Huge cranes loom over Peru’s massive new Chinese-funded Chancay port, a symbol of Beijing’s growing influence in South America which is set to be inaugurated by President Xi Jinping on Thursday.”It’s nearly ready,” Gonzalo Rios, deputy general manager of the Peruvian subsidiary of Chinese port operator Cosco Shipping, which has a 60 percent stake in the facility, said during a recent visit to the deep-water port.Situated around 50 miles (80 kilometers) north of the capital Lima, the $3.5 billion complex is expected to become a major hub for trade between South America and China.Chancay’s maximum depth is 17.8 meters (58.4 feet), two meters deeper than Lima’s Callao port, making it capable of handling the world’s biggest container ships.”With the addition of this port, this part of the Pacific and Peru in particular could become the logistical hub of South America,” Rios told AFP.The facility will be unveiled by Xi and his Peruvian counterpart Dina Boluarte on the sidelines of this week’s Asia-Pacific Economic Cooperation (APEC) summit in Lima.- South America’s ‘Silk Road’ -The port is the latest addition to the vast collection of railways, highways and other infrastructure projects built under China’s massive Belt and Road Initiative.Launched in 2013, the program initially focused on better connecting China with Europe, Africa and the rest of Asia but has since expanded to include South America.Chancay, a fishing town of around 50,000 inhabitants, was chosen for its strategic location in the heart of South America.Cosco Shipping Ports, which has a 30-year concession to operate the terminal, has forecast it will handle up to one million containers in its first year of operations.Chancay is expected to be a major hub for imports of Asian electronics, textiles and other consumer goods and for the export of minerals, including lithium — a metal used in mobile phone and laptop batteries — from Chile and copper from both Chile and Peru.”Peru is a source of raw materials for China,” Oscar Vidarte, professor of international relations at the Pontifical Catholic University of Peru, told AFP.Bilateral trade between the Asian giant and Peru, one of Latin America’s fastest-growing economies for the past decade, stood at nearly $36 billion in 2023, making Peru China’s fourth-largest Latin American trading partner.”Our goal is to become the Singapore of Latin America,” Peruvian Transport Minister Raul Perez told reporters at Chancay.”We will have direct routes to Asia, in particular to China, which will reduce (shipping time) by 10, 15, even 20 days, depending on the route,” compared to 35-40 days currently, he said.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.”It will allow China to position itself in this part of the world,” Vidarte said.Francisco Belaunde, a professor in international law at Lima University and other faculties, called it “part of the battle for geopolitical influence” in South America pitting China against the United States.Connected to the Pan-American highway — a network of roads linking most of North and South America along the Pacific — through a mile-long tunnel, the port will use artificial intelligence to inspect containers for drugs and other illicit goods, according to Perez, the transport minister.Peru is the world’s biggest cocaine producer after Colombia.Currently, much of the drug is smuggled through the port of Guayaquil in neighboring Ecuador.”We will use the most advanced technology to ensure the safety of the containers,” Perez said.

US and European stocks mostly climbed, while the dollar rose and bitcoin extended a record run on Monday, as traders took their lead from events in the United States and China.Chinese stock markets closed mixed and oil prices slid after China’s latest plans to stimulate its economy fell short of expectations.Wall Street’s three main indices pushed solidly into record territory at the opening bell.”Last week’s huge post-election rally hasn’t run out of gas yet,” said Briefing.com analyst Patrick O’Hare.Stocks rallied last week on hopes that a second Donald Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.O’Hare said there were no new developments fuelling the rise.”In effect, it is a carryover of the ‘old’ news of the election outcome powering an ongoing momentum trade and a fear of missing out on further gains,” he said.But the S&P 500 trimmed its gains during morning trading and the Nasdaq Composite was essentially flat as European markets closed.”All that remains to be seen is when this rally effort runs out of gas,” said O’Hare.Another cut in US interest rates by the Federal Reserve also helped fuel the record run last week.While Fed officials declined to provide further guidance until updated projections are ready for its December meeting, the market still largely expects it to cut rates again then.”If more rate cuts from the Fed continue to be what is expected, then we could see further positive sentiment in US stocks,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.Bitcoin hit an all-time high above $84,000 Monday on optimism that Trump would ease regulations surrounding the cryptocurrency.”We shouldn’t expect this bullish trend to be interrupted for a long time — about a year,” Stephane Ifrah, of French crypto asset management company Coinhouse, told AFP.”The next level for me is $100,000.”European stocks saw solid gains.”European markets are enjoying an upbeat start to the week, with the uncertainty around trade relations with the US seemingly being put on the backburner,” said Joshua Mahony, analyst at traders Scope Markets.The mood was less upbeat in Asia after China said Friday it would ramp up a local debt ceiling, but fell short of announcing any new growth-boosting measures.Hopes had been building all last week that officials would deploy a “bazooka” stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough Covid-fighting rules at the end of 2022.Observers said there were concerns about the impact of Trump’s planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.Pepperstone Group’s head of research Chris Weston said Beijing may have had an eye on this in its pre-weekend announcement.”Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout,” he noted.- Key figures around 1630 GMT -New York – Dow: UP 0.8 percent at 44,324.36 pointsNew York – S&P 500: UP 0.2 percent at 6,007.79New York – Nasdaq Composite: UP less than 0.1 percent at 19,290.72London – FTSE 100: UP 0.7 percent at 8,125.19 (close)Paris – CAC 40: UP 1.2 percent at 7,426.88 (close)Frankfurt – DAX: UP 1.2 percent at 19,448.60 (close)Tokyo – Nikkei 225: UP 0.1 percent at 39,533.32 (close)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 20,426.93 (close)Shanghai – Composite: UP 0.5 percent at 3,470.07 (close)Euro/dollar: DOWN at $1.0648 from $1.0724 on FridayPound/dollar: DOWN at $1.2872 from $1.2921Dollar/yen: UP at 153.81 yen from 152.62 yenEuro/pound: DOWN at 82.73 pence from 82.95 penceWest Texas Intermediate: DOWN 3.3 percent at $68.05 per barrelBrent North Sea Crude: DOWN 3.0 percent at $71.67 per barrelburs-rl/giv