MARKET WRAPS

Watch For:

EU GDP; France CPI, GDP, consumer spending; U.K. Nationwide house price index; Germany GDP, unemployment, CPI data for Germany, Bavaria, Saxony, Hesse, North Rhine Westphalia, Baden-Wuerttemberg, Brandenburg; Italy GDP, CPI; trading updates from GSK, Banco Santander, Barclays, UBS, Caixabank, Credit Agricole, TotalEnergies, Airbus, Haleon, Stellantis, Volkswagen, Prada, Repsol, Mercedes-Benz Group, Smith & Nephew, Aker Solutions, Taylor Wimpey, Equinor, CRH, Glencore, abrdn, Anglo American, Deutsche Post, Iberdrola, DSM-Firmenich, Segro

Opening Call:

European stock futures were tracking slightly lower despite a broadly positive lead from Asian equities. U.S. Treasurys were little changed; the dollar edged higher. Oil futures and gold were lower.

Equities:

European stock futures edged lower early Wednesday ahead of big tech earnings.

Tuesday marked the end of the first 100 days of President Trump's second term, concluding the worst start for stocks of any presidential term in more than half a century.

The extreme volatility in the stock market over the past 100 days might be a healthy wake-up call for investors accustomed to double-digit gains over the past two years, said Callie Cox, chief market strategist at Ritholtz Wealth Management. "The initial shot always hurts the worst ... but we have had a chance to prepare ourselves for what could be coming [after 100 days]. So in that perspective, I'm a little more encouraged for the days ahead," she added.

U.S. stock indexes turned higher Tuesday after U.S. Commerce Secretary Howard Lutnick said in a CNBC interview that he had reached a trade deal with an unnamed country. Treasury Secretary Scott Bessent said the U.S. is making progress on trade agreements with India, South Korea, and Japan.

Wednesday's calendar is heavy with corporate earnings from mega-cap companies such as Microsoft and Meta Platforms, and several economic data points in both Europe and the U.S. Economists don't expect the data to provide much insight into the wider economic outlook.

Forex:

The U.S. dollar was a tad higher early Wednesday ahead of several U.S. economic data. The Bureau of Economic Analysis will release its first estimate of the first quarter GDP. The agency will also release the March measure of the Federal Reserve's preferred inflation gauge, the personal consumption expenditures price index.

The dollar should continue to be "tossed around" by tariff developments, and any evidence of the damage already done to the U.S. economy is emerging in data, said ING analyst Francesco Pesole. "On balance, the risks are skewed to the downside for the dollar this week," Pesole said.

Bonds:

Supply of new euro corporate and financial bonds is expected to rise in May to around 100 billion euros as issuers make up for low issuance in April, Societe Generale's Yuan Valencia said.

Euro credit supply tends to rise in May and this year is no different, Valencia said, adding that credit supply is likely to average around 25 billion euros per week in May.

Energy:

Oil edged lower early Wednesday. The World Bank on Tuesday said commodity prices are poised to drop sharply this year and next as rising tariffs lead to a slowdown in the global economy.

Some of the largest declines are expected in energy prices, which are seen dropping by 17% this year and 6% in 2026, the World Bank said. Also, China's big three energy companies flagged slower demand for oil products and weaker crude prices in the world's second-largest economy.

Metals:

Gold consolidated in Asia, but may be weighed by signs of easing in the U.S. tariffs' impact.

Gold is constrained in the near term as rapidly changing conditions around global trade risks have tempered momentum, said Bas Kooijman, CEO and asset manager of DHF Capital.

--

Copper fell amid USD strength. A stronger dollar is creating headwinds for the commodities markets, ANZ Research analysts said.

A stronger greenback makes it more expensive for international buyers to purchase dollar-denominated commodities like industrial metals. Markets also continue to be weighed down by concerns about the economic backdrop, they said.

--

Iron ore prices were lower amid weak sentiment ahead of the Labor Day holiday. ANZ Research noted that Fortescue's iron ore shipments rose 6% in its fiscal 3Q while its peers BHP and Rio Tinto reported lower sales due to disruptions from cyclones. Data shows a modest increase in iron ore inventories at Chinese ports last week, ANZ Research analysts said.

Ahead of the Labor Day holiday, Chinese steel mills have slowed their restocking activities, they said.


Sources: <a href="https://www.marketscreener.com/quote/index/NASDAQ-100-4946/news/EMEA-Morning-Briefing-Tech-Earnings-in-Focus-U-S-Touts-Progress-on-Trade-Deals-49763336/"> MarketScreener </a>


Gold rose in amid likely safe-haven demand. Uncertainty over U.S. trade policy has persisted, DHF Capital's Bas Kooijman said.

"After recently excluding smartphones and computers from new reciprocal tariffs, President Trump indicated potential exemptions for auto parts," the CEO and asset manager said.

"However, this was offset by national security investigations into pharmaceutical and semiconductor imports, raising the risk of new trade barriers," Kooijman added.

Sources: <a href="https://www.morningstar.com/news/dow-jones/2025041620/emea-morning-briefing-futures-fall-ahead-of-inflation-data"> Morningstar</a>

EMEA Morning Briefing: Futures Fall Ahead of Inflation Data

Gold prices hovered near record highs on Tuesday, supported by ongoing safe-haven demand as uncertainty surrounding the US trade policy persisted. After recently excluding smartphones and computers from new reciprocal tariffs, President Donald Trump indicated potential exemptions for auto parts. However, this was offset by national security investigations into pharmaceutical and semiconductor imports, raising the risk of new trade barriers.

On the demand side, flows into gold-backed ETFs remained strong, especially across Asia, where demand has accelerated sharply in April. Central banks also maintain a steady pace of accumulation, supporting a bullish outlook for the precious metal.

On the geopolitical front, recent developments continue to underpin gold's safe-haven appeal. In Eastern Europe, cross-border strikes between Russia and Ukraine signalled continued instability. In the Middle East, ceasefire talks between Israel and Hamas appeared to stall, limiting hopes for near-term de-escalation.

Looking ahead, investor attention turns to upcoming speeches from Federal Reserve officials and macroeconomic data later this week. Signs of economic softness or dovish commentary from policymakers may fuel further upside for gold, while a firmer stance could cap near-term gains.

Sources: <a href="https://menafn.com/1109433659/Gold-Hovers-Near-Record-Highs-As-Trade-And-Geopolitical-Risks-Persist">MENA FN </a>

Gold Hovers Near Record Highs As Trade And Geopolitical Risks Persist

small_zonebourse.jpg

thumbnail_zonebourse.jpg

zonebourse.jpg

EMEA Morning Briefing : Tech Earnings in Focus; U.S. Touts Progress on Trade Deals

large_gold (2).jpg

medium_gold (2).jpg

small_gold (2).jpg

thumbnail_gold (2).jpg

gold (2).jpg

small_ausbiz.png

thumbnail_ausbiz.png

ausbiz.png

Gold Range-Bound, Traders Monitor Economic Data And Trade Developments

small_business_news_this_week.jpg

thumbnail_business_news_this_week.jpg

business_news_this_week.jpg

US Dollar Stabilized As Trade Optimism And Fed Clarity Reassure Markets

small_morningstar.jpg

thumbnail_morningstar.jpg

morningstar.jpg

small_mediaobserver (6).jpg

thumbnail_mediaobserver (6).jpg

sweetcrude.jpg

Silver consolidates amid Fed and tariff concerns

small_londonlovesbusiness (1).jpg

thumbnail_londonlovesbusiness (1).jpg

londonlovesbusiness (1).jpg

The significant events in the global economy over the past week

small_msn.jpg

thumbnail_msn.jpg

msn.jpg

Silver steadies as trade fears ease

small_barrons.jpg

thumbnail_barrons.jpg

barrons.jpg

Gold Price Rises. Why It’s One to Watch on Liberation Day

London Up Ahead of Anticipated Spring Budget Cuts

small_mediaobserver (10).jpg

thumbnail_mediaobserver (10).jpg

thewallstreetjournal.jpg

Next Week’s Fed Meeting Key for Bond Markets

Gold Held Steady Amid Ceasefire Hopes and CPI Anticipation

small_khaleejtimes.jpg

thumbnail_khaleejtimes.jpg

khaleejtimes.jpg

UAE: Gold prices recover, jump Dh2 per gram in early trade

EMEA Morning Briefing: Markets Soak in Tariff Relief, ECB Decision in Focus

Gold remains steady as demand for safe-haven assets continues

Yuan At Risk, Bond Yields Retreat, PBoC Maintains Stability

Gold prices stabilise amid profit-taking, but bullish momentum holds

small_proactive (1).jpg

thumbnail_proactive (1).jpg

proactive (1).jpg

Dow Jones leads Wall Street lower amid renewed consumer spending fears

small_spotify.jpg

thumbnail_spotify.jpg

spotify.jpg

Gold Market Insights: Bas Kooijman on Pulse 95 Radio

FTSE 100 to edge higher; yen rises

Tariffs Could Cause Treasury Yield Curve to Flatten

Gold Market Sees Supply Crunch Amid Trump Tariff Fears

Dollar strengthens as markets digest trade tariffs and brace for economic data

small_sky_news_arabia.jpg

thumbnail_sky_news_arabia.jpg

sky_news_arabia.jpg

(AR) Bas Kooijman on Sky News Arabia: 2025 Market Outlook

small_Press release block.jpg

thumbnail_Press release block.jpg

Press release block.jpg

33% of the world is financially literate; the UAE scores 30.7%

LONDON MARKET EARLY CALL: ECB set to cut rates after US Fed holds

Gold Prices Flatline as Markets Await Fed Decision, Trump’s Tariffs Fuel Uncertainty

small_zawya.jpg

thumbnail_zawya.jpg

zawya.jpg

DHF Capital reports strong 2024 performance and announces strategic goals for 2025

Bas Kooijman on Sky News Arabia: 2025 Market Outlook

The WSJ Dollar Index Falls 0.2% to 103.28

The WSJ Dollar Index Rises 0.29% to 102.83

small_thearmchairtrader.jpg

thumbnail_thearmchairtrader.jpg

thearmchairtrader.jpg

Gold price forecast for 2025: Can it go to $3000?

Oil Slips as Fed Rate-Cut Outlook Fuels Demand Worries

small_raconteur.jpg

thumbnail_raconteur.jpg

raconteur.jpg

How AI will impact four key areas of the tax function

British Pound Remains Stable Despite Economic Stagnation

Nasdaq, S&P, Dow are lower as markets gear up for holiday-shortened week

Gold holds steady: Fed and global monetary policies key to future trajectory

Dollar Weakens Amid Fed Speculation and Mixed Inflation Signals

small_gulfnews.jpg

thumbnail_gulfnews.jpg

gulfnews.jpg

FDI to power UAE’s economy

Standard Chartered expands UAE private banking team to serve growing pool of global ultra-rich

Gold Market At Risk Ahead Of Key U.S. Inflation Data

small_the_matrix_green_pill.jpg

thumbnail_the_matrix_green_pill.jpg

the_matrix_green_pill.jpg

The Matrix Green Pill Podcast || EP 221 || Bas Kooijman

small_gulf_insider (1).jpg

thumbnail_gulf_insider (1).jpg

gulf_insider (1).jpg

Leading Innovation in Finance: Bas Kooijman, CEO, DHF Capital

Gold prices hold steady as markets await Powell’s comments and key US jobs data

Dollar strengthens amid trade tensions and economic resilience

small_bolsamania.jpg

thumbnail_bolsamania.jpg

bolsamania.jpg

(ES) El euro cae ante la tensión política en Francia mientras el dólar mantiene su "atractivo"

Has Gold Lost Its Luster?

small_seeking_alpha.jpg

thumbnail_seeking_alpha.jpg

seeking_alpha.jpg

USB joins Goldman among big banks predicting resumption of gold rally

small_thenationalnews (2).jpg

thumbnail_thenationalnews (2).jpg

thenationalnews (2).jpg

Can Nvidia's Blackwell chip boon carry its stock forward beyond Trump's bump?

small_tradingview.jpg

thumbnail_tradingview.jpg

tradingview.jpg

EMEA Morning Briefing: Investors Parse Powell's Caution

(ES) ¿Se desplomará el euro hasta la paridad con el dólar?

What Trump 2.0 would mean for investors in the Middle East

small_the_helply_podcast.jpg

thumbnail_the_helply_podcast.jpg

the_helply_podcast.jpg

Bas’s Story; A Deep Dive into Balance and Resilience

DHF Capital strengthens leadership team with Roma Kestaviciene as COO

small_cnbc.jpg

thumbnail_cnbc.jpg

cnbc.jpg

(AR) Bas Kooijman on CNBC Arabia: Current dynamics in the gold market

Gold dips on rising yields, markets reassess monetary policy direction

small_financial_investigator.jpg

thumbnail_financial_investigator.jpg

financial_investigator.jpg

(NL) DHF Capital: Wereldwijde markten passen zich aan

small_business_lobbies.jpg

thumbnail_business_lobbies.jpg

business_lobbies.jpg

Sam Walton’s Blueprint for HNWIs: From Walmart to Wealth

(ES) El oro renueva máximos históricos y rompe la barrera de los 2.800 dólares

small_tyn.jpg

thumbnail_tyn.jpg

tyn.jpg

(ES) Informe financiero semanal global

small_istoe.jpg

thumbnail_istoe.jpg

istoe.jpg

(PT) Moedas Globais: dólar sobe e euro cede com aposta de cortes de juros pelo Fed e BCE

small_the_national.jpg

thumbnail_the_national.jpg

the_national.jpg

Global stock markets up as strong US jobs report calms nerves about economy

small_valor_investe.jpg

thumbnail_valor_investe.jpg

valor_investe.jpg

(PT) Ouro recua pressionado por dados de emprego mais fortes nos EUA

small_yahoofinance (1).jpg

thumbnail_yahoofinance (1).jpg

yahoofinance (1).jpg

Barnier’s French borrowing target ‘unreachable’, warns Barclays

small_el_economista.jpg

thumbnail_el_economista.jpg

el_economista.jpg

(ES) El BoJ descarta más subidas de tipos a corto plazo y hace caer al yen un 3% en 4 días

Yuan Rebounds on Stimulus Hopes

EMEA Morning Briefing: Inflation Data in Focus as Earnings Continue

Gold sets new record as election risks and economic data loom

small_financial_express.jpg

thumbnail_financial_express.jpg

financial_express.jpg

Action-packed week for equity market: Jobs, earnings and inflation data to be in focus

small_ondenemerslounge.jpg

thumbnail_ondenemerslounge.jpg

ondenemerslounge.jpg

(NL) Ondernemerslounge (RTLZ) | Rowan Rozemond van DHF Capital | 10-28

UAE: Gold prices continue to drop on Friday, fall Dh2 per gram since Thursday morning

Gold recorded new all-time high this week as US election, geopolitical tensions heat up