Global markets traded with a cautious risk-on tone on Thursday as Wall Street extended gains on Trump’s tariff retreat, while Nordic pension funds quietly trimmed U.S. exposure, the Bank of Japan leaned hawkish, bitcoin hovered just below $89,000, and gold held near record highs.
Crypto
Total crypto market capitalization is about $3.0 trillion, down a little over 1% on the day. The Crypto Fear & Greed Index at 34 sits in “fear,” while the Altcoin Season Index at 29/100 favors bitcoin over broad altcoin leadership, and the average RSI around 44 points to neutral-to-mildly oversold conditions, according to Coinmarketcap data.
Bitcoin trades near $88,900, roughly flat over 24 hours after a midweek dip. Ethereum hovers around $2,900 with a softer tone, and Solana trades near $127 after a steeper weekly drop, leaving majors generally outperforming altcoins as traders de-risk.
U.S. spot bitcoin ETFs have just logged about $1.22 billion in net outflows over the latest four sessions, the heaviest since November, with redemptions of $479.7 million on Tuesday and $708.7 million on Wednesday.
Commodities
Oil is hovering in the mid-$60s per barrel, with Brent around $65 and U.S. crude near $60, as softer demand offsets supply risks from export disruptions. Gold is consolidating just under record highs around $4,924 an ounce, supported by the same safe-haven bid that resurfaces whenever tariff or war headlines intensify and by lingering worries over U.S. debt that are pushing some Nordic pensions out of Treasuries.
Stock Market Indices
In the U.S., the S&P 500 closed at 6,913 (+0.55%), the Dow at 49,384 (+0.63%), and the Nasdaq at 23,436 (+0.91%), extending a two-day rebound after Trump withdrew tariff threats on Europe, easing tensions over the Greenland dispute. In Asia, Nikkei 225 futures trade around 53,390, down about 0.6%, as the BOJ’s hawkish tone stirs volatility, while Europe’s FTSE 100 hovers near 10,148, with Greenland-related trade risk offset by solid earnings.
Geopolitics & Market Sentiment
On the diplomatic front, investors are watching security talks between Russia, Ukraine, and the U.S. in Abu Dhabi, as well as Trump’s “total access” framework for Greenland under a NATO umbrella, with the first offering only a tentative path to de-escalation given unresolved territorial demands and the second calming tariff fears but deepening European doubts about U.S. reliability, adding to the risk premium on U.S. assets.
On the economic front, the Bank of Japan (BOJ) kept its policy rate at 0.75% and maintained upbeat inflation forecasts, warning it stands ready to act against “exceptional” moves in yields as the yen swung on intervention jitters. In the United States, firm consumer spending and GDP data highlight economic resilience even as markets still price in room for Fed cuts later this year.
