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Powell Warns Trump’s Tariffs Risk Stoking Even Higher Inflation and Slower Growth
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德语媒体:习近平——自由贸易的捍卫者?
2025-04-01T12:41:14.352Z

(德国之声中文网)《商报》发表评论写道,尽管特朗普政府混乱的经济政策,带给北京某种程度的满足感,但考虑到美国即将开征新关税的可能性,依然令北京紧张不已。毕竟,一旦特朗普兑现竞选诺言,对中国产品征收60%的关税,那么北京今年实现5%经济增长的目标就将变得遥不可及。这篇题为《习近平与贸易壁垒》的评论写道:
“有鉴于此,上周五在北京同四十多位外国企业首席执行官的会面中,中国党和国家领导人习近平发表讲话,为开放边界和消除贸易壁垒大唱赞歌。
习近平表示,跨国公司在国际上具有重大影响力,‘我们希望大家都能抵制那些让时钟倒转的倒退行为。我们必须共同确保全球产业链和供应链的稳定。’
然而,习近平的部分表述可能会让西方企业高管们皱起眉头,因为恰恰是中国政府在通过大量法规和法律,以及备受争议的产业政策,限制着外国在华企业的经营自由。
例如,像保时捷和奔驰这样的豪华汽车制造商在向中国出口其车辆时,需要支付高额关税。中国政府还强制想在中国开设工厂的外国汽车制造商,必须与本地企业建立合资公司。奔驰就必须同国有企业北京汽车公司合作生产汽车。在周五外国企业高管与习近平的会晤中,奔驰首席执行官凯勒纽斯(Ola Källenius)也在场。”
《商报》的评论指出,在2001年加入世界贸易组织时,中国曾承诺允许外国企业参与公共项目的竞标活动,但过去二十多年的实际情况,却完全是另外一番光景。
“来自欧洲和美国的企业还对中国政府给予本土企业的国家补贴感到担忧,因为这些企业正在利用新增的生产能力向全球市场倾销产品。
然而,可以让人抱有希望的是,中国政府目前确实在或多或少地认真解决上述问题。例如,中央政府最近更加严格地审查地方政府是否通过不合理的规定和法律对外国企业制造障碍。此外,中国还计划向外国投资者开放一些行业,特别是服务业领域。
政策调整的原因在于,中央政府已经意识到,它需要外国企业的积极参与,以重振放缓的经济增长。”
《法兰克福汇报》发表评论写道,在风云突变的当今世界,曾经风靡一时的“去风险”战略早已失去了吸引力。企业去哪里投资,应当也必须由企业自身去做出决定:
“与中国的经验表明:尽管政治层面上不断发出警告,但大约一半依赖中国前期供应的企业仍表示,他们未来将会扩大中国业务。相反,那些已经撤出中国的企业,则是因为他们现在可以用机器人在本土工厂里更便宜地完成原本外包的业务。仓促切断稳定的合作关系是极其不负责任的。中国昨天被一些人视作洪水猛兽,今天却又成了一些人的希望所在。
国家的管辖范围应聚焦于绝对核心领域,如军事、药品和生存必需的原材料,以尽可能提升国家的自主地位。此外,政府还可以通过自由贸易协定,引导企业向更可靠的合作伙伴倾斜。在这两个方面,柏林和布鲁塞尔基本上都毫无建树。
如果特朗普在周三对全球实施高额关税,德国企业将会以冷静的经济核算作为回应。它们或许会将生产基地迁往美国,或者会试图在其他地区找回损失。但这并不是欧洲央行总裁拉加德所说的‘迈向独立’之路,而是企业在经历了几十年的高利润之后,不得不进行的、痛苦的经营方向调整。”
摘编自其他媒体的内容,不代表德国之声的立场或观点。
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中国对美反制 加征34%关税
2025-04-04T14:27:13.303Z

(德国之声中文网)中国政府周五(4月4日)宣布,将从4月10日起对所有美国产品加征34% 的进口关税。这一税率与特朗普本周下令对中国产品加征34%的“对等关税”税率相匹配。
与此同时,中国商务部宣布,将对稀土出口实施更多管制。稀土是计算机芯片以及电动汽车电池的原材料。受管制的矿物名单中包括钐及其化合物,用于航空航天制造以及国防领域。另一种元素钆用于磁共振扫描。
中国海关总署则宣布,暂停从一些美国供应商进口鸡肉产品,因为在其货物中检测到中国禁用药物呋喃西林。海关总署还宣布,在一些美国公司的高粱中发现了高浓度的霉菌,禽肉骨粉中发现了沙门氏菌。
此外,中国政府表示,已将27家美国公司列入受贸易制裁或出口管制名单。其中16家公司,禁止对其出口“两用”物项。美国国防科技公司 High Point Aerotechnologies 以及运输物流公司 Universal Logistics Holding 均在名单之列。
北京还宣布已就关税问题向世界贸易组织提起诉讼。
中国商务部称,美国实施所谓“对等关税”严重违反世贸组织规则,是典型的单边霸凌做法。
北京采取的其它行动包括对跨国化工巨头杜邦中国集团有限公司发起反垄断调查,以及对从美国和印度进口的医用CT球管进行反倾销调查。
2月,中国宣布对从美国进口的煤炭和液化天然气产品加征15%的关税,对原油、农业机械和大排量汽车加征10%的关税。
中国财政部国务院关税税则委员会的一份声明称,最新关税适用于所有美国制造的产品。
不过,美联社评述说,尽管美中贸易摩擦不断升温,但总体关系没有那么紧张。
自特朗普一月上任以来,本周,美国和中国军方官员首次举行会晤,就海上军事安全问题交换了意见。双方表示,周三和周四在上海举行的会谈旨在将风险降至最低。

专家怎么看
就北京宣布的稀土管制措施,柏林墨卡托中国研究中心(Merics)分析师君特 (Jacob Gunter) 向路透社表示,此举可能推动西方国家建立替代供应链的努力。
“中国扣动扳机的次数越多,即使仅限于美国,也会让欧洲公司、欧洲政府以及其它国家政府思考,我们面临出口管制的风险有多大?”
就中国的反制措施,日内瓦隆奥银行首席经济学家沙尔(Samy Chaar)表示:“现在做出最终评估还为时过早。目前有两条路可走:一条是特朗普对达成协议持开放态度,…表明双方愿意在未来几个月内进行谈判并降低关税。”
“另一条路是他没有达成协议的意愿,希望在较长时间内维持关税,这将破坏整个机制。”
沙尔表示:“我不认为(周五中国的反制)是发出某种信号。各方都会展示强硬姿态,但这并不排除他们会在某个时候达成协议。不过,我们仍需要看到特朗普在某个时候发表评论,表示他期待达成协议。”
北欧联合银行首席市场策略师冯格雷西( Jan von Gerich)表示:“中国的反应似乎比预期的要强烈,但我们必须看看细节。如果特朗普对中国的报复也作出反应,那么市场可能会再次受到打击。”
(美联社、路透社)
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自由欧洲电台停止对俄卫星节目
2025-04-04T14:38:51.649Z

(德国之声中文网)在特朗普总统一系列削减联邦政府机构的举措中,自由欧洲电台的资金已遭冻结。尽管自由欧洲电台在法庭争取到了一项临时禁制令,但监管电台运作的美国全球媒体署(USAGM)并未释放遭冻结的资金。
自由欧洲电台/自由电台台长卡普斯(Stephen Capus) 对法新社表示:“今天我们来上班时发现,USAGM关闭了覆盖俄罗斯的卫星服务。”这一决定使俄语频道“现代时光”的全天候广播受到影响,该节目覆盖俄罗斯、乌克兰、中亚、东欧以及其他地区。
卡普斯对法新社表示:“美国全球媒体署通知我们,负责将‘现代时光’栏目传送到欧洲的卫星合同已经终止。”USAGM没有对法新社的置评请求作出回应。

卡普斯说,俄罗斯观众现在看到的是一个红色电视屏幕,上面写着:“我们遗憾地通知您,美国全球媒体署(USAGM)已决定终止‘现代时光’的播出。”
总部设在捷克首都布拉克的自由欧洲电台/自由电台Radio Free Europe/Radio Liberty ,是冷战时期,美国为应对苏联宣传而设立的。自由欧洲电台/自由电台拥有大约1,700名员工,用27种语言向23个国家广播,覆盖面包括俄罗斯、白俄罗斯、伊朗和中国等国家。 1995年,随着苏联解体,自由欧洲电台/自由电台从慕尼黑搬迁至布拉格。
卡普斯表示,自由欧洲电台/自由电台还有其他方式为俄罗斯观众提供信息,“但中断卫星服务并不是俄罗斯政府采取的行动。这是USAGM下达的命令。”
周二,由于尚未收到USAGM拨付的7700万美元运营资金,自由欧洲电台/自由电台让许多员工进入减薪休假状态。卡普斯说:“我认为,毫无疑问,特朗普政府希望我们关门大吉。我认为这一点非常明显。”
(法新社)
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The Guardian | World
- ‘Only job I know’: tiny Lesotho’s garment workers reel from Trump’s 50% tariffs
‘Only job I know’: tiny Lesotho’s garment workers reel from Trump’s 50% tariffs


The day after Donald Trump announced sweeping global tariffs, Lesotho’s garment workers feared for their jobs.
Last year, Lesotho sent about 20% of its $1.1bn (£845m) of exports to the US, most of it clothing under a continent-wide trade agreement meant to help African countries’ development via tariff-free exports, as well as diamonds.
Now, all that is at risk, after the US president imposed a 50% tariff on the impoverished landlocked country, which he claimed last month “nobody had ever heard of”.
Makhotso Moeti moved to Lesotho’s capital, Maseru, from the rural centre of the tiny mountainous kingdom entirely surrounded by South Africa. “Factory work is the only job I’ve known for many years,” said Moeti, who attaches labels to Gap clothing. “If the factories shut down, I won’t have many options left. I’ll be forced to return home to the very poverty I thought I had escaped when I moved to the city.”
On Wednesday, Trump unveiled what he claimed were “reciprocal” tariffs, overturning decades of global trade policy.
The tariff rates, which are due to come into force on 9 April, range from 10% to 50% and were calculated with what economists labelled an “idiotic” formula, penalising countries that have the highest trade surpluses with the US relative to their imports from the US.
Dr Ratjomose Machema, a lecturer in economics at the National University of Lesotho, said: “I don’t understand how this is a reciprocal tariff because we really don’t charge that much in tariffs.”
Lesotho, which has a population of 2.3 million, was hit with the highest rate. In Africa, it was followed by Madagascar, a vanilla exporter, with a tariff of 47%; Botswana, a diamond producer, on 37%; oil-rich Angola with 32%; and the continent’s most industrialised economy, South Africa, on 30%.
Like the hard-hit, south-east Asian economies, the poor majority in these countries cannot afford expensive American products. In recent decades, China has overtaken western countries to become the largest trading partner of most African countries.
According to the African Growth and Opportunities Act (Agoa) US data portal, Lesotho exported $237m of goods last year to the US and imported $2.8m, mostly clothing and diamonds. Agoa, which has allowed tariff-free access to the US market for thousands of product types since 2000, created a thriving garment industry, accounting for about 20% of GDP.
There are about 30,000 garment workers in Lesotho, mostly women, with 12,000 making clothes for US brands including Levi’s, Calvin Klein and Walmart in Chinese- and Taiwanese-owned factories. While most of the jobs pay the monthly minimum wage of $146-$163, they are still highly sought after in the poor, largely informal economy.
In Madagascar, which has a population of about 32 million, Agoa has also nurtured a significant garment sector, which employs about 180,000 people in a country where GDP per head is just $575. In 2024, the island nation exported $733m of goods to the US, with clothing the top export, followed by vanilla.
Ketakandriana Rafitoson, a political science researcher at the Catholic University of Madagascar, said: “The textile and apparel sector is really a cornerstone of Madagascar’s economy … [Tariffs] will have a drastic effect on the country.”
The future of Agoa, which will expire in September if it isn’t renewed by the US Congress, was already looking precarious before Trump’s announcement.
Lesotho’s trade minister, Mokhethi Shelile, said officials, who had been preparing to travel to the US to ask for an Agoa extension, would argue that the tariff calculations didn’t include digital services from US companies such as Android and Microsoft.
He added: “That being said, we recognise that we cannot rely solely on the American market.”
A fact sheet published by the White House to accompany Trump’s tariff announcement said: “Today’s action simply asks other countries to treat us like we treat them. It’s the golden rule for our golden age.”
In Lesotho, Nthabiseng Khalele, a garment worker sheltering from the rain after a long day in the factory, said: “My hope and wish is that our prime minister could somehow reach out to President Trump and ask him to at least show some compassion for Lesotho. If we lose our jobs here, I’m almost certain that many of us will end up sleeping on empty stomachs.”










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Trump Just Bet the Farm
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Comedian Russell Brand charged with rape


Russell Brand has been charged with rape, indecent assault and sexual assault between 1999 and 2005.
The charges relate to four separate women.
The comedian and actor has been interviewed multiple times by police since an investigation by the Sunday Times, the Times and Channel 4's Dispatches in September 2023 revealed multiple serious allegations against him.
The 49-year-old has previously denied the allegations, calling them "very, very hurtful".
The Metropolitan Police's detective superintendent Andy Furphy, who is leading the investigation, said: "The women who have made reports continue to receive support from specially trained officers.
"The Met's investigation remains open and detectives ask anyone who has been affected by this case, or anyone who has any information, to come forward and speak with police. A dedicated team of investigators is available via email at CIT@met.police.uk.
"Support is also available by contacting the independent charity, Rape Crisis at 24/7 Rape and Sexual Abuse Support Line."
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X to get the latest alerts.
RAF ban on 'exploding' Tunnock's teacakes lifted after 60 years


Sixty years ago, Tunnock's teacakes were banned from RAF flights after they exploded in a cockpit.
They left a sticky mess over the airmen, their instruments and the cockpit's canopy.
The chocolate-covered marshmallow treats had apparently been all the rage prior to this - being eaten by crewmen as they flew nuclear bombers on long training sorties at the height of the Cold War.
But the ban has now been lifted after the RAF Centre of Aerospace Medicine carried out tests in an altitude chamber and the teacakes did not explode.
It was the summer of 1965 when a captain and student pilot forgot they had placed unwrapped teacakes above their instrument panels.
When the captain pulled an emergency depressurising switch in a training mission the iconic Scottish treat erupted.
The new tests were carried out at the RAF Centre of Aerospace Medicine under strict conditions.
First they were put into an altitude chamber - normally used in the training of new fast jet pilots - and were lifted to 8,000ft, climbing at 4,000ft per minute,
They were then rapidly decompressed to 25,000ft in three seconds to see if they would blow up.
As air pressure in the chamber decreased, the air inside the teacakes expanded until the chocolate cracked and the mallow filling puffed out.
However, although the mallow escaped from their chocolate casing, they did not explode and cause a risk to in-flight safety.
It was also discovered that when they were frozen before being placed in the chamber, their hardened shells were more resilient to cracking at altitude.
Pilots have been allowed to take them back in the cockpit but have been offered some advice by Dr Oliver Bird, an instructor at the RAF Centre of Aerospace Medicine, who carried out the tests.
"The best advice is that the snacks are kept frozen and in their foil wrappings until pilots are ready to consume them," he said.
Tunnock's, based in Uddingston, near Glasgow, has been contacted for comment.
Woman guilty of breach of abortion clinic safe zone


A woman at the centre of a free speech controversy involving the US government has been found guilty of breaching a "buffer zone" outside a Bournemouth abortion clinic.
Livia Tossici-Bolt was convicted at Poole Magistrates' Court of two charges of breaching the Public Spaces Protection Order on two days in March 2023.
The 64-year-old anti-abortion campaigner held a sign saying, "Here to talk, if you want".
Her case caught the attention of the US State Department and US vice president JD Vance.
Her case was highlighted by the Bureau of Democracy, Human Rights, & Labour (DRL) - a bureau within the US Department of State, which posted a statement on X saying: "We are monitoring her case. It is important that the UK respect and protect freedom of expression."
District Judge Orla Austin told the court of the defendant: "She lacks insight that her presence could have a detrimental effect on the women attending the clinic, their associates, staff and members of the public."
She added: "I accept her beliefs were truly held beliefs. Although it's accepted this defendant held pro-life views, it's important to note this case is not about the rights and wrongs about abortion but about whether the defendant was in breach of the PSPO (Public Spaces Protection Order)."
The buffer zones, prohibit protest, within a 150-metre radius around abortion services and those convicted of breaking the law could face an unlimited fine.


Ms Tossici-Bolt, a retired medical scientist living in Bournemouth, Dorset, said previously she was "grateful to the US State Department for taking note of my case".
She added: "Great Britain is supposed to be a free country, yet I've been dragged through court merely for offering consensual conversation. I'm thankful to ADF International for supporting my legal defence.
"Peaceful expression is a fundamental right - no-one should be criminalised for harmless offers to converse."
She went on to say that "It is tragic to see that the increase of censorship in this country has made the US feel it has to remind us of our shared values and basic civil liberties".
"I'm grateful to the US administration for prioritising the preservation and promotion of freedom of expression and for engaging in robust diplomacy to that end," she said.
She continued: "It deeply saddens me that the UK is seen as an international embarrassment when it comes to free speech.
"My case, involving only a mere invitation to speak, is but one example of the extreme and undeniable state of censorship in Great Britain today.
"It is important that the Government actually does respect freedom of expression, as it claims to."
Heidi Stewart, CEO of BPAS, said: "BPAS welcomes today's verdict which will protect women and the staff who provide abortion care.
"The clinic in Bournemouth has been subjected to many years of anti-abortion protests which resulted in more than 500 reports of harassment before this local safe access zone was brought into force.
"This case was never about global politics but about the simple ability of women to access legal healthcare free from harassment.
"It is up to the police and judicial system to determine whether individuals have broken the law.
"I, meanwhile, stand shoulder to shoulder with our staff who work so tirelessly to protect our patients from the impact of anti-abortion harassment outside the clinic gate."
You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
The British winners and losers from Trump tariffs


The UK exported nearly £60bn worth of goods to the US last year, making it one of the most important markets for thousands of British businesses.
After President Donald Trump announced a 10% tariff on nearly all UK products, we spoke to businesses from some of Britain's biggest exporters to find out what it could mean for them.
Food and drink: 'We've got fewer orders than normal'
The UK food and drink industry exports a couple of billion pounds worth of goods to the US every year, satisfying Americans's taste for specialist products like smoked salmon, Scotch whisky and artisan cheeses.
Adam Sopher, co-founder and chief executive at Joe & Seph's, the London-based luxury popcorn-maker, says the mere spectre of tariffs had already been affecting the business.
US retailers usually place their orders for Christmas early in the year, but it's had far fewer orders than normal as retailers wait to see what happens.
Joe & Seph's made £8m in sales last year of which 2%-3% came from the US. "So it is not huge," says Mr Sopher. "But the US is the biggest popcorn market in the world so we had planned that a lot of our growth would come from there."
As a consequence, he says, it's now planning to focus on growing its exports to the Middle East and Asia.
However, the 10% tariff was not as bad as he was expecting and US importers aready have to pay a 5.8% tariff on Joe & Seph's goods when they reach American ports.
"So essentially what's happened is we're going to go from 5.8% to 10% as opposed to zero to 10%," says Mr Sopher. It is also lower than the new US tariffs levied on other countries, such as the 20% tax on the European Union.
"Ironically it could be a good thing," he says. "These retailers who would have sourced from Europe might now say 'actually we'll buy more from the UK."
Chemicals: 'We're hoping there is an opportunity'


For something not visible to the naked eye, organic chemicals are a huge US export for the UK, totalling close to £3bn last year.
They are used across a massive range of industries from food to make-up to engines and into agriculture.
Rather than feeling fearful about the US tariff, Robinsons Brothers reckons it may help the West Bromwich-based organic chemicals firm wrestle back American customers from cheaper overseas rivals.
Chief executive Adrian Hanrahan says: "We supplied a lot more to the US but China and India knocked us out of that because of very low pricing."
Under Trump's new regime, China's imports face a 34% tariff while India's products will be taxed at 27%. Robinsons Brothers chemicals are already taxed at 6% when they reach the US
Mr Hanrahan says he is still trying to nail down whether the new 10% US tariff on UK goods means Robinsons Brothers' American customers will be paying an additional 4% or a total 16%.
"Either way, it is a lot less than China or India will see going into the US," he says. "So I am really hoping and seeing an opportunity for us here in one area."
He says that since January, the company has been receiving more enquiries from the US, including two customers Robinsons Brothers lost five years ago "at great expense".
At the moment, Robinsons Brothers derives between 1.5% and 2% of total sales - which reached £24m last year - from America.
This "doesn't seem a lot" says Mr Hanrahan but they are high margin products.
There are, of course, concerns that rival countries may have to dump products once destined for the US on other markets, such as the UK which, in turn, could drive down domestic prices.
Mr Hanrahan says: "I am hoping that the UK government is preparing for that and putting something in place to mitigate any form of product dumping in the UK and in the EU."
Aircraft: 'It's as clear as mud'


UK exports to the US linked to aircraft totalled £2.2bn in 2024, official figures show.
DPS Designs contributes a small - but important part - to that industry. The Forest of Dean-based firm makes metal moulds that are used to create plastic sections of airplane seats.
The US is DPS's biggest growth market. Around £150,000 worth of sales come directly from the US out of a total £3m.
The company's managing director of engineering, Sebastian Down, says the firm will negotiate with its customers "to see if we can share in the pain" of the new 10% tariffs - once he deciphers what they apply to.
"The amount of detail is paper-thin," he said.
DPS Designs has already had to grapple with the ambiguous language used by the White House around tariffs, after Trump announced 25% trade tariffs on steel and aluminium imports to the US. The company uses aluminium to make its moulds.
"There was no-one you could speak to so it relied on me going onto the US department of whatever website, trying to look at lots of detail that basically didn't exist," he says.
Ultimately, the aluminium tariff does not apply to his business. But the new 10% tariff criteria isn't clear either. Does it, for example, apply to parts that make up a product or only to the finished article itself?
"It is as clear as mud," says Mr Down.
Vehicles: 'We may have to raise prices'


The US market for British-made cars is of enormous consequence for the UK economy. Last year, the UK exported £9bn worth to America.
The sector was already reeling from Trump's previously announced 25% US tariff on cars and light vehicles.
Mike Hawes, chief executive of the Society of Motor Manufacturers & Traders, says: "These tariff costs cannot be absorbed by manufacturers, thus hitting US consumers who may face additional costs and a reduced choice of iconic British brands."
With Trump's announcement on Wednesday of 10% US taxes on nearly all UK imports, the net will now widen to include the likes of electric motorcycle-maker Maeving.
Seb Inglis-Jones, co-founder and co-chief executive of the Coventry company, says that sales from the US are "ever evolving". Last month, for example, 68% of sales came from America though typically, the US makes up about 40% of its £6m annual turnover.
Mr Inglis-Jones says that the US has helped counterbalance a less-than-optimistic economic outlook in Maeving's other key markets such as the UK, France and Germany.
"In the US, there's just more disposable income and so with a slightly more discretionary purchase like ours, a slightly more expensive British built electric motorcycle, Americans are just way more able to spend that money."
He says that Maeving recently raised prices in the US, not as a pre-emptive move before tariffs but because the cost of doing business in the States had increased.
Will the company now lift prices again?
"We haven't got that far," says Mr Inglis-Jones. "I think we care more about, as a young EV [electric vehicle] company, about the growth and making sure the price is right for the US customer.
"If we can't stomach it, we will have to put the prices up again."
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How does it affect me if share prices fall?


The sweeping new tariffs announced by President Donald Trump have triggered ructions across financial markets, with global share prices seeing hefty falls.
It's the latest example of big shifts in stock markets making the news, whether they are booms or falls.
As companies grow, they issue shares. The largest companies in the UK have shares which are bought and sold on the London Stock Exchange.
Their collective performance is often quoted amid a blizzard of numbers that may feel confusing and irrelevant. Rarely does anyone mention the FTSE 100 during a coffee with friends.
But there are good reasons why this performance affects your life and finances.
'I don't invest' - actually, you probably do
Many people's initial reaction to "the markets" is that they are not directly affected, because they do not invest money.
Yet there are millions of people with a pension - either private or through work - who will see their savings (in what is known as a defined contribution pension) invested by pension schemes. The value of their savings pot is influenced by the performance of these investments.
Pension savers mostly let experts choose where to invest this money to help it grow. Widespread falls in share prices are likely to be bad news for pension savers.
Hundreds of billions of pounds are held in defined contribution pensions at the moment.
So big rises or falls can affect your pension, but the advice is to remember that pension savings, like any investments, are usually a long-term bet.
Experts say that investors have always had to ride economic shocks. Investments, by definition, require a long-term outlook and strategy. So, they are urging people not to panic in such circumstances or make knee-jerk decisions.
Does everyone have a pension like this?
No, some people have a pension which promises a specific value, depending on their salary. Others have no pension at all.
Millions of people have been automatically enrolled into a pension and may have not really noticed.
This scheme sees employers divert wages into a pension and contribute some money themselves. The government adds a little in tax relief.
In every case, the value of these pension savings is affected by investment performance. So "the markets" matter - maybe not as much as everyday wages, but for future pensions.
What about people retiring or retired?
Timing is more critical for those at retirement age, as this may be when a retiree uses their pension pot to buy a retirement income, or annuity. The bigger the pot, the more income they will get in retirement.
As you approach retirement age, pension pots tend to be moved to less risky investments, such as government bonds. When stock markets fall, these bonds can do better.
Anyone who has a pension pot invested and is taking an income from it will again see their investment go up and down with the stock markets.
That could mean getting less than you expected if you cash in too much after stock markets have fallen, making it important to plan how to make up any of this shortfall, experts say.
If I'm still in work, can my job be affected?
Jobs may be affected by companies' responses to tariffs, for example.
However, specifically with share prices, trouble over an extended period could have an effect on the amount of work available.
There is a huge element of the unknown here, and plenty of other factors are in play when businesses make decisions on investment and employment.
Do changes affect my mortgage?
There is no direct link between the stock market and your mortgage or rent.
Instead, all eyes will be on the Bank of England for its views on interest rates.
Cutting them would make some kinds of mortgages cheaper, although cash savers would probably get a lower return on cash savings.
Conversely, an increase would make borrowing more expensive, but bring better returns for savers.
Are stock market falls always bad?
In purely investment terms, lower share prices can offer an opportunity to buy, in the hope that over the long term, they recover and rise. Many people will do this initially through a stocks and shares Individual Savings Account (Isa).
Experts and regulators are at pains to point out that investments can go down as well as up, and urge people not to put everything into one investment, but to diversify.
Some people invest money in what are known as tracker funds. These go up and down in line with the performance of a certain index, such as the FTSE 100.
So if the index falls, so does the value of their investments and vice versa. One advantage of these funds is that they often cost relatively little to sign up to.
Mum who killed baby in 1998 told by judge she won't be sent to jail


A mother who killed her newborn baby boy in 1998 while in the grip of severe post-natal depression has been given a suspended sentence after a judge decided the case "called for compassion".
Joanne Sharkey, from Liverpool, was only identified as the baby's mother in July 2023 after cold case detectives found a DNA match for her older son, Matthew Sharkey, who had been arrested on suspicion of an unrelated offence.
The baby, who was named as Baby Callum at the time, had been dumped in woodland in Warrington, Cheshire, wrapped inside two binbags on 11 March that year.
She had pleaded guilty to manslaughter on the grounds of diminished responsibility at Liverpool Crown Court after medical experts concluded her mental health "substantially impaired" her ability to form a rational judgement when she killed Callum.
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Prince Andrew and alleged Chinese spy prepare for more court disclosures


More documents about the relationship between Prince Andrew and an alleged Chinese agent of influence are being released to BBC News on Friday.
The court papers about Yang Tengbo's alleged activities in the UK are becoming public after a legal battle including other media outlets for more transparency in the semi-secret case.
Mr Yang has been banned from the UK on national security grounds after the home secretary concluded that he may have been trying to exert influence on the Duke of York.
Mr Yang, who denies wrongdoing, was accused of using his position as an influential businessman in Prince Andrew's inner circle to clandestinely further the Chinese state's aims.
In December, the Special Immigration Appeals Commission said Mr Yang had formed an "unusual degree of trust" with the prince and had not disclosed his links to an arm of the Chinese Communist Party which is clandestinely involved in "political interference".
The term is used for suspected Chinese state agents who are not operating as traditional spies, but are using their position to secretly influence key figures in the British state, such as politicians, academics and business leaders.
The aim is to subtly and slowly bring them around to the Chinese Communist Party's aims in a long-term operation often referred to as "elite capture".


Mr Yang, a businessman who had lived in the UK since 2002, became a key figure in Prince Andrew's money-making Pitch@Palace scheme that linked entrepreneurs and investors, including at major events in China.
He became an increasingly trusted confidante amid the fall-out from the duke's interview with the BBC's Newsnight programme in November 2019, which detailed the Duke's friendship with sex offender Jeffrey Epstein.
The reaction to the interview led to the prince withdrawing from public duties - and the end of the commercially successful Pitch@Palace events in the UK and China.
Documents show that one of the prince's closest aides, Dominic Hampshire had told told Mr Yang that he had personally managed to salvage the prince's reputation in China - and he was ultimately invited in late 2020 to act for the royal in a planned $3bn investment fund.
The "Eurasia Fund" scheme, to be headed by Prince Andrew, aimed to raise cash to invest in Chinese state projects in Africa and the Middle East.
The UK's security agencies appear to have been concerned about the scheme because it might lead to a member of the royal family advancing the Chinese Communist Party's aim of expanding its economic and diplomatic influence.
Documents disclosed so far show that Mr Hampshire told Mr Yang that the Newsnight interview had been "hugely ill-advised and unsuccessful" but, in its wake, the Chinese entrepreneur sat "at the very top of a tree that many, many people would like to be on".
He had assisted in getting "relevant people unnoticed" in and out of Windsor for private meetings with the prince - and he was invited to his private 60th birthday dinner at his mansion.
Another document, concerning preparations for a call between the prince and Mr Yang, reads "he is in a desperate situation and will grab onto anything."
The documents to be disclosed on Friday include Dominic Hampshire's account to the court of his role in events, his relationship with Mr Yang and what happened when a currently unnamed UK government agency began speaking to the aide.
Other papers are expected to cover details of the mysterious and aborted "Eurasia Fund" and Mr Yang's work as a China consultant for major British businesses.
Mr Yang is seeking to appeal his exclusion from the UK on national security grounds.
Friday expected to be UK's hottest day of the year




The UK is expected to have its hottest day of the year so far on Friday as temperatures could reach 23C (73F) in some areas.
The warmest weather is expected to be in the west of London out towards Oxfordshire and the south Midlands, and could be hotter than Marbella and Ibiza in Spain.
Cardiff in Wales could see the mercury rise to 21C, while Scotland and Northern Ireland are set to be cooler - around 10C in Edinburgh and 15C in Belfast.
Temperatures are forecast to fall this weekend as cooler air moves down from the north. England's south coast will be warmest on Saturday with an expected high of 21C, while Sunday will peak nearer 17C.
The highest temperature recorded so far this year was 21.3C in Northolt, west London, and Chertsey, Surrey, on 20 March - but that figure is expected to be beaten on Friday.
Last month was the sunniest March in England since records began in 1910, according to the Met Office. It was also very dry, with the UK's rainfall total just 43% of the usual amount.
Average temperatures for this time of year are about 12C (53F) in England and 10C (50F) in Scotland, but parts of southern England hit highs of 20.7C on Thursday and 20.1C in the Scottish Highlands.
Speaking on Thursday, Met Office forecaster Dan Stroud said much of the UK "is looking at another fine and dry spring day", adding that while there will be "a lot of warm sunshine on offer", there will be some "cool temperatures near the east coast".
It is expected to be slightly cooler at the weekend, with winds expected to remain strong.
The public is being urged to avoid lighting fires outdoors over concerns they could spread bringing a risk of wildfires due to the warm, dry conditions.
Scottish Fire and Rescue Service (SFRS) said on Wednesday that there was a "very high to extreme risk" of fires spreading.
The fire service has tackled blazes this week near Bonhill in West Dunbartonshire and in the Kilpatrick Hills near Milngavie, East Dunbartonshire.
Elsewhere, more than 126 acres (51 hectares) were left charred after a fire at Upton Heath in Poole shortly before midnight on Wednesday, and a second fire broke out at nearby Canford Heath on Thursday morning.
Dorset & Wiltshire Fire and Rescue Service said the fires were both "down to human intervention".
In England there were 185.8 hours of sunshine in March, the Met Office says, the country recorded its sixth driest March and Wales its fourth driest since records began in 1836.
Ed Sheeran weaves Persian music into new song, Azizam


After a pair of low-key, introspective albums, Ed Sheeran has returned to his roots with a shimmering new pop single, Azizam.
The track sees the star incorporate Middle Eastern influences, inspired by producer Illya Salmanzadeh's Persian heritage.
The title means "my dear" or "my darling" in Farsi, and the track incorporates instruments like the ghatam, a clay pot commonly used as percussion in Southern India, and the santur, a hammered dulcimer of Iranian origin.
"Now the song's finished, and it's out, I'm discovering more and more every single day that Persians are really, really proud of their culture, and it's great to celebrate it," Sheeran told BBC Radio 1.
Azizam is released in a crowded week for new music, with comeback songs by Miley Cyrus, Wet Leg and Elton John all vying for streams.
Sheeran's track doesn't stray too far from his usual pop template, but the Persian influences will undoubtedly bolster his figures in the Middle East - the world's fastest-growing music market.
It's a trick the star has pulled before.
A voracious music fan with an instinct for new commercial opportunities, he's collaborated with Afrobeats stars like Burna Boy and Fireboy DML, learned Spanish for a record with Colombian singer J Balvin, tipped his hat to Irish folk music on Galway Girl, and even sang in Punjabi during a recent concert in Mumbai.
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Talking about the creation of Azizam, the star said he'd had "a hell of a lot of fun" immersing himself in Persian music.
"I loved how a lot of rhythms, scales, melodies and instruments were different but similar to the Irish trad music I had grown up with."
The inspiration came Salmanzadeh, an Iranian-born Swedish songwriter, who has previously scored major hits with Ariana Grande, Taylor Swift and Beyoncé.
"One day he was just like, 'I would love to make something within the culture that I come from' and that's how it was sparked," Sheeran told Radio 1's Greg James.
"It's [become] the first single of an album that is super playful and celebratory."


Sheeran debuted the song three weeks ago on the streets of New Orleans during a surprise performance in the city's French quarter, accompanied by the Soul Rebels brass band.
The recorded version also includes background vocals from the Citizens of the World Choir, which is made up of refugees.
Early reviews have largely been positive, with a few caveats.
Awarding it three stars, The Guardian said the Persian elements felt incidental to what was an overwhelmingly "Anglo-Saxon" pop song.
"Azizam does its job with the kind of ruthless efficiency you might expect from Sheeran in unabashed pop mode," wrote pop critic Alexis Petridis.
"It has a hook that fully digs into your brain the first time you hear it, and proves impossible to dislodge thereafter.
The song is "banal, featherweight musical Esperanto", added the Telegraph's Neil McCormick.
"Lighter than candy floss and twice as sticky... It will be number one on every Spotify playlist by tomorrow, inescapable all spring and summer, and the next time you ask me, I'll probably declare it a bubblegum classic."
Fans were more sympathetic. On Radio 2, one listener texted Sheeran to offer their praise.
"I'm from an Iranian family, and there are so many Persian music influences in the song, which is amazing to hear," they said.


The song is the first track from Sheeran's eighth studio album, which is due for release later this year.
Speaking on the US chat show The Tonight Show, the 34-year-old confirmed the record would be titled Play, kicking off a new series of records that will be called Pause, Rewind, Fast-Forward and Stop.
He also suggested that he was planning a posthumous release, containing songs written throughout the course of his life. Speaking to host Jimmy Fallon, he joked that album would be called Eject.
His new material comes at a crucial crossroads in his career. One of the biggest-selling acts of the 2010s, the star's last two albums underperformed.
Subtract, released in May 2023, presented a more understated, introspective side to the star's bubbly pop persona - with production from The National's Aaron Dessner.
Although it received some of the best reviews of his career, it was his first album not to go platinum in the UK.
A companion album, Autumn Variations, released later the same year, fared even worse.
Despite debuting at number one, it left the Top 40 after two weeks, and has yet to be certified gold - meaning it has sold fewer than 100,000 copies.
However, the star remains one of the world's most-streamed acts. On Spotify, 12 of his songs have topped 1 billion plays.
The most popular, Shape Of You, is the second-most streamed song of all time, with 4.3 billion streams.
Woman guilty of abortion clinic safe zone breach


A woman at the centre of a free speech controversy involving the US government has been found guilty of breaching a "buffer zone" outside a Bournemouth abortion clinic.
Livia Tossici-Bolt was convicted at Poole Magistrates' Court of two charges of breaching the Public Spaces Protection Order on two days in March 2023.
The 64-year-old anti-abortion campaigner held a sign saying, "Here to talk, if you want".
Her case caught the attention of the US State Department and US vice president JD Vance.
Her case was highlighted by the Bureau of Democracy, Human Rights, & Labour (DRL) - a bureau within the US Department of State, which posted a statement on X saying: "We are monitoring her case. It is important that the UK respect and protect freedom of expression."
District Judge Orla Austin told the court of the defendant: "She lacks insight that her presence could have a detrimental effect on the women attending the clinic, their associates, staff and members of the public."
She added: "I accept her beliefs were truly held beliefs. Although it's accepted this defendant held pro-life views, it's important to note this case is not about the rights and wrongs about abortion but about whether the defendant was in breach of the PSPO (Public Spaces Protection Order)."
The buffer zones, prohibit protest, within a 150-metre radius around abortion services and those convicted of breaking the law could face an unlimited fine.


Ms Tossici-Bolt, a retired medical scientist living in Bournemouth, Dorset, said previously she was "grateful to the US State Department for taking note of my case".
She added: "Great Britain is supposed to be a free country, yet I've been dragged through court merely for offering consensual conversation. I'm thankful to ADF International for supporting my legal defence.
"Peaceful expression is a fundamental right - no-one should be criminalised for harmless offers to converse."
She went on to say that "It is tragic to see that the increase of censorship in this country has made the US feel it has to remind us of our shared values and basic civil liberties".
"I'm grateful to the US administration for prioritising the preservation and promotion of freedom of expression and for engaging in robust diplomacy to that end," she said.
She continued: "It deeply saddens me that the UK is seen as an international embarrassment when it comes to free speech.
"My case, involving only a mere invitation to speak, is but one example of the extreme and undeniable state of censorship in Great Britain today.
"It is important that the Government actually does respect freedom of expression, as it claims to."
Heidi Stewart, CEO of BPAS, said: "BPAS welcomes today's verdict which will protect women and the staff who provide abortion care.
"The clinic in Bournemouth has been subjected to many years of anti-abortion protests which resulted in more than 500 reports of harassment before this local safe access zone was brought into force.
"This case was never about global politics but about the simple ability of women to access legal healthcare free from harassment.
"It is up to the police and judicial system to determine whether individuals have broken the law.
"I, meanwhile, stand shoulder to shoulder with our staff who work so tirelessly to protect our patients from the impact of anti-abortion harassment outside the clinic gate."
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'Grateful and honoured': Tom Cruise pays tribute to Top Gun co-star Val Kilmer


Tom Cruise has paid tribute to his Top Gun co-star Val Kilmer, who died earlier this week aged 65.
Appearing at CinemaCon in Las Vegas, Cruise led a crowd in The Colosseum theatre in a moment of silence to "honour a dear friend of mine, Val Kilmer".
"I can't tell you how much I admired his work, how much I thought of him as a human being and how grateful and honoured I was when he joined Top Gun," Cruise said of Kilmer, who played his rival Ice Man in Top Gun in 1986.
The 2022 sequel Top Gun: Maverick marked Kilmer's last movie role. Kilmer, also known for his roles playing Batman and Jim Morrison in The Doors, died Tuesday night in Los Angeles.
In Las Vegas, Cruise bowed his head in the cavernous theatre, which was packed with movie theatre owners and others who work in the industry.
"Thank you, Val - wish you well on your next journey," Cruise said afterwards.
Cruise was speaking during the Paramount Pictures presentation at CinemaCon. He also showed off a sneak peek trailer of Mission: Impossible - The Final Reckoning, which is set to be released later this year, and honoured the film's director Christopher McQuarrie, who was named CinemaCon's director of the year.
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The trailer showed Cruise, who is famous for doing his own stunts, in a series of action-packed scenes - on fighter jets, in explosions and wing walking on a vintage plane.
As Hollywood paid tribute to Kilmer, Cruise had been one of the few stars who waited to publicly commented on the actor's death.
The star has been vocal about how much he enjoyed working with Kilmer. He said on Jimmy Kimmel Live! that he cried having him on set for Top Gun: Maverick.
"I was crying, I was crying. I got emotional," Cruise said on the show about working with Kilmer. "He's such a brilliant actor. I love his work."
Kilmer's family told US media that he died after coming down with a pneumonia. The actor had two tracheotomies while undergoing treatment for throat cancer.
The procedures forced him to use a voice box to speak, and in the 2022 film, he types on a screen to communicate with Cruise's character. Toward the end of their scene together, Kilmer's Iceman gets up from his chair and coarsely tells Cruise: "The Navy needs Maverick".
The two embrace and then Iceman pokes fun, questioning Cruise about who is the better pilot.
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