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Stock Markets Decline Over US Inflation, Tariff Fears

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Stock markets fell on Friday as a closely-watched US inflation reading heated up, adding to concerns over the fallout from an incoming wave of tariffs by President Donald Trump.

Shares in automakers fell further as they brace for 25-percent levies due to kick in early next week along with a raft of “reciprocal” tariffs tailored to different countries.

The market mood has soured over fears that Trump’s tactics will trigger tit-for-tat tariffs that would rekindle inflation, which could put the brakes on interest rate cuts and spark a recession.

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Investors remain nervous over the economic repercussions from President Trump’s tariff threats, just days before he unleashes his ‘reciprocal tariffs’ (on April 2),” said David Morrison, senior market analyst at financial services provider Trade Nation.

READ ALSO: Trump Signs Order Targeting Former Special Counsel’s Law Firm

Wall Street opened in the red after official data showed the Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index, remained unchanged last month at 2.5 percent.

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But another key figure, core inflation, which strips out volatile food and energy costs, rose more than expected at 2.8 percent in February on an annual basis, up from 2.6 percent the month before.

A tit-for-tat trade war and a reignition of inflation could force the Fed and other central banks to rethink plans to cut interest rates.

“The (PCE) report isn’t devastating, but given the current economic uncertainty and market volatility, investors were looking for reassurance in this report — not something to fan the flames,” said Bret Kenwell, US investment analyst at eToro trading platform.

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READ ALSO: King Charles III Hospitalized Amid Cancer Battle, Pulls Out Of Royal Engagements

In Spain, data showed inflation eased to 2.3 percent in March as rainy weather boosted hydro power production and drove down electricity prices. Consumer price rises remained unchanged in France at 0.8 percent.

Paris and Frankfurt stocks dropped, with automakers Volkswagen, Renault, and Stellantis, whose brands include Jeep, Peugeot, and Fiat, faring particularly badly.

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General Motors and Ford had more limited losses on Wall Street.

London bucked the trend, with the FTSE 100 index rising as data showed that the UK economy expanded more than initially estimated last year and retail sales rose.

Tokyo’s stock market sank 1.8 percent as the world’s biggest carmaker, Toyota, fell, along with Honda, Nissan, and Mazda.

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Seoul was off 1.9 percent as Hyundai gave up 2.6 percent.

Uncertainty over Trump’s plans and long-term intentions has led investors to rush into safe havens such as gold, which hit a new record high of $3,085.96 an ounce on Friday.

READ ALSO: UK Releases Names of Dead Nigerians With Unclaimed Estates, Searches For Relatives

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Governments around the world have hit out at Trump’s latest tariffs, with Canadian Prime Minister Mark Carney saying the “old relationship” of deep economic, security, and military ties with Washington is over.

Tariff worries also saw Hong Kong and Shanghai stock markets fall.

Bangkok was in the red when trading was suspended as the Thai capital was shaken by a powerful earthquake in neighbouring Myanmar.

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Investors also kept tabs on Beijing, where Chinese leader Xi Jinping met leading business leaders pledging the country’s door would “open wider and wider”.

READ ALSO: Trump Tariffs: Canada To Strike Back At US – PM Carney

He also warned the world trading system was facing “severe challenges”.

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– Key figures around 1340 GMT –

New York – Dow: DOWN 0.2 percent at 42,216,50 points

New York – S&P 500: DOWN 0.2 percent at 5,683.38

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New York – Nasdaq: DOWN 0.4 percent at 17,741.10

London – FTSE 100: UP 0.1 percent at 8,673.30

Paris – CAC 40: DOWN 0.5 percent at 7,949.83

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Frankfurt – DAX: DOWN 0.4 percent at 22,593.76

Tokyo – Nikkei 225: DOWN 1.8 percent at 37,120.33 (close)

Hong Kong – Hang Seng Index: DOWN 0.7 percent at 23,426.60 (close)

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Shanghai – Composite: DOWN 0.7 percent at 3,351.31 (close)

Euro/dollar: UP at $1.0803 from $1.0796 on Thursday

Pound/dollar: UP at $1.2957 from $1.2947

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Dollar/yen: DOWN at 150.62 yen from 151.04 yen

Euro/pound: UP at 83.40 pence from 83.38 pence

West Texas Intermediate: DOWN 0.3 percent at $69.73 per barrel

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Brent North Sea Crude: DOWN 0.4 percent at $73.04 per barrel

AFP

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FG Summons S. African Envoy Over Rising Xenophobic Attacks On Nigerians

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The Federal Government has summoned the Acting High Commissioner of South Africa in Abuja over renewed concerns about xenophobic attacks and protests targeting foreign nationals, including Nigerians, living in that country.

The Ministry of Foreign Affairs said the envoy is expected at its headquarters on Monday, May 4, 2026, for a high-level engagement aimed at addressing the growing tension and safeguarding bilateral relations between both countries.

In a statement issued on Sunday, the spokesperson for the Ministry, Kimiebi Ebienfa, said Nigeria would formally express its “profound concern” over recent developments in South Africa, particularly reports of harassment, violence, and destruction of property belonging to foreign nationals.

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According to the ministry, the meeting will focus on ongoing demonstrations by various groups in South Africa and documented cases of attacks on Nigerians and their businesses in parts of the country.

READ ALSO:Group Condemns Tunisian Xenophobic, Racial Attacks On African Migrants

The objective of this engagement is to formally convey the Nigerian Government’s profound concern regarding recent events that have the potential to impact the established cordial relations between Nigeria and South Africa,” the statement read.

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It added that discussions would also address ongoing demonstrations by various groups within South Africa and documented instances of mistreatment of Nigerian citizens and attacks on their businesses.

The ministry acknowledged growing anger among Nigerians over reports of xenophobic violence but urged restraint, stressing that diplomatic engagement remained the preferred channel for resolution.

It assured Nigerians that the Federal Government was actively engaging South African authorities to ensure the protection of its citizens abroad.

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READ ALSO:US Visa Adjudication Sparks Concerns Over Diplomatic Relations

The Ministry is aware of the growing discontent among Nigerians concerning the treatment of their nationals in South Africa. Nevertheless, it implores the Nigerian public to remain calm and reiterates the Federal Government’s commitment to protecting the rights and well-being of Nigerian citizens residing in South Africa,” the statement added.

The latest diplomatic move comes amid renewed reports of xenophobic tensions in parts of South Africa, where foreign-owned businesses have occasionally been targeted during protests linked to unemployment and economic hardship.

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South Africa has a history of xenophobic violence dating back to 2008, with subsequent flare-ups in 2015 and 2019, when mobs attacked migrants, looted shops, and displaced thousands of foreign nationals across several provinces.

In past incidents, Nigerians and other African nationals were among those affected, prompting strong diplomatic reactions from Abuja and calls for stronger protection of foreign communities.

While South African authorities have repeatedly condemned such attacks and deployed security forces to restore order during outbreaks of violence, concerns have persisted over recurring hostility in some communities.

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Mississippi Man ‘Kills Mother, Flushes Her Remains Down Toilet’

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A 29-year-old Mississippi man, Zachary Lavel Jackson Jr., has been charged with multiple offences, including first-degree murder, over the death of his mother, Lana Brown Bradley, after deputies responded to her Natchez home on April 4 following a missing person report from relatives.

The Adams County Sheriff’s Office said deputies were called to Bradley’s residence after her oldest son was unable to reach her the previous day.

Jackson was initially identified as a family member before investigators confirmed he was her son.

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Sheriff Travis Patten described the case as deeply disturbing.“This is by far the most heinous crime that I’ve ever witnessed in my entire life. We weren’t out there that day; this was one of those things when we walked up.

READ ALSO:Bandits Kill Nine, Injure Eight In Fresh Attack On Zamfara Village

This was one of those cases that you will never, ever forget in your life. This is the type of case that follows you home,” Patten told WJTV.

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According to the sheriff, deputies noticed signs of a recent cleanup when they arrived at the home.

“As soon as they walked in the house, they could just see where somebody had been cleaning up, and they could smell chemicals all throughout the house.

“Floor was extremely slippery. And the older son said that this is just unusual for the youngest son to be cleaning up the house like that,” Patten explained.

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READ ALSO:US Comedian Reggie Carroll Shot Dead In Mississippi

Jackson, the youngest son, was found in a bathroom, where deputies allegedly made a discovery that became central to the investigation.

“I can say what was in the toilet, and it was her flesh. He chopped her up in pieces and dismembered her in a way that whoever came looking for her would have to do their due diligence to find her, and that’s just what we did,” the sheriff said.

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Authorities said Jackson allegedly placed parts of his mother’s body in a suitcase and attempted to dispose of other remains.

Jackson faces charges of first-degree murder, second-degree murder, mayhem and tampering with evidence.

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Investigators said Bradley, a retired teacher, had recently sought to evict her son from the home. Patten, citing family interviews, said Jackson was believed to be mentally unstable but also noted that his actions appeared deliberate.

“He had threatened her the day before because she was looking to have him evicted from the home.

“She was in the process of doing so and had just gone to court the day before to have him removed from the home,” Patten explained.

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Iran Says War With US May Resume As Trump Rejects Proposal

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Iran’s military has warned that the war with the United States and Israel could resume, declaring that it is fully prepared for any renewed confrontation as tensions between the sides continue to deepen.

In a statement reported by Iranian state-affiliated media, senior military officials said a return to hostilities is “likely”, citing what they described as Washington’s lack of commitment to previous agreements and negotiations.

The warning comes after US President Donald Trump expressed dissatisfaction with Iran’s latest peace proposal, saying the terms presented by Tehran included demands he “can’t agree to”.

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READ ALSO:US Underestimated Iran Before War – France’s Bardella

According to officials in Tehran, Iran believes it showed flexibility during earlier negotiations, including talks held in Islamabad and during the ceasefire period. However, authorities argue that the United States has instead taken a tougher stance, widening the gap between both sides.

Iranian officials insist that key issues such as sanctions relief and the status of the Strait of Hormuz must be resolved before any broader agreement, including discussions around its nuclear programme, can progress. They also reject what they describe as US demands amounting to “surrender”.

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The growing diplomatic deadlock has raised fears that another round of fighting may be imminent, with Iranian authorities indicating that preparations are already underway.

READ ALSO:Iran Allows 20 More Pakistani Ships To Pass Through Strait Of Hormuz

Meanwhile, the prolonged conflict continues to have far-reaching consequences within Iran. Internet monitoring group NetBlocks reports that the country has entered its 64th day of near-total internet disruption, effectively isolating it from global online networks.

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The shutdown, which began after renewed anti-government protests earlier in the year and intensified following the outbreak of the war, has significantly disrupted businesses and livelihoods across the country.

Beyond Iran, the conflict is also reshaping global dynamics. Rising oil prices linked to the war have placed pressure on international markets, while geopolitical tensions have strained alliances, including between the United States and European partners.

As both sides remain far apart on key issues, analysts warn that without a breakthrough in negotiations, the fragile pause in fighting could collapse, paving the way for renewed military escalation in the region.

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