Global stocks dipped on Friday and the dollar weakened for the first time in eight sessions after a disappointing U.S. payrolls report added to concerns that the world economy was slowing.
Global economic growth worries remained on the front burner as data in China showed exports shrank 20.7 percent in February from a year earlier while imports fell 5.2 percent.
Help on the trade front to stem any slowdown did not appear to be on the horizon as White House trade adviser Clete Willems said on Friday that Trump administration officials have not made any new plans to send a team to China for face-to-face trade talks, although negotiators have made progress.
U.S. ambassador to China Terry Branstad told the Wall Street Journal that the two sides have yet to set a date for a summit as neither feels a deal is imminent.
Compounding concerns was a U.S. payrolls report that fell well short of expectations, although other measures within the report were strong, sending mixed signals to investors.
"You look at the headline and then you dig under the numbers and you say some of this doesn’t make sense, let’s look at the three-month average because that is more of a stable number," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.
"Everyone is going to turn back and say let’s look at China and what happened there last night - bad exports and the ambassador saying we are not as close as we thought, and that is really the story of the day."
The Dow Jones Industrial Average fell 90.37 points, or 0.35 percent, to 25,382.86, the S&P 500 lost 13.3 points, or 0.48 percent, to 2,735.63 and the Nasdaq Composite dropped 26.95 points, or 0.36 percent, to 7,394.52.
The February data out of Beijing and mixed payrolls numbers came on the heels of a move by the European Central Bank to slash growth forecasts as it unveiled a new round of policy stimulus on Thursday.
The worries knocked European stock markets lower where the STOXX 600 index was poised for its biggest daily percentage drop in a month.
The pan-European STOXX 600 index lost 0.78 percent and MSCI`s gauge of stocks across the globe shed 0.70 percent. MSCI`s index was on pace for its worst week since late December.
Even with the lack of clarity around the jobs report, the dollar weakened for the first time in eight sessions. The Swedish crown fell to a 16-year low as the Riksbank joined its central bank counterparts in Europe and Canada in adopting a cautious outlook.
The dollar index fell 0.35 percent, with the euro up 0.43 percent to $1.124.
U.S. Treasury debt yields were modestly higher and relatively stable in the wake of the payrolls report. Benchmark 10-year notes last fell 2/32 in price to yield 2.6411 percent, from 2.636 percent late on Thursday.
The growth worries, along with surging U.S. oil supply, dented oil prices. U.S. crude fell 2.33 percent to $55.34 per barrel and Brent was last at $64.82, down 2.23 percent on the day.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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