*

Tariff deadline looms along with Fed, BOJ and U.S.

payrolls

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Global stocks ease off record highs

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Dollar heads for weekly loss despite risk-off mood

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Intel ( INTC ) shares drop 5% pre-market; Amazon, Apple, Meta

report next

week

By Naomi Rovnick and Kevin Buckland

LONDON/TOKYO July 25 (Reuters) - Investors cashed out of

record-high global stocks on Friday and the dollar headed for

its first weekly drop in four, as markets trembled ahead of next

week's U.S. jobs data, Federal Reserve and Bank of Japan

meetings and Donald Trump's tariff deadlines.

MSCI's global equity index was 0.3% lower

after hitting an all-time peak on Thursday, after Japan's Topix

index ended the day 0.9% lower, having also hit a record

high a day earlier.

Futures trading signalled Wall Street's Nasdaq Composite

would flatline later in the day, with sentiment still

buoyed by Google parent Alphabet's robust earnings

that propelled the tech-heavy index to its latest peak on

Thursday.

Investors said they did not expect the markets'

glass-half-full approach to trade war risks to last if jobs

growth and earnings slow but the U.S. Federal Reserve also

douses expectations that it will rush to the rescue by easing

monetary policy.

With the Fed's next rate decision on July 29 as Chair Jerome

Powell comes under pressure from Trump to quit, August 1 brings

the latest batch of monthly U.S. jobs data and the deadline for

U.S. trade deals with Europe and other countries.

"We've come to this sort of real, sort of pinch point of

high risk, of things going in either direction, and markets have

just breezed through it so far," Premier Miton CIO Neil Birrell

said.

"I'm genuinely struggling to work out why the bond markets

seem relatively complacent and why equity markets have kept

going up," he said, especially with disruption caused by trade

uncertainty now showing up in companies' earnings.

TECH, CENTRAL BANKS

The dollar index, was heading for a 0.6% weekly drop,

in the latest sign that U.S. policy and debt risk meant it was

no longer viewed by investors as a haven asset when stock

markets turn lower.

"We know that the dollar tends to depreciate when there is a

proper risk-on wave," Amundi Investment Institute cross-asset

strategist Federico Cesarini said.

"But the other side of the correlation, risk-off (and)

dollar up, is not with us anymore."

Tech titans Amazon, Apple, Meta and Microsoft may all issue

tariff-related updates with next week's earnings reports, just

as parts of the tech sector have shown signs of revenues turning

hard to forecast because of stockpiling and trade anxiety.

Chipmaker Intel's shares dropped 5% in pre-market

trade on Friday as it forecast steeper quarterly losses than

expected and said it had halted or scrapped new factory projects

in the U.S. and Europe.

Money markets are only pricing about 42 basis points (bps)

of Fed easing this year, setting next week's monthly non-farm

payrolls report up as a major risk event if hiring has slowed

and rate cut expectations have not risen.

Trump has kept up pressure on Powell to cut rates after a

rare presidential visit to the central bank on Thursday,

although he said he did not intend to fire the head of the

central bank, as he has frequently suggested he would.

U.S. 10-year Treasury yields were steady at 4.41%

while two-year yields, which track monetary policy

bets, were also flat at 3.925%.

The Bank of Japan has its own policy announcement on

Thursday, and Prime Minister Ishiba's Liberal Democratic Party

holds a meeting on the same day.

That's after the European Central Bank held rates steady on

Thursday and was viewed by traders as likely to pause further

cuts until the end of the year.

The euro was steady against the dollar on Friday at $1.178

, although German government debt sold off, with the

yield on benchmark 10-year Bunds up 4 basis points (bps) at

2.726%.

Elsewhere in markets, gold eased 0.8% to around

$3,339 an ounce. Brent crude futures gained 0.4% to

$69.65 a barrel.