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Global financial markets experienced fluctuations on Thursday as major stock indexes eased and the U.S. dollar reached its highest level against the Japanese yen since mid-February. These movements were triggered by market reactions to political and economic developments, including Argentina’s peso rallying after U.S. Treasury intervention.

Newly announced backing from U.S. Treasury Secretary Scott Bessent provided a boost to Argentine President Javier Milei’s reform efforts. Consequently, all three major U.S. stock indexes closed lower, aligning with European markets, which also ended in the red due to political uncertainties in Japan and France.

Meanwhile, oil prices declined amidst hopes of a ceasefire in Gaza and ongoing peace talks in Ukraine. The Japanese yen tumbled as concerns persisted over potential fiscal policies from the country’s new ruling party leader. Notably, French bonds showed some resilience, reflecting optimism about the political landscape stabilizing without a snap election.

(With inputs from agencies.)