ASIA/PACIFIC
Asian stocks posted their largest rally in more than two years after U.S. President Donald Trump announced a 90-day pause on most reciprocal tariffs, allowing time for fresh negotiations — although duties on Chinese imports were raised to 125%. Japan led regional gains, with the benchmark Nikkei 225 surging 9.13%. Hong Kong’s Hang Seng Index jumped 2.1%, while China’s Shanghai Composite Index rose 1.2%. In Australia, the S&P/ASX 200 Index soared 4.5%, marking its best daily performance in five years, with broad-based buying across sectors.
EUROPE
European equities closed sharply higher as markets continued to ride the wave of optimism following Washington’s decision to delay tariffs on EU imports. In response, the European Commission announced a temporary pause on planned retaliatory duties scheduled for April 15. The pan-European Stoxx 600 index surged 3.7%, marking its best session in three years. Germany’s DAX advanced 4.33%, France’s CAC 40 gained 4.16%, while London’s FTSE 100 climbed 3.19%.
AMERICAS
U.S. stock markets opened lower after the White House confirmed to CNBC that the cumulative tariff rate on Chinese imports would rise to 145%, higher than initially expected. The previous day’s historic rally, driven by the tariff reprieve, faded as investors reassessed the escalation of trade tensions between Washington and Beijing.
AFRICA
Egypt’s EGX30 blue-chip index closed 2.4% higher. Egypt’s annual core consumer price index (CPI) slowed to 9.4% in March 2025 from 10% in February, according to the Central Bank of Egypt (CBE). Meanwhile, Fitch Ratings noted that despite U.S. aid freezes and heightened global trade tensions, widescale credit downgrades across Africa remain unlikely.
MIDDLE EAST
Gulf stock markets ended higher, led by Saudi Arabia’s Tadawul index, which jumped 3.7% — its strongest intraday rise since March 2020 — buoyed by a 3.2% gain in Al Rajhi Bank and a 5.5% surge in Saudi National Bank. Dubai’s main index advanced 1.7%, while Qatar’s index rose 1.9%. The Middle East’s local currency debt market is expected to gain further momentum this year, with Qatar and Kuwait poised for large sovereign issuances, according to HSBC Bank Middle East.
COMMODITIES
GOLD
Gold prices extended their upward momentum. Spot gold rose 1.6% to $3,132.29 an ounce (as of 09:29 a.m. ET), while U.S. gold futures climbed 2.3% to $3,150.20.
OIL
Oil prices retreated as traders focused on the intensifying U.S.-China trade dispute. U.S. benchmark WTI crude fell $2.66, or 4.27%, to settle at $56.69 per barrel. Global benchmark Brent crude dropped $2.64, or 4.03%, to close at $62.84 per barrel.
