11 July 2025
US stocks closed higher on Thursday, as investors continued to shrug off tariff worries. The S&P 500 rose 0.3%.
US Treasuries edged lower and the yield curve flattened after better-than-expected jobless claims data and 30-year Treasury debt auction. 10-year yields rose 2bp to 4.35%.
European stock markets were mixed as investors stayed optimistic on a potential US-EU trade deal. The Euro Stoxx 50 fell 0.1%. The French CAC closed 0.3% higher and the German DAX nudged 0.4% lower. In the UK, the FTSE-100 rose 1.2%.
European government bonds mostly fell. 10-year German bund yields edged 3bp higher to 2.70%, as 10-year French bond yields rose 4bp to 3.40%. In the UK, 10-year gilt yields fell 2bp to 4.59%.
Asia stock markets lacked clear direction on Thursday amid ongoing concerns over US tariff developments. Japan’s Nikkei 225 declined by 0.4%, while Korea’s Kospi surged 1.6% following the central bank’s policy decision. Chinese equities rallied on policy hopes, driven by sharp gains in property shares, with Hong Kong’s Hang Seng and China’s Shanghai Composite rising 0.6% and 0.5%, respectively. Elsewhere, India’s Sensex fell 0.4%.
Crude oil prices declined on Thursday, as reports that OPEC+ are discussing a pause on output hikes from October raised oversupply concerns. WTI crude for August delivery settled 2.6% lower at USD66.6 a barrel.
The Bank of Korea maintained its policy rate at 2.50% amid financial stability concerns related to the housing market, but signalled an easing policy stance given an uncertain growth outlook.
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