On Friday, the Dow Jones (US30) rose by 0.08% (week-to-date +1.27%). The S&P 500 Index (US500) gained 0.08% (week-to-date +0.57%). The Nasdaq Technology Index (US100) gained 0.39% (week-to-date +0.42%). The major US indices bounced off their lows in the afternoon session after President Trump showed some “flexibility” on tariffs. While President Trump mentioned “flexibility,” he emphasized that tariffs imposed before April 2 would be reciprocal, and countries imposing tariffs against the US would face similar charges in return. Among individual stocks, FedEx (FDX) fell more than 10% after cutting its full-year expectation, citing “continued weakness and uncertainty” in the economy. Nike (NKE) shares fell nearly 9% after warning of lower sales for the quarter. Meanwhile, Boeing shares are up more than 4% after winning a contract to design and build a next-generation fighter jet for the US military.

Equity markets in Europe were mostly down on Friday. Germany’s DAX (DE40) was down 0.47% (week-to-date -0.46%), France’s CAC 40 (FR40) closed down 0.63% (week-to-date +0.11%), Spain’s IBEX 35 (ES35) added 0.33% (week-to-date +2.62%), and the UK’s FTSE 100 (UK100) closed down 0.63% (week-to-date +0.17%). European equity markets opened lower on Friday, extending losses from the previous session, as global economic and trade uncertainty continued to weigh on sentiment. German lawmakers approved a government borrowing reform aimed at boosting defense spending. Deutsche Bank economists then revised their projections, predicting German GDP growth of 1.5% in 2026 and 2.0% in 2027.

WTI crude oil prices added 0.3% on Friday to reach $68.3 per barrel for a second consecutive weekly gain of 1.64%, helped by new US sanctions against Iran and a new OPEC+ plan to cut production among the organization’s seven members. The US Treasury Department imposed new sanctions against Chinese refineries and ships involved in importing Iranian oil, intensifying Washington’s “maximum pressure” campaign to reduce Iran’s oil exports to zero. Analysts expect Iranian exports to fall by 1 million barrels a day due to the tightened sanctions.

Silver (XNG/USD) fell more than 1% to $33 an ounce on Friday, hitting a one-week low amid a rising US dollar. The dollar’s strength came after Federal Reserve Chairman Jerome Powell reiterated that the Central Bank is in no hurry to cut interest rates further, despite announcing two possible rate cuts this year. Powell pointed to weakening economic growth and labor market concerns but maintained a cautious stance due to uncertainty over US President Donald Trump’s tariff policy and its impact on inflation. Additional pressure on silver came from continued economic concerns in China, which lowered the outlook for industrial demand as Beijing announced new stimulus measures without providing specific details.

Asian markets were mostly down last week. Japan’s Nikkei 225 (JP225) was down 0.20%, China’s FTSE China A50 (CHA50) lost 2.10%, Hong Kong’s Hang Seng (HK50) decreased by 2.21%, and Australia’s ASX 200 (AU200) was positive +1.78%.

Singapore’s annualized inflation rate eased to 0.9% in February 2025 from 1.2% in the previous month, slightly below market expectations of 0.95%. On a monthly basis, consumer prices rose to 0.8% in February 2025, recovering from a 0.7% drop in the previous month. Meanwhile, the annualized core inflation rate fell to 0.6% from 0.8% in January 2025, the lowest since June 2021.

The New Zealand dollar hit a one-week low on Monday as concerns over the looming April 2 deadline for retaliatory US tariffs put pressure on the export-dependent currency. However, President Trump has said the tariff plans could be “flexible” and recent reports suggest their scope may be narrower than expected, which could exempt some industries from the full impact.