ASIA/PACIFIC
Asian markets closed lower on Thursday despite softer U.S. inflation data strengthening expectations of further Federal Reserve rate cuts this year. Investor sentiment remained cautious amid escalating trade tensions after Canada and the EU swiftly retaliated against U.S. steel and aluminum tariffs, prompting President Trump to vow countermeasures. In Australia, equities ended in negative territory as Morgan Stanley downgraded its rating on Australian stocks, citing concerns that domestic firms may underperform relative to global markets.
EUROPE
European markets finished the session in the red after U.S. President Donald Trump threatened a 200% tariff on alcohol exports if the European Union did not remove its 50% tariff on American whiskey. The pan-European Stoxx 600 edged down 0.15%, with automakers leading the declines, down 1.7%. Germany’s DAX fell 0.48%, while France’s CAC 40 dropped 0.64%, reflecting broader concerns over trade disputes.
AMERICAS
U.S. stock markets experienced a significant downturn despite positive economic indicators, such as lower-than-expected inflation and reduced unemployment claims. Investor sentiment remained negative due to trade uncertainties. The S&P 500 fell 1.4%, the Dow Jones decreased 1.3% and the Nasdaq Composite declined 2%. “Financial markets are paying more attention to announcements from the White House about tariffs and job cuts than the hard numbers,” said Bill Adams, Chief Economist for Comerica Bank.
AFRICA
Egypt’s blue-chip EGX 30 index gained 0.8%, driven by strong performances in banking and industrial stocks. Meanwhile, the Pan-African Payments and Settlement System (PAPSS)—a platform backed by 15 central banks—announced plans to expand its reach later this year, according to CEO Mike Ogbalu in a statement to Reuters.
MIDDLE EAST
Gulf markets ended on a positive note, supported by easing U.S. inflation concerns. Saudi Arabia’s benchmark index rose 0.2%, led by a 0.6% gain in Al Rajhi Bank. Dubai’s main index climbed 0.5%, with Emaar Properties up 1.1% Abu Dhabi’s index added 0.2%, driven by a 0.9% rise in ADNOC Gas.
Qatar’s benchmark slipped 0.1%, weighed down by a 0.3% drop in Qatar National Bank, while United Development Company tumbled 4.7%.
COMMODITIES
GOLD
Gold continued its upward momentum, with spot prices rising 1.6% to $2,977.36 per ounce, marking its 12th record high of 2025. U.S. gold futures followed suit, climbing 1.4% to $2,989.
OIL
Crude prices retreated amid ongoing market volatility: Brent crude fell $1.06 (-1.5%) to $69.89 per barrel.
West Texas Intermediate (WTI) crude declined $1.13 (-1.7%) to $66.55 per barrel.
