Tariffs and Inflation Data Stir Global Markets

Turmoil swept through global markets as traders braced for the latest U.S. inflation data amid fresh pharmaceutical tariffs introduced by the White House. In Asia, stock markets plummeted, with a drop of 1.4% in a broad gauge of shares outside Japan, exacerbated by declines in South Korea and Hong Kong.

European stocks, however, managed to find some relief. The STOXX 600 climbed 0.3% as European drugmakers like Roche and Novo Nordisk rebounded, and investors turned towards euro zone assets amid U.S. interest rate uncertainties. This interplay of factors pushed Wall Street's S&P 500 and Nasdaq 100 futures into a holding pattern.

Sterling continued its downward trajectory as UK markets suffered, pressured by budget concerns and fluctuating yields on UK debt. Meanwhile, commodities showed mixed results, with Brent crude climbing over 4% and gold dropping slightly as the week's economic indicators swayed investor sentiment.

(With inputs from agencies.)