Key Facts
What the world’s markets decided. One force split the globe today: a commodity crash. Oil fell −4.47%, silver −7.09%, copper −2.71% and gold dropped below $4,000 an ounce (−3.02%), as the Middle East ceasefire drained the last of the war premium. That was a gift to countries that buy raw materials and a blow to those that sell them.
Asia’s chips roared back. After this week’s record crash, the chipmakers staged a violent rebound. South Korea’s KOSPI jumped +5.90% and Japan’s Nikkei +4.44%, with Taiwan +1.16%, even as China and Hong Kong fell (Hong Kong −1.51%).
The winners were the buyers of commodities. India rose +0.72% and its rupee firmed as cheaper oil eased its huge import bill, while Indonesia +2.69%, Malaysia +0.71% and Vietnam +0.99% all gained. Lower energy is pure upside for Asia’s importers.
The losers were the sellers of commodities. South Africa fell −2.74% and African markets broadly −2.98% as the metals rout hit their mining-heavy bourses, while the Gulf softened and Russia’s oil-export market sat quietly walled off. Latin America landed on this side of the line.
