Volkswacht Bodensee - Global stocks mixed as Trump shifts on tariffs weighs on sentiment

After a down day in Europe, US stocks looked poised for another rocky round following mixed employment data.

Briefing.com analyst Patrick O'Hare said investors were reassured by a midday appearance from Fed Chair Jerome Powell, who said the US central bank is in no hurry to shift course on monetary policy.

"When Powell came out with a calm and reassuring tone, it gave the market an excuse to rally," O'Hare said.

All three major US indices finished the day in positive territory.

The broad-based S&P 500 finished at 5,770.20, up 0.6 percent for the day but down 3.1 percent for the week.

Earlier, US jobs data for February showed the country's economy added 151,000 jobs last month, up from January's revised 125,000 figure, but fewer than analysts estimates as unemployment ticked higher.

Analysts described the report as unspectacular but good enough to suggest the labor market is not weakening precipitously.

But global markets have been unnerved by Trump's gyrations on trade policy.

"US President Trump's bewildering tariff policy is creating heightened uncertainty and investor concern with hedge funds having liquidated global equity positions at the fastest rate on record," noted Axel Rudolph, senior technical analyst at online trading platform IG.

London finished flat, but in Frankfurt the DAX closed 1.8 percent down, and France's CAC 40 lost 1.0 percent.

Trump caused disarray on trading floors after he announced Thursday he would delay tariffs on Canadian and Mexican goods covered under a North American trade agreement until April 2, days after they had taken effect following a previous delay.

The decision came after a similar one-month reprieve for automakers following talks with Ford, General Motors and Jeep owner Stellantis.

But Trump has said he will not modify broad tariffs for steel and aluminium imports, due to take effect next week, while China was hit with 20-percent tariffs earlier this week.

"Even though Donald Trump has made more goods exempt from tariffs on Canada and Mexico, it's the constant tinkering that's upset investors," noted AJ Bell investment director Russ Mould.

"The fact Trump keeps changing his mind confuses matters as companies have no idea what's going on from one day to the next," he added.

Japan's Nikkei shares index led losses in Asia, closing down more than two percent.

Chinese markets, which had been riding a wave of stimulus-induced optimism, ended the week modestly lower.

Elsewhere, bitcoin plunged as much as 5.7 percent before rallying slightly after Trump signed an executive order to establish a "Strategic Bitcoin Reserve" without planning any public purchases of the cryptocurrency.

- Key figures around 2130 GMT -

New York - Dow: UP 0.5 percent at 42,801.72 (close)

New York - S&P 500: UP 0.6 percent at 5,770.20 (close)

New York - Nasdaq: UP 0.7 percent at 18,196.22 (close)

London - FTSE 100: FLAT at 8,679.88 (close)

Paris - CAC 40: DOWN 1.0 percent at 8,120.80 (close)

Frankfurt - DAX: DOWN 1.8 percent at 23,008.94 (close)

Tokyo - Nikkei 225: DOWN 2.2 percent at 36,887.17 (close)

Hong Kong - Hang Seng Index: DOWN 0.6 percent at 24,238 (close)

Shanghai - Composite: DOWN 0.3 percent at 3,372.55 (close)

Euro/dollar: UP at 1.0844 from 1.0785 on Thursday

Pound/dollar: UP at 1.2925 from 1.2882

Dollar/yen: DOWN 147.97 from 147.98

Euro/pound: UP at 83.87 pence from 83.72 pence

Brent North Sea Crude: UP 1.3 percent at 70.36 per barrel

West Texas Intermediate: UP 1.0 percent at $67.04 per barrel

G.Haefliger--VB