New York (AFP) - Global equities mostly slid Thursday on auto sector woes and economic fears about the prospect of more interest rate hikes aimed at cooling high inflation.
Share prices of carmakers were hit hard after Tesla posted tumbling first-quarter profits as steep price cuts ate into margins at Elon Musk's electric vehicle company.
Wall Street slid lower, with the S&P 500 finishing down 0.6 percent.
Europe's main equity markets were mostly lower after a mixed session in Asia.
The dollar fell against its main rivals and crude oil tanked more than two percent.
"In what has been a pretty directionless week so far, European markets are on the back foot as a slide in automakers, and lower oil prices weigh on the wider market," said Michael Hewson, chief market analyst at CMC Markets UK.
He said oil prices were being dragged down on worries about demand on the heels of weakening US data.
Stubbornly high UK inflation and worries over more central bank moves to tame rampant consumer prices had dented market sentiment on Wednesday.
Higher borrowing costs curb consumer spending and ramp up the cost of credit for businesses and individuals alike, derailing economic activity.
"Investors are once again worried about the outlook for the global economy," added Russ Mould, investment director at AJ Bell.
"Markets have stalled over the past few days, with the latest corporate updates failing to move the dial."
Carmakers hit the skids
Shares in Tesla slumped nearly 10 percent, but shares in all carmakers took a hit on fears of a price war.
Shares in Ford and GM both dropped around three percent.
In Europe, French giant Renault lost nearly eight percent despite strong first-quarter earnings, while Stellantis -- owner of Chrysler, Fiat, Jeep, Maserati, Peugeot and other brands -- sank more than five percent.
In Frankfurt, shares in BMW and Mercedes-Benz both fell more than three percent and Volkswagen dropped 2.5 percent.
"More price cuts to come affects all," Finalto analyst Neil Wilson told AFP.
In the telecoms sector, shares in Nokia tumbled more than nine percent after the Finnish equipment manufacturer reported weaker than expected earnings as cash-strapped consumers reined in spending.
Results from US regional banks were also in focus after three went under last month and troubled European giant Credit Suisse was taken over by UBS.
Several regional US banks -- including KeyCorp, Zions Bancorporation and Comerica -- dropped between two and five percent following earnings reports that showed the impact of an industry panic after the March collapse of Silicon Valley Bank.
Key figures around 2050 GMT
New York - Dow: DOWN 0.3 percent at 33,786.62 (close)
New York - S&P 500: DOWN 0.6 percent at 4,129.79 (close)
New York - Nasdaq: DOWN 0.8 percent at 12,059.56 (close)
London - FTSE 100: UP less than 0.1 percent at 7,902.61 (close)
Frankfurt - DAX: DOWN 0.6 percent at 15,795.97 (close)
Paris - CAC 40: DOWN 0.1 percent at 7,538.71 (close)
EURO STOXX 50: DOWN 0.2 percent at 4,384.86 (close)
Tokyo - Nikkei 225: UP 0.2 percent at 28,657.57 (close)
Hong Kong - Hang Seng Index: UP 0.1 percent at 20,396.97 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,367.03 (close)
Euro/dollar: UP at $1.0972 from $1.0955 on Wednesday
Pound/dollar: UP at $1.2442 from $1.2439
Dollar/yen: DOWN at 134.24 yen from 134.72 yen
Euro/pound: UP at 88.15 pence from 88.07 pence
West Texas Intermediate: DOWN 2.4 percent at $77.29 per barrel
Brent North Sea crude: DOWN 2.4 percent at $81.10 per barrel
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