Meta’s expanding capital spending plans raised questions about how quickly AI investments can generate returns. Gold also suffered, sliding toward $4,000 as some investors sold precious metals to cover equity losses. The broader decline has weakened expectations of further Fed rate hikes, potentially offering gold some relief.

Brent crude approached $114, its highest level in more than five months, after Houthi attacks targeted Saudi oil infrastructure and reports emerged of possible new US strikes on Iran. The threat of further supply disruptions has intensified concerns over energy-driven inflation, complicating the outlook for interest rates even as the Fed is expected to pause next week.

EUR/USD recovered to 1.1225 as falling US Treasury yields pushed the dollar toward a multi-week low. France’s debt problems, however, kept the euro confined to its recent trading range.

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