Wall Street fell on Thursday as Walmart’s disappointing outlook sparked worries about economic growth. The S&P 500 and Nasdaq 100 dropped 0.40% and 0.50%, respectively, retreating from record highs, while the Dow Jones tumbled 450 points, heavily impacted by a decline in Walmart shares. Although Walmart surpassed earnings expectations, its cautious forecast for fiscal 2026 caused its stock to fall 6.50%, which also pressured other retailers like Target (-2%) and Costco (-2.60%).

European stocks ended mostly lower on Thursday, weighed down by a mixed set of corporate earnings as investors evaluated the implications of potential US trade barriers and increased defence spending by EU members. The Eurozone’s STOXX 50 remained unchanged at 5 453 points, holding steady after Wednesday’s retreat from Monday’s record high, while the STOXX 600 slipped 0.20% to close at 551.

Chinese stocks slipped on Thursday, with the Shanghai Composite falling 0.20% to below 3 350 points, while the Shenzhen Component slipped 0.15% to 10 757 points, reversing gains from the previous session. The decline followed the decision by China’s central bank to maintain benchmark lending rates unchanged, prioritising financial stability. The People's Bank of China kept the one-year and five-year loan prime rates steady at 3.10% and 3.60%, respectively, meeting expectations. Meanwhile, investors continued to navigate global trade uncertainties, particularly after US President Donald Trump announced plans for 25% tariffs on imports of automobiles, semiconductors, and pharmaceuticals.

The FTSE/JSE All Share Index gained 0.60% while the rand strengthened to R18.36 against the US dollar at 18h00 local time, partially recovering from losses in the previous session, which were attributed to a budget delay caused by disagreements over a proposed VAT hike within the coalition government. President Cyril Ramaphosa announced that the budget presentation would be rescheduled for 12 March 2025. Meanwhile, South Africa hosted the first-ever G20 foreign ministers' meeting in Johannesburg on Thursday, amidst ongoing tensions with the US over land redistribution policies and a genocide case involving Israel.

Oil prices dipped slightly following reports of a rise in U.S. crude inventories. Brent crude edged down 17 cents to $75.87 per barrel, while West Texas Intermediate (WTI) fell 30 cents to $71.95 per barrel. This decline, according to Trading Economics, was driven by data from the US Petroleum Institute, which revealed a 3.34 million barrel increase in US crude stockpiles over the past week, putting downward pressure on prices.

Meanwhile, gold prices soared to a record high amid mounting geopolitical tensions. Spot gold climbed to $2 954.69 per ounce during the session, fuelled by fears of potential global trade conflicts after US President Donald Trump announced plans to impose 25% tariffs on imports of automobiles, semiconductors, and pharmaceuticals.