In European Equity Markets indices closed lower on average on Friday afternoon following remarks from President Donald Trump over imposing tariffs on $505 billion worth of good. Auto stocks were the worst-performers, down more than 2 percent amid reports that the European Commission is preparing retaliatory tariffs in case the U.S. moves ahead with duties on European car-makers. The share price of Orion rose 4.26 percent, after a ratings upgrade kicked in for the Finnish pharma.

In Currency Markets the US dollar fell across the board on Friday, as the latest comments from U.S. President Donald Trump complaining about the strength of the greenback. Against a basket of other currencies, the dollar was 0.6 percent weaker at 94.565, just below the one-year high of 95.62 it reached in the previous session. Safe-haven currencies such as the Swiss franc also remain well supported, with the dollar down 0.5 percent at 0.9945 franc. The euro was also higher, up 0.6 percent at $1.1717.

In Commodities Markets global benchmark Brent crude stabilized on Friday as a weakening dollar and lower expected August oil exports from Saudi Arabia supported the market, overtaking concerns about U.S.-China trade tensions and supply increases. Despite Friday’s gains, prices remained on course for a third consecutive weekly decline as supply increases pulled prices lower during the course of the week. Brent crude was up 45 cents at $73.03 a barrel. The expiring U.S. West Texas Intermediate (WTI) crude for August delivery was unchanged at $69.46 a barrel.

In US Equity Markets the S&P 500 was trading flat on Friday as Microsoft’s robust results helped offset escalating tariff worries after President Donald Trump said he was ready to impose levies on $500 billion worth of goods from China. Microsoft rose as much as 3.6 percent to a record high of $108.20 after its quarterly results topped estimates on strong performance of its Azure cloud computing business. The information technology sector rose 0.5 percent, the most among the 11 main index S&P sectors

In Bond Markets the yield on the benchmark 10-year note was last at 2.89 percent, up 4.2 basis points from its 2.85 percent close on Thursday. At the short end of the curve, the two-year note was up a single basis point at 2.61 percent. The US president on Friday reiterated his disapproval of the Fed’s policy on raising interest rates, saying it takes away from the United States’ “big competitive edge,” and lamented the strength of the U.S. dollar.