ASIA/PACIFIC
Asian stocks ended on a muted note on Wednesday as caution prevailed ahead of U.S. President Donald Trump’s sweeping tariffs announcement expected later in the day. Hong Kong’s Hang Seng Index
traded flat to close at 23,205.15 while mainland China’s CSI 300 slipped 0.08%. Japan’s Nikkei 225 Index gained 0.28%, South Korea’s Kospi fell 0.62% and Australia’s S&P/ASX 200 Index added 0.12%.
EUROPE
Major European stock markets traded with losses as investors assessed the risks related to the European Union potentially responding to Trump’s new tariffs with countermeasures, which could have an additional impact on economic conditions. The regional Stoxx 600 index closed down 0.6% with broad-based losses across sectors. Only retail and utilities sectors posted modest gains amid the broader risk-off mood. Germany’s DAX slumped 0.64%, France’s CAC 40 slid 0.22% and in the UK, the FTSE 100 sank 0.30%.
AMERICAS
U.S. stocks ended the day firmly in positive territory as global markets braced for US tariffs on all imported cars, steel and aluminum, set to enter into force today. The Nasdaq advanced 0.9%, the S&P 500 climbed 0.7% and the Dow rose 0.6%. Trump is scheduled to announce the new tariffs in a Rose Garden event shortly after the close of trading, with White House press secretary Karoline Leavitt indicating the new levies will be “effective immediately.”
AFRICA
In South Africa, the Rand weakened to its lowest level in months after the ANC passed the Budget without DA support, according to News24. In Egypt, investment firm Beltone announced a 92.11% subscription rate for the first round of its capital increase, with over 4.95 billion shares subscribed — a strong show of investor confidence.
MIDDLE EAST
Most Gulf markets remained closed for Eid al-Fitr but corporate headlines still emerged: Damac’s EDGNEX Data Centers announced the acquisition of Finland-based Hyperco, expanding its European data infrastructure footprint. AD Ports Group reported record 2024 results: Revenue: AED 17.29 billion (+48%), EBITDA: AED 4.51 billion (+69%).
COMMODITIES
GOLD
Spot gold climbed 0.5% to $3,125.82/oz. U.S. gold futures gained 0.6% to $3,163.20, supported by safe-haven demand amid geopolitical and economic uncertainties.
OIL
Brent crude rose 0.6% to $74.91/barrel. WTI gained 0.7% to $71.73, despite a surprising 6.2 million barrel build in U.S. crude inventories, indicating investor focus remained on broader supply risks and geopolitical headlines.
