Stock market today: World shares mostly lower, oil advances

European shares opened mixed on Friday after benchmarks in Asia dipped, following Wall Street down amid more signals the U.S. economy may be slowing.

European shares opened mixed on Friday after benchmarks in Asia dipped, following Wall Street down amid more signals the U.S. economy may be slowing.

Markets rose in Paris and Frankfurt but fell in London. Oil prices recovered from early losses.

Trading this week has been driven largely by earnings reports and speculation over how the latest economic indicators might affect central bank decisions on raising interest rates to rein in inflation.

The majority of companies have been topping Wall Street profit forecasts so far in the early days of this reporting season. Analysts had forecast this would mark the sharpest drop in S&P 500 earnings per share since the pandemic was pounding the economy in 2020.

But other issues such as Federal Reserve's next policy meeting, in May, and the looming expiration of the U.S. national debt ceiling are coming into focus, Stephen Innes of SPI Asset Management said in a commentary.

"In the medium term, however, recessionary concerns remain top of mind," Innes said, adding that "given the ongoing fragility of things, we could see more downside play out in stocks."

A showdown is looming over the debt ceiling, with the White House estimating that the plan proposed by the Republican Party -led House would bring a painful 22% cut to non-defense spending that would leave children poorer, veterans sicker, families hungrier and housing more expensive.