SENIOR MARKET ANALYST
31 Mar 2025
US stocks ended last Friday’s session sharply lower, with markets rattled by escalating tariff concerns and broader uncertainty ahead of April 2nd’s so-called ‘Liberation Day.’ The major indices posted significant losses for the month, with the Nasdaq down 8%, the S&P 500 lower by 6.3%, and the Dow shedding 5.2%. Futures are pointing lower in early trading, signalling further pressure as markets struggle to find stability.
Overnight, Asian Pacific stock indices ended the quarter with a sharply negative session, with losses seen across all the majors. Japan’s Nikkei lost over 4% as concerns over US tariffs continued to weigh on sentiment. Chinese markets fared slightly better, with losses on the Shanghai Composite contained to around 0.5%, as PMI data came in slightly stronger than expected.
European stock indices were sharply lower across the board in early trade as the risk-off tone deepens.
In currency markets, the Japanese yen remains the standout performer as traders flock to safety amid the escalating trade tensions. Beyond that, FX markets remain relatively subdued. The US dollar continues to consolidate, having fallen significantly so far this year, with little notable movement elsewhere.
Safe-haven demand continues to drive gold to fresh record highs, with the yellow metal trading just shy of $3,130 this morning as investors flood into the asset. Silver is also seeing gains, tracking gold’s bullish momentum.
In the energy sector, oil posted modest gains, continuing its recent upward trend, while natural gas saw a more pronounced jump as traders reassessed supply and demand conditions.
Meanwhile, crypto markets have taken a hit as risk sentiment deteriorates. Bitcoin remains above $80,000 for now. But Ether, having crashed back below $2,000, is teetering around key support, with traders watching closely and concerned about further downside risk.
The VIX is now trading in the mid-22 range, reflecting heightened market risk and volatility, primarily driven by ongoing tariff uncertainty.
For now, Trump and tariffs dominate the market narrative, with bearish sentiment dominating. Gold remains the standout winner as investors continue to seek safety amid the turmoil.
With the last trading day of the month and quarter now here and inflation data, jobs figures, and trade developments all in focus, markets face a crucial week ahead.
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Trading CFDs carries a high level of risk to your capital, and you should only trade with money you can afford to lose. Refer to our legal documents.
Trade Nation is a trading name of Trade Nation Financial UK Ltd, a financial services company registered in England & Wales under company number 07073413, is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Our registered office is 14 Bonhill Street, London, EC2A 4BX, United Kingdom.
Trade Nation is a trading name of Trade Nation Australia Pty Ltd, a financial services company registered in Australia under number ACN 158 065 635, is authorised and regulated by the Australian Securities and Investments Commission (ASIC), with licence number AFSL 422661. Our registered office is Level 17, 123 Pitt Street, Sydney, NSW 2000, Australia.
Trade Nation is a trading name of Trade Nation Ltd., a financial services company registered in the Bahamas under number 203493 B, is authorised and regulated by the Securities Commission of the Bahamas (SCB), with licence number SIA-F216. Our registered office is No. 3 Bayside Executive Park, West Bay Street & Blake Road, Nassau, New Providence, The Bahamas.
Trade Nation is a trading name of Trade Nation Financial Markets Ltd, a financial services company registered in the Seychelles under number 810589-1, is authorised and regulated by the Financial Services Authority of Seychelles (FSA) with licence number SD150. Our registered office is CT House, Office 6B, Providence, Mahe, Seychelles.
Trade Nation is a trading name of Trade Nation Financial (Pty) Ltd, a financial services company registered in South Africa under number 2018 / 418755 / 07, is authorised and regulated by the Financial Sector Conduct Authority (FSCA), with licence number 49846. Our registered office is 19 9th Street, Houghton Estate, Johannesburg, Gauteng, 2198 South Africa.
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