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Stock markets slide over US inflation, tariff fears
Stock markets took a tumble Friday as a closely watched US inflation reading heated up, adding to concerns over the fallout from an incoming wave of tariffs by President Donald Trump.
Shares in automakers fell further as they brace for 25-percent US levies due to kick in early next week along with a raft of "reciprocal" tariffs tailored to different countries.
The market mood has soured over fears that Trump's tactics will trigger tit-for-tat tariffs that would rekindle inflation, which could put the brakes on interest-rate cuts and spark a recession.
"Investors remain nervous over the economic repercussions from President Trump's tariff threats, just days before he unleashes his 'reciprocal tariffs'" on April 2, said David Morrison, senior market analyst at financial services provider Trade Nation.
In Europe, while London just about held the line, closing barely off in the week's final session, Paris, Frankfurt and Milan all slid around one percent.
But the red was all the more pronounced on Wall Street as the tech-heavy Nasdaq gave up 2.6 percent while the Dow and the broad-based S&P 500 both shed around 1.5 percent.
The slide came after official data showed the Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, remained unchanged last month at 2.5 percent.
But another key figure, core inflation, which strips out volatile food and energy costs, rose more than expected at 2.8 percent in February on an annual basis, up from 2.6 percent the month before.
"The (PCE) report isn't devastating, but given the current economic uncertainty and market volatility, investors were looking for reassurance in this report -- not something to fan the flames," said Bret Kenwell, US investment analyst at trading platform eToro.
Paris and Frankfurt stocks dropped, with automakers Volkswagen, Renault and Stellantis, whose brands include Jeep, Peugeot and Fiat, faring particularly badly.
General Motors and Ford had more limited losses on Wall Street.
London finished nearly flat after data showed the UK economy expanded more than initially estimated last year and retail sales rose.
Tokyo's stock market sank 1.8 percent as the world's biggest carmaker Toyota fell, along with Honda, Nissan and Mazda.
Seoul was off 1.9 percent as Hyundai gave up 2.6 percent.
Uncertainty over Trump's plans and long-term intentions has led investors to rush into safe havens such as gold, which hit a new record high of $3,085.96 an ounce on Friday.
Governments around the world have hit out at Trump's latest tariffs, with Canadian Prime Minister Mark Carney saying his country's "old relationship" of deep economic, security and military ties with Washington "is over".
Tariff worries also saw Hong Kong and Shanghai stock markets fall.
Bangkok was in the red when trading was suspended as the Thai capital was shaken by a powerful earthquake in neighbouring Myanmar.
Investors also kept tabs on Beijing, where Chinese President Xi Jinping met business leaders, pledging the country's door would "open wider and wider" -- but also warning of "severe challenges" to the world trading system.
- Key figures around 1645 GMT -
New York - Dow: DOWN 1.5 percent at 41,671.29 points
New York - S&P 500: DOWN 1.8 percent at 5,593.87
New York - Nasdaq: DOWN 2.6 percent at 17,338.65
London - FTSE 100: DOWN 0.1 percent at 8,658.85 (close)
Paris - CAC 40: DOWN 0.9 percent at 7,916.08 (close)
Frankfurt - DAX: DOWN 1.0 percent at 22,461.52 (close)
Tokyo - Nikkei 225: DOWN 1.8 percent at 37,120.33 (close)
Hong Kong - Hang Seng Index: DOWN 0.7 percent at 23,426.60 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,351.31 (close)
Euro/dollar: UP at $1.0823 from $1.0796 on Thursday
Pound/dollar: DOWN at $1.2934 from $1.2947
Dollar/yen: DOWN at 150.11 yen from 151.04 yen
Euro/pound: UP at 83.63 pence from 83.38 pence
West Texas Intermediate: DOWN 1.1 percent at $69.15 per barrel
Brent North Sea Crude: DOWN 0.8 percent at $73.47 per barrel
S.Gantenbein--VB