European stocks rise, Japanese stocks hit new highs, Thai stock index and baht weaken, U.S. bonds and gold decline

The expectation of a trade agreement is driving capital flows towards risk assets, while demand for safe-haven assets like bonds is weakening. U.S. stock futures are mixed, with Nasdaq 100 futures up about 0.2%. European markets are rising, with the pan-European index up over 0.5%. Meanwhile, U.S. Treasury prices are falling, and spot gold is down over 0.3%. Sudden clashes between Thailand and Cambodia have caused the Thai SET index to widen its decline to 1%. The Thai baht has dropped over 0.4%

Global stock markets continue to rise, with the conclusion of the U.S.-Japan trade agreement reigniting investor confidence, suggesting that the U.S. may soon finalize trade agreements with more countries. The anticipated trade agreements are expected to drive funds toward risk assets, weakening demand for safe-haven assets like bonds.

On Thursday, the 24th, Asian stock markets rose by 1%, supporting global stock indices to reach new highs. The Tokyo Stock Exchange index hit a historic closing high, led by the financial sector, with the yen strengthening as the market increased bets on the possibility of a Bank of Japan interest rate hike. According to the Global Times, clashes broke out between Thailand and Cambodia, causing the Thai SET index to widen its decline to 1%. The Thai baht fell over 0.4%.

Reports indicate that the U.S. is nearing an agreement with the EU to impose a 15% tariff on most products, which has pushed European stock indices higher. After-hours trading in U.S. stocks showed mixed results; following Google's earnings report, Nasdaq 100 futures rose about 0.2%, while Tesla's stock price fell in after-hours trading due to weak expectations. Additionally, U.S. Treasury prices fell, the dollar index remained flat, spot gold dropped over 0.3%, and oil prices rose over 1%.

Here are the movements of core assets:

U.S. stock futures were mixed, with Dow futures down about 0.3% and Nasdaq 100 futures up about 0.2%.

European stocks rose, with the pan-European index up over 0.5%.

The Nikkei 225 index closed up 1.6%. The Tokyo Stock Exchange index closed up 1.7%. The Seoul Composite Index closed up 0.2%. The Thai SET index widened its decline to 1%.

The dollar index rose slightly by 0.1%, the yen rose over 0.1%, while the euro and pound fell slightly by about 0.1%. The Thai baht fell over 0.4%, retreating from its high since 2022.

U.S. Treasury yields rose across the board, with the benchmark 10-year Treasury yield rising by about 1 basis point.

The yield on Japan's 40-year government bonds fell by 5.5 basis points to 3.4%.

Spot gold fell over 0.3%, and spot silver fell about 0.4%.

U.S. oil rose over 1.2% to above $66. Brent oil rose over 1.3% to above $69.40.

Bitcoin fell over 0.8% to around $11.75, while Ethereum fell over 4%.

Commodity futures closed with coking coal main contracts hitting the limit up, and lithium carbonate rising over 7%.

For the first time in nearly twenty years, President Trump will visit the Federal Reserve

There are currently divisions within the Trump administration regarding Federal Reserve policy. Commerce Secretary Howard Lutnick publicly stated that Powell "must step down," while Treasury Secretary Basant held a different view, believing there is no reason to demand Powell's resignation at this time This divergence reflects differing positions among government officials on whether there is an attempt to dismiss Powell. Trump plans to visit the Federal Reserve in person on Thursday, touring a construction site he criticized for cost overruns, coinciding with his escalating attacks on Powell.

According to CNBC, this marks Trump's increased pressure on Federal Reserve Chairman Powell. CNBC notes that this is the first formal visit by a U.S. president to the Federal Reserve in nearly two decades. U.S. presidents have traditionally respected the independence of the Federal Reserve; both legally and in practice, the Federal Reserve is not influenced by the political will of government officials. Trump's visit will be a significant symbolic gesture of the government's influence on the independence of the Federal Reserve.