Global markets had a mildly positive tone on Thursday, with gold and oil moving higher, stocks holding their ground, and the dollar slipping, as investors watched Big Tech spending plans and growing tensions between the U.S. and Iran.
Crypto
The total value of the crypto market is about $2.98 trillion, down roughly 1.8% over the day, with the Crypto Fear & Greed Index sitting at 38, firmly in “Fear,” the Altcoin Season Index at 32/100, showing this is still a Bitcoin-led market, and the Average Crypto RSI Index around 43, suggesting prices are cooling but not deeply oversold.
Bitcoin trades near $87,700, about 1.8% lower on the day, with Ethereum around $2,940, down about 2.4%, and Solana down at $123 after a fall of more than 3%.
Bitcoin spot ETFs, which had been steady buyers, have shown mixed performance over the last three recorded sessions. In total, they saw about $45.9 million of inflows and $206.1 million of outflows, resulting in a net outflow of roughly $160 million.
Commodities
Gold futures are trading near $5,513 an ounce, up almost 4% on the day and close to fresh record highs. The metal has gained close to 30% this month as investors look for protection against policy uncertainty and geopolitical risk.
Silver and copper are also strong, with copper up more than 5% on supply issues and hopes for steadier growth.
Brent crude is just above $67 a barrel, its highest in about four months, after three days of gains, with traders pricing in a higher risk premium as President Trump considers military action against Iran, a major OPEC producer.
Stock Market Indices
In the U.S, the S&P 500 is flat around 6,978, the Dow is around 49,015, and the Nasdaq Composite is near 23,857.
In Europe, the Euro STOXX 50 trades around 5,953, up about 0.3% on the day, while the FTSE 100 is near 1,515.96 with a mild gain, supported by strength in energy and miners, as Japan’s Nikkei 225 edges up to 53,375.60.
Geopolitics & Market Sentiment
On the diplomatic front, President Trump is weighing targeted strikes on Iranian security forces and missile sites to encourage renewed protests. However, regional allies worry such action could provoke retaliation, disrupt oil flows through the Strait of Hormuz, and lead to a long crisis rather than a quick military operation.
On the economic front, in the Eurozone, ECB data show lending to companies slowing to 3.0% growth, while household borrowing edged up to the same rate. That points to modest but steady growth and leaves the ECB room to cut rates if a stronger euro tightens conditions.
In the U.K., Prime Minister Keir Starmer’s visit to Beijing marks a pragmatic reset aimed at boosting trade and growth, with talk of lower tariffs and easier travel.
Meanwhile, the Federal Reserve has left interest rates unchanged and sounded more confident about the U.S. economy. Markets now expect the next rate cut around mid-year, even as Trump keeps up pressure for faster easing.
