ASIA/PACIFIC
Asian markets resumed losses on Wednesday as U.S. President Donald Trump pressed ahead with sweeping new global tariffs, including a 104% levy on Chinese goods. However, China’s Shanghai Composite Index rose 1.3% after Beijing vowed to implement “resolute and effective” measures to defend its economic interests. Hong Kong’s Hang Seng Index advanced 0.7%, while Japanese equities faced steep losses, with the Nikkei 225 tumbling 3.9%.
EUROPE
European stock markets ended sharply lower as escalating trade tensions and growing concerns over the global economic outlook weighed heavily on sentiment. The European Union approved an initial package of retaliatory trade measures in response to U.S. duties on steel and aluminum. The pan-European Stoxx 600 index closed down 3.5%, its lowest level since January 2024, with losses across all sectors. Germany’s DAX plunged 2.99%, France’s CAC 40 lost 3.34%, and London’s FTSE 100 retreated 2.92%.
AMERICAS
Wall Street staged a historic rally after President Trump announced a 90-day suspension of most tariffs — with the notable exception of China, where import duties were raised to 125%. The S&P 500 soared 9.5%, its best day in years, while the Dow Jones Industrial Average jumped 7.9%. The tech-heavy Nasdaq Composite surged 12.2%, marking its largest single-day gain in over two decades.
AFRICA
Egypt’s blue-chip EGX 30 index slipped 1.9%, weighed down by currency concerns and capital outflow risks. The country, facing persistent foreign currency shortages, plans to raise $2 billion in Islamic bonds (sukuk) through multiple issuances this year, Finance Minister Ahmed Kouchouk told Reuters.
MIDDLE EAST
Gulf markets ended mixed as regional investors reacted to heightened global volatility amid escalating U.S.-China trade tensions. Saudi Arabia’s benchmark index fell 1.8%, while Dubai’s main share index edged 0.1% higher. Abu Dhabi’s index advanced 0.9%, supported by banking and energy shares. Qatar’s index closed marginally higher, up 0.1%.
COMMODITIES
GOLD
Gold prices climbed as investors sought safety amid escalating trade frictions. Spot gold rose 3.4% to $3,086.04 an ounce (as of 11:23 a.m. ET), while U.S. gold futures gained 3.7% to $3,101.70.
OIL
Crude oil prices surged after President Trump temporarily lowered tariffs on non-Chinese imports, easing concerns over global demand. U.S. benchmark WTI rose $2.77, or 4.65%, to settle at $62.35 per barrel. Global benchmark Brent crude added $2.55, or 4.06%, to close at $65.37 per barrel.
