ASIA/PACIFIC
Asian markets tumbled as investors absorbed the weight of Trump’s tariff escalation. China, now facing a new 34% tariff on top of existing duties, effectively saw its rate rise to 54%. In response, Beijing warned it would take “resolute counter-measures” and urged Washington to reverse the unilateral actions. Other nations were not spared: India, South Korea, and Australia now face tariffs of 26%, 25%, and 10%, respectively. Japan led regional declines, with the Nikkei 225 plunging 2.8%, pressured by both tariff concerns and a strengthening yen, which eroded exporters’ competitiveness. In Hong Kong, the Hang Seng Index fell 1.5%, while China’s Shanghai Composite edged down 0.2%. Australia’s S&P/ASX 200 dropped 0.9%, reflecting weaker sentiment and global trade anxieties.
EUROPE
European equities suffered a sharp selloff as the continent braced for a 20% tariff on EU imports and a 10% levy on UK goods. Governments in France, Spain, and Brussels began emergency consultations to mitigate the fallout. The Stoxx 600, Europe’s broad benchmark, slumped 2.7%, while the Stoxx Autos Index—home to major carmakers—plunged 3.9%. In individual markets, the FTSE 100 fell 1.6%, France’s CAC 40 lost 3.3%, and Germany’s DAX shed 3.1%. Shares of shipping giant Maersk, widely seen as a global trade bellwether, plummeted 10%, underscoring the scale of investor fear.
AMERICAS
On Wall Street, U.S. stocks closed sharply lower as traders weighed the consequences of reciprocal global tariffs now directed at America. The full impact of the policy is still unfolding, but early market signals point to rising volatility and broader systemic risk, particularly in the industrial, tech, and consumer goods sectors. The Nasdaq plummeted 6% the S&P 500 plunged 4.8% and the Dow tumbled 4%.
AFRICA
Egypt’s EGX 30 index dropped 1% after returning from a four-day Eid holiday. Leading lender Commercial International Bank shed 3.3%. Adding to concerns, Egypt’s non-oil private sector entered contraction for the first time in 2025, according to S&P Global, citing weakened domestic demand. Meanwhile, in South Africa, Absa Group announced plans to expand into the UAE by 2026 to capitalize on growing cross-border investment trends between the Middle East and Africa, Bloomberg reported.
MIDDLE EAST
Markets across the Gulf declined on fears that escalating trade tensions could tip the global economy into recession. Saudi Arabia’s TASI Index fell 1.2%, while Dubai’s DFM Index slumped 1.7%, dragged down by Emaar Properties, which dropped 9.7%—its worst day since March 2020 after going ex-dividend. Qatar and Oman markets remained closed for Eid.
COMMODITIES
GOLD
Gold retreated from record highs amid a broader market selloff. Spot gold declined 0.85% to $3,106.99, after hitting an intraday record of $3,167.57. U.S. gold futures settled 1.4% lower at $3,121.70, as traders locked in profits.
OIL
Oil prices plunged as eight OPEC+ producers moved forward with output hikes. The ICE Brent June contract traded at $70.50 per barrel in London, while WTI May futures dropped 6.41% to $67.11, on fears of oversupply and weakening global demand.
