The local bourse closed lower on Thursday, weighed down by resource and mining stocks, with platinum miner Impala falling more than 8.70% and AngloGold Ashanti losing nearly 2%. The rand also came under pressure, weakening past R18 to the dollar by 18h00, as traders adopted a cautious stance amid uncertainty surrounding US–South Africa tariff developments and broader US trade policy. Meanwhile, the South African Reserve Bank’s Monetary Policy Committee cut interest rates by 25 basis points, bringing the repo rate down to 7% and the prime lending rate to 10.50%.

US markets ended the day on a cautious note, with the S&P 500 closing slightly lower. However, futures pointed to modest gains following strong earnings from tech heavyweights Microsoft and Meta—Nasdaq futures rose 1.20%, while S&P futures gained 0.80%. The Federal Reserve kept interest rates unchanged for a fifth consecutive meeting, and Chair Jerome Powell’s remarks tempered expectations of a rate cut in September.

European equities edged lower, weighed down by trade uncertainties amid ongoing US–China tensions and a softer inflation outlook. The euro posted its worst monthly performance in nearly two years, dropping about 3.75% against the dollar as the US currency strengthened on bullish Fed sentiment and trade developments. While recent EU–US trade agreements aim to boost US energy exports to the EU, analysts consider the €250 billion annual target largely symbolic and potentially unrealistic. Meanwhile, ECB policymakers are under increasing pressure to ease monetary policy if continued weak Chinese imports push inflation further below target.

Chinese equities fell sharply following disappointing PMI data, which intensified concerns over a slowing economic recovery. The weaker-than-expected manufacturing and services readings highlighted ongoing challenges in domestic demand and export markets. The Hang Seng declined 1.47% on Thursday, reflecting investor caution amid mounting uncertainty over China’s growth prospects and the potential impact on global markets.

Oil prices continued to climb—with Brent crude up by 0.33% to trade at $73.48 and WTI up by 0.21% to trade at $70.15 per barrel—on supply concerns tied to sanctions, outages, and geopolitical risk.