Dubai Telegraph - Stocks rally rolls on in US, mixed elsewhere

US stocks tanked on Monday after comments by Trump sparked fears he would try to remove Federal Reserve chief Jerome Powell.

But global markets rebounded on Tuesday after Trump indicated he had no intention to oust Powell, also signaling that tariffs on China could be substantially lowered and that the United States would have a "fair deal" on trade with Beijing.

But China on Thursday denied that any "economic and trade negotiations" are taking place with Washington.

Treasury Secretary Scott Bessent also tempered optimism, saying the two countries were "not yet" talking when it comes to lowering tariffs.

Those comments led to a mostly lower session in Asia and early losses in Europe, which nevertheless ended the day with small gains.

However, Wall Street pushed higher after a mixed open, finishing solidly higher for a third straight day.

Thursday's gains are part of a "relief rally" that is persisting, said Adam Sarhan of 50 Park Investments.

"The last few times the market has gone down a lot, Trump has changed his stance and he's done so quickly," said Sarhan. "When the markets move, Trump listens."

The dollar weakened as White House uncertainty boosted demand for the Swiss franc, the yen and gold, seen as safe-haven assets.

Meanwhile investors were also looking to a series of company results for signs of how tariffs may weigh on the outlook for the year ahead.

"Comments about tariffs from business leaders are omnipresent and investors want to know how companies plan to deal with potential cost pressures," said Russ Mould, investment director at AJ Bell.

Shares in consumer goods manufacturer Procter & Gamble slumped 3.7 percent after it cut its sales and profit forecasts, citing a pullback by consumers amid the tariff and economic uncertainty.

Shares in its British rival Unilever shed 0.3 percent although it said the impact of US tariffs on its products would be "limited", as it reported a dip in first-quarter revenue.

Shares in Pepsi slid nearly five percent after it too cut its 2025 sales and profit forecasts.

Japanese auto giant Nissan predicted an enormous loss of around five billion dollars this year as US President Donald Trump's tariffs on car imports hit the industry.

In Paris, shares in luxury group Kering fell 1.6 percent after it reported a further sales slump at its flagship Gucci brand.

In Frankfurt, German sportswear giant Adidas gained 2.9 percent as its profit almost doubled in the first quarter, beating expectations.

Meanwhile Nintendo shares gained as much as 5.5 percent after the gaming giant boasted of higher-than-expected demand in Japan for pre-orders of its Switch 2 game console.

- Key figures at 2030 GMT -

New York - Dow: UP 1.2 percent at 40,093.40 (close)

New York - S&P 500: UP 2.0 percent at 5,484.77 (close)

New York - Nasdaq Composite: UP 2.7 percent at 17,166.04 (close)

London - FTSE 100: UP 0.1 percent at 8,407.44 (close)

Paris - CAC 40: UP 0.3 percent at 7,502.78 (close)

Frankfurt - DAX: UP 0.5 percent at 22,064.51 (close)

Tokyo - Nikkei 225: UP 0.5 percent at 35,039.15 (close)

Hong Kong - Hang Seng Index: DOWN 0.7 percent at 21,909.76 (close)

Shanghai - Composite: FLAT at 3,297.29 (close)

Euro/dollar: UP at $1.1392 from $1.1316 on Wednesday

Pound/dollar: UP at $1.3339 from $1.3254

Dollar/yen: DOWN at 142.62 from 143.45 yen

Euro/pound: DOWN at 85.35 from 85.37 pence

West Texas Intermediate: UP 0.8 percent at $62.79 per barrel

Brent North Sea Crude: UP 0.7 percent at $66.55 per barrel

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A.Ragab--DT