Wall Street fell sharply again on Friday, pushing the Nasdaq toward a bear market, after China imposed fresh tariffs on all U.S. goods in response to the Trump administration's sweeping levies, escalating a global trade war. Losses in the S&P 500 and Nasdaq steepened after Federal Reserve chair. Jerome Powell said.
President Donald Trump's new tariffs are "larger than expected" and the economic fallout including higher inflation and slower growth likely will be as well, Federal Reserve Chair Jerome Powell said on Friday in remarks that pointed to the potentially difficult set of decisions ahead for the central bank.
Traders added to bets the Federal Reserve will wait until June to commence interest-rate cuts, as Fed Chair Jerome Powell said it's becoming clear that U.S. President Donald Trump's bigger-than-expected tariffs are likely to trigger both higher inflation and slower growth.
* Canadian dollar falls 0.7% against the greenback. * Economy sheds 33,000 in March. * Oil extends selloff; tumbles 7.5% * 10-year yield hits a near two-year low. By Fergal Smith. The Canadian dollar weakened against its U.S. counterpart on Friday, giving back some of its weekly gain, as oil prices tumbled and domestic data showed the global trade war beginning to hurt the labour market.
U.S. President Donald Trump on Friday called on Federal Reserve Chairman Jerome Powell to cut interest rates, saying it was the "perfect time" to do so. "CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!," Trump said on Truth Social.
U.S. President Donald Trump on Friday called on Federal Reserve Chairman Jerome Powell to cut interest rates, saying it was the "perfect time" to do so. "CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!," Trump said on Truth Social.
* * Jobless rate up to 6.7% from 6.6% in the prior month. * Average hourly wage growth of permanent workers up 3.5% By Promit Mukherjee. Canada's total employment fell and the unemployment rate ticked up in March, data showed on Friday, as the uncertainty around tariffs and their subsequent implementation forced companies to pause hiring and spurred some layoffs.
-Major brokerages including Goldman Sachs and RBC see more rate cuts by the U.S. Federal Reserve following President Donald Trump's latest tariffs. Trump on Wednesday imposed a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries, sparking fears of a global economic slowdown.
The U.S. dollar rose against the euro and trimmed losses versus the yen on Friday, after non-farm payrolls data showed the U.S. economy added more jobs than expected in March. Non-farm payrolls rose by 228,000 jobs last month after a downwardly revised 117,000 rise in February, the Labor Department said.
The Federal Reserve is seen waiting until June to start cutting interest rates after a government report showed stronger than expected jobs growth last month that eased concern about the state of the labor market as President Donald Trump moves to put sweeping tariffs on imports from around the globe.
- The U.S. economy added far more jobs than expected in March, but President Donald Trump's sweeping import tariffs could test the labor market's resilience in the months ahead amid sagging business confidence and a stock market selloff. Nonfarm payrolls increased by 228,000 jobs last month after a downwardly revised 117,000 rise in February, the Labor Department said on Friday.
- The U.S. economy added far more jobs than expected in March, but President Donald Trump's sweeping import tariffs could test the labor market's resilience in the months ahead amid sagging business confidence and a stock market selloff. Nonfarm payrolls increased by 228,000 jobs last month after a downwardly revised 117,000 rise in February, the Labor Department said on Friday.
-The Federal Reserve is seen waiting until June to start cutting interest rates after a government report showed stronger than expected jobs growth last month that eased concern about the state of the labor market as President Donald Trump moves to put sweeping tariffs on imports from around the globe.
The U.S. dollar rose against the euro and trimmed losses versus the yen on Friday, after non-farm payrolls data showed the U.S. economy added more jobs than expected in March. Nonfarm payrolls rose by 228,000 jobs last month after a downwardly revised 117,000 rise in February, the Labor Department said.
U.S. stock index futures held onto losses on Friday as investors assessed nonfarm payrolls data for March to gauge the health of the world's largest economy. A Labor Department report showed the U.S. economy added 228,000 jobs last month, compared with economists' estimate of a rise of 135,000. Average monthly earnings rose 0.3% in the previous month, compared with expectations of a 0.3% rise.
* Nonfarm payrolls increase 228,000 in March. * * Returning supermarket strikers boost retail payrolls. * Unemployment rate rises to 4.2% from 4.1% * Average hourly earnings gain 0.3%; up 3.8% year-on-year. By Lucia Mutikani.
* Tariff uncertainty takes toll. * Unemployment rate ticks up to 6.7% from 6.6% * Employment number dropped by a net 32,600 people. By Promit Mukherjee. Canada's total employment fell and the unemployment rate ticked up in March, data showed on Friday, as the uncertainty around tariffs and their subsequent implementation took a toll on hiring and spurred some layoffs.
Credit ratings giant S&P Global has said it is reviewing all its macro economic forecasts in the wake of Donald Trump's sweeping world trade tariffs this week, a move likely to fuel concerns of a renewed wave of credit score downgrades.
* Revised forecasts due next week, inflation jump seen. * Impact on US GDP will depend on retaliation, S&P says. * Cut to forecasts feeds rating downgrade expectations. By Marc Jones.
Oil majors are suffering after eight OPEC+ countries unexpectedly agreed to increase oil output in May, while tariffs imposed by U.S. administration had a muted effect on the sector, Eni's top executive Francesco Gattei said on Friday. He added that energy groups could react to the possibility of tariffs denting global economic growth, reducing demand for power.
Global bank stocks tanked on Friday, exacerbating a punishing selloff in the wake of U.S. President Donald Trump's sweeping tariffs, Japanese banks tanked, European banking stocks slid 7% and were set for the biggest one-day fall since February 2022, while safe-haven U.S. Treasuries gained. Traders meanwhile priced in more than 100 basis points of Federal Reserve rate cuts this year.
* $200 million loan to be signed with KKR's partner, document says. * Deal to be signed at event with Boeing (BA), schedule shows. * Vietnam scrambling to avoid U.S. duties for big trade surplus. By Phuong Nguyen.
President Donald Trump's new tariffs are "larger than expected" and the economic fallout including higher inflation and slower growth likely will be as well, Federal Reserve Chair Jerome Powell said on Friday in remarks that pointed to the potentially difficult set of decisions ahead for the central bank.
* Settlements climb amid growing uncertainty over market volatility, tariffs. * Corporations and activists are more eager to find common ground. * New director candidates often bring industry expertise. By Svea Herbst-Bayliss.
Ukraine's GDP warrant - a bond-like debt instrument that only pays out when the economy grows strongly - was on track for its biggest weekly loss on Friday since just after Russia's full-scale invasion in February 2022.
The U.S. reciprocal tariffs will stymie economic growth and lift inflation, forcing the Federal Reserve to start lowering interest rates from the end of this year, while the European Central Bank could cut rates as soon as this month, Nomura said.
Japanese stocks sank on Friday to their lowest since last August, marking their sharpest weekly drop in five years, as fears of a global recession in the wake of U.S. President Donald Trump's sweeping tariffs gripped markets. The Nikkei average closed down 2.75%, registering a 9% drop for the week, its steepest weekly decline since March 2020.
* Investors asses the impact of US tariffs. * US dollar hits a 6-month low versus safe-haven Swiss Franc. * Trump levies spur traders to increase bets on central banks easing. * Analysts warn of dollar losing preferred currency status. By Kevin Buckland and Stefano Rebaudo.
* BOJ may hike rates to 0.75% in May or June, Sakurai says. * Board to cut fiscal 2025 growth f'cast in quarterly report. * BOJ will aim to hike rates to 1% under current rate-hike cycle. By Leika Kihara and Takahiko Wada.
-Wall Street fell sharply again on Friday, pushing the Nasdaq toward a bear market, after China imposed fresh tariffs on all U.S. goods in response to the Trump administration's sweeping levies, escalating a global trade war.
Japanese banks tanked on Friday and stocks globally extended a punishing selloff in the wake of U.S. President Donald Trump's sweeping tariffs, helping drive a rally in U.S. Treasuries and supporting gold near a record peak. Benchmark 10-year U.S. Treasury yields slid under 4% and traders priced in more than 100 basis points of Federal Reserve rate cuts this year.
* Safehaven yen heads for 6-month high on recession worries. * Aggressive Trump levies spur traders to ramp up Fed easing bets. * Analysts warn of dollar losing preferred currency status. By Kevin Buckland.
Japanese stocks sank on Friday to their lowest since last August, marking their sharpest weekly drop in five years, as fears of a global recession in the wake of U.S. President Donald Trump's sweeping tariffs gripped markets. The Nikkei average closed down 2.75%, registering a 9% drop for the week, its steepest weekly decline since March 2020.
Japanese government bond yields tanked on Friday as bets for the Bank of Japan's interest rate hike receded, prompting investors to unwind positions they made for the policy tightening. The 10-year JGB yield fell 17.5 basis points to 1.185% to its lowest level since January 29, the biggest decline since August 5, and is down nearly 37 bps this week, their steepest weekly fall since 1992.
Japanese stocks sank on Friday to their lowest levels since last August, and were set for their sharpest weekly drop in five years, as fears of a global recession in the wake of U.S. President Donald Trump's sweeping tariffs gripped markets. As of 0420 GMT, the Nikkei index was down 3.6% at 33,474.56, and on course for a weekly decline of nearly 10%, if losses hold.
* Stocks struggle after global selloff on Trump's tariffs. * Investors fear U.S. recession, ramp up bets on Fed rate cuts. * Safe-haven assets rise; gold near record high. By Rae Wee.
Singapore's trade minister said the wealthy financial hub was disappointed that the U.S. had imposed a 10% tariff on its exports despite it having a free-trade agreement and running a trade deficit with the United States.
Italy's pledges to increase defence spending to help Ukraine could scupper government efforts to rein in the mammoth public debt, analysts say, posing a threat to the creditworthiness of the euro zone's third-largest economy.
New U.S. tariffs announced by President Donald Trump may delay, but likely won't derail, the Bank of Japan's plan to raise interest rates further as policymakers seek to avoid renewed yen falls that would worsen inflationary pressures.
* Nonfarm payrolls forecast increasing 135,000 in March. * DOGE firings to accelerate federal government job losses. * Unemployment rate expected to hold steady at 4.1% * Average hourly earnings seen rising 0.3%; up 3.9% y/y. By Lucia Mutikani.
Japanese stocks sank on Friday to their lowest levels since August, and were set for their sharpest weekly drop in five years, as fears of a global recession in the wake of U.S. President Donald Trump's sweeping tariffs gripped markets. As of 0230 GMT, the Nikkei index was down 2.6% at 33,818.18, and on course for a weekly decline of nearly 9%, if losses hold.
* Safe-haven yen hovers near 6-month high on recession worries. * Aggressive Trump levies spur traders to ramp up Fed easing bets. * Analysts warn of dollar losing preferred currency status. By Kevin Buckland.
Global stocks tumbled for a second day on Friday as U.S. President Donald Trump's sweeping tariff plans sowed fears about a global recession, with the sell-off deepening after China said it would impose additional levies of 34% on American goods.
Sweeping tariffs announced on Wednesday by U.S. President Donald Trump pose a significant risk to the global economy at a time when growth has been sluggish, the head of the International Monetary Fund said in a statement on Thursday.
The Reserve Bank of New Zealand will cut interest rates by 25 basis points on April 9, according to economists polled by Reuters, who have held to their previous rate outlook as inflation is expected to remain under control.
- An internet stream of a speech at a university by Federal Reserve Governor Lisa Cook was hacked on Thursday as racist remarks, Nazi symbols and pornographic images peppered the viewing screen, prompting online access to be cut off.
-The World Economic Forum founder Klaus Schwab, will "start the process" of stepping down as chair of its board of trustees, a spokesperson for the Geneva-based institution told Reuters on Thursday.
* Trump's tariffs stoke recession fears, impacting global markets. * Yields on U.S. Treasuries drop significantly amid economic concerns. * Gauge of U.S. services sector hits nine-month low. By Chuck Mikolajczak.
- Federal Reserve Governor Lisa Cook said on Thursday that the central bank can take its time to assess a highly unsettled environment before moving interest rates again, amid risks inflation could worsen due to tariffs.
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