ASIA/PACIFIC
Asian markets closed mixed on Tuesday as the initial optimism from the recent U.S.-China trade deal faded, with investors reassessing the likelihood of Federal Reserve rate cuts this year. Hong Kong’s Hang Seng Index suffered its sharpest drop in nearly a month, falling 1.87%. Japan’s Nikkei 225 managed to hold onto gains, closing 1.43%. Australia’s S&P/ASX 200 inched up 0.43%.
EUROPE
European markets ended mostly higher, driven by strong German economic sentiment and encouraging corporate earnings. The ZEW Economic Sentiment Index for Germany posted a significant rise for May, boosting investor confidence. The pan European Stoxx 600 edged up 0.12%. Germany’s DAX and France’s CAC 40 climbed 0.31% and 0.3%, respectively. The U.K.’s FTSE 100 ended 0.02% down.
AMERICAS
U.S. stock markets experienced mixed results, influenced by a combination of encouraging inflation data and notable corporate developments. Investors digested the fresh report on consumer prices, which showed that the annual inflation rate stood at 2.3% in April, declining from 2.4% recorded in March. Additionally, it was confirmed that the US and Saudi Arabia signed an economic partnership agreement during US President Donald Trump’s visit to the Middle East. The S&P 500 rose by 0.7%, the Nasdaq Composite tech-heavy index advanced 1.6%. Contrarily, the Dow Jones declined by 0.6%.
AFRICA
Egypt’s EGX 30 index rose 0.37% on Tuesday, extending its recent gains. Meanwhile, the Suez Canal Authority announced a 15% discount on transit fees for container ships with net tonnage of at least 130,000 metric tons, effective from May 15 for 90 days, aimed at encouraging trade and helping ship operators offset rising insurance costs.
MIDDLE EAST
Most stock markets in the Gulf ended higher, supported by U.S. President Donald Trump’s high-profile visit to Saudi Arabia, which sparked optimism over new trade deals and investment opportunities. Saudi Arabia’s Tadawul index gained 0.38%, boosted by a 9.85% surge in Saudi Arabian Refineries. Dubai: The main index rose 0.54%. Qatar: The main index slipped 0.22%, reversing early gains. Bahrain: Up 0.1% on cautious trading. Oman: Down 0.35%. Kuwait: Gained 0.25%.
COMMODITIES
GOLD
Spot gold climbed 0.67% to $3,255.24 an ounce. U.S. gold futures were up 0.81% at $3,254.
OIL
Brent crude futures rose $1.85 (2.85%) to $66.81 per barrel. West Texas Intermediate (WTI) crude climbed $1.92 (3.1%) to $63.87 per barrel.