US markets ended the week on a mixed note, with early gains fading amid renewed geopolitical concerns and earnings uncertainty. The S&P 500 briefly reached a record high before pulling back, while the Nasdaq dipped 0.20% as investors balanced strong economic data with corporate earnings and escalating trade tensions. The Dow Jones fell more than 200 points, weighed down by a nearly 3% drop in American Express shares. According to reports, President Donald Trump is demanding a 15-20% tariff in any trade deal with the European Union, which is pushing to finalise an agreement before his 1 August deadline.

In corporate news, Netflix dropped 4.80% despite surpassing both revenue and profit expectations. Charles Schwab gained 2.10% following strong earnings results and Chevron climbed 1.50% after finalising its $53 billion acquisition of Hess. Meanwhile, the University of Michigan’s July consumer sentiment survey showed a rise in confidence and a fall in one-year inflation expectations to 4.40% – the lowest since February.

The FTSE 100 rose for a second consecutive session on Friday, edging closer to the 9 000 mark and securing its fourth straight weekly gain. Energy stocks helped drive the index higher, with BP climbing 0.80% after announcing the sale of its US onshore wind business to LS Power – a move aligned with its $20 billion divestment strategy. Shell also advanced 0.70%. Meanwhile, mining shares rallied alongside rising iron ore prices, with Antofagasta gaining over 2.50%, Anglo American up 1.70% and Rio Tinto rising more than 1%.

Despite the positive showing in London, broader European markets closed in the red as investors weighed mixed corporate results against ongoing trade discussions between the US and the European Union. The Eurozone’s STOXX 50 fell 0.30% to 5 359, while the pan-European STOXX 600 edged just below the flatline to end at 547. Technology stocks remained under pressure, with ASML down 2.60%, and luxury and automotive names including Hermes, LVMH, Mercedes-Benz, and Stellantis shedding between 1% and 3%. In contrast, Saab jumped 16% following stronger-than-expected second-quarter operating income. 

Asian markets ended mostly higher, tracking Wall Street’s record-setting momentum as investors welcomed strong US retail and jobs data. The MSCI Asia-Pacific ex-Japan index gained around 0.70%, reaching levels last seen in late 2021. In Japan, the Nikkei 225 bucked the regional trend, slipping about 0.21% to close at 39 819.11 amid political uncertainty ahead of upcoming upper house elections. Hong Kong’s Hang Seng Index rose by 1.28%, closing at 24 813.46, supported by tech stocks and optimism over global trade. Mainland China's Shanghai Composite added around 0.53%.

South African markets closed higher as well, lifted by global momentum and positive local sentiment ahead of the conclusion of the G20 finance summit. The JSE All-Share Index (ALSI) rose by approximately 1.4% to end near 98 687 points, while the JSE Top 40 gained around 1.52% to close just under 90 974. Mining stocks led the rally, with strong performances from Gold Fields, Harmony Gold and Sibanye Stillwater as commodity prices advanced. The rand also firmed, trading around R17.72 to the dollar, supported by constructive developments from the G20 discussions under South Africa’s presidency.

In commodities, gold slipped by 0.40% to $3 351.32 per ounce, while platinum fell 0.90%. Oil prices were relatively steady amid a mix of supply concerns and economic uncertainties. Brent crude settled at $69.29 per barrel, influenced by mixed US economic data and EU sanctions on Russian oil that raised worries over potential supply disruptions. WTI crude oil futures also dipped by 0.20%, closing at $67.38 per barrel, as markets remained cautious due to ongoing tariff concerns and expectations of increased oil production from major suppliers as summer demand starts to ease. Both benchmarks were poised to finish the week down by about 1%, reflecting broader market caution.