LONDON (Reuters) - Britain’s jobs market weakened again in March with the number of people looking for work rising by the most in more than four years as companies laid off staff and were cautious about hiring, according to a survey published on Friday.

The Recruitment and Employment Confederation said the pace of hiring slowed, extending a run of falls in permanent placements to two and a half years although the decline was less sharp than at the start of the year.

The availability of staff grew at the fastest rate since December 2020 with redundancies and fewer job openings cited as factors behind the increase.

However, REC chief executive Neil Carberry saw signs that the drop in hiring was easing, even as employers faced up to higher social security contributions ordered by British finance minister Rachel Reeves which came into effect this month.

"Given the substantial effects of the government’s decision to increase payroll taxes hugely, these figures were if anything slightly better than expected and suggest that there is potential in the market," Carberry said.

"A cyclical hiring upturn was always likely in 2025, but the near-term prospects for this have been made all the more uncertain by the actions of the US government in upending the global trade system," he said.

The REC survey, carried out with accountancy firm KPMG, was conducted between March 12 and March 25, before U.S. President Donald Trump’s announcement of sweeping import tariffs, most of which he scaled back on April 9.

REC said its measure of pay growth for permanent hires remained subdued by historical standards despite a pick-up in March from February’s four-year low. Temp wage growth improved slightly to a three-month high.

The Bank of England is monitoring inflation pressures in the jobs market as it considers when next to cut interest rates.

A separate survey published on Friday showed consumer confidence remained flat in the first quarter of 2025.

Accountancy firm Deloitte said its gauge of consumer confidence rose by a marginal 0.3 percentage point.

"Amid high levels of global uncertainty, a more cautious UK consumer is likely to constrain the ability of businesses to pass on higher wage and other costs to customers," Ian Stewart, chief economist at Deloitte, said.

Asian stocks slid on Friday with Japanese markets leading losses on heightened concerns over the fallout of a worsening U.S.-China trade war, which largely offset relief over the U.S. postponing some trade tariffs. 

Regional markets tumbled tracking an overnight slump on Wall Street, as a rebound rally, on President Donald Trump’s 90-day exemption on reciprocal tariffs, was largely wiped out by signs of worsening Sino-U.S. trade tensions.

Trump imposed even higher tariffs against China, drawing ire and threats of more retaliation from Beijing. Both Washington and Beijing showed little intent to immediately begin trade talks. 

Wall Street futures wiped out early gains and fell in Asian trade, with S&P 500 Futures down 0.8%. 

In Asia, Japanese stocks were by far the worst performers, given that the country holds large export exposure to both the U.S. and China. 

Mainland Chinese stocks fell relatively less than their peers, boosted by apparent buying by state-backed funds- China’s so-called national team. 

Nikkei leads losses as trade-heavy sectors slump 

Japan’s Nikkei 225 index slid as much as 5%, as did the broader TOPIX index.

Losses were aimed chiefly at sectors with big exposure to international trade, such as automobiles and technology, which face slowing demand in both the U.S. and China.

Japan took some relief from Trump postponing 24% tariffs against the country. But Citi analysts noted that Trump’s 10% universal tariffs, plus an additional 25% levy on automobiles, still presented near-term headwinds.

Citi slashed its 2025 gross domestic product outlook for Japan, and pushed forward expectations for the Bank of Japan’s next interest rate hike to March 2026 from June 2025.

Still, Citi said that Japan will avoid a recession this year on strength in personal consumption, following another round of bumper spring wage hikes. 

China stocks fall less than peers despite trade war escalation

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell 0.6% and 0.2%, respectively, while Hong Kong’s Hang Seng index lost 0.5%. 

Chinese state-owned funds were seen snapping up more local equities this week, helping brace markets against worsening trade relations with the U.S.

Beijing vowed more support for local markets, while also outlining plans to release more stimulus. Local media reports showed officials considering expediting planned stimulus measures in the face of a U.S. trade war. 

This notion drove some buying into domestically exposed Chinese stocks, especially in sectors such as industrials and consumer goods.

But weaker-than-expected Chinese inflation data released earlier this week indicated that Beijing had much more work to do to support the economy. Trump’s tariffs 145% tariffs- which took effect on Thursday- are expected to further complicate the government’s efforts. 

China’s 84% retaliatory tariffs against the U.S. took effect from Thursday, with Beijing showing little intent to deescalate. 

Broader Asian stocks were all negative, reversing course after a short-lived rebound in the prior session. Singapore’s Straits Times index shed 2.1%, while Australia’s ASX 200 fell 1.3%. 

South Korea’s KOSPI lost 1.3%, while futures for India’s Nifty 50 index pointed to a weak open.

By Kevin Buckland

TOKYO (Reuters) -The dollar slumped on Friday as waning confidence in the U.S. economy prompted investors to ditch U.S. assets to the benefit of safe havens such as the Swiss franc, yen and euro, as well as gold.

The yellow metal recorded a new all-time peak, and the franc notched a fresh decade high.

Investors dumped Wall Street stocks overnight, as a powerful relief rally on Wednesday - when President Donald Trump abruptly paused higher tariff rates on dozens of trading partners - reversed course in a frenetic 24-hour period for markets. Longer-dated U.S. Treasuries are also selling off, putting 10-year yields on course for their biggest weekly jump since 2001.

Trump’s 90-day respite, which came despite his insistence for days that his policies would never change, didn’t include China. Instead, he ratcheted up duties on Chinese imports to an effective 145% rate, further escalating a high-stakes confrontation between the world’s two largest economies.

The Chinese yuan had tumbled to an all-time low in offshore trading on Tuesday, but erased all those losses a day later, and surged again on Thursday. It initially strengthened in the latest session as well, before trading slightly weaker.

"There has been a pronounced ’sell U.S.’ vibe flowing through broad markets and into the classic safe-haven assets, with the USD losing the safe-haven bid," said Chris Weston, head of research at Pepperstone.

"The moves (have) the feel of repatriation flows by foreign entities, with many re-focused on the idea that Trump’s reluctant pause on tariffs was due to increased system risk, and migrating capital away from Ground Zero."

U.S. stock index futures fell on Thursday evening following a sharp drop on Wall Street as a rapidly escalating trade war with China offset relief over President Donald Trump postponing plans for global tariffs. 

Futures turned negative after reversing early gains, as investors remained on edge over worsening trade relations between the U.S. and China, and the implications this would have on the global economy. The White House also clarified that China now faces 145% U.S. tariffs, which could invite more retaliation from Beijing.

S&P 500 Futures fell 0.7% to 5,265.0 points, while Nasdaq 100 Futures fell 0.9% to 18,304.50 points by 20:02  ET (00:02 GMT). Dow Jones Futures fell 0.7% to 39,520.0 points. 

Markets largely looked past data showing a bigger-than-expected fall in consumer price index inflation in March, given that core CPI still remained sticky. 

Wall St slides as US-China trade war ramps up

Futures fell after a negative session on Wall Street, as concerns over a U.S.-China trade war offset relief from Trump announcing a 90-day extension for his plans to impose reciprocal tariffs.

Trump hiked tariffs against China sharply this week, drawing ire and retaliation from Beijing, which struck back with 84% tariffs on U.S. goods. Chinese officials also vowed to “fight to the end” in what appeared to be a rapidly escalating trade war between the world’s biggest economies. 

Trump also maintained a harsh rhetoric against China, pointing to few chances that a trade deal will be struck soon.

Investors fretted over the economic impact of tariffs on China, given that the U.S. still imports several key materials from the country, which are not easily replaceable. China is also a key market and manufacturing hub for several major U.S. firms, especially Wall Street heavyweight Apple (NASDAQ:AAPL), which slid 4.2% on Thursday. 

This factored into steep losses on Wall Street, with the S&P 500 falling 3.5% to 5,268.05 points. The NASDAQ Composite slid 4.3% to 16,387.31 points, while the Dow Jones Industrial Average fell 2.5% to 16,387.31 points.

Still, all three indexes were headed for their first positive week in three, and were trading up between 3% and 5.2% so far this week. A bulk of these gains were clocked on Wednesday, after Trump postponed his plans for reciprocal tariffs. 

Q1 earnings due amid heightened economic uncertainty

Investors were now bracing for the first-quarter earnings season, which begins on Friday with prints from several major banks. JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Morgan Stanley (NYSE:MS), Bank of New York Mellon (NYSE:BK), and private equity giant BlackRock Inc (NYSE:BLK) will report Q1 earnings on Friday. 

Goldman Sachs Group Inc (NYSE:GS) will report earnings on Monday. 

Earnings bring another layer of uncertainty to already volatile markets, with focus squarely on whether corporate earnings deteriorated amid heightened economic turmoil in the first quarter of Trump’s second term. 

Gold prices hit a record high on Thursday, as safe-haven demand remained firm amid escalating trade tensions with China despite President Donald Trump’s 90-day pause on reciprocal tariffs for most countries.

As of 4:30 PM ET, Spot Gold jumped 2.83% to $3,170.27 per ounce. Gold Futures expiring in June jumped 3.54% to $3,188.56 an ounce.

The yellow metal reached a prior record high on April 3, after tariffs were announced, but hefty losses in other financial markets led to investors selling gold to cover losses elsewhere, leading to recent declines.

Gold nears record high as US-Sino tensions escalate

Gold’s renewed momentum was sparked on Wednesday as new tariffs imposed by the U.S. officially took effect. 

While Trump quickly followed with a 90-day pause for most trading partners, he simultaneously raised tariffs on Chinese imports to 145%, stoking fears of deeper trade disruptions.

Meanwhile, China’s elevated tariffs of 84% on U.S. imports took effect on Thursday.

The mixed signals have left investors wary of further escalation between the world’s two largest economies. Persistent uncertainty around trade policy continues to drive demand for gold, seen as a hedge against geopolitical and economic instability.

The US Dollar Index edged 1.8% lower, making gold cheaper for overseas buyers.

Among other precious metals, Silver Futures jumped 2.3% to $31.11 an ounce, while Platinum Futures gained 2.14% to $939.70 an ounce.

Copper surges on tariff pause; uncertainty persists

Copper Futures jumped 4.4% on Thursday as investors cheered Trump’s 90-day pause, although caution persisted on higher China tariffs.

U.S. President Donald Trump has announced a significant increase in tariffs on Chinese goods, raising the rate from 104% to 125% with immediate effect. The announcement was made via a post on Truth Social, a social media platform. The President cited China’s lack of respect for global markets as the primary reason for this decision.

In the same post, President Trump also mentioned the possibility of China realizing in the near future that its current trade practices with the U.S. and other nations are neither sustainable nor acceptable.

China earlier declared that it is putting an additional 50% tariff on imports from the United States, increasing China’s reciprocal tariffs on U.S. items from 34% to 84%. These tariffs are set to take place on April 10, and China has yet to respond to Trump’s most recent announcement.

In addition to the tariff increase, Trump addressed ongoing global discussions regarding trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs. He noted that more than 75 countries have contacted U.S. representatives, including those from the Departments of Commerce, Treasury, and the U.S. Trade Representative (USTR), to negotiate a solution to these issues. 

No country other than China has retaliated in any way. As a result, President Trump has authorized a 90-day pause and a substantial reduction in the reciprocal tariff to 10%, also effective immediately.

Earlier today, reciprocal tariffs went into effect in over 180 countries, including 46% on Vietnam, 20% on the EU, 24% on Japan, 32% on Taiwan, and a host of other countries. This followed Trump’s “Liberation Day” announcements of 10% tariffs on most goods, with higher tariffs, equivalent to half of what other countries charge, for “worst offenders.”

This most recent move is seen as an attempt to provide a temporary relief period for these countries to negotiate and find an agreeable solution to the subjects being discussed, and it was apparently in Trump’s tariff plan all along.

Treasury Secretary Scott Bessent spoke to the press shortly after the announcement, saying, “It’s all the President’s decision… He had a level in mind to raise the China tariffs and he essentially had the three month pause in mind… No one creates leverage for himself like President Trump.” Bessent said China’s retaliation will cause more problems for them than the U.S., as China’s economy relies heavily on export. 

"The willingness of more than 75 countries to come and negotiate everything they saw last Wednesday was a ceiling and now we have a 10% temporary floor," Bessent added. He assured that this was Trump’s strategy all along, and had nothing to do with the stock market crash of recent days. 

Press Secretary Karoline Leavitt, followed-up by stating, “The entire world is calling the United States of America and not China… and they need this President in the Oval Office to talk to them.”

In response to the news, the stock market has rocketed up. As of 2:45 ET, the Dow Jones Industrial Average was up 6.75%, the S&P 500 gained 8%, and the NASDAQ Composite jumped 10.4%.

(Vlad Schepkov also contributed to this article)

U.S. stock futures widened losses early Wednesday after reciprocal tariffs announced by President Donald Trump took effect, intensifying a global trade war and heightening fears of a global recession.

S&P 500 Futures dropped 2.7% to 4,885.0 points, while Nasdaq 100 Futures also slumped 2.7% to 16,781.50 points by 01:57 ET (05:57 GMT). Dow Jones Futures slid 2.4% to 36,965.0 points.

Trump’s tariffs take effect, including 104% on China

President Donald Trump’s sweeping reciprocal tariffs officially took effect at midnight Wednesday, marking a dramatic escalation in global trade tensions. The most significant measure includes a 104% cumulative tariff on Chinese imports—a combination of prior duties and a new 50% hike announced on Tuesday.

The move follows China’s retaliatory 34% tariffs and has effectively reignited a trade war between the world’s two largest economies.

Other notable tariffs included a 20% duty on the European Union, 24% on Japan, 46% on Vietnam, 25% on South Korea, and 32% on Taiwan.

The tariffs are part of a broader U.S. trade strategy that imposes steep levies on countries deemed to have unfair trade advantages.

The policy shift has rattled global markets, sparked retaliatory tariffs from key U.S. trade partners, and raised fears of a broader economic downturn.

Goldman Sachs analysts said the global recession risks were still not fully priced in by markets, despite an ongoing sell-off seen after April 2, signaling further declines ahead.

The S&P 500 closed 1.6% lower at 4,982.77 on Tuesday, marking its first close below the 5,000 threshold in nearly a year.

By Naveen Thukral

SINGAPORE (Reuters) - Oil prices fell to a four-year low on Wednesday in its worst five-day losing streak in three years, while several commodities, including base metals, tumbled as the trade war between China and the U.S. is set to intensify.

Stocks in Asia extended a slide on Wall Street as U.S. President Donald Trump looked set to press ahead with whopping 104% duties on Chinese goods as global recession fears gripped financial markets.

"Crude oil extended losses amid signs of escalation in the trade war," ANZ said in a note. "Copper has lost nearly 10% since Trump announced his reciprocal tariffs on major trading partners."

The United States said on Tuesday that the higher tariffs on imports from China will take effect shortly after midnight, even as the Trump administration moved to quickly start talks with other trading partners targeted by sweeping tariffs.

Oil prices dropped to their lowest in more than four years on looming demand concerns fuelled by the tariffs war between the U.S. and China, the world’s two biggest economies, and a rising supply outlook.

"China’s aggressive retaliation diminishes the chances of a quick deal between the world’s two biggest economies, triggering mounting fears of economic recession across the globe," said Ye Lin, vice president of oil commodity markets at Rystad Energy.

China’s expected oil demand growth of up to 100,000 barrels per day "is at risk if the trade war continues for longer, however, a stronger stimulus to boost domestic consumption could mitigate the losses," she said.

By Jihoon Lee and Heekyong Yang

SEOUL (Reuters) -South Korea on Wednesday announced emergency support measures for its auto sector, seeking to reduce the blow of U.S. President Donald Trump’s tariffs on a sector that has seen years of sharply rising exports to the United States.

The measures include financial support for the auto industry as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the U.S. and help expand markets.

Trump has announced a 25% tariff on imported cars and light trucks starting on Thursday. Manufacturers are expected to bear some of the tariff costs in the first year, but will eventually alter production and possibly cease importing certain low-volume models into the U.S. market.

"Given the (lower) proportion of South Korean automakers’ local production in the United States, our industry is comparably at a disadvantage," the government said in a statement.

The tariff was expected to cause "significant" damage to South Korean automakers and auto parts manufacturers, though it was difficult to come up with numerical estimates at the moment, the government said.

To help prevent any liquidity issues, the government will raise policy financing support for the auto industry to 15 trillion won ($10.18 billion) in 2025 from the 13 trillion won previously planned, according to the statement.

The government will lower taxes on automobile purchases to 3.5% from the current 5% until June 2025 and raise electric-vehicle subsidies to 30%-80% of price discounts from the current 20-40% with the period extended by six months to the end of this year.

U.S. stock index futures dropped Tuesday evening after Wall Street ended sharply lower with the S&P 500 closing below 5,000, as tariffs announced by President Donald Trump were set to take effect at midnight.

President Trump signed an executive order on Tuesday to increase reciprocal tariffs on China to 84%, from 34% earlier announced on April 2. This brings total duties on China to 104%, with 20% tariffs already in place.

S&P 500 Futures dropped 1.8% to 4,929.75 points, while Nasdaq 100 Futures declined 2.2% to 16,868.50 points by 20:25 ET (00:25 GMT). Dow Jones Futures lost 1.4% to 37,325.0 points.

S&P 500 falls below 5,000 as Trump escalates trade war with China

In regular trading, Wall Street experienced significant volatility, culminating in notable declines across major indices. 

The S&P 500 closed at 4,982.77, down 1.6%, marking its first close below the 5,000 threshold in nearly a year. 

The Dow Jones Industrial Average also fell by 0.8%, while the NASDAQ Composite slipped 2.2%. This downturn was largely attributed to escalating trade tensions as the Trump administration prepared to implement substantial tariffs on Chinese imports.

The administration confirmed plans to impose a cumulative 104% tariff on Chinese goods, set to take effect at midnight. The tariffs include an additional 50% levy on Chinese goods, supplementing an existing 34% reciprocal tariff. 

Before this, China had vowed to "fight to the end" if Trump moved ahead with his new tariff threats, further heightening investor anxiety and market instability.

Investor sentiment was initially buoyed by comments from Treasury Secretary Scott Bessent, suggesting openness to negotiations.

However, optimism faded after U.S. Trade Representative Jamieson Greer confirmed that no exemptions would be granted for products or companies affected by the new tariffs. This firm stance diminished hopes for a diplomatic resolution and contributed to the market’s reversal.

Tech slides: Tesla, Apple slump 5%

The technology sector was particularly impacted, with Apple Inc (NASDAQ:AAPL) shares dropping 4.8% to over an 11-month low.

Tesla Inc (NASDAQ:TSLA) shares slumped 5%, while market darling NVIDIA (NASDAQ:NVDA) closed 1.4% lower.

Amazon (NASDAQ:AMZN) and Meta Platforms Inc (NASDAQ:META) also suffered losses.

Broadcom Inc (NASDAQ:AVGO) closed 1.4% higher, reversing tariff losses, after it announced a new share buyback program of up to $10 billion, set to run through the end of the year.

Looking ahead, investors await consumer price index report due on Thursday for guidance on the country’s inflation outlook.