Global markets fell on Thursday as investors grappled with soaring AI costs and renewed pressure on technology stocks, while Europe braced for key central bank decisions and silver endured another brutal selloff.
European equities opened relatively steady, with regional tech stocks rebounding 1.8% after a sharp two-day slump. The euro and German Bund yields were broadly unchanged, offering little relief from lingering concerns about whether tech-led gains can continue to anchor markets.
Sterling weakened below $1.36 as UK assets came under pressure, driven less by monetary policy and more by political uncertainty surrounding Prime Minister Keir Starmer. Concerns over leadership stability have weighed on Britain’s appeal to global investors.
Precious metals resumed their slide after a brief rebound earlier in the week. Silver plunged as much as 14%, extending last week’s collapse, while gold and platinum also retreated sharply from record highs.
Currency markets reflected a cautious tone, with the dollar hitting a two-week high as risk-sensitive currencies weakened. The Japanese yen steadied slightly ahead of a closely watched general election that has fueled worries over fiscal discipline.
In commodities, oil prices fell after the US and Iran agreed to renewed talks, while bitcoin slid toward $70,000, its lowest level since late 2024, underscoring broad risk aversion across asset classes.
Analysts at Deutsche Bank said the sustained drop in digital assets was largely driven by heavy institutional ETF outflows, highlighting how fragile investor sentiment remains as markets search for a new equilibrium.
