 29 — Japan's Nikkei 225 closed down 930.73 points (-1.49%) at 61,434.19. South Korea's KOSPI closed down 360.58 points (-5.99%) at 5,663.08, after plunging more than 12% intraday and triggering circuit breakers for a second straight session. SK Hynix fell 9.6% post-earnings, having tumbled over 17% intraday — a record intra-day decline; Samsung Electronics slipped 5.2%.

The Conference Board’s consumer confidence index fell to 90.8 in July from a revised 92.2 in June, below a forecast of 92.3. "In July, consumer feedback on factors affecting the economy remained predominantly pessimistic," Conference Board chief economist Dana Peterson said, adding mentions of employment and unemployment rose slightly and households’ views of the labor market remained relatively weak.