ASIA/PACIFIC
The Asian stock markets broadly advanced on Thursday, tracking Wall Street’s overnight gains, as investors shrugged off recent trade turmoil. Easing inflation concerns led to a dip in Treasury yields, supporting market sentiment. The Australian stock market closed higher, mirroring global optimism. Meanwhile, in a major trade development, the U.S. Postal Service (USPS) resumed parcel acceptance from mainland China and Hong Kong, reversing a brief suspension prompted by new U.S. trade measures introduced by President Donald Trump. In India, the Reserve Bank of India (RBI) is widely expected to cut benchmark interest rates on Friday, February 7, as policymakers aim to stimulate economic growth.
EUROPE
European markets rallied to record highs as investors reacted to corporate earnings and a quarter-point rate cut by the Bank of England, which hinted at potential further reductions.
Corporate movers:
- Maersk shares surged more than 10% after reporting stronger-than-expected Q4 earnings.
- Earnings reports were also released by Carlsberg, ING, ArcelorMittal, AstraZeneca, Ørsted, Vinci, L’Oréal, Siemens Healthineers, and Telenor, influencing market sentiment.
AMERICAS
U.S. stocks closed mostly higher as investors assessed job market data and corporate updates. Job cuts for January stood at 49,795, according to Challenger, Gray & Christmas Inc. Initial jobless claims rose by 11,000 to 219,000 in the week ending January 31, the Department of Labor reported. Meanwhile, in a major geopolitical shift, Panama formally withdrew from China’s Belt and Road Initiative (BRI), signaling a recalibration of its economic alignment.
AFRICA
Nigeria’s Eurobond yield fell to a 39-day low on Tuesday, February 4, as investor demand increased, according to Nairametrics. Zimbabwe’s central bank announced on Thursday, February 6, that it would keep its monetary policy rate unchanged at 35%. Egypt signed two agreements with the European Bank for Reconstruction and Development (EBRD) on Wednesday, February 5, to stimulate private sector growth.
MIDDLE EAST
Gulf stock markets delivered a mixed performance on Thursday. Saudi Arabia’s Capital Market Authority (CMA) launched a public consultation on proposed regulatory changes for investment funds. The move aims to enhance transparency, protect investors, and align with global best practices. The consultation period runs until March 7, 2025. Saudi Arabia’s Public Investment Fund (PIF) is reportedly seeking a $3.1 billion loan, with backing from Italian insurer and export credit agency SACE, according to Bloomberg.
COMMODITIES
GOLD
Spot gold fell 0.4% to $2,854.66 per ounce while U.S. gold futures shed 0.4% to $2,880.8. Despite the decline, bullish momentum remains intact amid ongoing inflation hedging.
OIL
Brent crude futures rose 28 cents, or 0.4%, to $74.89 a barrel. U.S. West Texas Intermediate
crude was up 35 cents, or 0.5%, at $71.38, following a sharp price hike by Saudi Arabia’s state oil company for its March crude shipments.
