US equities ended mixed on Friday. The S&P 500 hovered just below unchanged, the Dow Jones slipped 273 points, while the Nasdaq 100 hit new highs, supported by tech strength. Tesla surged 7.40% and Microsoft gained 1.70% after avoiding an EU antitrust fine, lifting the broader Nasdaq by 0.40%. Markets interpreted softer jobs data and muted inflation as confirmation that the Fed will likely cut rates on September 17, with traders largely pricing in a 25 bps reduction and a smaller chance of a half-point move. For the week, the S&P 500 rose 1.60% -its best since early August, the Nasdaq gained 2%, and the Dow advanced 1.10%, snapping a three-week losing streak.

The rand edged weaker on Friday, with investors awaiting local CPI data and the SARB’s policy meeting next week. By 17h45, it traded at R17.39/$, down 1.74%. The FTSE/JSE All Share still closed the week 0.51% higher, buoyed by optimism over global rate cuts.

In Europe, stocks closed slightly lower. The STOXX 50 was flat at 5,387, while the STOXX 600 slipped 0.1% to 555, pressured by pharma stocks. Sentiment was cautious ahead of Fitch’s rating decision on France, with concerns over political instability and widening deficits.

Asian markets extended gains. Hong Kong’s Hang Seng rose 1.20% to 26,387, its highest since August 2021 and strongest weekly performance since March (+3.80%). The Nikkei climbed 0.89% to 44,768, setting fresh records as Japanese equities tracked Wall Street’s rally and investors weighed the BoJ’s uncertain policy outlook.

Oil prices rose, with Brent crude gaining 0.90% to $67 a barrel, up 2.30% on the week. Geopolitical risks supported prices as Russia paused peace talks with Ukraine and a drone strike temporarily halted exports from Primorsk port. Concerns over potential Western sanctions on Russian crude added to supply worries despite softer US demand.