Global backlash: Stocks, commodities, and cryptocurrencies fall (but the market returns to yesterday's levels)

The day was marked by sharp fluctuations on international markets: after a negative morning dominated by US-China tensions, stocks recovered in the late afternoon, returning to their previous close levels. The decline was more persistent in commodities, rates, and cryptocurrencies, while gold remained the main defensive haven.

1. Stocks: morning crash, evening recovery

Trade tensions triggered widespread selling in the early part of the session. In the US, the S&P 500 fell more than 1%, the Nasdaq even more than 1.5%. In Europe, the Euro Stoxx 50 dropped more than 0.8%.

However, a bullish rotation began in the late afternoon: the markets managed to regain ground, closing at par with yesterday's close. This recovery signals that some of the panic has subsided and that the market has found support at the close.

2. Industrial raw materials in decline

Industrial commodities continued to decline: copper lost around –2.6% on the LME, with other metals following the same trend.

On the energy front, WTI recorded an intraday drop of nearly -1.3%, touching recent lows, while Brent approached $61.6 a barrel.

Supply remains burdened by weak global demand sentiment.

3. Gold: a safe haven and stability

Gold was the only asset to show strength on the day, gaining about +1.0% and approaching the intraday record near $4,179/oz .

In a context of high volatility, the metal remains the main point of convergence for those seeking stability.

4. Interest rates: sharp decline

Bond yields continued to fall sharply.

The 10-year US Treasury moved in the 4.0-4.05% range, its lowest levels in months, while in Europe the German Bund returned to around 2.60% .

The expectation is that central banks may take a more accommodative stance in response to market stress.

5. European ZEW data: lights and shadows

In Germany, the ZEW sentiment index rose from 37.3 to 39.3 points , suggesting more optimistic expectations for the next six months.

However, the indicator of current conditions worsened, moving from –76.4 to –80.0 points.

The emerging message is mixed: analysts see potential improvement, but recognize that the present remains fragile.

6. Dollar and Bessent Attack

The dollar showed a strong acceleration during the day, rising sharply until lunchtime.

Earlier this afternoon, Treasury Secretary Scott Bessent attacked China, accusing it of “weaponizing trade” and trying to drag down other economies.

Following these statements, the exchange rate reversed course: the DXY index went from +0.6% to -0.28%, highlighting nervousness and volatility in currencies.

7. Crypto: Bitcoin in decline

Even cryptocurrencies were not spared: Bitcoin lost around –2.0% , returning to the 112,000 dollar area, while Ethereum lost around –0.8% .

In situations of risk aversion, volatile assets like cryptocurrencies tend to suffer sharp losses along with other “risky” assets.

Conclusion

The day embodied all the contradictions of a nervous market: geopolitical tensions, morning crashes, but also attempts to rebound by the evening.

The stock market's recovery at the close signals that investors are seeking equilibrium, but pressure on commodities, rates, the dollar, and cryptocurrencies remains strong.

The next few hours will be crucial: clear signals of de-escalation, comments from central banks, and macroeconomic data capable of supporting the risk will be needed.

In this context, the watchword remains caution .