ASIA/PACIFIC
Markets across Asia-Pacific advanced on Tuesday following China’s decision to cut key lending rates in an effort to stimulate economic growth amid rising trade tensions. The People’s Bank of China lowered the 1-year Loan Prime Rate to 3.0% from 3.1%, and the 5-year LPR to 3.5% from 3.6%. In response, the Shanghai Composite Index rose 0.4%, while Hong Kong’s Hang Seng Index surged 1.49%. Japanese equities closed flat, erasing early gains that had been driven by a weaker yen. Australia’s benchmark S&P/ASX 200 rose 0.58% as Australia’s central bank cut its policy rate to 3.85%, its lowest level since May 2023.
EUROPE
European markets ended higher as investors weighed encouraging consumer sentiment data and modest growth in construction output. Eurozone consumer confidence is projected to improve in May, from -16.7 to -15.2, signaling a slight rebound in sentiment. Meanwhile, construction output in the euro area edged up 0.1% in March. The Stoxx 600 index climbed 0.73%, while the UK’s FTSE 100 added 0.94%. Germany’s DAX rose 0.42%, setting a new record high, and France’s CAC 40 gained 0.75%.
AMERICAS
U.S. stocks declined amid lingering uncertainty about the outlook for trade and the global economy following the surge seen over the past several weeks.The Dow plunged 1.9 % the S&P 500 slumped 1.6% and the Nasdaq tumbled 1.4%.
AFRICA
Egypt’s EGX30 blue-chip index closed up 0.87%, led by a sharp 8.05% gain from Beltone Financial.
In broader developments, Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), announced that nearly 2,800 Chinese companies are now operating in Egypt, with total investments surpassing $8 billion.
MIDDLE EAST
Gulf markets mostly closed in positive territory. Saudi Arabia’s benchmark index rose 0.29%, as Economic Minister Faisal Ali Ibrahim affirmed the kingdom’s readiness for “multiple oil price scenarios” during remarks at the Qatar Economic Forum in Doha. Dubai’s main index climbed 0.44%, while Abu Dhabi gained 0.43%. Qatar’s QE Index advanced 0.5%, reaching its highest level since December 31, 2023. The Qatar Investment Authority (QIA) announced plans to at least double its annual U.S. investments over the next decade, signaling long-term strategic positioning.
COMMODITIES
GOLD
Spot gold rose 1.7%, reaching $3,284.74 per ounce, while U.S. gold futures settled at $3,284.60, up 1.6%. The rally reflects investor hedging amid growing uncertainty over U.S. trade policy and a potential ceasefire between Russia and Ukraine.
OIL
Brent crude dipped 0.67% to $65.10 per barrel, while West Texas Intermediate (WTI) fell 0.48% to $62.39, as markets evaluated the outcome of U.S.-Iran nuclear discussions and their implications for oil supply.