Stock markets

Data showing US inflation unexpectedly slowed last month provided some cheer, though observers pointed out that the real impact of Donald Trump's "Liberation Day" tolls will not likely be felt until May's readings.

Investors have been on a rollercoaster ride since Donald Trump unveiled eye-watering tolls on trading partners on April 2, with the heftiest saved for Beijing, raising concerns of a trade war between the economic superpowers.

The mood among investors has improved substantially since the US president unveiled his "Liberation Day" blitz last month, sending markets spinning and fuelling global recession fears.

US officials said Washington has been in talks in recent weeks with numerous countries to avoid Trump's sweeping levies, with Japan and South Korea among the first in the queue.

While no agreements have yet been reached with the White House, there is optimism that governments are making progress in averting or tempering the US president's eye-watering levies, which have sent shivers through world markets.

US markets had forged higher Thursday following strong results from tech giants Microsoft and Meta that helped offset lingering economic worries.

President Trump is being criticized for taking credit when stocks surged and blaming Biden when they drop

While markets have recovered some of the losses suffered after the US president's "Liberation Day" tariffs announcement on April 2, uncertainty still rules as countries look to cut deals to avert the worst of Washington's duties.

The White House said foreign auto firms paying tariffs of 25 percent for their US car and parts shipments would not face other levies such as those on steel and aluminium, the Wall Street Journal said. Companies will also be reimbursed for fees already paid.

Investors were also keeping tabs on China after President Xi Jinping and other top leaders last week discussed plans to boost consumption in the world's number two economy.

US stocks rallied for a third straight session on Thursday, shrugging off signs that US trade deals with China and the European Union aren't imminent despite promising signs elsewhere.

Trump said on Wednesday that Washington would have a "fair deal with China" and that there was direct contact "every day". On Tuesday he had said tariffs would "come down substantially".

The rush for safety saw gold hit yet another record above $3,500, and while the dollar steadied after the previous day's selloff, it remained under pressure against its major peers.

With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the US president's trade war.

Investors are also eyeing developments at the Federal Reserve as Trump hit out at boss Jerome Powell, who warned the sweeping tariffs were "highly likely to generate at least a temporary rise in inflation".

The US president's unorthodox approach to trade diplomacy continues to fuel uncertainty among investors, with speculation over new levies on high-end technology and pharmaceuticals dampening sentiment.

Rep. Alexandria Ocasio-Cortez suggested there was insider trading in Congress related to Trump's pause on tariffs for all countries but China

President Donald Trump's post claiming it is a "great time to buy" hours before announcing a tariff pause has sparked concerns of possible insider trading.

Equities across the world have been hammered since the US president unveiled sweeping levies against friend and foe, upending trading norms, sparking talk of a global recession and wiping trillions of company valuations.

Peter Navarro told investors not to "panic" over Donald Trump's tariffs while markets plunged, insisting he saw a "beautiful situation" on the horizon.

Hong Kong's Hang Seng plunged more than 13 percent, its biggest drop since the 1997 Asian financial crisis, while in Japan the Nikkei 225 index fell an eye-watering 7.8 percent.

Howard Lutnick stated his belief that Donald Trump will not change his tune on the implementation of tariffs against some of the U.S.'s biggest trade partners.

Markets plummeted in after-hours trading after Donald Trump announced reciprocal tariffs on U.S. trading partners

Equities have been battered leading up to the US president's announcement -- which he has dubbed "Liberation Day" -- with warnings that friend and foe are in the crosshairs after what he says is years of "ripping off" the United States.

Investors have been rushing to position themselves for the US president's "Liberation Day" on Wednesday, when he warned he will impose levies on "all countries" for what he has said is years of them ripping off Americans.

The president's pledge to impose 25 percent levies on all autos coming into the United States overshadowed earlier indications that planned reciprocal measures due on Trump's so-called "Liberation Day" on April 2.

With the White House's "Liberation Day" on April 2 approaching, investors have been bracing for a wave of sweeping levies on imports amid warnings of crippled global trade, recession and a fresh spike in inflation.

A surge in tech giants including Tesla and Nvidia helped New York markets higher, with sentiment buoyed by indications from the White House that next week's glut of levies would be less severe than feared.

Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow to the global economy.

Traders took heart from Fed boss Jerome Powell's comments that the impact of hefty levies imposed on imports from key partners would likely be transitional, and from officials' forecasts that did not see a feared recession this year.