ASIA/PACIFIC
Asian stocks extended their losses in thin trading on Friday, as markets in mainland China, Hong Kong, and Taiwan remained closed for Tomb Sweeping Day. Investor sentiment was dampened by U.S. President Donald Trump’s announcement of reciprocal tariff rates affecting over 180 countries and territories, along with retaliatory measures from China. These developments fueled fears of a potential global trade war, prompting widespread selling across the board. Japanese markets bore the brunt of the sell-off, with the Nikkei 225 Index plunging 2.8% to hit an eight-month low. Lower bond yields weighed heavily on banks, while exporters were further pressured by a strengthening yen. In Australia, markets tumbled to an eight-month low, led by sharp declines in energy and tech stocks amid growing concerns about the global economic outlook. The benchmark S&P/ASX 200 Index slumped 2.4%.
EUROPE
European equities suffered steep declines, with several indices hitting fresh multi-month lows. Trump’s tariff measures prompted warnings of retaliatory actions from European leaders, exacerbating market uncertainty. Disappointing economic data from Germany—including weaker-than-expected factory orders, construction sector reports, and a drop in new car registrations—further soured investor sentiment. The pan-European Stoxx 600 index plummeted 5.12%, reflecting widespread panic across the region. In Germany, the DAX fell 4.81%, dragged down significantly by Deutsche Bank, which dropped 9.77%. The U.K.’s FTSE 100 closed 4.95% lower, reaching its lowest level since March 2020, while France’s CAC 40 tumbled 4.26%.
AMERICAS
Major U.S. stock markets closed sharply lower on Friday, mirroring global turmoil triggered by China’s retaliatory tariffs on all U.S. goods. Beijing’s response heightened concerns over the escalating trade conflict between the U.S. and other major economies. UBS analysts warned that Trump’s latest tariff measures could shave up to 2 percentage points off U.S. economic growth this year and push inflation close to 5%. President Trump remained optimistic, asserting that “the markets are going to boom, the stock is going to boom, and the country is going to boom.” The S&P 500 nosedived 5.97%. The Dow Jones Industrial Average plunged 5.5%, S&P 500 while the Nasdaq Composite declined 5.8%.
AFRICA
South Africa has opted against immediate retaliation against the United States following President Trump’s imposition of a 31% tariff on South African imports. Instead, senior government officials announced plans to negotiate exemptions and quota agreements. The U.S. is South Africa’s second-largest bilateral trading partner after China. Earlier this week, Trump introduced a 10% baseline tariff on all imports, alongside higher targeted duties on dozens of countries.
MIDDLE EAST
The Saudi Exchange suspended trading for seven companies after they failed to meet the deadline for publishing their financial statements for the fiscal year ending December 31, 2024. Affected firms include Saudi Industrial Development Co., Development Works Food Co., National Gypsum Co., Arabian Contracting Services Co., and Al Jouf Cement Co. from the Main Market, as well as Keir International Co. and Knowledge Net Co. from the Parallel Market. Trading will resume on April 6 for 20 sessions, giving them until May 1 to comply with regulatory requirements.
In Lebanon, the new central bank governor outlined plans to revive the country’s paralyzed financial system. He emphasized that commercial banks must either recapitalize, merge, or face closure, prioritizing small depositors in efforts to recover their funds.
COMMODITIES
GOLD
Spot gold prices fell 1.9% to 3,053.98 per ounce, while U.S. gold futures declined 1.63,072.10. Analysts attributed the drop to investors liquidating some of their gold holdings to cover losses in other asset classes due to margin calls.
OIL
Crude oil futures saw another volatile session. WTI futures plunged over 7% to $62.04 per barrel, extending Thursday’s 6.6% drop, as markets struggled with the dual shock of OPEC+’s surprise output hike and mounting global economic concerns.
