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European markets are headed for a muted start to Friday's trading day as a volatile week for shares nears its end and concerns about a trade war between the U.S. and China persisted.
The regional Stoxx 600 index had closed 3.7% higher Thursday, marking its best day in three years, as markets sought to recover losses sustained in the previous session.
It has been a choppy week for European, and global, markets as investors have been reacting to the frequent developments in global trade policy that were set off by U.S. President Donald Trump's latest tariff plans.
Trump's so-called reciprocal tariffs came into effect earlier this week before being temporarily dropped to a blanket 10% for 90 days to allow for trade negotiations with most of the close to 90 countries and territories targeted. Tariffs on imports from China were raised, however.
The European Union on Thursday responded in a similar vein, pausing the adoption of countermeasures for 90 days. "We want to give negotiations a chance," European Commission President Ursula von der Leyen said on social media.
But trade policy uncertainty persisted, as it was unclear how negotiations between the U.S. and its trading partners would play out. Fears about a trade war between the U.S. and China were front of mind.
The two countries have been slapping one another with higher and higher tariffs throughout the week, with the White House on Thursday confirming to CNBC that the cumulative tariff rate on China now would effectively total 145%. This includes the 125% duty on goods, as well as a 20% fentanyl-related duty.
Asia-Pacific markets were last mixed. Stateside, U.S. stock futures slipped after a losing session for stocks on Thursday.
In Europe, investors will on Friday be watching out for the release of monthly U.K. gross domestic product data.
Oil giant BP expects lower first-quarter reported upstream production, higher net debt
A general view of the BP logo and petrol station forecourt sign in Southend, United Kingdom, on Jan. 22, 2024.
John Keeble | Getty Images News | Getty Images
British oil major BP said it anticipates lower reported upstream production and higher net debt in the first quarter than in the final three months of 2024.
In a trading statement, the London-listed energy giant said reported upstream production is expected to be lower primarily because of the already announced divestments in Egypt and Trinidad and Tobago.
First-quarter net debt, which energy analysts have flagged as an area of concern for BP, is expected to be around $4 billion higher than in the fourth quarter.
The buildup of net debt "is driven primarily by a working capital build, which is largely expected to reverse, reflecting seasonal inventory effects, timing of payments including annual bonus payments and payments related to low carbon assets held for sale," BP said.
BP is scheduled to report first-quarter earnings on April 29.
— Sam Meredith
UK economy expands by 0.5% in February, higher than expected
European markets head for muted open
European markets are on track to open slightly higher on Friday as the end of a volatile week approaches.
The U.K.'s FTSE 100 was last set to add 31 points to 7,955, while Germany's DAX was on track to rise by 125 points to 20,727 and the French CAC 40 was set to gain 25 points to 7,172. Italy's FTSE MIB was meanwhile on course to add 223 points to 33,668.
— Sophie Kiderlin
Gold price hits new record high, crossing $3,200 for the first time
Gold futures hit a fresh record high of $3,226 per ounce as festering trade tensions between the world's two largest economies culminated in a rush towards the safe haven asset.
"Persistent tariffs and policy unpredictability continue to elevate the risk of stagflation, further increasing the demand for gold as the best safe-haven asset," said Paul Wong, market strategist at Sprott Asset Management.
Wong added that he believes the current economic environment will continue to support rising gold prices.
—Lee Ying Shan
Stock futures edge higher Thursday evening
Navarro says stock plunge is 'no big deal'
U.S. senior trade advisor Peter Navarro speaks during an interview with CNN at the White House, in Washington, April 10, 2025.
Evelyn Hockstein | Reuters
After stocks plunged, Trump's top trade advisor Peter Navarro laughed off the suggestion that Trump's freewheeling tariff policy switch-ups may have caused a lasting impact on the global financial system.
"I think CNBC's gonna sue CNN for intruding on their financial analysis," Navarro said in response during a CNN interview after markets closed.
"That to me is pure spin," he said. "You had the highest rise in stock market history yesterday. Of course there's gonna be a little pullback. The question is: What spin are you gonna put on it?"
"It's just normal retracement after a big day. It's no big deal," Navarro said.
— Kevin Breuninger
English (US)