Wall St, European Markets Surge on AI Stock Rally Ahead of SpaceX Debut
Global equities markets rally on AI and tech stock momentum following a marked shift towards risk assets on signals of easing US-Iran tensions.
The market surged as Investors recalibrated exposure ahead of SpaceX’s record-setting initial public offering (IPO) debut and the prospect of a peace agreement as soon as this weekend.
Wall Street closed sharply higher, with the S&P 500 up 1.75%, the NASDAQ up 2.54%, and the Dow Jones up 1.86%, First National Bank (FNB) said in a brief on Friday, supported by the cancellation of planned US strikes and a renewed appetite for technology shares.
That momentum carried into Asia-Pacific, where the Nikkei 225 is currently up 3.59%, the Hang Seng Index is trading 2.03% higher, and the ASX 200 is advancing 1.95%, all benefiting from improved sentiment and falling oil prices.
Gains in China tracked the regional rebound, with sector leadership in semiconductors and precious metals.
In Europe, the FTSE 100 closed up 0.48%, and the Euro Stoxx 50 finished 0.78% higher, with investors largely absorbing European Central Bank policy tightening and focusing instead on sector rotation into technology and luxury.
The Johannesburg Stock Exchange (JSE) is set for a firmer open this morning after a strong prior close as global futures edge higher and Asian markets extend gains, buoyed by renewed strength in Hong Kong and mainland China.
Tencent’s 1.88% rally offers a supportive read-through for Naspers and Prosus, both likely to benefit from improved sentiment in Chinese tech. A resurgent ASX 300 Metals and Mining Index, up over 4%, points to early tailwinds for local resource counters after yesterday’s softer domestic session.
On the commodities front, platinum’s sharp rebound and a firmer palladium price provided additional support for PGM counters, even as gold and Brent crude drift lower. Platinum miners, in particular, stand to benefit as precious metals outperform broader commodities.
The JSE closed higher on Thursday, shaking off an early wobble triggered by fresh US military strikes on Iran, to end the session firmly in positive territory. The All Share Index gained 0.60% to close at 110 253 points, while the Top 40 added 0.65% to end at 102 315 points.
The dominant sentiment driver of the day was the sharp reversal in US-Iran war rhetoric: after markets opened lower on news of renewed US strikes, President Trump later cancelled planned follow-up strikes and signalled that a peace deal was imminent, thus lifting risk appetite across the board.
Financials led the recovery, rising 0.85%, supported by the broader global bank rally amid optimism about tempering inflationary pressures. Industrials added 0.45%, while Resources gained 0.57%, with the sector finding support from a late-session surge in precious metals (+0.44%), lifting gold and platinum-linked counters.
Telecoms were the standout subsector, with MTN Group surging 4.44% to lead the Top 40 as 35 of 41 index constituents closed in the green.
On the domestic data front, the South African Reserve Bank released 1Q26 current account data showing a surplus well above the consensus estimate and the largest since 2022, driven by a surge in gold export values and a drop in imports.
The World Bank, however, cut its 2026 GDP growth forecast for South Africa to 1.0% from 1.4%, citing higher energy prices and Middle East-driven inflationary pressures, which would have capped positive market sentiment.
FirstBank Breaches Capital Compliance Amidst Heavy Oil, Gas Lending
