Weak yen lifts Japan stocks higher, Wall Street slides
A weaker yen lifted Japanese equities on Friday, while Wall Street’s major indices slid in quiet holiday trading. Seoul was an outlier in Asia with shares plunging as South Korea’s political crisis deepened with a second presidential impeachment vote.US indices slid lower at the start of trading, with the Dow shedding 0.6 percent.”Holiday lethargy is to blame indirectly, yet a more direct weight is the modest weakness among the mega-cap stocks,” said Briefing.com analyst Patrick O’Hare.He also pointed to an increase in 10-year US Treasury bond yields to around 4.6 percent, which he noted is an increase of nearly 0.9 percentage points since the US Federal Reserve made its first interest rate cut in September.”The Fed doesn’t hold sway over longer-dated maturities like it does over shorter-dated securities, so the bump in rates at the back end of the curve is being watched with an anxious eye as a possible harbinger of a pickup in inflation and/or the budget deficit,” O’Hare said.Wall Street stocks took a knock earlier this month when the Fed indicated it would likely cut interest rates less than it had previously expected to, in part because of uncertainty tied to the stated intention of incoming president Donald Trump to raise tariffs, which could boost inflation that is already proving sticky.In Asia, Japan’s Nikkei index closed up nearly two percent, with the yen’s recent weakness proving a boon for major exporters. The yen hit 158.08 per US dollar on Thursday evening — its lowest in almost six months — following comments made by Bank of Japan Governor Kazuo Ueda that failed to give a clear signal on a possible interest rate increase next month.The BoJ left borrowing costs unchanged last week and warned of uncertainty over the economic policies of US president-elect Donald Trump.”Today, the yen looks stronger on the back of a freshly released set of stronger-than-expected data,” said Ipek Ozkardeskaya, analyst at Swissquote Bank.Recent data has showed Japan’s inflation rose for a second month in December, while industrial production declined less than expected in November and retail sales came in higher than estimated last month.Japan’s government also on Friday approved a record budget for the next fiscal year, ramping up spending on social welfare for its ageing population and on defence to tackle regional threats.In Seoul, the stock market closed down one percent after the won plunged to a nearly 16-year low of 1,487.03 against the dollar on Friday morning.South Korea is struggling to emerge from political turbulence in the wake of President Yoon Suk Yeol’s martial law declaration this month, which prompted his impeachment.Acting President Han Duck-soo was also impeached Friday in a vote that prompted governing party lawmakers to protest with angry chants and raised fists.South Korea’s business outlook for January fell in the Bank of Korea’s composite sentiment index, the biggest month-on-month slide since April 2020, according to data based on almost 3,300 firms released Friday.In Europe, Frankfurt’s DAX index rose after German President Frank-Walter Steinmeier dissolved parliament on Friday and confirmed the expected date for the early general election, emphasising the need for “political stability” in Europe’s largest economy.- Key figures around 1430 GMT -New York – Dow: DOWN 0.6 percent at 43,076.65New York – S&P 500: DOWN 0.6 percent at 5,999.29New York – Nasdaq Composite: DOWN 0.7 percent at 19,871.28London – FTSE 100: DOWN 0.1 percent at 8,129.61Paris – CAC 40: UP 0.5 percent at 7,322.01Frankfurt – DAX: UP 0.4 percent at 19,937.72Tokyo – Nikkei 225: UP 1.8 percent at 40,281.16 points (close)Seoul – Kospi: DOWN 1.0 percent at 2,404.77 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 20,116.93 (close)Shanghai – Composite: UP 0.1 percent at 3,400.14 (close)Euro/dollar: UP at $1.0431 from $1.0424 on ThursdayPound/dollar: UP at $1.2560 from $1.2526Dollar/yen: DOWN at 157.75 yen from 158.00 yenEuro/pound: DOWN at 83.05 pence from 83.19 penceWest Texas Intermediate: UP 1.1 percent at $70.41 per barrelBrent North Sea Crude: UP 1.0 percent at $73.60 per barrelburs-rl/js
Senegal PM seeks to repeal contested amnesty lawFri, 27 Dec 2024 14:48:43 GMT
Senegalese Prime Minister Ousmane Sonko said Friday that his government would submit legislation to repeal a law by former president Macky Sall granting amnesty for deadly political violence.The controversial amnesty was granted just before March 2024 elections as Sall sought to calm protests sparked by his last-minute postponement of the vote in the traditionally stable …
Senegal PM seeks to repeal contested amnesty lawFri, 27 Dec 2024 14:48:43 GMT Read More »
Bayrou dans le Pas-de-Calais pour les 50 ans de la catastrophe minière de Liévin
Le Premier ministre François Bayrou est venu vendredi par surprise dans le Pas-de-Calais pour assister à la célébration des 50 ans de la catastrophe minière de Liévin, un coup de grisou qui avait fait 42 morts.Liévin a été la catastrophe minière la plus meurtrière de l’après-guerre en France, le 27 décembre 1974.”Quelques jours auparavant, mon père s’était tué dans un accident de travail, en cette année 1974″, a raconté François Bayrou dans un bref discours tandis que des cloches sonnaient à la volée.”Et je sais donc exactement ce que c’est que les visages que l’on n’aperçoit plus, ce que c’est que le couvert qu’on ne met plus à table, et ce qu’est l’absence des bras solides dans lesquels se réfugiaient les enfants”, a ajouté le Premier ministre.C’étaient “42 victimes tombées au champ d’honneur du travail, c’est l’expression que François Mitterrand avait utilisée, et que je fais mienne”, a-t-il poursuivi.”La nation n’oubliera pas le bassin minier, la nation n’oubliera pas ces vies données pour le travail et pour la construction du pays”, a-t-il insisté, en faisant aussi référence à d’autres catastrophes minières et aux innombrables victimes de la silicose.”Travail, courage, résilience, c’est une leçon que nous partageons au moment où nous sommes tous appelés à une oeuvre de construction et à une oeuvre d’unité”, a continué M. Bayrou. C’était sa volonté de ne pas prévenir la presse de ce déplacement, a confié à l’AFP la communication du Premier ministre.M. Bayrou n’a pas parlé aux médias et a quitté les lieux vers 12H50, a constaté une journaliste de l’AFP.A ses côtés durant la cérémonie, se tenaient notamment la ministre de la Transition écologique Agnès Pannier-Runacher ainsi que le président des Hauts-de-France Xavier Bertrand.Ce dernier avait estimé lundi avoir été exclu du gouvernement Bayrou “en raison de l’opposition du Rassemblement national” et avait dénoncé dans un communiqué un gouvernement “formé avec l’aval de Marine Le Pen”. M. Bayrou avait dû démentir la rumeur d’un échange téléphonique avec Mme Le Pen dans les derniers réglages de la composition de son gouvernement.”Cinquante ans après, la France se souvient de la catastrophe de Liévin qui a marqué notre mémoire collective”, a aussi souligné vendredi Emmanuel Macron sur X.”Je salue le souvenir des quarante-deux mineurs disparus, dont le courage demeure une leçon pour nous tous, et le combat de leurs familles pour la mémoire et la dignité”, a ajouté le président de la République.Pour les 40 ans de la catastrophe en 2014, Manuel Valls, alors Premier ministre, avait aussi fait le déplacement dans ce bastion socialiste au milieu d’un département où le RN est très implanté, pour rendre hommage au “monde ouvrier”.
Global stocks rise as Japan led Asia gains on a weaker yen
Global stocks mostly rose on Friday, as European markets returned from the Christmas break tracking Asia gains after a weaker yen lifted Japanese equities.Seoul was an outlier in Asia with shares plunging as South Korea’s political crisis deepened with a second impeachment vote.In Europe, Frankfurt’s DAX index rose after German President Frank-Walter Steinmeier dissolved parliament on Friday and confirmed the expected date for the early general election, emphasising the need for “political stability” in Europe’s largest economy.London was flat and Paris gained.Japan’s Nikkei index closed up nearly two percent, with the yen’s recent weakness proving a boon for major exporters. The yen hit 158.08 per US dollar on Thursday evening — its lowest in almost six months — following comments made by Bank of Japan Governor Kazuo Ueda that failed to give a clear signal on a possible interest rate hike next month.The BoJ left borrowing costs unchanged last week and warned of uncertainty over the economic policies of US president-elect Donald Trump.”Today, the yen looks stronger on the back of a freshly released set of stronger-than-expected data,” said Ipek Ozkardeskaya, analyst at Swissquote Bank.Recent data has showed Japan’s inflation rose for a second month in December, while industrial production declined less than expected in November and retail sales came in higher than estimated last month.Japan’s government also on Friday approved a record budget for the next fiscal year, ramping up sending on social welfare for its ageing population and defence to tackle regional threats.In Seoul, the stock market closed down one percent after the won plunged to a near-16-year low of 1,487.03 against the US dollar on Friday morning.South Korea is struggling to emerge from political turbulence in the wake of President Yoon Suk Yeol’s martial law declaration this month, which prompted his impeachment.Acting President Han Duck-soo was also impeached Friday in a vote that prompted ruling party lawmakers to protest with angry chants and raised fists.South Korea’s business outlook for January fell in the Bank of Korea’s composite sentiment index, the biggest month-on-month slide since April 2020, according to data based on almost 3,300 firms released Friday.Elsewhere Asia, Shanghai and Hong Kong edged up.- Key figures around 1100 GMT -London – FTSE 100: FLAT at 8,138.29Paris – CAC 40: UP 0.6 percent at 7,328.79 Frankfurt – DAX: UP 0.4 percent at 19,932.52Tokyo – Nikkei 225: UP 1.8 percent at 40,281.16 points (close)Seoul – Kospi: DOWN 1.0 percent at 2,404.77 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 20,116.93 (close)Shanghai – Composite: UP 0.1 percent at 3,400.14 (close)New York – Dow: UP 0.1 percent at 43,325.80 (close)Euro/dollar: UP at $1.0427 from $1.0424 on ThursdayPound/dollar: UP at $1.2536 from $1.2526Dollar/yen: DOWN at 157.72 yen from 158.00 yenEuro/pound: DOWN at 83.15 pence from 83.19 penceWest Texas Intermediate: UP 0.9 percent at $70.23 per barrelBrent North Sea Crude: UP 0.8 percent at $73.86 per barrel
Osamu Suzuki, longtime chair of Japan’s Suzuki, dies aged 94
Osamu Suzuki, who grew small-car specialist Suzuki Motor into an international brand with huge successes in India, died Wednesday at age 94 after bouts with cancer, the company said Friday.Under the charismatic businessman’s four-decade leadership through 2021, the firm’s sales grew more than 10-fold.Born on January 30, 1930, in the central Japanese region of Gifu, he married into the firm’s founding family and later became its president in 1978.Calling himself an “old man at a small business,” he focused on building light-weight “kei” vehicles, many of which became big hits for their fuel efficiency and easy-to-handle quality.He also actively sought international partners and opportunities overseas to expand his business.The carmaker once tied up with General Motors and Volkswagen and also forged a capital alliance with Toyota in 2019.He expanded in India, where the company’s subsidiary now occupies the top market position.When he retired as the firm’s chairman in 2021, the company’s sales stood at 3.18 trillion yen ($20 billion). When he took over the company in 1978, the firm’s sales stood at 323 billion yen, according to the Nikkei Shimbun business daily.