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Stock markets were calmer Friday, with European stocks consolidating weekly gains fuelled by the China-US trade war hiatus and as investors awaited further developments over tariffs.Asian markets lost steam after enjoying one of their best weeks since US President Donald Trump’s “Liberation Day” tariff bazooka last month caused indices to slump.”European shares are largely holding onto yesterday’s gains, which saw Germany’s DAX reach a record high” at the close, said Derren Nathan, head of equity research at Hargreaves Lansdown. London, Paris and Frankfurt were all higher Friday. Luxury stocks were bolstered after Cartier-owner Richemont posted higher net profit and sales, driven by resilience in its jewelery business, despite the sector struggling with weak demand from China. Pharmaceutical and energy stocks were up in London, as “investors were fishing for opportunities among areas that have recently been weak”, said AJ Bell investment director Russ Mould. “Pharma stocks have been volatile of late amid fears of tariffs on the sector, while a pullback in oil prices dragged down the big oil producers yesterday,” he added.Oil prices steadied after tumbling Thursday on the possibility a breakthrough in Iran nuclear talks, fuelled by Trump saying progress had been made on a deal.The dollar edged down against the euro and the yen on raised expectations that the Federal Reserve would still cut interest rates this year following mixed inflation data.Investors are now awaiting signals from the US president on trade talks, as countries seek deals to avoid his steep levies.However, analysts warn that initial optimism over the US-China truce — which saw them slash tit-for-tat tariffs for 90 days to allow for talks — has faded, given that levies are still elevated and pose a threat to economic growth. “Even if more trade deals are announced, it is still the case that tariffs on goods entering the US will be much higher than anyone dared to contemplate,” said IG chief market analyst Chris Beauchamp.In Asia, markets were more negative, with Shanghai and Hong Kong falling. Japan’s economy suffered its first quarterly contraction for a year in January-March, which analysts said did not help market sentiment.The Nikkei index closed flat.E-commerce titan Alibaba shed over six percent in Hong Kong after reporting a disappointing rise in first-quarter revenue amid sluggish consumer spending in China. Other tech firms were also lower, with e-commerce rival JD.com down along with Tencent and Meituan.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.5 percent at 8,675.25 pointsParis – CAC 40: UP 0.7 percent at 7,904.83Frankfurt – DAX: UP 0.7 percent at 23,851.57Tokyo – Nikkei 225: FLAT at 37,753.72 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,345.05 (close)Shanghai – Composite: DOWN 0.4 percent at 3,367.46 (close)New York – Dow: UP 0.7 percent at 42,322.75 (close)Euro/dollar: UP at $1.1203 from $1.1185 on ThursdayPound/dollar: DOWN at $1.3296 from $1.3304Dollar/yen: DOWN at 145.49 yen from 145.65 yenEuro/pound: UP at 84.25 from 84.07 penceBrent North Sea Crude: UP 0.5 percent at $64.86 per barrelWest Texas Intermediate: UP 0.5 percent at $61.93 per barrel

The Asia-Pacific Economic Cooperation group said Friday that it was “concerned” over the challenges to global trade, as ministers from APEC countries met in South Korea in the shadow of growing woes from US tariffs.Trade ministers from the top economies that make up APEC are meeting on South Korea’s Jeju Island amid concerns for the global trading system since US President Donald Trump unveiled bombshell levies on most partners.The United States is a key APEC member and was represented by Trade Representative Jamieson Greer, who held a series of bilateral meetings with nations eager to soften the blow of Washington’s tariffs.”We are concerned with the fundamental challenges faced by the global trading system,” trade ministers from the 21-member group, which includes China, said in a joint statement.They urged greater cooperation, saying they “remain committed” to APEC as a means of “bringing us together to address the economic challenges facing our region”.South Korea’s Minister for Trade, Cheong In-Kyo, said the joint statement was hard-won, with “significant differences” in positions clear early on in the talks.But at the last minute, the countries “dramatically” reached an agreement, he said, with the APEC emphasising the importance of global trading mechanisms such as the World Trade Organisation (WTO), as well as sustainable supply chains. This “sends a highly positive signal to global markets”, he said, adding that “APEC members can work together to navigate the current highly uncertain global trade environment effectively”.- No joint response to US -Cheong said there had been no discussion of “joint responses” to US tariffs, saying it was not possible as “each country faces significantly different circumstances”.South Korea recorded a $66 billion trade surplus with the United States last year — behind only Vietnam, Taiwan, and Japan — making it a key target of Trump’s trade tirade.Highly dependent on exports, the country has been hit hard by the 25 percent tariffs on automobiles imposed by Trump in early April. Greer also met South Korea’s Trade, Industry and Energy minister, Ahn Duk-geun, later in the day.Ahn said in a press conference that the two sides agreed to hold a “second round of technical consultations”.The South Korean delegation will fly to Washington next week to discuss issues such as trade and economic security.Ahn said he emphasised to Greer that South Korea has a free trade agreement with the United States.  “I made it clear that, against this backdrop of strong industrial cooperation, the current tariff issue has become a significant concern.”Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month, but later suspended them until early July.”Our objective is to finalise an agreement before that date, and we are making every effort to meet this timeline,” said Ahn. “I believe other countries are in a similar situation, and the United States has no reason to delay either.”Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China.Earlier on Friday, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea’s largest shipbuilding company.HD Hyundai said in a statement that discussions covered cooperation with US shipmaker Huntington Ingalls Industries.Greer also met the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels.Shares of Hanwha Ocean rose nearly three percent on Friday morning, while HD Hyundai Heavy Industries gained as much as 3.6 percent.

The Asia-Pacific Economic Cooperation group said Friday that it was “concerned” over the challenges to global trade, as ministers from APEC countries met in South Korea in the shadow of growing woes from US tariffs.Trade ministers from the top economies that make up APEC are meeting on South Korea’s Jeju Island amid concerns for the global trading system since US President Donald Trump unveiled bombshell levies on most partners.The United States is a key APEC member and was represented by Trade Representative Jamieson Greer, who held a series of bilateral meetings with nations eager to soften the blow of Washington’s tariffs.”We are concerned with the fundamental challenges faced by the global trading system,” trade ministers from the 21-member group, which includes China, said in a joint statement.They urged greater cooperation, saying they “remain committed” to APEC as a means of “bringing us together to address the economic challenges facing our region”.South Korea’s Minister for Trade, Cheong In-Kyo, said the joint statement was hard-won, with “significant differences” in positions clear early on in the talks.But at the last minute, the countries “dramatically” reached an agreement, he said, with the APEC emphasising the importance of global trading mechanisms such as the World Trade Organisation (WTO), as well as sustainable supply chains. This “sends a highly positive signal to global markets”, he said, adding that “APEC members can work together to navigate the current highly uncertain global trade environment effectively”.- No joint response to US -Cheong said there had been no discussion of “joint responses” to US tariffs, saying it was not possible as “each country faces significantly different circumstances”.South Korea recorded a $66 billion trade surplus with the United States last year — behind only Vietnam, Taiwan, and Japan — making it a key target of Trump’s trade tirade.Highly dependent on exports, the country has been hit hard by the 25 percent tariffs on automobiles imposed by Trump in early April. Greer also met South Korea’s Trade, Industry and Energy minister, Ahn Duk-geun, later in the day.Ahn said in a press conference that the two sides agreed to hold a “second round of technical consultations”.The South Korean delegation will fly to Washington next week to discuss issues such as trade and economic security.Ahn said he emphasised to Greer that South Korea has a free trade agreement with the United States.  “I made it clear that, against this backdrop of strong industrial cooperation, the current tariff issue has become a significant concern.”Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month, but later suspended them until early July.”Our objective is to finalise an agreement before that date, and we are making every effort to meet this timeline,” said Ahn. “I believe other countries are in a similar situation, and the United States has no reason to delay either.”Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China.Earlier on Friday, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea’s largest shipbuilding company.HD Hyundai said in a statement that discussions covered cooperation with US shipmaker Huntington Ingalls Industries.Greer also met the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels.Shares of Hanwha Ocean rose nearly three percent on Friday morning, while HD Hyundai Heavy Industries gained as much as 3.6 percent.

Asian markets limped into the weekend as investors consolidated gains fed by the China-US trade war hiatus, having enjoyed one of their best weeks since Donald Trump unloaded his “Liberation Day” tariff bazooka last month.The dollar edged down after data showed US wholesale prices rose less than expected last month and retail sales were flat — following below-forecast consumer inflation figures — providing hope the Federal Reserve could cut interest rates this year.Oil prices extended losses after tumbling Thursday on hopes for a breakthrough in Iran nuclear talks after Trump said progress had been made on a deal.Investors are now awaiting signals from the US president on the progress of talks with his country’s trading partners as governments line up to strike deals to avoid his steep levies.However, analysts warn that the euphoria over Beijing and Washington’s detente — which saw them slash tit-for-tat tariffs for 90 days to allow for talks — has likely given way to the fact that levies are still elevated and pose a threat to economic growth.”Even if more trade deals are announced, it is still the case that tariffs on goods entering the US will be much higher than anyone dared to contemplate,” said IG chief market analyst Chris Beauchamp.”This should result in a not insignificant hit to earnings, though the impact will only start to become clear in future earnings reports.”The question for all investors is, have markets already priced in enough bad news following their big losses in the first half of April to avoid further falls later in the year?”The head of US retail titan Walmart highlighted the threat to consumers as he warned of price increases caused by Trump’s tariffs on imports from around the world.CEO Doug McMillon welcomed the dialling down of tensions with China but said the levies remained too high for his firm to absorb.”We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels, we aren’t able to absorb all the pressure,” he told analysts after reporting a solid quarter of earnings.Hong Kong fell on Friday, with e-commerce titan Alibaba shedding more than six percent at one point after reporting a disappointing rise in first-quarter revenue as Chinese consumer spending remained sluggish. Other tech firms were also lower, with e-commerce rival JD.com down along with Tencent and Meituan.The Nikkei index was flat after the release of figures showing Japan’s economy saw its first quarterly contraction for a year from January to March.Shanghai, Singapore, Wellington, Mumbai and Manila were all lower, but Sydney, Seoul, Bangkok, Jakarta and Taipei rose, with London, Paris and Frankfurt also up.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: FLAT at 37,753.72 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,345.05 (close)Shanghai – Composite: DOWN 0.4 percent at 3,367.46 (close)London – FTSE 100: UP 0.5 percent at 8,673.14 Euro/dollar: UP at $1.1208 from $1.1185 on ThursdayPound/dollar: UP at $1.3314 from $1.3304Dollar/yen: DOWN at 145.19 yen from 145.65 yenEuro/pound: UP at 84.18 from 84.07 penceWest Texas Intermediate: DOWN 0.1 percent at $61.54 per barrelBrent North Sea Crude: DOWN 0.1 percent at $64.48 per barrelNew York – Dow: UP 0.7 percent at 42,322.75 (close)

Japan’s economy suffered its first quarterly contraction for a year in January-March, preliminary data showed Friday, and analysts warned Donald Trump’s tariffs could tip it into recession if a deal is not struck.The 0.2 percent on-quarter shrinkage was more than expected and will deal a blow to Prime Minister Shigeru Ishiba ahead of parliamentary elections in July, with voters already angry over inflation and corruption within the ruling party.Observers said the figures — which compared with 0.6 percent growth in the final three months of 2024 — could also mean the Bank of Japan will have to wait a little longer before resuming its monetary tightening programme.The last time the world’s number four economy shrank was in January-March 2024 — when it contracted 0.4 percent.On an annualised basis, the economy shrank 0.7 percent in the first quarter.Ahead of the data, experts said Japan would face headwinds as the US president’s trade war roils the global economy, and while Tokyo is in discussions with the White House to avert the full impact there are still plenty of concerns.”Uncertainty is greatly heightened by the Trump tariffs, and it is likely that the economic slowdown trend will become clearer from (the second quarter) onward,” said BNP Paribas chief economist Ryutaro Kono.Trump’s hardball campaign to rectify what he says are unfair trade imbalances includes tariffs on trading partners and imports including steel and automobiles.But Japan’s economic woes run deeper than the trade war.With domestic and foreign demand flagging, the economy “remains without a driving force”, said Yoshiki Shinke of Dai-ichi Life Research Institute.”The possibility of the economy entering a recession cannot be ruled out, depending on the degree of downward pressure caused by the tariff issue,” he warned before Friday’s release.The data showed exports, a key driver of growth, fell 0.6 percent on-quarter while imports jumped 2.9 percent, weighing on overall GDP.The Bank of Japan this month revised down its growth forecasts and held interest rates steady, warning that trade tariffs were fuelling global economic uncertainty.”With US tariffs set to weigh on export growth, the Bank of Japan’s decision to become more downbeat about the economic outlook at its previous meeting seems to be vindicated,” Marcel Thieliant of Capital Economics said Friday.The central bank “will probably wait even longer before resuming its tightening cycle than we had anticipated”, he predicted.Stefan Angrick of Moody’s Analytics said government policies could compound the risk posed to its economy by the US tariffs.”Ishiba’s government has so far opposed fiscal support for the economy, a strategy that looked untenable even before the trade war ramped up,” he wrote Friday.”With public support slipping, a policy pivot may become unavoidable, but could arrive too late to make a difference.”The figures come as Ishiba prepares for elections for Japan’s upper house of parliament in two months.His coalition was deprived of a majority in the powerful lower house in October as voters vented their anger at rising prices and political scandals.It was the worst election result in 15 years for the Liberal Democratic Party (LDP), which has governed Japan almost continuously since 1955.

Calligraphy by a South Korean independence hero, created while awaiting execution for assassinating a Japanese statesman, is breaking new auction records in Seoul, as the country’s ultra-rich seek to bring historic artwork home.Revered in the South for his efforts to defend the country against Japanese encroachment, Ahn Jung-geun is best known for his dramatic, high-stakes assassination of Japan’s first prime minister, Ito Hirobumi, in 1909 at a railway station in Harbin.He was hanged for the killing by Japanese authorities in 1910, just months before Tokyo formally annexed the Korean peninsula, ushering in a brutal period of occupation that lasted until the end of the Second World War.Now, more than a century after his death, the calligraphy Ahn created in his prison cell during his final days — typically at the request of Japanese officials — is drawing fresh attention in Seoul’s glitzy art scene.In South Korea, Ahn’s life has long inspired artists across generations, giving rise to a highly celebrated musical, multiple novels, and films — including one starring “Crash Landing on You” actor Hyun Bin.Ahn was held in his prison cell in China for about 40 days leading up to his execution and he kept himself busy writing an autobiography and making hundreds of calligraphy pieces, including one requested by his own prison guard.”The court and prison officials, saying they wanted to keep my calligraphy as a memento, brought me hundreds of sheets of silk and paper and asked me to create for them,” Ahn wrote in his autobiography.”I ended up spending several hours each day doing calligraphy, even though I wasn’t particularly skilled in it.”Even though Ahn had assassinated their top official Ito, the Japanese who took his calligraphy preserved them with care, and some of their descendants have donated them to the South Korean government, which subsequently designated them as national treasures. Now, more of the calligraphies are surfacing in the private art market, with the latest being auctioned last month in Seoul for 940 million won (US$674,098) — more than three times its opening bid.The piece, which says “green bamboo” — a traditional symbol of integrity — had been owned by a Japanese individual who did not wish to be identified, and they had done an impeccable job preserving it, said Kim Jun-seon, art valuation specialist at Seoul Auction.”It wasn’t even mounted and was still rolled up, but when we opened the case, the scent of ink still lingered in the air,” she told AFP.- ‘Terrorist’ – Japan said Ahn was a criminal and terrorist and refused to hand over his remains. They have never been located.Moves to honour Ahn by Seoul and Beijing have previously strained ties with Tokyo, even briefly sparking a diplomatic row in 2013. The fact that his Japanese captors preserved his calligraphy “reflects the cultural and political contradictions of early twentieth-century East Asia,” said Eugene Y. Park, a history professor at University of Nevada, Reno.At his trial, Ahn identified himself as a soldier for Korea, defined his assassination of Ito as a military operation, and envisioned a united East Asia — comprising Korea, China, and Japan — somewhat akin to today’s European Union.”Some Japanese may have seen him as a misguided but principled idealist,” Park told AFP.His calligraphy, which focused on values such as peace and ethics, “resonated culturally, even if he opposed them politically,” he said.”At a time when Japan’s own imperial identity was unsettled, preserving his works revealed deeper tensions between respect for moral courage and the pursuit of colonial domination.”- Go in peace – In 2023, the Global Sae-A Group, a South Korean conglomerate, purchased one of Ahn’s calligraphies for a record-breaking 1.95 billion won.The piece “Green Bamboo” was sold at auction last month to the family of South Korea’s LS Group.”We expressed our intention to bring the piece back to Korea and share it with the public,” Joung Tae-hee at Seoul Auction said, adding that the Japanese owner agreed to sell after hearing their proposal.Lee Sang-hyun, of the LS Group family, told AFP that his mother “hopes many citizens will be able to see this piece and that it will also be studied,” and they are considering donating it to a national institution.Ahn became a catholic as a teenager and ends his autobiography with the words of Nicolas Joseph Marie Wilhelm, a French priest and missionary stationed in Korea, who travelled to his prison to see the activist and give him confession.The priest — who had also baptised Ahn and was a long-time friend — was disciplined for his trip, and was later forced to return to France.”The gracious lord will never abandon you,” Wilhelm told Ahn. “He will surely take you in, so rest your heart and go in peace.”

Japan’s economy contracted 0.2 percent between January and March, the first quarterly drop in a year, according to cabinet office data released Friday.The world’s fourth-largest economy is trying to negotiate relief from punishing US trade tariffs as it seeks to shake off stagnation that has long plagued the country.Friday’s preliminary figure for quarter-on-quarter GDP was worse than market expectations of a 0.1 percent contraction.It marked a slowdown from growth of 0.6 percent in October-December. The last time the Japanese economy shrank was in January-March 2024 — when it contracted 0.4 percent.Exports, which fuel Japan’s growth, were down 0.6 percent while imports jumped 2.9 percent, weighing on overall GDP.On an annualised basis, GDP shrank 0.7 percent in the first quarter.Ahead of the data release, analysts warned that Japan will face headwinds as US President Donald Trump’s levies roil the global economy.”Ucertainty is greatly heightened by the Trump tariffs, and it is likely that the economic slowdown trend will become clearer from (the second quarter) onward,” said BNP Paribas chief economist Ryutaro Kono.That will likely weigh on corporate spending such as capital investment and drive down demand for capital goods,” such as machinery and tools, he said.Katsutoshi Inadome of SuMi TRUST noted that “with recent negotiations between US and Chinese officials concluding with lower tariffs, we hope that this will ultimately mitigate their economic impact”.Trump’s hardball campaign to rectify what he says are unfair trade imbalances includes tariffs on trading partners and imports including steel and automobiles.But Japan’s economic woes run deeper than the trade war. With domestic and foreign demand flagging, its economy “remains without a driving force”, said Yoshiki Shinke, senior executive economist at Dai-ichi Life Research Institute.”The possibility of the economy entering a recession cannot be ruled out, depending on the degree of downward pressure caused by the tariff issue,” he warned ahead of Friday.Earlier this month the Bank of Japan revised down its growth forecasts and held interest rates steady, warning that trade tariffs are fuelling global economic uncertainty.The BoJ said it now expects Japan’s GDP to rise 0.5 percent in the fiscal year that started in April — down from its previous estimate of 1.1 percent.”With the economy already shrinking on the eve of the trade war, the Bank of Japan will probably wait even longer before resuming its tightening cycle than we had anticipated,” Marcel Thieliant at Capital Economics said Friday.

Oil prices fell Thursday while global equities were mixed after President Donald Trump said the United States was close to making a deal on Iran’s nuclear program.Trump made the remarks in Qatar before flying to the United Arab Emirates for the third and final leg of a Gulf tour that began in Saudi Arabia.Trump’s comments came after Iran held its fourth round of talks with the US administration. Washington has said it wishes to avoid a threatened military strike by Israel on Tehran’s contested nuclear program.”Traders focused on the prospect of a US-Iran nuclear deal which could see economic sanctions lifted on the latter and potentially lead to greater supplies of oil,” noted Russ Mould, investment director at AJ Bell.Both main crude contracts fell by more than two percent in value on hopes that US sanctions on Iran might be lifted as part of the deal.That could, in turn, increase the Islamic republic’s oil exports.In Europe, the main markets overcame early weakness to finish higher.Sentiment in London was boosted by official data showing Britain’s economy grew more than expected in the first quarter — before UK business tax hikes and US tariffs took effect.Back on Wall Street, both the Dow and S&P 500 rose, while the Nasdaq retreated following mixed US economic data.Data showed US retail sales were near-flat in the United States in April, while US wholesale inflation unexpectedly fell during the month.Shares in Walmart retreated after the retail giant warned of higher prices due to Trump’s tariffs. CEO Doug McMillon welcomed a de-escalation of Washington’s trade war with China but said the levies remained too high for the retailer to absorb.”We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels, we aren’t able to absorb all the pressure,” McMillon told investors.Meanwhile, investors awaited fresh developments in trade talks, with countries looking to reach deals to avoid Trump’s tariff blitz.With excitement from the China-US detente fading, markets are seeking new catalysts.”We’re back into the vacuum where news about trade dominates everything,” said Art Hogan of B. Riley Wealth Management.After tumbling in early April following Trump’s sweeping tariff plan, stocks have been on the upswing in recent weeks as the US president has retreated from some of the most onerous levies while announcing a trade deal with Britain and a de-escalation with China.But Hogan said markets are bracing for a hit to inflation later in 2025 from the overall policy shift to higher tariffs.- Key figures at around 2050 GMT -West Texas Intermediate: DOWN 2.4 percent at $61.62 per barrelBrent North Sea Crude: DOWN 2.4 percent at $64.53 per barrelNew York – Dow: UP 0.7 percent at 42,322.75 (close)New York – S&P 500: UP 0.4 percent at 5,916.93 (close)New York – Nasdaq Composite: DOWN 0.2 percent at 19,112.32 (close)London – FTSE 100: UP 0.6 percent at 8,633.75 (close)Paris – CAC 40: UP 0.2 percent at 7,853.47 (close)Frankfurt – DAX: UP 0.7 percent at 23,695.59 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 37,755.51 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 23,453.16 (close)Shanghai – Composite: DOWN 0.7 percent at 3,380.82 (close)Euro/dollar: UP at $1.1185 from $1.1175 on WednesdayPound/dollar: UP at $1.3304 from $1.3263Dollar/yen: DOWN at 145.65 yen from 146.75 yenEuro/pound: DOWN at 84.07 from 84.23 penceburs-jmb/acb

Oil prices tumbled on Thursday after President Donald Trump said the United States was close to making a deal on Iran’s nuclear programme, which could pave the way for increased crude supplies.The dollar continued to face pressure amid uncertainty over tariffs, while European and US markets were mostly higher.”Traders focused on the prospect of a US-Iran nuclear deal which could see economic sanctions lifted on the latter and potentially lead to greater supplies of oil,” noted Russ Mould, investment director at AJ Bell.Trump’s remarks came after Iran held its fourth round of talks with the US administration, which has said it wishes to avoid a threatened military strike by Israel on Tehran’s contested nuclear programme.Both main crude contracts plunged more than three percent in value on hopes that US sanctions on Iran might be lifted as part of the deal.That could, in turn, increase the Islamic republic’s oil exports.In Europe, the main markets overcame early weakness to finish higher.Sentiment in London was boosted by official data showing Britain’s economy grew more than expected in the first quarter — before UK business tax hikes and US tariffs took effect.Wall Street’s three main indices opened lower following a warning by Walmart of price hikes due to US tariffs that dampened sentiment, with the Dow shedding 0.4 percent.But the Dow and S&P pushed higher during midday trading.Shares in Walmart slumped five percent after the company reported first quarter revenue growth of 2.5 percent that narrowly missed analyst expectations, but cut their losses in morning trading.Profits came in at $4.5 billion, down 12.1 percent from the year-ago level but topping analyst expectations.However Walmart’s CEO warned of higher prices due to tariffs, welcoming a de-escalation of US President Donald Trump’s trade war with China but saying the levies remain too high for the retailer to absorb.”We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels, we aren’t able to absorb all the pressure,” Chief Executive Doug McMillon told investors.Meanwhile, investors awaited fresh developments in trade talks, with countries looking to reach deals to avoid Trump’s tariff blitz.With excitement from the China-US detente fading, markets are seeking new catalysts.Stock markets have surged past the levels seen before Trump’s April 2 “Liberation Day” bombshell that hit countries worldwide with US tariffs.After figures on Tuesday showing US inflation came in a little below forecasts in April, wholesale price data released on Thursday showed they unexpectedly fell 0.5 in April due largely to a sharp drop in services costs.Briefing.com analyst Patrick O’Hare said the data showed a sharp drop in wholesale machinery and vehicle sales.”That suggests wholesalers were likely absorbing some tariff impacts, which is good for the end customer but not necessarily for earnings,” he said.April retail sales, data, also released Thursday, came in nearly flat.The 0.1-percent gain was significantly down from March’s revised growth of 1.7 percent, as buyers earlier sought to get ahead of Trump’s sweeping new tariffs, many of which took effect in April.However, analysts have pointed out that the real impact of tariffs would not be seen until May’s figures are released and warned that there were still plenty of bumps in the road ahead.- Key figures at around 1530 GMT -West Texas Intermediate: DOWN 3.1 percent at $61.18 per barrelBrent North Sea Crude: DOWN 3.0 percent at $64.13 per barrelNew York – Dow: UP 0.2 percent at 42,135.01 pointsNew York – S&P 500: UP 0.1 percent at 5,898.55New York – Nasdaq Composite: DOWN 0.2 percent at 19,102.57London – FTSE 100: UP 0.6 percent at 8,633.75 (close)Paris – CAC 40: UP 0.2 percent at 7,853.47 (close)Frankfurt – DAX: UP 0.7 percent at 23,695.59 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 37,755.51 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 23,453.16 (close)Shanghai – Composite: DOWN 0.7 percent at 3,380.82 (close)Euro/dollar: UP at $1.1118 from $1.1178 on WednesdayPound/dollar: UP at $1.3281 from $1.3268Dollar/yen: DOWN at 145.81 yen from 146.65 yenEuro/pound: DOWN at 84.20 from 84.21 penceburs-rl/phz