Chinese leader Xi Jinping headed to Peru on Wednesday, bound for a meeting of Asia-Pacific Economic Cooperation (APEC) organisation leaders overshadowed by fears of renewed global trade tensions under Donald Trump.Xi will join leaders from the United States and other Asia-Pacific nations in the Peruvian capital Lima for the APEC gathering, after which he will go to Brazil for a G20 summit.China — the world’s second-largest economy — is grappling with a prolonged housing crisis and sluggish consumption that could worsen under Trump, who has promised to slap 60 percent tariffs on Chinese imports.While in Peru, the Chinese leader will also inaugurate South America’s first Chinese-funded port, in Chancay, around 50 miles (80 kilometres) north of Lima.Expected to serve as a major trade hub, the $3.5-billion complex is seen as symbolic of Beijing’s growing influence in South America, where it has built a vast array of railways, highways and other infrastructure.Bilateral trade between the Asian giant and Peru, one of Latin America’s fastest-growing economies over the past decade, stood at nearly $36 billion in 2023, making Peru China’s fourth-largest Latin American trading partner.The Chancay port will also serve Chile, Colombia and Ecuador, among other South American countries, allowing them to skirt ports in Mexico and the United States for trade with Asia.Starting Wednesday, Lima will receive government ministers and business leaders of APEC member countries, which also include Russia, Japan, South Korea, Indonesia, Chile and Australia.Ministerial meetings will take place Thursday, followed by talks at the level of heads of state the following two days.State broadcaster CCTV said Xi will be accompanied in Peru by Foreign Minister Wang Yi.- Peru to Brazil -After Lima, Xi will go to the Brazilian coastal city of Rio de Janeiro from November 17 to 21 for a summit of G20 leaders.China is Brazil’s top trading partner, exceeding $180 billion in each-way trade in 2023, with semiconductors, phones and pharmaceuticals dominating exports to the South American country.Since returning to power last year, Brazilian President Luiz Inacio Lula da Silva has carried out a delicate balancing act as he seeks to deepen ties with China while improving relations with the United States.Both Brazil and China have sought to position themselves as mediators in the conflict in Ukraine, while declining to sanction Russia for its invasion.A visit this year by Vice President Geraldo Alckmin was seen as paving the way for Brazil to join China’s massive Belt and Road Initiative infrastructure project.A number of South American nations, including Peru, have signed up to the initiative, a central pillar of President Xi’s bid to expand China’s clout overseas.

The Japanese owner of 7-Eleven is considering going private by buying back its own shares in a bid to avoid a takeover by Canadian rival Couche-Tard, reports said on Wednesday.Seven & i Holdings is eyeing the move as a countermeasure to Circle K owner Alimentation Couche-Tard’s seven trillion yen ($45 billion) takeover proposal, the Nikkei business daily said.The takeover, if realised, would be the biggest ever foreign buyout of a Japanese firm.With around 85,000 outlets worldwide, 7-Eleven is the world’s biggest convenience store chain.Around a quarter of those are in Japan, where the stores are a cherished one-stop shop for everything from rice balls to concert tickets.Bloomberg News also reported Wednesday that Seven & i was considering a management buyout, or MBO, worth up to nine trillion yen — above its market cap of 5.7 trillion yen.A Seven & i spokesman told AFP there was “nothing for public release at this point”.The 7-Eleven franchise began in the United States, but it has been wholly owned by Seven & i since 2005.Meanwhile, Couche-Tard, which began with one store in Canada’s city of Laval in 1980, now runs nearly 17,000 convenience store outlets worldwide.The Nikkei, citing sources close to Seven & i, said the company had begun talks with financial institutions to procure the necessary resources to buy its own shares.But it said potential obstacles could include whether the banks would agree to the huge loans required, and also whether Seven & i’s founding family would support the plan.In September, Seven & i rejected an initial takeover offer from Couche-Tard, saying it “grossly” undervalued its business and could face regulatory hurdles.Then the group said last month it had received a revised offer that reportedly totalled around seven trillion yen.To boost its share price and fend off Couche-Tard, Seven & i has also announced a major restructuring, including plans to spin off its non-core businesses.To allow it to focus on 7-Eleven, its new holding company will comprise its supermarket food business, speciality stores and other businesses.

Asian markets fell again Wednesday as traders fret over the impact of Donald Trump’s presidency on the Chinese and global economies, with fears that his policies could also reignite US inflation.The prospect of prices spiking again on the back of tax cuts, import tariffs, and an easing of regulations gave fresh impetus to the dollar, which has rallied since the Republican’s election win last week.Traders are also keeping tabs on bitcoin after it came within a whisker of breaking $90,000 for the first time, though observers are betting on it hitting $100,000 owing to Trump’s pro-crypto campaign pledges.After an initial rally in the wake of the tycoon regaining the White House, Asian markets have pulled back this week as his cabinet begins to emerge.The naming of known China hawks to key positions has fuelled concerns about another debilitating trade war between the economic superpowers.That comes as Beijing struggles to kickstart growth at home, unveiling a raft of measures at the end of September but leaving traders disappointed with anything new at a much-anticipated announcement Friday.Uncertainty about the outlook heading into 2025 was weighing on Asian equities, with Hong Kong, Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta all in the red.The selling came after a negative lead from Wall Street, where all three main indexes finished in the red as investors took a breather from a week-long rally to more record highs.Bitcoin was sitting just above $88,404.The dollar held gains against its peers, having tapped a one-year high versus the euro, while it was pushing back towards 155 yen.The greenback has risen as dealers pare bets on Federal Reserve interest rate cuts after Trump’s win, with two seen through to June, compared with four forecast before the election, according to Bloomberg.Focus is now on the release of key US October consumer price data due later in the day, with expectations for a slight uptick from the previous month.The reading will be pored over for an idea about the central bank’s plans for borrowing costs when it meets again in December.It cut rates 25 basis points last week, having slashed them by 50 points in September, the first since the start of the pandemic.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.1 percent at 38,953.44 (break)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 19,626.71Shanghai – Composite: DOWN 0.4 percent at 3,409.38Dollar/yen: UP at 154.68 yen from 154.59 yen on MondayEuro/dollar: UP at $1.0626 from $1.0625Pound/dollar: DOWN at $1.2747 from $1.2748Euro/pound: UP at 83.37 pence from 83.34 penceWest Texas Intermediate: UP 0.1 percent at $68.17 per barrelBrent North Sea Crude: UP 0.1 percent at $71.94 per barrelNew York – Dow: DOWN 0.9 percent at 43,910.98 (close)London – FTSE 100: DOWN 1.2 percent at 8,025.77 (close)

A stocks rally following Donald Trump’s US election win lost steam Tuesday as traders looked to consolidate recent gains, sending major indices lower on both sides of the Atlantic.The euro hit a one-year low and the pound fell against the dollar, which has been invigorated by expectations that Trump’s trade policies could keep interest rates higher.Wall Street’s main indices all closed lower after having racked up huge gains in the days following Trump’s victory and Republican gains in Congress.”We got a significant run,” Art Hogan from B. Riley Wealth Management told AFP. “After a run like that in such a short period of time, it’s not surprising for markets to take a breather.”- Hefty losses -Leading European and Asian markets closed the day with hefty losses, with both Frankfurt and Paris falling more than two percent and Hong Kong finishing nearly three percent lower.Chinese stocks were already under pressure after disappointment about Beijing’s lack of extra measures to boost China’s stuttering economy.Trump’s support for cryptocurrency pushed bitcoin to a record high of almost $90,000 at one point on Tuesday.Trump’s decision to pick China hawks for key positions in his cabinet has added to fears that the next few years could be bumpy for global markets.”The latest moves from Trump’s camp… are sending chills through the markets and casting a decidedly icy glow on US-China relations,” noted independent analyst Stephen Innes.Analysts are also expecting tariffs on European imports, hurting the region’s top stock markets.The dollar extended gains against its peers that started after news of Trump’s election, which has sparked bets on a pick-up in inflation that could complicate the Federal Reserve’s plans to lower US interest rates.The latest reading of the US consumer price index due Wednesday will be closely watched as investors try to ascertain the central bank’s plans for next month’s monetary policy meeting.”We assume the Trump administration will deliver on their key policy proposals with the degree and timing of these policies the bigger uncertainty,” said National Australia Bank’s Rodrigo Catril.”Most of these policies (lower taxes, tariffs, immigration, deregulation, unfunded expansionary fiscal policy) can be regarded as pro-growth and or inflationary,” he continued. “This means, all else equal, a shallower Fed easing cycle and a stronger dollar,” he added.- Key figures around 2115 GMT -New York – Dow: DOWN 0.9 percent at 43,910.98 points (close)New York – S&P 500: DOWN 0.3 percent at 5,983.99 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 19,281.40 (close)London – FTSE 100: DOWN 1.2 percent at 8,025.77 (close)Paris – CAC 40: DOWN 2.7 percent at 7,226.98 (close)Frankfurt – DAX: DOWN 2.1 percent at 19,033.64 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 39,376.09 (close)Hong Kong – Hang Seng Index: DOWN 2.8 percent at 19,846.88 (close)Shanghai – Composite: DOWN 1.4 percent at 3,421.97 (close)Dollar/yen: UP at 154.59 yen from 153.81 yen on MondayEuro/dollar: DOWN at $1.0625 from $1.0648Pound/dollar: DOWN at $1.2748 from $1.2872Euro/pound: UP at 83.34 pence from 82.73 penceBrent North Sea Crude: UP 0.1 percent at $71.89 per barrelWest Texas Intermediate: UP 0.1 percent at $68.12 per barrelburs-rl/ach/da-tu/aha