Stocks firm as US rate cut outlook tempers Japan bond unease

Stocks steadied Tuesday following the previous day’s stutter, as weak data reinforced optimism for US interest rate cuts and tempered concerns over rising Japanese bond yields.Expectations that the Federal Reserve will lower borrowing costs have buoyed markets in recent weeks, helping them recover early November’s losses driven by tech bubble fears.Wall Street’s main stock indices were mostly higher in late morning trading, but had lost much of their early gains.”The early buying interest reflects more of the back-and-forth action of a market playing the seasonality game while remaining cognizant of stretched valuations and concentration risk,” said Briefing.com analyst Patrick O’Hare.He added investors were keeping an eye on the US Treasuries market, a day after a jump in yields on US government bonds contributed to losses in the stock market.Bets on the US central bank easing monetary policy next week for a third successive meeting have been rising since several Fed decision-makers flagged concerns over labour market weakness.Those comments have been compounded by figures showing the economy continues to soften while inflation appears to have stabilised for now.Investors are awaiting Wednesday’s monthly report on private-sector jobs, followed by the inflation figures for September on Friday.However, the rise in yields on long-term US Treasuries was an indication that investors see inflation picking up in the future.”Collectively, the Fed seems certain that inflation, while still high, has peaked,” said Trade Nation analyst David Morrison. “The market appears to disagree.”Major European markets ended mixed.”European stock markets were hampered by euro area inflation unexpectedly edging higher,” said IG trading platform analyst Axel Rudolph.Official data on Tuesday showed eurozone inflation edged up to 2.2 percent in November, veering slightly away from the European Central Bank’s two-percent target.The ECB will announce its rate decision on December 18.The data “comes at a time where some had claimed we could yet see another cut from the ECB, although the likeliness is that their easing cycle is over,” said Joshua Mahony, chief market analyst at Scope Markets. Across Asia, most markets closed higher Tuesday.Tokyo was flat after erasing early gains, following Monday’s losses triggered by Bank of Japan boss Kazuo Ueda hinting at a possible interest rate hike this month.His remarks lifted the yen and provided a jolt to equities as the yield of Japanese two-year government bonds rose past one percent to their highest since 2008 during the global financial crisis. Ueda’s hint also weighed on Wall Street as his comments “could mark a de-anchoring of the carry trade, in which traders borrow yen at low cost to invest in riskier assets”, wrote City Index senior market analyst Fiona Cincotta.”A higher rate in Japan could suck liquidity out of the markets. Tech stocks and crypto are particularly sensitive to even the smallest shifts in liquidity.”South Korean tech titan Samsung Electronics jumped more than two percent in Seoul as it launched its first triple-folding phone, even as its price tag over $2,400 places it out of reach for the average customer.Oil prices dipped ahead of talks between US envoy Steve Witkoff and Russian President Vladimir Putin in Moscow on the Trump administration’s controversial proposal to end the war in Ukraine.- Key figures at around 1630 GMT -New York – Dow: UP 0.2 percent at 47,368.66 pointsNew York – S&P 500: FLAT at 6,809.64New York – Nasdaq Composite: UP 0.1 percent at 23,304.15London – FTSE 100: FLAT at 9,701.80 (close)Paris – CAC 40: DOWN 0.3 percent at 8,074.61 (close)Frankfurt – DAX: UP 0.5 percent at 23,710.86 (close)Tokyo – Nikkei 225: FLAT at 49,303.45 (close) Hong Kong – Hang Seng Index: UP 0.2 percent at 26,095.05 (close)Shanghai – Composite: DOWN 0.4 percent at 3,897.71 (close)Dollar/yen: UP at 155.77 yen from 155.50 yen on MondayEuro/dollar: UP at $1.1609 from $1.1608 Pound/dollar: DOWN at $1.3195 from $1.3211Euro/pound: UP at 87.99 pence from 87.87 penceWest Texas Intermediate: DOWN 0.5 percent at $59.05 per barrelBrent North Sea Crude: DOWN 0.5 percent at $62.88 per barrelburs-rl/rlp

Pope urges halt to attacks in Lebanon as first voyage abroad ends

Pope Leo XIV called for an end to hostilities in Lebanon and new approaches for peace in the Middle East before returning to Rome on Tuesday, ending his inaugural visit abroad as pontiff.A 150,000-strong mass at Beirut’s waterfront was the highlight of the trip by the head of the world’s Catholics, who arrived in Lebanon on Sunday after visiting Turkey, the start of his six-day trip. Before landing in Rome on Tuesday afternoon, the 70-year-old pontiff told journalists aboard the papal plane that he looked forward to his next international trip, which has yet to be officially confirmed.”I hope to make a trip to Africa, which would possibly be my next trip to confirm,” he said, adding that he hoped to visit Algeria “to visit the places where St Augustine lived”. He also mentioned “Latin America, Argentina, Uruguay” as possible visits.In Lebanon, the US pontiff received a jubilant welcome in a nation beset by a years-long economic collapse and which is still reeling from last year’s war between Israel and the militant group Hezbollah, with many fearing renewed hostilities.Noting that he was unable to visit all of the country, Pope Leo expressed his “aspiration for peace, along with a heartfelt appeal: may the attacks and hostilities cease”.Israel has continued to launch strikes on Lebanon despite a November 2024 ceasefire with Hezbollah and has escalated attacks in recent weeks — but has not announced any raids during the pope’s visit.Under heavy pressure, Lebanon’s government has committed to disarming the Iran-backed group, which however has rejected the idea.The pope appealed in his mass “to those who hold political and social authority here and in all countries marked by war and violence. Listen to the cry of your peoples who are calling for peace”.He said that “the Middle East needs new approaches in order to reject the mindset of revenge and violence, to overcome political, social and religious divisions, and to open new chapters in the name of reconciliation and peace”.Later, as he prepared to depart from Beirut airport he declared: “While weapons are lethal, negotiation, mediation and dialogue are constructive. Let us all choose peace as a way, not just as a goal!”- ‘Have courage’ -Earlier, the pope wound his way through the crowd at the outdoor mass in his popemobile as people offered roses, with senior officials including President Joseph Aoun in attendance.”The pope puts joy and peace in our hearts and strengthens our hope,” said Samira Khoury, among some 150,000 people in the crowd.Leo told those gathered: “I especially pray for beloved Lebanon. I ask the international community once again to spare no effort in promoting processes of dialogue and reconciliation.”Some participants travelled from abroad, including from neighbouring Syria, while migrant workers from countries such as the Philippines and Sri Lanka were among the crowd. Elias Fadel, 22, said the visit was “a sign of hope for Lebanon. I can feel the peace already just by seeing the people and how happy they are and I can see hope in their eyes for the future of Lebanon.”- ‘Thirst for truth’ -Before the service, the pope prayed at the site of a catastrophic port explosion on August 4, 2020 which killed more than 220 people, injured over 6,500 and devastated swathes of the capital.Near a monument to those killed, with the facility’s devastated grain silos visible nearby, the pope spoke with survivors and relatives of victims, many of whom were holding photos of their loved ones.”I was deeply moved by my brief visit to the Port of Beirut,” the pope said from the airport.”I carry with me the pain, and the thirst for truth and justice, of so many families, of an entire country,” he added.Nobody has been held to account for the Beirut port blast, one of the world’s largest ever non-nuclear explosions.Cecile Roukoz, a lawyer whose brother died in the explosion, expressed gratitude for the pope speaking up for victims. “We need justice for our brothers and all the victims of this explosion,” she said.

Profanation de la tombe de Robert Badinter: un homme de 23 ans en garde à vue

Un homme âgé de 23 ans, inconnu de la justice, a été placé en garde à vue mardi matin après la dégradation de la tombe de Robert Badinter en octobre, a indiqué le parquet de Nanterre dans un communiqué.”Il est actuellement entendu sur les infractions de profanation de sépulture et dégradation du bien d’autrui”, a précisé le parquet qui communiquera “à l’issue de la garde à vue” du suspect. Robert Badinter, artisan de l’abolition de la peine de mort en France, était entré au Panthéon le 9 octobre, quelques heures après la profanation de sa sépulture à Bagneux (Hauts-de-Seine).Le ministère public avait immédiatement ouvert une enquête préliminaire, confiée à la sûreté territoriale des Hauts-de-Seine, pour des faits punis d’un an d’emprisonnement et 15.000 euros d’amende.Selon une source policière, les mots “Eternelle est leur reconnaissance, les assassins, les pédos, les violeurs, la REPUBLIQUE le (Robert Badinter, NDLR) sanctifient” avaient été tagués à la peinture bleue sur la pierre tombale de l’ancien avocat, décédé en février 2024 à l’âge de 95 ans.La tombe, qui n’a pas subi de dégât matériel, avait été rapidement nettoyée par les services de la ville de Paris.”Honte à ceux qui ont voulu souiller sa mémoire”, avait réagi Emmanuel Macron. “La République est toujours plus forte que la haine”, avait encore écrit le chef de l’Etat dans un message publié sur X.

Amazon unveils new AI chip in battle against Nvidia

Amazon Web Services launched its in-house-built Trainium3 AI chip on Tuesday, marking a significant push to compete with Nvidia in the lucrative market for artificial intelligence computing power.The move intensifies competition in the AI chip market, where Nvidia currently dominates with an estimated 80- to 90-percent market share for products used in training large language models that power the likes of ChatGPT.Google last week caused tremors in the industry when it was reported that Facebook-parent Meta would employ Google AI chips in data centers, signaling new competition for Nvidia, currently the world’s most valuable company and a bellwether for the AI investment frenzy.This followed the release of Google’s latest AI model last month that was trained using the company’s own in-house chips, not Nvidia’s.AWS, which will make the technology available to its cloud computing clients, said its new chip is lower cost than rivals and delivers over four times the computing performance of its predecessor while using 40 percent less energy.”Trainium3 offers the industry’s best price performance for large scale AI training and inference,” AWS CEO Matt Garman said at a launch event in Las Vegas. Inference is the execution phase of AI, where the model stops scouring the internet for training and starts performing tasks in real-world scenarios.Energy consumption is one of the major concerns about the AI revolution, with major tech companies having to scale back or pause their net-zero emissions commitments as they race to keep up on the technology.AWS said its chip can reduce the cost of training and operating AI models by up to 50 percent compared with systems that use equivalent graphics processing units, or GPUs, mainly from Nvidia.”Training cutting-edge models now requires infrastructure investments that only a handful of organizations can afford,” AWS said, positioning Trainium3 as a way to democratize access to high-powered AI computing.AWS said several companies are already using the technology, including Anthropic, maker of the Claude AI assistant and a competitor to ChatGPT-maker OpenAI. AWS also announced it is already developing Trainium4, expected to deliver at least three times the performance of Trainium3 for standard AI workloads.The next-generation chip will support Nvidia’s technology, allowing it to work alongside that company’s servers and hardware.Amazon’s in-house chip development reflects a broader trend among cloud providers seeking to reduce dependence on external suppliers while offering customers more cost-effective alternatives for AI workloads.Nvidia puzzled industry observers last week when it responded to Google’s successes in an unusual post on X, saying the company was “delighted” by the competition before adding that Nvidia “is a generation ahead of the industry.” 

Honduran ex-president leaves US prison after Trump pardons drug crimes

A former Honduran president convicted of helping to smuggle 400 tons of cocaine into the United States has left prison after being pardoned by President Donald Trump, his wife said Tuesday.Juan Orlando Hernandez was released from a West Virginia prison on Monday and was “once again a free man,” his wife announced on social media. He had been sentenced last year to more than four decades behind bars.Trump’s pardon — issued as the US military carries out a controversial campaign against alleged drug traffickers in Latin America — has provoked fierce criticism from his political opponents and bewilderment by some allies.The ex-president’s release also comes as Hondurans await final results from Sunday’s razor-close presidential election, in which Trump backed the candidate of Hernandez’s right-wing party.Hernandez’s pardon came as a surprise, given Trump has made an ostensible war against Latin American drug trafficking a centerpiece in his turbulent second term.A large contingent of US military forces are deployed in the Caribbean to pressure Venezuela’s leader Nicolas Maduro, whom the Trump administration has designated as part of a drug cartel.US forces are regularly blowing up small boats alleged to be carrying drugs, despite international experts saying the strikes amount to extrajudicial killings.Trump is also deeply involved in the Honduran election, where authorities say the result remains too close to call after a preliminary vote count.Trump is backing right-wing candidate Nasry Asfura, who holds a paper-thin lead. Trump warned late Tuesday there would be “hell to pay” if Honduras tries “to change the results.”Rixi Moncada, the ruling party candidate in Sunday’s election who is trailing far behind her right-wing rivals, accused Trump of “interventionist” meddling. – Alleged cartel links -Hernandez, who is from the same party as Asfura, led the Central American nation from 2014 to 2022.He was accused by US prosecutors of years-long efforts to aid drug cartels, including Mexico’s Sinaloa Cartel — designated by the Trump administration this year as a terrorist organization.Hernandez was extradited just weeks after leaving office, convicted and sentenced to 45 years in prison.Trump said last week that Hernandez “has been, according to many people that I greatly respect, treated very harshly and unfairly.”Hernandez’s wife Ana Garcia de Hernandez posted on social media that the release on Monday “was a day we will never forget.””After almost four years of pain, waiting, and difficult trials, my husband Juan Orlando Hernandez is once again a free man, thanks to the presidential pardon granted by President Donald Trump.”- ‘Doesn’t make any sense’ -The pardon came under fire from US lawmakers.”Trump is illegally blowing up boats in the Caribbean — supposedly to stop drugs coming into the US. Yet he pardons the former president of Honduras who was convicted of sending cocaine to the US,” Democratic Senator Ed Markey posted on X.”It doesn’t make any sense. Whatever Trump is doing in Venezuela, it’s not about drugs.”Senator Bill Cassidy, from Trump’s Republican Party, also slammed Trump’s move.”Why would we pardon this guy and then go after Maduro for running drugs into the United States?” he asked on X.White House Press Secretary Karoline Leavitt on Monday defended Trump, depicting Hernandez as the victim of prosecutorial overreach under former president Joe Biden.”He was opposed to the values of the previous administration and they charged him because he was president of Honduras,” Leavitt said.

US Republicans sweat toss-up election in traditional stronghold

Polls opened Tuesday for a US election once seen as a Republican formality that has instead turned into a test of Donald Trump’s popularity — and a warning shot for a party already rattled by its razor-thin majority in Congress.Trump is not on the ballot in the state’s 7th House District, but his presence is unmistakable in a race unfolding on turf he won by 22 points in 2024 — making it one of the safest Republican seats.Republicans still expect to hold the district, but the fear of a narrow win hangs over what should have been a sleepy contest, with polls showing the race uncomfortably close.A Democratic upset — or even a narrow Republican win — would jolt Washington and deepen Republican fears of losing the House in 2026. With only a two-vote cushion on the floor, party lawmakers say the consequences of voter apathy could be dire.”Special elections are strange animals and anything can happen. And when you’re in a deep-red district, sometimes people assume that the Republican, the conservative, will win,” House Speaker Mike Johnson told a news conference in Washington.”You cannot assume that, because anything can happen. So we encourage everybody to go out there and make that happen. The people are fired up.”The Republican cold sweats come amid a run of Democratic momentum. Just weeks ago, the party swept major races in Virginia and New Jersey and won the New York mayoralty, a string of victories widely interpreted as a rebuke to Trump’s return to power.The party has noticed — and so has Trump.The president held a tele-rally Monday alongside Johnson, who campaigned throughout the day with the Republican candidate, Matt Van Epps. “HE WILL BE A GREAT CONGRESSMAN and, unlike his Opponent, he cherishes Christianity and Country Music,” Trump posted soon after polls opened.Van Epps, a West Point graduate and retired special-operations helicopter pilot, is running as an unwavering Trump loyalist focused on law-and-order, border security and low taxes. – Steep drop -He faces Democratic state representative Aftyn Behn, a former social worker who has pushed progressive legislation on grocery-tax relief, rural health care, abortion access and marijuana reform.Republicans have zeroed in on Behn’s social-media posts from the 2020 racial-justice protests, in which she amplified “defund the police” slogans and shared a message appearing to justify burning down a police station. Tennessee’s 7th District — stretching from Nashville’s Music Row through affluent suburbs and down to conservative rural counties — normally delivers Republicans around 60 percent of the vote. But the latest Emerson College/The Hill poll shows Van Epps at 48 percent to Behn’s 46 percent, well within the margin of error. Early polls in October had Van Epps up by as many as eight points, but also flagged elevated Democratic enthusiasm.Republican insiders now predict a five-point Van Epps win — a steep drop from former congressman Mark Green’s 2024 landslide — and concede that anything tighter would be alarming. A loss, however unlikely, would electrify Democrats and force Republican strategists to rethink their entire 2026 defense map.Early voting is expected to have favored Behn thanks to energized younger voters and Nashville turnout, while election-day voting should lean more Republican, especially in rural counties. Both parties have flooded the district with cash and operatives, with Van Epps and his outside backers spending $3.5 million on ads, according to Punchbowl News, while Democratic groups invested $2.4 million.