EUROPEAN STOCKS GIVE BACK GROUND, UK STOCKS BUCK DOWNWARD TREND

FRANKFURT, April 12 (Bernama-dpa-AFX) -- European stocks moved mostly lower on Friday after logging their biggest one-day gains since 2022 the previous day as US President Donald Trump decided to delay new tariffs by 90 days, reported dpa-AFX news.

The euro surged to the highest level against the dollar in over three years after the EU said it would suspend its planned countermeasures to Trump's tariffs for 90 days. 

Sterling also jumped as new data showed Britain's economy picked up faster than expected in February.

French President Emmanuel Macron said Friday that the US tariff suspension offers only a "fragile" pause in tensions - but a vital opportunity for negotiations.

The pan-European STOXX 600 Index edged down 0.1 per cent to 486.80 after rallying 3.7 per cent on Thursday. The German DAX Index slid by 0.9 per cent and the French CAC 40 Index fell by 0.3 per cent, although the UK's FTSE 100 Index bucked the downtrend and climbed by 0.6 per cent. 

The strength in the UK markets came after the data from the Office for National Statistics revealed the UK economy expanded at a faster than expected pace in February with increases in all main sectors. Real GDP grew 0.5 per cent from the previous month following a nil growth in January. GDP was expected to climb 0.1 per cent. On a yearly basis, real GDP advanced 1.4 per cent compared to economists' forecast of 0.9 per cent.

Meanwhile, UK recruiters reported the steepest rise in permanent and temporary labour supply in more than four years in March, while job placements declined notably due to weaker economic confidence and tighter client budgets, according to a report compiled by S&P Global.

Stellantis NV share slumped 3.9 per cent. The auto giant reported that its first-quarter shipments fell 9 per cent compared to last year. BP Plc also tumbled by 2.9 per cent after the energy group warned of "weak" gas trading and higher debt in the first quarter.

--BERNAMA-dpa-AFX