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Retail sales in the UK rose by 0.4% month-over-month in March 2025, defying forecasts of a 0.4% decline, following a downwardly revised 0.7% increase in the previous month. Sales volumes in non-food stores increased by 1.7%, reaching their highest level since March 2022. Within this category, clothing stores saw the strongest growth (+3.7%), with retailers attributing the boost to favorable weather. Other non-food stores also saw a gain (+2.4%), particularly in second-hand goods stores and retailers selling garden supplies. On a yearly basis, retail sales climbed 2.6%, exceeding forecasts of a 1.8% rise and improving from a 2.2% increase in February. For the first quarter, retail trade rose by 1.6%, marking the largest three-month increase since July 2021.

UK Retail Sales Unexpectedly Rise

India's equities plunged 879 points, or 1.1%, to 78,931 in early deals on Friday, extending losses from the previous session, with declines across nearly all sectors. Traders awaited Q4 earnings results from heavyweight companies reporting after market hours today, including L&T Tech, Axis Bank, and Tech Mahindra. Other major firms, such as Maruti Suzuki, Tata Technologies, and Reliance Industries, are also set to announce their results. Escalating geopolitical tensions between India and Pakistan following a terror attack in Pahalgam continued to weigh on market sentiment. Still, the BSE Sensex is on track for its second consecutive weekly gain, up around 0.5% so far, buoyed by optimism over potential progress in US-China negotiations. Meanwhile, the Nifty 50 slumped 1.2% to fall below 24,000, with notable losses from Axis Bank (-4.6%), Adani Ports (-3.6%), Bajaj Finserv (-2.9%), State Bank of India (-2.9%), and Power Grid (-2.7%).

India Stocks Fall, But Head for 2nd Weekly Gains

Gold slipped to around $3,300 per ounce on Friday, reversing gains from the previous session, as China considers halting tariffs on certain US imports, reducing the metal's safety appeal. Reports revealed that China is urging businesses to identify products eligible for exemption from its 125% tariffs, signaling a shift toward de-escalation in the trade war. This follows President Trump’s confirmation that trade talks with China are ongoing, contradicting Chinese claims that no discussions have taken place. Gold has wiped out its prior gains and is on track for a modest weekly loss. Earlier this week, it hit a fresh record of $3,500 amid concerns over the US economy, but pulled back after Trump softened his position on the Fed's independence. Year-to-date, gold has risen about 30%, while the gold-to-silver ratio has surged to its highest level since 1994 (excluding the pandemic), highlighting bullion's impressive outperformance.

Gold Slips as China Considers US Tariff Halt

European equity markets were poised for a higher open on Friday, buoyed by signs of easing global trade tensions that lifted investor sentiment. US President Donald Trump stated that negotiations with China are ongoing, while talks with Japan and South Korea also appeared to be progressing. Reports that Beijing may reduce its 125% tariff on select US goods added to the optimism. Investors will also be watching fresh economic data, including UK retail sales and French business confidence figures, for further market cues. On the corporate front, earnings reports are expected from AON, LyondellBasell Industries, and Bankinter, among others. In premarket trade, Euro Stoxx 50 futures rose 0.6%, while Stoxx 600 futures were up 0.4%.

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