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Global Markets Start the Week Mixed Amid Trade Uncertainty and Movements in Gold and Currencies

Global markets opened the week with noticeable mixed performance as investors closely monitor trade developments
and fluctuations in gold and currency markets.

Contents

• Gold
  
• Japan
  
• Europe 

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Gold

Gold prices fell during Monday’s trading session as the US dollar strengthened,
with markets closely watching the ongoing trade tensions between the United States and other countries.
June gold futures dipped slightly to $3,296.30 per ounce,
while spot prices dropped by 0.98% to $3,287.11 per ounce after reaching a historic high of $3,500.05 on April 22.
Despite the recent pullback, gold prices remain up by approximately 25% since the beginning of the year,
outperforming most major asset classes.
The gains have been fueled by heightened uncertainty resulting from US tariffs imposed by President Donald Trump,
pushing investors toward safe-haven assets.

Silver futures for July delivery also declined by 0.94% to $33.02 per ounce,
while spot platinum prices stabilized at $975.44 per ounce. Meanwhile,
the US Dollar Index rose by 0.27% to 99.73 points.

Investors are awaiting the release of the US Non-Farm Payrolls report for April,
due on Friday, which could offer important signals regarding the Federal Reserve’s future interest rate policies.

Japan

In Japanese markets, indices rose at the start of the week,
driven by investor optimism about a potential trade agreement with
the United States during the second round of negotiations set to begin on Wednesday.
The Nikkei 225 Index closed up by 0.4% (134 points) at 35,839 points, while the broader Topix Index climbed 0.85% to 2,650 points.
The US dollar also strengthened against the Japanese yen by 0.1% to 143.82 yen,
while the yield on 10-year Japanese government bonds fell by 1.7 basis points to 1.323%.
The Bank of Japan is expected to maintain interest rates unchanged at its upcoming meeting concluding on Thursday.

Europe

In European markets, indices opened the week higher with
broad-based gains across all sectors as investors anticipated more corporate earnings reports.
The pan-European Stoxx Europe 600 Index rose by about 0.4% to 522.5 points,
supported by gains in the automotive and technology sectors.
France’s CAC 40 increased by 0.55% to 7,577 points,
the UK’s FTSE 100 rose by 0.3% to 8,440 points,
and Germany’s DAX climbed by 0.45% to 22,338 points.
Additionally, Italy’s Mediobanca offered a €6.3 billion bid to acquire its domestic rival Banca Generali,
boosting Banca Generali’s stock by approximately 7%.

Global Markets Start the Week Mixed Amid Trade Uncertainty

Global Economy Amid Rising Eurozone Retail Chinese Gold Reserves and U.S. Market Volatility

Retail sales in the Eurozone continue to improve, the People’s Bank of China boosts its gold reserves,
while U.S. markets face sharp fluctuations amid growing geopolitical and economic concerns.

Contents
Retail Sales
China
Futures Markets

Retail Sales

Eurozone retail sales continue annual growth in February, supported by food and non-food goods
Official data released Monday by Eurostat showed accelerated growth in Eurozone retail sales during February,
driven by rising sales in both food and non-food sectors.
Retail sales rose by 2.3% year-on-year, compared to 1.8% in January and 2.2% in December,
reflecting continued improvement in consumer spending across the region.
This annual increase was supported by a 1.9% rise in food and beverage sales, a 2.5% rise in non-food products,
and a 0.7% increase in automotive fuel sales.
On a monthly basis, retail sales rose by 0.3% in February,
backed by a 0.3% growth in food and beverage sales and a 0.2% increase in fuel sales.
Among the largest Eurozone economies, Germany saw strong growth of 4.8% in retail sales year-on-year,
France recorded a 2.3% increase, while Italy experienced a decline of 1.1%.

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China

People’s Bank of China continues to boost gold reserves for the fifth month amid global tensions
The People’s Bank of China (PBOC) continued raising its gold reserves for the fifth consecutive month in March,
signaling a deeper reliance on the precious metal as a safe haven amid rising global trade and geopolitical tensions.
Data released Monday showed the bank added around 90,000 ounces to its gold reserves last month.
This comes as part of the current purchasing wave that resumed in November after a six-month pause,
which followed an 18-month streak of continuous buying.
China’s move reflects a broader trend among global central banks to increase gold holdings in a bid to diversify reserves
amid uncertainty driven by U.S. economic policies under President Donald Trump.
Although gold has lost some recent gains due to widespread market selloffs triggered by tariffs,
ongoing central bank purchases and inflows into global ETFs continue to support gold price expectations this year.

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Futures Markets

U.S. stock futures trim losses despite “fear index” jumping to highest level since the pandemic
U.S. stock futures trimmed part of their losses during pre-market trading on Monday,
despite investor fears surging to levels not seen since the COVID-19 crisis.
Dow Jones Industrial Average futures fell 2.54%,
or 1031 points, to 37,551 after having dropped more than 1,490 points earlier in the session.
S&P 500 futures dropped 2.41% to 4,987, while Nasdaq 100 futures declined 2.55%, or 446 points, to 17,092.
This performance came despite a jump in the Volatility Index (VIX), also known as the “fear index,”
to 52.86 — its highest since January 2020 during the pandemic outbreak.
Meanwhile, investors continued flocking to safe-haven assets,
with the 2-year U.S. Treasury yield dropping by 7.4 basis points to 3.596%,
after hitting 3.52% earlier — its lowest since September 2022.

Global Economy Amid Rising Eurozone Retail Chinese Gold Reserves and U.S. Market Volatility