Global markets ended the week mixed as investors balanced diverging US Federal Reserve signals and escalating geopolitical risks. The S&P 500 dropped 0.20%, recording its third consecutive loss, while the Nasdaq fell 0.50%. In contrast, the Dow gained 35 points. Fed Governor Waller hinted at possible rate cuts starting in July, clashing with Chair Powell’s more measured, data-led approach. Semiconductor stocks like Nvidia and TSMC fell over 1% on concerns that the US may tighten export controls, threatening chip supply chains.

Geopolitical uncertainty heightened after President Trump postponed a decision on US involvement in the Israel-Iran conflict, while Israel intensified its military strikes. This delay offered temporary relief, lifting the South African rand 0.20% to R18/$, with investors eyeing upcoming domestic inflation and economic indicators. The JSE Top-40 remained flat, despite notable losses in mining and energy stocks.

In Europe, the STOXX 50 and STOXX 600 rose 0.60% and 0.10% respectively, snapping a three-day losing streak. In Asia, Hong Kong’s Hang Seng jumped 1.30% after China’s central bank kept key interest rates steady, and amid US efforts to cool speculation around direct involvement in Middle East conflict.

Meanwhile, Brent crude slid 2.30% to $77 a barrel, despite marking a third weekly gain, as Trump’s delay signalled potential diplomatic progress. Gold dipped to a one-week low around $3,350/oz as investors sold off to cover losses elsewhere amid mounting regional tensions.