Crude oil edged closer to $78 per barrel on Thursday as US President Donald Trump gave a virtual address at the Davos forum. During his speech, Trump announced plans to urge Saudi Arabia and OPEC to lower oil prices, highlighting his administration's focus on energy policy. He highlighted early actions, including declaring a national energy emergency to access US oil and gas reserves, withdrawing from the Paris Climate Agreement, and criticising what he called the "Green New Scam."

US stocks closed higher, continuing their rally this week as markets weighed the potential effects of policy shifts by President Trump on corporate earnings and borrowing costs. The S&P 500 rose above the 6 100 mark, while the Dow surged by over 250 points. President Trump reaffirmed commitments to lower taxes, impose tariffs on trading partners, boost energy production, and called on the Federal Reserve and other central banks to lower interest rates.

European stocks also ended higher, building on the week's positive momentum. Investors analysed the latest earnings reports and the potential implications of Trump's policy changes for European businesses. The Eurozone’s STOXX 50 climbed 0.30% to 5 220, its highest level since early 2000, while the pan-European STOXX 600 rose 0.50% to close at a record 530.

In contrast, South Africa’s FTSE/JSE All Share Index fell 0.84% for the second time this week, while the rand weakened to R18.55/$ at 18h00 local time.

Asian markets saw mixed performances on Thursday, with the Hang Seng falling 0.40% to 19 700, reversing earlier gains amid worries about potential tariffs and China’s sluggish economic growth. Meanwhile, the Nikkei rose 0.79% to 39 959, and the broader Topix index advanced 0.53% to 2 752, marking a fourth straight session of gains. However, caution lingered as the Bank of Japan commenced its two-day policy meeting, with expectations of a rate hike and upward revisions to inflation forecasts following hawkish statements from central bank officials.