Wall Street opened May on a strong footing, buoyed by upbeat earnings from major tech firms and growing optimism around global trade negotiations. The S&P 500 rose by 0.80%, the Dow Jones Industrial Average added 100 points, and the Nasdaq advanced 1.40%. Microsoft shares surged 10% after the company forecast stronger-than-expected growth for its Azure cloud business, while Meta gained over 6% following better-than-anticipated revenue figures. Elsewhere, General Motors rose 1.50% after issuing a fresh 2025 profit forecast. However, not all earnings news was positive—Eli Lilly fell 6% after reporting quarterly results, and McDonald’s slipped 2% on weaker Q1 sales.

In South Africa, markets were closed for the Worker’s Day public holiday.

In the United Kingdom, the FTSE 100 traded slightly lower on Thursday, dipping below the 8 490 mark as investors began the month facing continued economic uncertainty. Sentiment remained cautious amid the digestion of weak US data and ongoing corporate earnings reports. On the domestic front, net mortgage borrowing in the UK surged to £12.96 billion in March—its highest level in nearly four years—sharply exceeding both the previous month’s £3.3 billion and market expectations of £3.8 billion. This spike highlighted persistent strength in housing activity despite broader economic headwinds.

European markets closed mixed on Wednesday. The Stoxx 50 declined 0.50%, while the broader Stoxx 600 rose 0.50%, marking its seventh consecutive session of gains. Investors remained focused on earnings releases and underwhelming US data. Although early losses weighed on sentiment, rebounds in the healthcare and banking sectors helped offset declines elsewhere. The automotive sector dropped 1.20% following disappointing earnings, despite an executive order from former President Trump easing some auto tariffs. In contrast, healthcare stocks climbed 1.30%, with GSK, AstraZeneca, and Smith+Nephew expressing confidence in navigating potential tariff impacts.

In Asia, Japanese equities rallied on Thursday, with the Nikkei 225 climbing 1.13% to 36 452 and the broader Topix Index rising 0.46% to 2 679, reaching a one-month high. The gains followed the Bank of Japan’s decision to keep its policy rate steady at 0.50%, as expected. Investor sentiment was further lifted by a dovish shift in the central bank’s outlook, as it lowered both growth and inflation forecasts, reducing the likelihood of imminent rate hikes.

Chinese markets ended mixed on Wednesday. The Shanghai Composite edged down 0.23% to 3 279, while the Shenzhen Component gained 0.51% to 9 900. Official data revealed that manufacturing activity contracted more sharply than forecast in April, and growth in the services sector also fell short of expectations—underscoring the patchy nature of China’s post-pandemic recovery.

In commodities, WTI crude futures rebounded above $58.50 per barrel on Thursday, recovering from a three-week low. The rebound was supported by a broader rally in US equities, driven by robust tech earnings and indications that the Trump administration may ease tariff pressures. Meanwhile, gold fell below $3 230 per ounce, marking its third straight session of losses and hitting a two-week low, as easing global trade tensions reduced demand for traditional safe-haven assets.