US stocks started the week in positive territory, with the S&P 500 up 0.30%, the Nasdaq rising 0.50%, and the Dow Jones gaining around 50 points, as investors monitored ongoing trade developments and prepared for a busy stretch of corporate earnings. Commerce Secretary Howard Lutnick reaffirmed that 1 August remains a "hard deadline" for the implementation of new tariffs, although he indicated that negotiations with trade partners are continuing. The communication services and materials sectors led the gains. On the corporate front, Verizon shares climbed nearly 3% after the company posted results that exceeded expectations on both earnings and revenue, while also raising its full-year profit forecast.

UK equities also opened the week on a strong footing, with the FTSE 100 closing above the 9 000 mark for the first time on Monday, buoyed by a rally in mining stocks. Antofagasta surged 4.70% on the back of rising copper prices, while gold miners Fresnillo and Endeavour rose 3.70% and 1.40%, respectively, amid strength in bullion. Iron ore prices hit a four-month high, lifting shares in Anglo American (up 3.30%), Glencore (3%), and Rio Tinto (2.50%).

In contrast, Eurozone markets edged lower on Monday as investors continued to assess the region’s trade outlook. The Euro Stoxx 50 fell 0.30% to close at 5 342, while the broader STOXX 600 declined 0.10% to 546. Tensions remain high as US officials maintained the threat of imposing 30% tariffs on EU exports, with the European Commission still in talks to negotiate lower rates ahead of the 1 August deadline. The EU has signalled that it would respond with aggressive countermeasures should a deal fail to materialise, heightening the risk of further escalation and inflationary pressures across the bloc.

Japanese equities mirrored the Eurozone’s weakness, with the Nikkei 225 slipping 0.20% to close at 39 819 on Friday, and the broader Topix also down 0.20% to 2 834, reversing early session gains. The Nikkei retreated from a two-week high reached the day before amid choppy trading, as investors remained cautious ahead of this weekend’s Upper House election. Sentiment was also dampened by uncertainty over trade negotiations with the US, following disappointing June trade data which revealed a sharp decline in exports to America.

By contrast, Chinese markets posted gains. The Shanghai Composite rose 0.72% to 3 560, while the Shenzhen Component advanced 0.86% to 11 007, with both indices reaching multi-month highs. The rally followed the People’s Bank of China’s decision to maintain key lending rates at record lows for July, keeping the one-year loan prime rate at 3% and the five-year LPR at 3.50%, as the central bank continues efforts to bolster the economy amid subdued consumer sentiment and slowing growth.

Locally, South Africa’s main stock index, the SAALL, climbed 0.98% to 99 654 on Monday, extending its recent upward momentum.

In the commodities markets, WTI crude oil futures held steady near $67.10 per barrel on Monday, following a 1.60% weekly decline, as investors weighed geopolitical risks against ongoing trade uncertainty. Gold prices surged past $3 390 per ounce - their highest level since mid-June - as a weakening US dollar and falling Treasury yields fuelled demand for safe-haven assets amid rising trade tensions.