(Updates prices after early European trading)

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Global stocks down most since Sep. 2024

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Gold touches all-time high near $3,000 an ounce

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U.S. stocks poised for rise after hitting correction

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Chinese markets jump on expectations of more consumption

stimulus

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Investors remain nervous over escalating global trade

tensions

By Naomi Rovnick, Rae Wee

LONDON/SINGAPORE, March 14 (Reuters) - Global stocks

looked set for their weakest weekly performance since September

2024, while gold hit a record high, as angst over U.S. tariffs,

inflation and a trade row hitting industries from metals to malt

whisky weighed on risk appetite.

While relief that a U.S. government shutdown would likely be

averted helped steady sentiment on Friday morning, lifting U.S.

equity futures, MSCI's all country world stock index was down

3.4% for the week.

"For today, at least, this news from Congress is positive

for market sentiment at this point," said Alvin Tan, head of

Asia FX strategy at RBC Capital Markets.

Spot gold was down 0.1% at $2,984.71 an ounce in

early London trading but clocked a weekly gain of about 2.5%,

having also touched an all-time high of $2,993.80 earlier on

Friday.

The cautious mood had weighed all week, with investors growing

more nervous that trade tensions between the U.S. and Europe

would escalate after the European Union retaliated against

blanket U.S. tariffs on steel and aluminium.

In response, U.S. President Donald Trump threatened to impose a

200% tariff on European wine and spirit imports.

"I think Trump 2.0 is nothing like Trump 1.0," Michael Strobaek,

global chief investment officer at Lombard Odier, said. "This

time, the president seems prepared to let U.S. markets and the

economy suffer while he implements his 'America first' goals."

The developments sparked Thursday's steep selloff on Wall

Street, and confirmed that the S&P 500 was in a

correction, just a week after similar observations for the

Nasdaq index.

Friday's mood was brighter, with Nasdaq futures up more

than 1% at one point and S&P 500 futures advancing 0.5%.

Europe's Stoxx 600 share index was steady in early

trading, but still down 2.4% for the week marking a pause in

this year's blistering rally supercharged by investors betting

on a big defence spending boost.

In Asia, MSCI's broadest index of Asia-Pacific shares

outside Japan traded 0.85% higher, although it

was on track to lose 1.5% for the week, as simmering trade

disputes battered global stocks.

Japan's Nikkei rose 0.8%.

A surge in consumer shares pushed Chinese stocks higher on

Friday, as investors awaited a press conference next week by

officials from Beijing's top planning agency for news on

additional measures to boost domestic consumption.

Hong Kong's Hang Seng Index jumped 2.4%, while

China's CSI300 blue-chip index advanced 2.3%. The

Shanghai Composite Index rose 1.7%.

DOLLAR TROUBLE

The dollar regained some ground on Friday due to safe

haven flows but stuck close to recent lows.

It was last up 0.68% against the yen at 148.79

while the index measuring the U.S currency against a basket of

peers inched 0.1% higher to 103.96, down sharply from

about 113 in the month before Trump's re-election.

Benchmark Treasury yields were up 2 basis points

to 4.30%, but remain far below January's 4.8% level.

Germany's equivalent Bund yield remained at 2.874%

after a rapid climb last week in response to a fiscal reset plan

to revive growth and ramp up military spending. The lower house

of parliament will vote on the measures on March 18.

The euro last traded flat at $1.0846, while sterling

fell 0.13% to $1.29475 after data showed the UK economy

contracted unexpectedly by 0.1% in January.

Oil prices, pinned lower this month by recession fears,

rebounded on Friday to reflect diminishing prospects of a

Ukraine ceasefire, with Brent crude futures adding 0.9%

to $70.35 a barrel.