The South African rand remained relatively stable on Friday, following the release of key US inflation data and a series of domestic economic figures. At 14h15 on Friday, the rand traded at 18.46 to the dollar, close to its previous close. Recent trading sessions have been volatile due to ongoing local budget disputes and uncertainty surrounding US trade policies. South Africa recorded a trade deficit of 16.42 billion rand in January, according to the revenue service. The country's budget deficit for the same month was 62.68 billion rand, based on data from the National Treasury.

Meanwhile, the US dollar was slightly weaker, down 0.07% against a basket of currencies. US equities closed higher on Friday, with both the S&P 500 and Nasdaq rising by 1.59% and 1.63%, respectively, while The Dow Jones Industrial Average significantly gained at 1.39%. However, the market faced a brief pullback due to geopolitical tensions with the exchange between US President Donald Trump and the Ukrainian President Volodymyr Zelenskyy in the Oval Office. Additionally, President Trump’s tariff threats revived retaliation warnings from China, increasing uncertainty, particularly within the tech sector. Economic data presented mixed signals - core PCE inflation eased to 3.70 and consumer spending unexpectedly fell by 0.20% in January. Ongoing uncertainties, including potential trade disputes, continue to impact market sentiment, particularly in the tech sector.

Across the UK, the FTSE 100 climbed to a two-week high on Friday around 1.50% for the week and at 1.30% for February. International Airlines Group (IAG) shares surged nearly 4% after the airline posted strong earnings and announced a €1 billion share buyback. Pearson experienced a significant gain of over 4% in its shares, aligning with other London-listed companies that have announced share repurchases during this earnings season. Meanwhile, in the UK housing market, Nationwide reported a 0.40% increase in house prices for February, slightly exceeding expectations.

European stocks trimmed larger gains from earlier in the day but still closed marginally lower on Friday, bringing a volatile week to a close as markets continued to assess the potential impact of US tariffs on the EU economy. The Eurozone's STOXX 50 dropped 0.40%, ending at 5 451, not far from the record high in the previous week. The STOXX 600 finished just below the flatline at 557, slightly off Wednesday’s all-time high.

In Asia, Japan's Nikkei 225 Index plunged 2.88%, closing at 37 155 on Friday and hitting its lowest levels in five months. This mirrored losses on Wall Street, where technology stocks like Nvidia were sold off. Investors were also weighed down by US President Donald Trump’s escalating tariff policies and growing economic concerns in the US.  The US President confirmed that tariffs on Mexico and Canada would proceed as planned.

In China, the Shanghai Composite dropped 1.98%, closing at 3 321, while the Shenzhen Component fell 2.89% to 10 611. Both indices ended the week significantly lower as the US prepared to implement an additional 10% tariff on Chinese imports, effective from 4 March.

In commodities, WTI crude oil futures fell by 0.80% to settle at $69.76 per barrel on Friday, marking their first monthly decline since November 2024 due to geopolitical tensions and economic uncertainty. Gold prices recently declined towards approximately $2 850 per ounce, marking their largest weekly drop since November 2024. This decline was influenced by a stronger US dollar and market expectations of only two interest rate cuts by the Federal Reserve this year, despite inflation remaining above the 2% target.