Wall Street ended the week on a high note, with the S&P 500 up 0.80%, the Nasdaq climbing nearly 1% to notch a second consecutive record close, and the Dow adding 206 points on Friday. Technology shares led the gains, driven by a 4.20% jump in Apple after it announced a $600 billion US investment plan, lifting the tech-heavy Nasdaq. Sentiment was further boosted by growing expectations of Federal Reserve (Fed) rate cuts, after President Trump nominated Stephen Miran to the Fed Board—seen as a signal of potential policy shifts—despite lingering concerns over new tariffs on imports from multiple countries. For the week, the S&P 500 climbed 2.40%, the Dow rose 1.40%, and the Nasdaq surged 3.90%.

European stocks ended the week with strong gains, supported by upbeat corporate earnings and optimism over potential progress in the Ukraine–Russia conflict. The STOXX 50 added 0.40% on Friday, up 3.60% for the week, while the STOXX 600 rose 0.30%, a weekly gain of 2.20%. Markets also absorbed the effects of President Trump’s newly announced retaliatory tariffs and evolving trade dynamics, alongside speculation about potential policy measures from the European Central Bank.

Mainland Chinese stocks eased on Friday as investors awaited key inflation data that could provide fresh insight into the health of the world’s second-largest economy. Sentiment was tempered despite Thursday’s trade figures showing July exports surging well above expectations, driven by a rush to ship goods ahead of the US tariff deadline. Imports also rose to their highest level in a year, pointing to stronger domestic demand. The Shanghai Composite slipped 0.12% to 3 635 points, while the Shenzhen Component fell 0.26% to 11 129. Hong Kong stocks also slipped on Friday, snapping a four-day winning streak as broad-based losses weighed on the market. The Hang Seng shed 0.90% to close at 24 859 points.

Turning to South Africa, the FTSE/JSE All Share Index gained about 0.20%, closing near 100 855 points. The local market was supported by stronger resource and industrial stocks, boosted by rising gold and platinum prices. Meanwhile, financial shares showed caution ahead of the upcoming quarterly GDP release. The rand showed modest strength, briefly dipping below R17.75 to the dollar before easing back, as investors balanced improved risk appetite with cautiousness ahead of key domestic data releases. For the week, the local bourse gained approximately 1.50%. 

Gold futures surged to a record high on Friday after reports emerged that the US government imposed tariffs on imports of 1kg gold bars. While this move aims to protect domestic producers, it has sparked concerns over higher costs and potential supply disruptions in the precious metals market. Meanwhile, spot gold remained steady at $3 397.85 per ounce at 18h00 local time, after reaching its highest level since 23 July earlier in the session. The tariff news has added to existing market uncertainties, driving demand for safe-haven assets. As a result, gold is positioned for a second consecutive weekly gain amid ongoing tariff tensions and growing expectations of US interest rate cuts. US gold futures rose 1.10% to $3 490.70, having touched a record peak of $3 534.10.