Global Equities Mixed, FX Pressured & Commodities in Focus

Global markets reflected a mix of optimism and caution as corporate earnings, policy cues, and geopolitical risks guided sentiment. Investors balanced upbeat results from select companies against concerns over growth and volatility in key sectors.

Global markets are navigating a blend of optimism and caution as investors weigh corporate earnings, central bank policy signals, and trade-related risks. While certain sectors are delivering strong performances, broader sentiment remains fragile due to tariff tensions, tech sector volatility, and ongoing geopolitical uncertainties.

Equities: Earnings Shine, But Tech Drags

Wall Street earnings continue to make headlines. Partners Group reported a 14% profit increase on higher performance fees, raising its 2025 guidance. Alibaba gained after Mizuho lifted its price target, pointing to improving momentum in both its cloud and e-commerce businesses. However, not all corporate stories were upbeat; Tesla’s India launch underwhelmed, with only about 600 orders so far, while Spirit Airlines plunged 45% after filing for Chapter 11 bankruptcy.

In Asia, stocks were mixed. Stocks in Japan and South Korea slipped, pressured by weakness in U.S. tech shares, while Hong Kong gained support from stronger China PMI data. Analysts note that markets remain vulnerable to swings in U.S. interest rate expectations and global tariff policies.

FX: Dollar Steady, Rupee Under Pressure

The U.S. dollar held firm as traders awaited key inflation numbers and further signals from the Federal Reserve. In Asia, currencies mostly softened; the Indian rupee hovered near record lows as steep U.S. tariffs weighed, while the yen and won also struggled. The Chinese yuan, however, showed relative stability as policymakers continue to manage growth concerns.

Commodities: Gold Breaks Records, Oil Holds Gains

Commodity markets stayed in focus. Gold prices surged past $3,500/oz, marking a record high, supported by rate cut bets and lingering tariff uncertainty. Oil prices also held gains amid concerns about Russian supply disruptions, with traders watching the upcoming OPEC+ meeting closely. Meanwhile, in base metals, silver and platinum advanced, though copper lagged behind on demand worries.

SGFX Summary

Looking ahead, investors will be watching for fresh inflation data, central bank policy updates, and trade headlines. With U.S. tariffs continuing to cloud global trade flows and the technology sector struggling with volatility, markets are likely to remain choppy. That said, strong earnings in select sectors and resilience in commodities like gold may provide near-term support.