Global Markets Mixed Amid Tariff Uncertainty; PCE Inflation Data Eyed

By Dow Jones Newswires StaffU.S. stock futures were little changed Friday after modest gains at the close and ahead of PCE inflation data, the Federal Reserve's preferred gauge of inflation, later.Stock markets in Asia ended lower and European bourses were mixed as uncertainty over U.S. tariffs continues. Treasury Secretary Scott Bessent on Thursday said the legal turmoil around the administration's tariffs hasn't had any impact on trade negotiations, and hinted that three "very large" deals are close but that talks with China are a little stalled.U.S. stock futures for the S&P 500 were down 0.2% early in Europe, as were those for the Nasdaq, and futures for the Dow Jones Industrial Average declined 0.1%.In Asia, Japan's Nikkei 225 index declined 1.2% with prospects for the Bank of Japan's continued rate increases weighing on the market following stronger-than-expected inflation data. Hong Kong's Hang Seng fell 1.6%. South Korea's Kospi ended down 0.8%. European markets started mixed. The Stoxx Europe 600 climbed 0.1% in morning trading, France's CAC 40 decreased 0.2%--Sanofi was a big faller after some mixed trial results--and Germany's DAX climbed 0.3%.The dollar was slightly higher but remains at weaker levels with the DXY dollar index against a basket of major currencies trading below the key 100 level. It was last up 0.2% to 99.4940, having reached a high of 100.540 early Thursday. Bitcoin was down as renewed concerns over U.S. tariffs dampened investors' appetite for risky assets; it was recently down 0.3% to $105,828 after hitting a 10-day low of $104,714 overnight, according to LSEG.U.S. Treasury yields were little changed after Thursday's declines across maturities as markets await PCE inflation data. The two-year Treasury yield was recently up one basis point to 3.947%; the 10-year yield rose 0.4 basis point at 4.428%, while the 30-year was flat at 4.920%, according to Tradeweb. Yields on U.K. government bonds, or gilts, also eased, tracking declines in U.S. and eurozone equivalents.Gold futures slipped on the slightly stronger U.S. dollar, down 0.8% at $3,317.0 a troy ounce. The precious metal is on track for an overall weekly loss, though it remains up more than 22% in the year-to-date.Crude oil eked out some gains on rising gasoline demand hopes, despite concerns of increased OPEC+ supply. Brent crude and WTI were both up 0.3% at $63.52 a barrel and $61.14 a barrel, respectively. A huge spike in gasoline demand and dip in inventories ahead of the U.S. driving season has buoyed oil, ANZ Research analysts said in a note. That said, OPEC+ is expected to announce production hikes for July over the weekend.Write to Barcelona Editors at [email protected]