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MUMBAI (Reuters) -U.S. President Donald Trump's tariffs can boost manufacturing activity in the United States, the world's largest economy, Blackstone Chief Executive Stephen Schwarzman said on Wednesday. Trump's focus on tariffs since taking office in January has shaken investors, consumers and business confidence and economists have voiced concerns of a U.S. recession that could drag down the global economy. Schwarzman, a long-time Trump donor, speaking to reporters in Mumbai at an event to mark Blackstone's 20th anniversary in India, said he expected India-U.S. tariff negotiations to be smoother than those with other countries following a meeting between Prime Minister Narendra Modi and Trump last month.

Shares of Stitch Fix surged Wednesday after the clothing subscription business reported better revenue and a smaller loss than analysts had expected for the second quarter of fiscal 2025.

Morningstar equity analyst Jelena Sokolova said it was “too early to extrapolate the slowdown into the future,” given Inditex’s 2024 performance.

News of the day for March 12, 2025

A pan-African payments infrastructure provider designed to facilitate trade on the continent is piloting an African currency market platform to boost commerce across borders in the region, its chief executive said. The Pan-African Payments and Settlement System (PAPSS), backed by 15 central banks on the continent, expects to add the platform later this year to complement its payments infrastructure that it says is currently integrated with 150 commercial banks. "The rates will be market driven, and our system is able to do a matching based on the rates offered by the different participants in our ecosystem," Mike Ogbalu, the CEO of PAPSS, told Reuters in an interview from Cairo.

Your day-ahead look for March 12, 2025

Analysts have pointed out that while the S&P 500 hasn't officially yet entered a correction, many of the stocks on the index have. Continued volatility is expected as Trump's policy moves continue.