ASIA/PACIFIC
Monday saw Asian equities navigate a complex landscape of economic headwinds. Persistent worries about tariffs, coupled with increasing anxieties over a potential U.S. recession, weighed on sentiment. China’s deepening deflationary pressures, highlighted by a February consumer price index drop of 0.7%, further unsettled markets. Japan’s Nikkei 225 bucked the trend, gaining ground. However, Chinese indices, including the Shanghai Composite and Hang Seng, experienced declines, amid Beijing’s latest tariffs on Canadian imports. In Australia, energy stocks provided a positive boost, leading the market to close higher.
EUROPE
European stock markets closed lower as concerns over U.S. tariff policies weighed on investor sentiment. Technology stocks across the region followed their U.S. counterparts into negative territory, pressured by heightened trade uncertainty. However, the automotive sector outperformed, rising 1.24%, driven by strong gains in Porsche and Stellantis. Overall, the pan-European Stoxx 600 index fell 1.4%, reflecting broader market caution amid global economic uncertainties.
AMERICAS
U.S. stock markets experienced a significant downturn, marking the worst trading day of the year. Uncertainty about President Donald Trump’s tariff moves, fears of a recession in the world’s largest economy, and weak global growth outlook weighed on investor sentiment. The Dow closed down 2.08% the S&P 500 ended lower by slumped 2.7% while the Nasdaq dropped tanked 4%.
AFRICA
Angola is signaling its intent to re-enter the international bond market, having completed non-deal investor meetings and calls in the US, Middle East, and UK, according to IFR. Officials recently met with investors in Boston and New York, followed by visits to the Gulf and calls with London-based investors. Angola’s 9.5% bond, with $864.4 million outstanding, matures on November 12, as per LSEG data.
MIDDLE EAST
Gulf stock markets declined in early trading, driven by investor concerns over global economic growth due to new import tariffs, which led to a shift away from riskier assets. According to consumer price data from GCC-Stat, the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf, the overall inflation rate within GCC nations increased by 1.7 percent in October 2024, relative to the same period in 2023.
COMMODITIES
GOLD
Spot gold gained 0.1% to $2,912.79 per ounce at 0243 GMT, with U.S. gold futures rising 0.2% to $2,919.40, driven by a weaker dollar and safe-haven demand.
OIL
Brent crude declined 0.4% to $70.11 a barrel by 0037 GMT, while U.S. West Texas Intermediate fell by the same percentage to $66.76, as tariff concerns weighed on investor sentiment.
