(fxcue news) - Indian stock markets remain closed today for Holi. Benchmark indexes Sensex and Nifty ended down around 0.3 percent each on Thursday, giving up early gains as tariff worries overshadowed Ukraine and Fed rate-cut optimism. The rupee surged 17 paise to settle at 87.05 against the U.S. dollar, extending gains for the third consecutive session after the release of encouraging industrial output and retail inflation readings. Asian stocks were mostly higher this morning, tacking gains in U.S. index futures after signs that the U.S. will avoid a government shutdown. Benchmark indexes in mainland China and Hong Kong were up more than 1 percent amid renewed global interest as China's AI trade soars. The dollar held firm while Treasuries were steady after rallying in the prior session. Gold hit a record high within touching distance of the key milestone of $3,000 per ounce. Oil pared weekly losses as the U.S. tightened sanctions against Iran and Russia, helping offset a dour demand forecast from the International Energy Agency. U.S. stocks tumbled overnight to reach six-month lows as President Trump's latest tariff threats stoked concerns about the outlook for inflation and economic growth. In the latest in a long list of tariff threats, Trump said he would impose a 200 percent tariff on all wines, champagnes and alcoholic products coming out of the EU in response to a "nasty" 50 percent tariff on whisky, which was imposed as a counter measure to previous levies announced by the U.S. The S&P 500 fell 1.4 percent to enter correction territory, while the Dow dropped 1.3 percent and the S&P 500 shed 1.4 percent. In economic releases, U.S. producer prices were unexpectedly unchanged in February while weekly jobless claims remained roughly in line with pre-pandemic levels. European stocks ended mixed on Thursday following Trump's comments that reciprocal tariffs on U.S.' trade partners will take effect next month. Also, doubts emerged over U.S.-brokered truce in Ukraine as Russian President Putin stressed that any deal must address the root causes of the conflict. The pan European STOXX 600 slipped 0.2 percent. France's CAC 40 rose 0.6 percent and the German DAX gained half a percent while the U.K.'s FTSE 100 ended on a flat note.