Global Overview
Global equities climbed as a 90-day U.S.–China tariff truce boosted sentiment across risk assets. U.S. stocks led the charge, while Europe and Asia followed with broad gains. Commodities showed mixed action, and fixed income markets reacted to a hawkish pause by central banks.
U.S. Markets: Tariff Truce Sparks Rally
Wall Street saw a broad rally as investors welcomed tariff relief and strong employment data. The S&P 500 hit its highest level since March, driven by cyclical and financial stocks.
- S&P 500 Index: ▲ 74.21 (+1.32%) to 5,681.12
- Dow Jones Industrial Average: ▲ 428.67 (+1.05%) to 41,257.67
- Nasdaq Composite: ▲ 215.34 (+1.22%) to 17,905.00
Sector Snapshot
- Nvidia, Apple: ▲ modest gains
- Financials (JPM, BAC): ▲ strong recovery
- Defense (Lockheed, RTX): ▲ outperform
- Energy: mixed despite oil weakness
- AI & Infrastructure ETFs: ▲ continued inflow
European Markets: Broad Gains
Europe tracked Wall Street’s positive tone, with defense and industrial stocks leading. Germany’s DAXK was a standout on YTD strength from defense orders and solid earnings.
- STOXX 600: ▲ 1.67%
- FTSEurofirst 300: ▲ 1.75%
- DAXK (Germany): ▲ 15.71% YTD
- CAC 40 (France): ▲ 6.24% YTD
Asia-Pacific: Led by Hong Kong
Asian equities rallied, with tech and central bank stimulus lifting sentiment. Hong Kong’s Hang Seng surged, while Japan lagged due to ongoing tariff concerns.
- Hang Seng (HK): ▲ 20.01% YTD
- CSI 300 (China): ▲ 2.00% (week prior)
- Shanghai Composite: ▲ 1.92% (week prior)
- Nikkei 225 (Japan): ▼ 5.64% YTD
Emerging Markets: Rebounding
Emerging markets extended gains on the back of Chinese optimism and Brazilian strength.
- Emerging Market Index: ▲ 2.14% (as of May 2)
- Brazil: ▲ rebound supports Jan-to-date 9.37% EM gain
- Latin America: ▲ outperforming
- Vietnamese Dong: stabilized after record lows
Fixed Income: Yields Rise on Strong Data
Stronger U.S. jobs data reduced rate-cut expectations, pushing Treasury yields higher. Credit markets remained stable.
- U.S. 10-Year Treasury: ▲ to 4.359% (May 9)
- 30-Year Yield: ▲ to 4.7889%
- Frontier Markets: mixed performance amid prior tariff stress
Commodities: Mixed After April Declines
Oil remained range-bound after April’s selloff. Gold showed resilience on safe-haven demand.
- Brent Crude: ▼ 14.4% in April to $66.13
- WTI Crude: ▼ 11.9% to $63.30
- Gold: ▼ from $3,500 April peak, settled near $3,288.16
- Early May Gold: ▲ nearing $3,000/oz
Cryptocurrencies
- Bitcoin: ▲ 14.5% in April to $94,256.36 (▲ 1.8% YTD)
- Ethereum: flat at $1,796.97
- Sentiment: cautious optimism despite pullback from ATH
Currencies
- U.S. Dollar: strong after truce, delaying Fed cut expectations
- AUD: volatile on China exposure
- Vietnam Dong: stabilized after April lows
Economic Indicators
- Global Growth (IMF): 3.3% forecast for 2025
- U.S. GDP (Q1 2025): ▲ +2.3% (Atlanta Fed estimate)
- U.S. Fed Rate: steady at 4.25%–4.50%
- Germany: ▲ 3% industrial production in March
- China: PBoC cut reverse repo to 1.4% to combat deflation
Key Events
- U.S.–China Tariff Truce: 90-day pause reduced global recession fears
- Central Bank Moves: Fed, BOE cautious but holding rates
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