Overview

• U.S. stocks closed mixed to higher with the S&P 500 and Nasdaq up on Wednesday, and Asian benchmarks jumped on Thursday as chip and AI-linked shares led gains to fresh highs in Japan, South Korea and Taiwan.
• Beijing’s tighter rare‑earth export controls and new tit‑for‑tat port fees kept tensions elevated after President Donald Trump floated cutting some trade ties, while USTR Jamieson Greer criticized the curbs and Treasury Secretary Scott Bessent stressed Washington does not want escalation.
• Gold extended its record run above $4,230 per ounce as investors sought safety, boosted by a softer dollar and rising expectations for further Federal Reserve rate cuts.
• Oil rebounded from five‑month lows after Trump said India would halt purchases of Russian crude, a claim that briefly lifted prices as traders assessed potential supply shifts.
• Strong corporate results from major banks and chip suppliers, including Bank of America, Morgan Stanley, ASML and TSMC, bolstered risk appetite as a U.S. data blackout from the government shutdown kept investors focused on earnings and policy signals.