ASIA/PACIFIC
Asian markets ended mostly lower on Friday as investors remained cautious ahead of two key events: the release of the Fed’s preferred inflation gauge and the U.S. reciprocal tariffs set to take effect on April 2. Shanghai Composite Index fell 0.7%, Hang Seng Index dropped 0.6, Nikkei 225 lost 1.8%, weighed by Tokyo’s inflation rising to 2.9% in March from 2.8% in February, reinforcing expectations of further rate hikes from the Bank of Japan. Thailand’s Stock Exchange suspended all trading following a strong earthquake in Myanmar. Australia’s S&P/ASX 200 rose 0.16%, defying the regional trend, after Prime Minister Anthony Albanese announced a national election on May 3.
EUROPE
Major European markets closed mostly lower after the European Commission’s report showed a continued decline in consumer confidence across the euro area. The paneuropean Stoxx 600 dropped 0.77%, Germany’s DAX declined 0.96% and France’s CAC 40 shed 0.93%. UK’s FTSE 100 slipped 0.08%
France’s inflation held steady at 0.9% in March, below the 1.1% forecast. Spain’s annual inflation eased to 2.2% from 2.9% in February.
AMERICAS
Wall Street closed lower as the latest core PCE inflation—a closely watched measure—came in hotter at 2.8%, clouding prospects for near-term rate cuts. The S&P 500 dropped by 2%, the Dow Jones Industrial Average fell by 1.7% and The Nasdaq Composite declined by 2.7%. President Donald Trump’s announcement of a 25% tariff on imported vehicles and auto parts, effective April 2, raised concerns about increased costs and potential retaliatory measures from trading partners. Reports indicated a decline in consumer spending and confidence, suggesting that households are becoming more cautious amid the global trade war and rising prices. The combination of these factors contributed to heightened market volatility and investor uncertainty.
AFRICA
In Nigeria, the Securities and Exchange Commission (SEC) reaffirmed its commitment to investor protection. New measures include a “name and shame” initiative to publicly identify Capital Market Operators who breach regulatory standards.
MIDDLE EAST
The Central Bank of the UAE (CBUAE) unveiled a new symbol for the national currency, the Dirham, marking a significant move in monetary branding. Abu Dhabi Commercial Bank received a credit rating upgrade to A+ (from A) with a stable outlook by S&P Global Ratings, citing strong financials and asset quality. Mubadala Investment Company injected new capital into U.S. lender 3650, strengthening cross-border investment ties. In Qatar, the Qatar Central Bank (QCB) issued its first BNPL license to Paylater, pioneering this financial service in the country.
COMMODITIES
GOLD
Spot gold rose 0.7% to $3,077.48/oz, while U.S. gold futures added 0.7% to $3,083.20 as investors sought refuge in safe-haven assets amid rising fears of a global trade war.
OIL
Brent crude edged down 4 cents to $73.99/bb. WTI crude also dipped 4 cents to $69.88/bbl
Despite minor losses, both benchmarks were poised for a third straight weekly gain driven by geopolitical pressure in Venezuela and Iran.
