Most markets ended the week on a strong note, buoyed by easing trade tensions and resilient economic data. The Hang Seng Index rose 0.32% on Friday, marking its seventh consecutive session of gains, led by property and financial shares. Investors welcomed China’s April trade figures, which showed solid export growth despite rising US tariffs, while imports declined less than anticipated as domestic demand efforts continued. The index held near a one-month high and gained 1.60% for the week, extending its longest weekly winning streak since February.

Japan's Nikkei surged 1.56%, pushing both the Hang Seng and Nikkei to six-week highs amid renewed optimism in global trade. The rally followed news that US President Donald Trump had reached a preliminary trade agreement with the UK, the first major deal since the imposition of broad tariffs last month.

In Europe, stocks closed firmly higher as investors anticipated progress in US-China trade talks scheduled for the weekend. The STOXX 50 and STOXX 600 both climbed 0.40%, supported by risk-on sentiment. On the policy front, ECB official Olli Rehn suggested that rate cuts may be on the table at the next meeting if forecasts confirm weakening growth and persistent disinflation.

Meanwhile, US stocks hovered near the flatline, with the S&P 500 dipping 0.10%, the Dow Jones falling 119 points, and the Nasdaq 100 ending mostly flat. Market sentiment was tempered by uncertainty ahead of US-China trade negotiations in Geneva, despite a brief lift from the US-UK deal. President Trump’s suggestion of lowering tariffs on Chinese goods to 80% from 145% added further ambiguity.

The South African rand held steady, supported by improving sentiment around trade talks and recovering from April’s lows amid easing global and domestic concerns. The FTSE/JSE All Share Index advanced over 1% on Friday boosted by improved investor sentiment.

Brent crude oil futures gained 1.70%, closing at $63.9 per barrel, and rose over 4% for the week. Optimism in energy markets was boosted by reports of an upcoming meeting between US Treasury Secretary Scott Bessent and China’s Vice Premier, raising hopes for tangible progress in resolving ongoing trade disputes.