Wobbly’ global stock markets attempt recovery

LONDON — World equities made an attempt at recovery on Thursday, with investors trying to focus on positive economic news rather than the prospect of a debilitating global trade war.

A fall in weekly jobless claims in the US served as a reminder that the world's biggest economy is humming along nicely, while the appointment of a new White House economic adviser brought a modicum of stability, analysts said.

"Global equities are positive into the back end of the week, with some welcome certainty from the Trump administration after the hiring of Larry Kudlow as new top economic strategist," said Michael van Dulken at Accendo, a move that helped the dollar recover and gave a fillip to European markets.

But investors remained on tenterhooks while concerns grew over a possible trade war sparked by Trump's "America first" protectionist policies.

"The global markets remain wobbly as global trade concerns fester," the Charles Schwab brokerage said in a note.

Trump's decision to levy sanctions on Russia for alleged election-meddling also gave investors pause.

"Markets are digesting the implications of a US-led trade war and further sanctions against Russia," said Jasper Lawler, head of research at London Capital Group. 

In London, Unilever shares fell after the company announced it was moving its headquarters to the Netherlands, a move widely seen as a response to Britain's imminent pullout from the European Union.

British finance minister Philip Hammond played down Unilever's decision to pick Rotterdam over London for its main headquarters, saying the conglomerate would still be paying the same amount of tax in Britain.
"It's only the corporate headquarters that is moving, it's a relatively small number of jobs. It won't impact the amount of tax that Unilever pays in the UK," Hammond told BBC News on Thursday.

"And most importantly, the two fastest growing divisions within Unilever — household products and personal care products — will be concentrated in the UK."
Unilever, Britain's third biggest company, said the decision to end 88 years of joint Anglo-Dutch ownership was not linked to Brexit or any form of protectionism but said it would simplify its structure.

Moreover, Bitcoin sank to its lowest level since the start of February — after Google said it will ban adverts for cryptocurrencies and initial coin offerings.