ASIA/PACIFIC
Asian stocks advanced on Monday as new PMI data signaled a strong start to 2025 for China’s manufacturing sector. Hong Kong’s Hang Seng Index rose 0.3%, following reports that China is considering retaliatory measures on U.S. agricultural and food products if Washington proceeds with its proposed tariff policies. Meanwhile, Australia’s S&P/ASX 200 index closed higher, led by gains in mining and energy stocks.
EUROPE
European markets closed higher, driven by strong performances in defense stocks. On the economic front, Eurozone inflation eased in February, marking an improvement from January, while manufacturing activity showed a rebound across the bloc. Germany’s manufacturing sector also expanded, signaling a potential turnaround. Meanwhile, in the United Kingdom, both manufacturing output and mortgage approvals exceeded expectations.
AMERICAS
Major U.S. stock markets closed the trading session with losses, as investor sentiment remained cautiou safter President Donald Trump said tariffs he had announced earlier on Canada and Mexico would take effect within hours. The S&P 500 fell 1.8%, the Dow Jones Industrial Average lost 1.5%, while the tech-rich Nasdaq plunged 2.6%.
AFRICA
Egypt’s blue-chip EGX30 index advaned 0.4%, supported by a 0.8% gain in Commercial International Bank. Additionally, Egypt’s net foreign assets (NFAs) surged by $2.74 billion in January, reportedly driven by the sale of $2 billion in dollar-denominated bonds, according to the central bank’s data. Meanwhile, global rating agency Fitch forecasted that Kenya’s new Ksh10 billion ($77.51 million) core capital requirements for banks would help reduce non-performing loans (NPLs) and mitigate credit concentration risks.
MIDDLE EAST
Most Gulf stock markets ended higher as investors awaited clarity on potential U.S. tariffs. Saudi Arabia’s benchmark index gained 0.7%. Dubai’s main share index added 0.2%. Abu Dhabi’s index closed 0.1% lower. Qatar’s index rose 0.2%. In the fixed-income market, the issuance of bonds and sukuks in the Gulf region surged to $147.9 billion across 296 issuances in 2024, marking a 55.1% increase year-over-year, according to Kuwait Financial Centre (Markaz).
COMMODITIES
GOLD
Gold prices climbed as a weaker U.S. dollar and tariff concerns fueled demand for safe-haven assets. Spot gold rose 1.1% to $2,891.29 per ounce. U.S. gold futures increased 1.9% to $2,902.30 per ounce.
OIL
Crude oil prices edged lower, weighed down by U.S. tariff concerns and geopolitical uncertainty surrounding Ukraine. Brent crude futures fell $0.16 (-0.22%) to $72.65 per barrel. West Texas Intermediate (WTI) crude declined $0.28 (-0.4%) to $69.48 per barrel.
