· Stocks fell sharply on Thursday as it became clear that a trade meeting between President Donald Trump and Chinese President Xi Jinping would not happen before a key March deadline.
The Dow Jones Industrial Average dropped 220.77 points to 25,169.53 as Apple and DowDuPont led the decline. The S&P 500 pulled back 0.94 percent to close at 2,706.05, led lower by the energy and tech sectors. The Nasdaq Composite lagged, sliding about 1.2percent to 7,288.35.
· CNBC learned through a source that a meeting between the two leaders was "highly unlikely." China and the U.S. have until the start of March to strike a trade deal. Otherwise, additional tariffs on Chinese goods take effect. The source said a meeting between Xi and Trump could happen shortly after the deadline passes, but noted both sides have too much work ahead of them. Trump later confirmed he would not be meeting Xi before the deadline.
Earlier on Thursday, White House economic advisor Larry Kudlow said China and the U.S. were still far away on striking a trade deal. "We've got a pretty sizable distance to go here," Kudlow told Fox Business, referring to the ongoing trade talks between the two largest world economies. Kudlow added Trump is "optimistic with respect to a potential trade deal."
· European stocks fell Thursday as investors digested cautious economic guidance from the European Union and the Bank of England.
The pan-European Stoxx 600 closed provisionally down 1.36 percent, with all sectors and major bourses in negative territory.
The EU slashed its growth outlook for the euro zone this year as it expects the bloc's largest economies to be held back by global trade tensions, among other issues. The bloc said euro zone growth will slow to 1.3 percent this year from a previously forecast 1.9 percent.
Over in the U.K., the Bank of England cut its growth and inflation forecasts. The central bank projected the weakest economic outlook for the U.K. economy since 2009. This is on the back of Brexit uncertainty as well as a slowdown in the global economy. Nonetheless, the bank stated that a gradual and limited rate hiking path lies ahead.
· Stocks in Asia slipped in Friday morning trade amid growing concerns over the trade fight between the U.S. and China.
· Japan's Nikkei 225 declined 1.23 percent as index heavyweight Fast Retailing fell 0.87 percent. The Topix shed 1.26 percent.
· South Korea's Kospi also slipped 0.66 percent.
· The ASX 200 in Australia slipped 0.4 percent in morning trade as most sectors saw losses. The energy subindex fell 2.03 percent as oil stocks declined on the back of Thursday's drop in crude prices.
Reference: CNBC
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