Closing post
After a red letter week for the European markets, and beyond, it’s time to wrap up.
A quick recap:
The US labor market continued to grow in February even as threats of mass layoffs in the federal government and uncertainty around Donald Trump’s tariff policies rattle the US economy.
In February, 151,000 jobs were added to the economy, up from an adjusted 125,000 jobs gained in January. The unemployment rate was 4.1%, little changed from 4% in January.
A total of 10,000 federal jobs were lost over the month but those losses were countered by hiring in healthcare, financial activities, transportation and warehousing, and social assistance.
European stock markets have slumped after Donald Trump’s second reversal on tariffs caused deep uncertainty among investors, while the euro was on track for its biggest weekly rise since the financial crisis.
Germany’s Dax index is down 1.9% in late trading, as weak factory data added to the signs of difficult economic conditions. France’s Cac 40 is down 1.3%.
In London, stocks have shrugged off their earlier losses, but that still leaves the FTSE 100 on track for its worst week this year.
China’s foreign minister has accused the US of “two-faced” behaviour, condemning the imposition of tariffs on Chinese goods and warning against the “law of the jungle” that could emerge from Donald Trump’s “America First” policy.
Wang Yi was speaking after the latest trade data showed a drop in Chinese imports, suggesting trade war fears were hitting demand.
UK house prices unexpectedly fell last month as concerns over the sluggish economy outweighed an anticipated rush of people trying to complete purchases before stamp duty increases in April.
Donald Trump’s flip-flopping over tariffs is causing chaos for farmers and food producers on both sides of the US-Canada border, Bloomberg reports.
Trump slapped 25% tariffs on most Canadian and Mexican goods on Tuesday, only to then delay the new duties on many products on Thursday,
“This is the biggest challenge we’ve ever faced and I’ve been doing this for over 20 years,” said John Nickel, a Manitoba hog producer who sells exclusively to the US.
His first of two weekly shipments of piglets crossed the border tariff-free on Monday, but he doesn’t know whether a 25% markup will appear on the invoice for the animals he sent Thursday morning. More here.
