TL;DR
- Global markets pause: Risk assets, including stocks, bonds, currencies, gold, and crypto, all stalled as traders waited for U.S. jobs data that could influence the Federal Reserve’s policy direction.
- Regional divergence: Asian markets balanced weakness in technology with strength in exporters, while Europe’s retail sector defied the cautious tone thanks to H&M’s strong earnings report.
- Crypto slump: Ether dropped below $4,000, erasing more than $140B in value this week, with analysts warning of deeper liquidations if support fails.
Global markets entered a rare state of suspension as investors held back from major moves ahead of upcoming U.S. jobs data. Stocks, bonds, currencies, gold, and crypto all flatlined Thursday morning, reflecting a collective pause across asset classes. With Wall Street futures barely shifting and crypto shedding billions in value, traders are bracing for data that could reset the global risk landscape.
Wall Street Futures Hold Steady
In the United States, futures markets showed minimal movement. The S&P 500 ticked up 0.1%, the Nasdaq 100 held steady, and Dow futures gained just 52 points. Intel quietly advanced 1.5% after reports surfaced that the chipmaker had approached Apple for potential investment. While the scope of discussions remains unclear, the news highlighted how corporate maneuvers continue even as broader markets freeze. For now, all eyes remain fixed on the labor report that could dictate the Federal Reserve’s next steps.
Asia Balances Weak Tech and Strong Exporters
Asian markets delivered a mixed performance. Japan’s Topix index rose 0.2% to 3,176.97, supported by a weaker yen that boosted exporters such as Sony, which gained 1.6%. Bank shares also edged higher on speculation that the Bank of Japan may lift rates soon. However, the Nikkei slipped 0.2% to 45,535.32 as AI-related names like SoftBank and Advantest faced selling pressure. Elsewhere, Hong Kong’s Hang Seng dipped 0.13%, though local EV maker Chery surged 11% on its debut. Xiaomi added 3.69% after unveiling new devices, while China’s CSI 300 rose 0.6%.
European Retail Defies Market Caution
In Europe, the Stoxx 600 opened 0.2% lower, with most sectors in decline. Retail stood out as the exception, driven by H&M’s strong third-quarter results that sent its shares soaring 10.5%. That momentum lifted the broader retail index 1.2%. Still, the cautious tone persisted across the continent. The Swiss National Bank maintained its zero interest rate, the lowest among major economies, while warning that U.S. tariffs could weigh on Switzerland’s outlook into 2026.
Crypto Market Suffers Heavy Losses
Digital assets bore the sharpest losses. Ether fell 4.7% to $3,969, its lowest in nearly seven weeks, dragging weekly losses past $140 billion. Bitcoin slipped 1.7%, while U.S.-listed Ether ETFs saw $300 million in outflows since Monday. Analysts warned that further liquidations could follow if Ether breaks below $3,800, underscoring the fragility of sentiment as institutional inflows cool and technical signals flash red.
