San Francisco Frontiers - Global stocks mixed as US tariff uncertainty lingers

Paris and Frankfurt stocks dropped, while London edged up after data showed an unexpected slowdown to UK annual inflation.

The reading was a boost to finance minister Rachel Reeves, who later Wednesday details billions of pounds of spending cuts to address the country's struggling public finances.

The UK has warned that "the world has changed" since its inaugural budget, with heightened global uncertainty over US tariffs adding to economic headwinds.

With the White House's "Liberation Day" on April 2 fast approaching, investors are bracing for a wave of sweeping levies on imports amid warnings of crippled global trade, recession and a fresh spike in inflation.

"The optimism and calm that investors have experienced over the past months have given way to increasing nervousness in recent weeks," said Jochen Stanzl, chief market analyst at CMC Markets.

But suggestions from Trump that the measures could be more targeted have provided a sliver of hope that the worst-case scenario can be avoided.

The president told Newsmax on Tuesday that he did not "want to have too many exceptions" but added: "I'll probably be more lenient than reciprocal, because if I was reciprocal, that would be very tough for people."

Signs of a less severe approach helped lift Asian markets on Wednesday, tracking Wall Street gains the previous day.

A weak reading on US consumer confidence Tuesday threatened to "pour cold water on the enthusiasm seen so far this week", said Derren Nathan, head of equity research at Hargreaves Lansdown.

The Conference Board's closely watched gauge of consumer confidence dived to its lowest level since 2021 -- during the Covid pandemic -- as concerns grow over higher prices.

The figures come as the Federal Reserve re-evaluates its monetary policy in light of Trump's tariffs agenda, with some analysts warning it might have to hold off any interest rate cuts this year.

Hong Kong edged higher a day after tanking more than two percent on profit-taking and selling in the tech sector.

Tokyo also advanced while Shanghai was flat.

Jakarta jumped more than three percent following a hefty sell-off this year fuelled by worries over the Indonesian economy.

However, the country's rupiah remained stuck around its lowest levels since the Asian financial crisis at the end of the last century.

Copper futures traded on New York's Comex exchange touched a record high after Trump said he could impose duties on imports of the commodity within weeks.

- Key figures around 1045 GMT -

London - FTSE 100: UP 0.2 percent at 8,683.95 points

Paris - CAC 40: DOWN 0.6 percent at 8,061.73

Frankfurt - DAX: DOWN 0.6 percent at 22,988.69

Tokyo - Nikkei 225: UP 0.7 percent at 38,027.29 (close)

Hong Kong - Hang Seng Index: UP 0.6 percent at 23,483.32 (close)

Shanghai - Composite: FLAT at 3,368.70 (close)

New York - Dow: FLAT at 42,587.50 (close)

Euro/dollar: DOWN at $1.0789 from $1.0791 on Tuesday

Pound/dollar: DOWN at $1.2904 from $1.2943

Dollar/yen: UP at 150.18 yen from 149.90 yen

Euro/pound: UP at 83.61 pence from 83.37 pence

Brent North Sea Crude: UP 0.6 percent at $72.84 per barrel

West Texas Intermediate: UP 0.6 percent at $69.43 per barrel

Q.Taylor--SFF