Market Commentary

US shares increased on Friday after SpaceX’s strong debut on the Nasdaq bolstered market sentiment. The S&P 500 climbed 0.50%, the Nasdaq added 0.30% and the Dow Jones rose 0.70%. SpaceX began trading at $150 a share, above its $135 IPO price and rapidly rose more than 20% shortly after the open. The rally lifted confidence across equity markets, with some investors saying other stocks now look undervalued. Nvidia ticked up marginally, while AMD and Alphabet rose 4.70% and 0.50%, respectively. Broadcom, Palantir, Amazon, and Meta ended the day lower.

Markets briefly weakened after President Donald Trump warned Iran but hopes of a US‑Iran peace agreement further supported risk appetite. On the policy front, the Federal Reserve (Fed) will announce its rate decision at Chair Warsh’s first meeting.

European equities rallied with the Euro STOXX 50 rising about 2% and the STOXX Europe 600 closing 1.80% higher. Sovereign yields fell and banks outperformed on improved credit prospects: Deutsche Bank jumped 6.60%, while Santander and BNP Paribas climbed more than 5%. ASML added 3.40%, buoyed by strength in the AI‑infrastructure complex following SpaceX’s sizeable IPO gain, which could free up capital for chip and data‑centre investment. London’s FTSE 100 rose 1.50%, extending gains for the third session. Germany’s DAX 40 finished about 1.80% firmer, noting it highest daily gain since 25 May, in line with European and US peers.

Asian markets closed strong on Friday, propelled by a broad risk‑on mood after easing Middle East tensions and a powerful rebound in global tech and semiconductor stocks. Japan’s Nikkei 225 rose 2.81%, China’s Shanghai Composite gained 1.13% and the Hong Kong’s Hang Seng finished up 1.69%.

The local bourse, the Johannesburg Stock Exchange (JSE), closed higher, extending global gains amid growing hopes of diplomatic de-escalation in the Middle East. South Africa’s rally continued as the JSE All Share Index and the Top 40 each climbed more than 2%. The Resources sector outperformed with a near 5% rise, while Metals and Mining advanced close to 6%.

Brent crude oil slid over 4%% to $86.75 a barrel as signs of progress toward the US–Iran agreement raised expectations that the Strait of Hormuz could reopen. Prices fell roughly 6% over the week, though they remain more than 20% above levels recorded before the strikes on Iran on 28 February. Gold and silver also slipped at 0.07% and 0.24%, respectively.