Global Markets Face Seventh Day of Decline Amid Tech and Metal Woes

Global markets saw a seventh consecutive day of decline on Thursday, driven by rising tech sector costs and continued instability in metals markets. European stocks, particularly in the car manufacturing sector, suffered substantial losses despite initial resilience. Tech stocks attempted a fragile recovery following a sharp drop in recent days.

The Bank of England's latest decision to hold rates steady at 3.75%, but with a narrow 5-4 voting margin, hinted at potential rate cuts, affecting the pound and gilt yields. Meanwhile, political uncertainties surrounding UK Prime Minister Keir Starmer's past associations added further pressure on the currency.

Precious metals, including silver and gold, declined sharply after previous gains. In the U.S., major tech firms faced scrutiny, with alarming spending plans impacting stock values. The broader market saw a decline, with concerns over the U.S. dollar's strength, volatile oil prices, and impending economic reports creating an air of uncertainty.