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Global markets were mixed, with Wall Street closing lower, while European bourses rallied as the US Federal Reserve kept rates on hold, albeit with a hawkish tone that could tighten financial conditions for Americans.
While the US Federal Reserve kept rates on hold at yesterday’s policy meeting, a hawkish tilt from committee members dominated global sentiment, pushing Wall Street into the red.
S&P 500 closed 1.21% lower, the NASDAQ gave back 1.34%, and the Dow Jones shed 0.98% after policymakers signalled a possible rate hike later this year amid renewed inflationary concerns.
Europe ended on a firmer note as the FTSE 100 edged up 0.14% and the Euro Stoxx 50 rose 0.68%, supported by falling energy prices amid progress toward an interim agreement between the US and Iran.
The cautious overnight tone on Wall Street reverberated across Asian markets on Thursday as investors mulled higher interest rate expectations and earlier news that US President Donald Trump digitally signed an interim peace deal with Iran to end the war and reopen the Strait of Hormuz.
The Hang Seng Index is currently down 1.70%, and the ASX 200 is trading 0.38% lower, while Japan’s Nikkei 225 is currently up 1.87% on the back of solid gains from semiconductor and AI-related shares.
Tencent’s 1.75% decline may weigh on Naspers and Prosus at the open with a weaker move on the ASX 300 Metals and Mining Index (-1.21%) suggesting that local mining counters may also face additional pressure during today’s session – platinum and palladium are under notable strain with gold also falling earlier this morning.
The local bourse saw a volatile start to Wednesday’s trading session but managed a leap higher in late afternoon trade, finishing the session firmly above the line as investors continued to assess global headlines surrounding the Middle East and interest rate expectations as well as a host of local economic releases including inflation and retail sales figures.
The All Share Index and Top 40 Index gained 0.41% and 0.46% to close at 116 025 points and 108 041 points, respectively. Financials (+1.37%) were the best performers, bolstered by banking counters (+1.75%), with Standard Bank (+2.25%) and FirstRand (+2.18%) leading the day.
Resources (+1.03%) maintained momentum from the PGM rally while Industrials (-0.97%) bucked the trend, closing in the red as Naspers and Prosus fell 2.65% and 2.36%, respectively.
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$SD

European companies are on track to report their strongest quarterly earnings growth in three years, driven largely by gains in the energy and financial sectors, even as concerns over the prolonged Iran war continue to weigh on the economic outlook and consumer sentiment.
According to LSEG I/B/E/S data, first-quarter earnings for European companies are expected to rise 10.2%.
The improvement comes despite the ongoing Iran war disrupting global energy supplies and increasing concerns around global growth and inflation.
Analysts also pointed to a widening performance gap between US and European markets.
Since the war began, the STOXX 600 has fallen 2.3%, while the S&P 500 has gained 8% and the tech-heavy Nasdaq Composite has advanced 17%.
Strong earnings from major technology companies also helped support US markets.
Last week, Advanced Micro Devices Inc. jumped nearly 19% after forecasting quarterly revenue above expectations due to strong demand for data-centre chips.
Meanwhile, Alphabet Inc. and Microsoft Corporation also exceeded Wall Street expectations in recent weeks.
Consumer-focused sectors in Europe continue to face mounting pressure as confidence weakens.
Euro zone consumer confidence has fallen to a three-and-a-half-year low, while higher commodity prices continue to affect consumer staples companies.
Auto stocks are down 11.5%, while retail shares have declined 8.9%, with losses increasing during earnings season.
Luxury goods giant LVMH Moët Hennessy Louis Vuitton reported a sales impact from the Iran war last month.
British pub chain JD Wetherspoon plc also issued its third profit warning in five months last week.
Analysts at Amundi Investment Institute said a prolonged conflict would likely hurt European growth and company earnings.
They also warned that firms may struggle to pass rising costs on to consumers compared with the initial inflation shock following the Ukraine war.
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