Headline

Stock Markets Decline Over US Inflation, Tariff Fears

Published

1 year ago

March 28, 2025

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.

“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.

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.

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.

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.

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.

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.

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.

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”.

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

– 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

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

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)

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

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

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

AFP

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

3 hours ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

3 hours ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

3 hours ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.