The US stocks fell on Thursday as trade uncertainty and changes to the Trump administration’s tariff policy fueled investor anxiety. The Dow Jones Index (US30) was down 0.99%. The S&P 500 Index (US500) decreased by 1.78%. The Nasdaq Technology Index (US100) fell by 2.79%, hitting its lowest level since last November.

The US government currently holds about 200,000 bitcoins worth about $18 billion. The order also says it will create a US digital asset reserve to store other confiscated crypto assets. However, the news did not enthuse investors as the US government will not buy bitcoin to replenish the reserve, meaning there is no new buying pressure on the market. White House Chief of Staff David Sachs announced the reserve will be funded solely by bitcoins seized in criminal and civil forfeiture cases.

Equity markets in Europe were mostly up on Thursday. Germany’s DAX (DE40) jumped 1.47%, France’s CAC 40 (FR40) closed 0.29% higher, Spain’s IBEX 35 (ES35) gained 0.15%, and the UK’s FTSE 100 (UK100) closed 0.83% yesterday. The DAX index rose more than 1% to a new record high above 23,360 on Thursday, with most stocks rising as European leaders pledged to increase defense spending and support Ukraine, reacting to Donald Trump’s change in US policy. EU leaders welcomed proposals for greater budgetary flexibility in defense and a plan to jointly borrow up to 150 billion euros to finance military spending. The European Central Bank delivered an expected interest rate cut but took a more cautious stance on future rate changes, revising its near-term inflation forecasts upward.

WTI crude oil prices traded around $66 a barrel on Friday, starting the worst week since October and the longest weekly losing streak since December 2023. The potential impact of changes in global trade pressured prices. Although President Donald Trump eased some tariffs on Mexico and Canada before April 2, retaliatory tariffs on Canada remain, and China’s measures will take effect next week. The bearish sentiment is compounded by the fact that OPEC+ plans to restart production in April, which coincides with the prospect of a restart of the Kirkuk-Ceyhan pipeline and increased production from Kazakhstan’s Tengiz field, adding to fears of oversupply.

Asian markets traded flat yesterday. Japan’s Nikkei 225 (JP225) fell 1.60%, China’s FTSE China A50 (CHA50) gained 0.66%, Hong Kong’s Hang Seng (HK50) rose 0.59%, and Australia’s ASX 200 (AU200) was negative 1.26%.