Global markets fluctuated on Friday, closing a turbulent yet upbeat May as investors reacted to renewed US-China trade friction and signs of easing inflation. The S&P 500 ended flat after recovering from a steep dip, the Nasdaq fell 0.40%, and the Dow edged up by 53 points. Tensions escalated after President Trump accused China of violating a trade deal, with reports suggesting more US tech restrictions could be on the way. The Federal Reserve’s preferred inflation gauge showed signs of cooling, providing some relief. Despite the volatility, May was a strong month: the S&P 500 rose 6.20%, the Nasdaq surged 9.60%, and the Dow climbed 3.90%.

In Europe, Germany’s DAX rose 0.60% Friday and posted a 7.10% monthly gain, its best since January, as softer inflation data supported expectations of an ECB rate cut.

Back home, the JSE closed 0.42% lower, and the rand weakened 1.36% to R18.03/$ amid global trade jitters.

In Asia, both the Nikkei and Shanghai Composite fell 1.22% and 0.47% respectively, on concerns over stalled US-China negotiations. A US court ruling reinstating Trump-era global tariffs also shook sentiment.

Gold hovered at $3 300/oz, poised for a weekly loss as strong US economic data curbed safe-haven demand despite trade war fears.