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Wall Street and key European equity markets rose on Friday in thin US holiday weekend trading, with a key US exchange suffering an outage.Trading on the Chicago Mercantile Exchange, one of the world’s major operators, was halted by a technical outage first reported at 0240 GMT Friday.”Due to a cooling issue at CyrusOne data centers, our markets are currently halted,” the CME said in a statement.”All CME Group markets are open and trading,” it said in a later statement.Market participants rely heavily on CME platforms to manage risk through futures contracts tied, for example, to stock indices, interest rates and currencies.The outage also froze pricing on the US benchmark crude contract, WTI, for several hours.   “It’s been a while since we’ve had such a long outage,” said Neil Wilson, UK investor strategist at Saxo Markets. “Good news was it happened during the US holiday so there was not a lot of action and orders,” he said.Wall Street’s main indices pushed higher a half-day trading session, having been closed Thursday for Thanksgiving.- Interest rate focus -If the positive start follows through, “this may prove to be the best week for US stock indices since late June,” said Trade Nation analyst David Morrison.The Dow and S&P were up more than four percent and the Nasdaq more than five percent.Europe’s main indices ended the day higher.Without direction overnight from New York, Asian markets moved with little conviction.Concerns about the high valuations of AI stocks have tempered investor enthusiasm this month.The Dow and S&P 500 were both marginally higher for November, while the Nasdaq Composite was more than one percent lower. But focus this week has been firmly on growing expectations that the Federal Reserve will cut interest rates again next month.Top Fed officials have backed a third straight reduction, mostly citing a weakening labour market despite elevated inflation.Attention now turns to data releases over the next week or so that could play a role in the bank’s final decision, with private hiring, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.With the recent government shutdown postponing or cancelling the release of some key data, closely watched non-farm payrolls figures are now due in mid-December, after the Fed’s policy decision.Markets see around an 87-percent chance of a cut next month and three more in 2026.Meanwhile, the yen was erratic against the dollar after data showed inflation in Tokyo, seen as a bellwether for Japan, came in a little higher than expected, reigniting talk on whether the central bank will hike interest rates in coming months.The Japanese unit remains under pressure against the greenback amid concerns about Japan’s fiscal outlook and pledges for more borrowing.Oil prices were higher ahead of a meeting of OPEC+ oil exporting nations.”Markets are expecting the group to hold production levels unchanged from January owing to concerns about excessive supply and weak demand, and, obviously, weaker oil prices,” said Forex.com analyst Fawad Razaqzada.- Key figures at around 1430 GMT -New York – Dow: UP 0.6 percent at 47,701.02 pointsNew York – S&P 500: UP 0.3 percent at 6,835.67New York – Nasdaq Composite: UP 0.3 percent at 23,282.51London – FTSE 100: UP 0.3 percent at 9,720.51 (close)Paris – CAC 40: UP 0.3 percent at 8,122.71 (close)Frankfurt – DAX: DOWN 0.3 percent at 23,836.79 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,253.91 (close) Hong Kong – Hang Seng Index: DOWN 0.3 percent at 25,858.89 (close)Shanghai – Composite: UP 0.3 percent at 3,888.60 (close)Euro/dollar: DOWN at $1.1598 from $1.1602 on ThursdayPound/dollar: DOWN at $1.3238 from $1.3252Dollar/yen: DOWN at 156.17 yen from 156.30 yenEuro/pound: UP at 87.62 pence from 87.56 penceBrent North Sea Crude: UP 0.2 percent at $62.99 per barrelWest Texas Intermediate: UP 1.0 percent at $59.25 per barrelburs-rl/tw

Dozens of deaths in an inferno at a Hong Kong residential estate have ignited debate over the role the city’s quintessential bamboo scaffolding played in the fire’s spread, as the government promised to phase it out.Hong Kong is one of the world’s last remaining cities to use the frames for modern construction and building repair, a practice which dates back centuries in China and other parts of Asia.The eight high-rises of Wang Fuk Court had been undergoing major renovations since last year, and were criss-crossed by lattices of bamboo and green protective netting when the fire took hold on Wednesday afternoon.Hong Kong’s government said Friday falling bits of bamboo had helped spread the fire, after saying the day before that it was “imperative to expedite” a transition to metal scaffolding throughout the city for safety reasons.Some locals have fiercely defended the practice of using bamboo, accusing the government of scapegoating and taking others to task over what they view as orientalist attitudes towards a long-renowned Hong Kong craft.”This is a really complicated multifaceted problem,” Anwar Orabi, a civil engineer specialising in fire safety at the University of Queensland, told AFP.He stressed that “a clear answer is premature at this stage”.”The bamboo, or rather the entire scaffolding, was on fire… It is not the only contributor… but is very likely a component of it.”Preliminary findings suggest the fire started on protective netting outside the lower floors of one building, and quickly spread upwards thanks to “highly flammable” foam boards, security chief Chris Tang said.The foam boards were attached to windows, shattering the glass and causing the fire “to intensify and spread indoors”, he added.The intense heat set the bamboo alight, and sticks of it broke off and fell to floors below, meaning the fire spread further, he said.- ‘Inferior’ resistance -Bamboo scaffolding is versatile and sustainable.It is readily available from southern China and can be cheaply transported, set up and dismantled in tight spaces.Industry representatives estimated in January that nearly 80 percent of Hong Kong’s scaffolds were made of bamboo, and there are thought to be around 3,000 practitioners in the city.The city’s number-two official Eric Chan said on Thursday though that “despite its long history of use… (bamboo’s) fire resistance remains inferior to that of metal scaffolding”.The government announced plans in March to drive wider adoption of the latter to improve safety.In a statement expressing concern, an advocacy group representing victims of industrial accidents highlighted three other scaffolding-related fires reported this year in Hong Kong.Surveying the blackened buildings, Ho Wing-ip, an engineering professor at Hong Kong Polytechnic University, told AFP both metal and bamboo scaffolding could withstand flames for a short time.But the Wang Fuk Court inferno burned for over 40 hours.”You can only see a very small portion of bamboo has been left” on the second block of apartments, he said.”But for metallic scaffold I think most of them (would) be there.”He lamented that all eight blocks had been renovated simultaneously.If they had been done one by one, “I don’t think the fire will propagate so far”, he said.- ‘Blaming the exotic’ -On social media, some Hong Kongers defended the scaffolding, pointing out that large portions of it remained visibly intact despite the fire’s length and intensity.Some criticised media outlets that have put a strong emphasis on bamboo in their coverage of the fire.”Putting bamboo scaffolding as the main explanation for the fire… is essentially blaming the foreign and exotic,” Leung Kai-chi, a Hong Kong studies scholar, said in a post on Threads.”Identity politics is part of the debate,” observed Hong Kong-based journalist Tom Grundy on X.Others pointed to the myriad other factors involved.Ho Ping-tak, chairman of a bamboo scaffolders’ union, told a morning radio programme that bamboo alone is “hard to ignite”, and called for the government to strengthen requirements for flame-retardant materials.Hong Kong Polytechnic University’s Ho emphasised that the foam boards seemed to be the “most critical” reason the blaze enveloped the building so quickly.Lee Kwong-sing, president of the Hong Kong Institute of Safety Practitioners, blamed the netting.”Even if you switch to metal scaffolding you still need netting,” he said.”Whether it’s bamboo or metal scaffolding, as long as management is done properly and regulations are strictly followed, both are relatively safe,” Chau Sze-kit, a local construction union chair, told a radio programme.

Stock markets were little changed Friday, capping a solid week driven by expectations of more US rate cuts, with trading thinned by the Thanksgiving holiday and a data centre outage.Trading on the Chicago Mercantile Exchange, one of the world’s major operators, was halted by a technical outage first reported at 0240 GMT Friday.”Due to a cooling issue at CyrusOne data centers, our markets are currently halted,” the CME said in a statement.Market participants rely heavily on CME platforms to manage risk through futures contracts tied, for example, to stock indices, interest rates and currencies.The outage also froze pricing on the US benchmark crude contract, WTI, for several hours.   “It’s been a while since we’ve had such a long outage,” said Neil Wilson, UK investor strategist at Saxo Markets. “Good news was it happened during the US holiday so there was not a lot of action and orders,” he said.Wall Street’s main indices edged higher at the start of a half-day of trading, having been closed Thursday for Thanksgiving.If the positive start follows through, “this may prove to be the best week for US stock indices since late June,” said Trade Nation analyst David Morrison.Without direction overnight from New York, European and Asian markets moved with little conviction, with investors taking a breather from AI-fuelled debates that had helped drive November trade.Concerns about the high valuations of AI stocks have tempered investor enthusiasm this month.Morrison noted that both the Dow and S&P 500 are both marginally down for November, while the Nasdaq Composite is two percent lower. In Europe, London, Paris, and Frankfurt made modest gains in afternoon trading.In Asia, Tokyo and Shanghai ended marginally higher, while Hong Kong slipped.Focus this week has been firmly on growing expectations that the Federal Reserve will cut interest rates again next month.A string of top Fed officials have backed a third straight reduction, mostly citing a weakening labour market despite elevated inflation.Attention now turns to a range of data releases over the next week or so that could play a role in the bank’s final decision, with private hiring, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.With the recent government shutdown postponing or cancelling the release of some key data, closely watched non-farm payrolls figures are now due in mid-December, after the Fed’s policy decision.Markets see around an 85-percent chance of a cut next month and three more in 2026.Meanwhile, the yen was erratic against the dollar after data showed inflation in Tokyo, seen as a bellwether for Japan, came in a little higher than expected, reigniting talk on whether the central bank will hike interest rates in the coming months.The Japanese unit remains under pressure against the greenback amid concerns about Japan’s fiscal outlook and pledges for more borrowing.Oil prices were mixed ahead of a meeting of OPEC+ oil exporting nations.”Markets are expecting the group to hold production levels unchanged from January owing to concerns about excessive supply and weak demand, and, obviously, weaker oil prices,” said Forex.com analyst Fawad Razaqzada.- Key figures at around 1430 GMT -New York – Dow: UP 0.2 percent at 47,511.07 pointsNew York – S&P 500: UP 0.2 percent at 6,823.19New York – Nasdaq Composite: UP 0.3 percent at 23,282.85London – FTSE 100: UP 0.2 percent at 9,711.34 Paris – CAC 40: UP 0.2 percent at 8,118.94Frankfurt – DAX: DOWN 0.1 percent at 23,839.38Tokyo – Nikkei 225: UP 0.2 percent at 50,253.91 (close) Hong Kong – Hang Seng Index: DOWN 0.3 percent at 25,858.89 (close)Shanghai – Composite: UP 0.3 percent at 3,888.60 (close)Euro/dollar: DOWN at $1.1571 from $1.1602 on ThursdayPound/dollar: DOWN at $1.3221 from $1.3252Dollar/yen: DOWN at 156.29 yen from 156.30 yenEuro/pound: DOWN at 87.55 pence from 87.56 penceBrent North Sea Crude: DOWN 0.4 percent at $62.65 per barrelWest Texas Intermediate: UP 0.4 percent at $58.89 per barrelburs-rl/rlp

India’s economy grew faster than expected in the last quarter, official data showed Friday, but the impact from US tariffs is expected to bite in the rest of the financial year.Gross domestic product rose 8.2 percent year-on-year in the July-September period, the statistics ministry said, the fastest rate in over a year.The growth was an acceleration from the 7.8 percent recorded in the previous quarter and soared beyond analysts’ forecasts of 7.4 percent.Prime Minister Narendra Modi called the figures “very encouraging”, hailing in a post on X his government’s “pro-growth policies and reforms”.The latest figures were spurred by higher consumer demand, solid manufacturing sector growth and statistical factors.”Growth has exceeded expectations dramatically,” Madhavi Arora, chief economist at Emkay Global Financial Services, said in a note.She noted the “lagged effects of monetary and regulatory easing” that helped the quarterly performance, as well as a “limited” decline in exports.Friday’s reading reaffirms India’s position as the fastest growing major economy and come as welcome news for policymakers grappling with a weak rupee, falling exports and a pivot away from Russian oil imports.US President Donald Trump has slapped 50-percent tariffs on most Indian products as punishment for New Delhi’s purchases of Russian oil, which Washington claims helps finance Moscow’s invasion of Ukraine.Indian shipments largely held up between April and August as exporters rushed to beat the tariff clock. But since then, the tariffs have started to bite, with overall exports falling 11.8 percent year-on-year in October, hurt by a drop in US-bound shipments.- Tariff threat -Some experts expect the economy to lose steam in the coming quarters.”An adverse base, the potential negative impact of US tariffs and limited headroom for capital spending by the government of India may dampen the pace of growth,” said Aditi Nayar, chief economist at ratings agency ICRA.India’s press has reported an imminent trade deal with the United States, but neither side has officially announced a breakthrough.Meanwhile, the International Monetary Fund recently cut its forecast for India’s next financial year from 6.4 percent to 6.2 percent, citing a “baseline assumption of prolonged 50-percent US tariffs”.The Global Trade Research Initiative, a New Delhi-based think-tank, estimates that if the harsh tariffs stick, India’s exports could fall to about $49.6 billion in the current fiscal year — a steep drop from the $86.5 billion recorded last fiscal cycle.The world’s fifth-largest economy slowed in the second half of 2024, with annual growth hitting a four-year low in the fiscal year that ended March 31.While growth has rebounded since then, the drop in activity prompted Modi to roll out sweeping income and consumption tax cuts.Modi’s government has since approved $5 billion in relief measures for exporters and pushed through long-awaited labour law reform in an attempt to woo foreign investment and cut red tape for businesses.”Our government will continue to advance reforms and strengthen Ease of Living for every citizen,” the prime minister vowed on Friday.

Most markets squeezed out gains Friday at the end of a strong week for equities fuelled by growing expectations that the Federal Reserve will cut interest rates again next month.Traders took silence from New York’s Thanksgiving break as a reason to have a breather and take stock of a healthy rebound from November’s swoon that was sparked by AI bubble fears.But while there is much debate on whether valuations in the tech sector are overstretched, focus this week has been firmly on the prospect of more rate cuts.A string of top Fed officials have lined up to back a third straight reduction, mostly saying that worries over a weakening labour market trumped still elevated inflation.Attention now turns to a range of data releases over the next week or so that could play a role in the bank’s final decision, with private hiring, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.With the government shutdown postponing or cancelling the release of some key data, closely watched non-farm payrolls figures are now due in mid-December, after the Fed’s policy decision.”This delay places much greater scrutiny on the latest November ADP (private) payrolls report,” wrote Market Insights’ Michael Hewson. He said there would likely be a Thanksgiving-linked spike in hiring “that is not entirely representative of recent slower trends in the US labour market”.”While a big jump in payrolls in November could be construed as a positive signal for the US labour market it might not be enough to stop the Fed from cutting rates again with another close decision expected on 10th December,” he added.Markets see around an 85 percent chance of a cut next month and three more in 2026.With no catalyst from New York, Asian investor excitement was limited but most markets managed to rise.Tokyo, Shanghai, Singapore, Wellington, Taipei, Manila, Mumbai and Bangkok all advanced, though Hong Kong, Sydney, Seoul and Jakarta reversed.London, Paris and Frankfurt rose at the open.The yen swung against the dollar after data showed inflation in Tokyo, seen as a bellwether for Japan, came in a little higher than expected, reigniting talk on whether the central bank will hike interest rates in the coming months.The Japanese unit remains under pressure against the greenback amid concerns about Japan’s fiscal outlook and pledges for more borrowing, but it has pulled back from the levels near 158 per dollar seen earlier this week.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 50,253.91 (close) Hong Kong – Hang Seng Index: DOWN 0.3 percent at 25,858.89 (close)Shanghai – Composite: UP 0.3 percent at 3888.60 (close)London – FTSE 100: UP 0.2 percent at 9,715.84 Euro/dollar: DOWN at $1.1583 from $1.1602 on ThursdayPound/dollar: DOWN at $1.3215 from $1.3252Dollar/yen: UP at 156.35 yen from 156.30 yenEuro/pound: UP at 87.64 pence from 87.56 penceWest Texas Intermediate: UP 0.7 percent at $59.08 per barrelBrent North Sea Crude: UP 0.3 percent at $63.52 per barrelNew York – Dow: Closed for a public holiday

Markets fluctuated Friday at the end of a strong week for equities fuelled by growing expectations that the Federal Reserve will cut interest rates again next month.Traders took silence from New York’s Thanksgiving break as a reason to have a breather and take stock of a healthy rebound from November’s swoon that was sparked by AI bubble threats.But while there is much debate on whether valuations in the tech sector are overstretched, focus this week has been firmly on the prospect of more rate cuts.A string of top Fed officials have lined up to back a third straight reduction, mostly saying that worries over a weakening labour market trumped still elevated inflation.Attention now turns to a range of data releases over the next week or so that could play a role in the bank’s final decision, with private hiring, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.With the government shutdown postponing or cancelling the release of some key data, closely watched non-farm payrolls figures are now due in mid-December, after the Fed’s policy decision.”This delay places much greater scrutiny on the latest November ADP (private) payrolls report,” wrote Market Insights’ Michael Hewson. He said there would likely be a Thanksgiving-linked spike in hiring “that is not entirely representative of recent slower trends in the US labour market”.”While a big jump in payrolls in November could be construed as a positive signal for the US labour market it might not be enough to stop the Fed from cutting rates again with another close decision expected on 10th December,” he added.Markets see around an 85 percent chance of a cut next month and three more in 2026.With no catalyst from New York, Asia markets were mixed heading into the weekend.Hong Kong, Shanghai, Seoul and Jakarta fell, while Tokyo was marginally lower and Sydney, Singapore, Taipei and Wellington all edged into the green.The yen swung against the dollar after data showed inflation in Tokyo, seen as a bellwether for Japan, came in a little higher than expected, reigniting talk on whether the central bank will hike interest rates in the coming months.The yen remains under pressure against the greenback amid concerns about Japan’s fiscal outlook and pledges for more borrowing, but it has pulled back from the levels near 158 per dollar seen earlier this week.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: FLAT at 50,144.76 (break) Hong Kong – Hang Seng Index: DOWN 0.3 percent at 25,868.06Shanghai – Composite: DOWN 0.1 percent at 3872.43Euro/dollar: DOWN at $1.1586 from $1.1602 on ThursdayPound/dollar: DOWN at $1.3230 from $1.3252Dollar/yen: UP at 156.44 yen from 156.30 yenEuro/pound: UP at 87.58 pence from 87.56 penceWest Texas Intermediate: UP 0.6 percent at $59.00 per barrelBrent North Sea Crude: FLAT at $63.34 per barrelNew York – Dow: Closed for a public holidayLondon – FTSE 100: FLAT at 9,693.93 (close)

Charming Donald Trump one week, angering China the next, Japan’s Prime Minister Sanae Takaichi has had a busy start and is riding high in the polls, all on a few hours of sleep a night.But the honeymoon may end soon for the Margaret Thatcher-admiring premier, if the current spat with China escalates further and she fails to keep inflation in check. “I believe Prime Minister Takaichi will surely do what she needs to do, so I trust her,” Kozue Otsuka, 50, told AFP at a festival this week for business-owners seeking good fortune.But buying a lucky “kumade” rake featuring a smiling goddess of mirth, the housewife added: “I hope that Japan–China relations will gradually move in a better direction.””What I am worried about, most of all, is the (prime) minister’s remarks. China got really agitated because of that,” echoed Shigeru Fujita, 78, who runs a gardening company.- Hole in one -Takaichi has admitted only sleeping two to four hours a night.Trump arrived a week into her term and Takaichi won plaudits for pulling out all the stops to pacify the US president.”I was very impressed and inspired by you,” Takaichi gushed, gifting him a golf club used by slain ex-premier Shinzo Abe, a common friend.Trump said Takaichi would become “one of the greatest prime ministers”.- Taiwan -Days before Takaichi was at an ASEAN summit in Malaysia, and then at an APEC gathering in South Korea where she met Chinese President Xi Jinping.All seemed cordial, but Takaichi — long seen as a China hawk — kicked up a hornet’s nest a week later.She told parliament — apparently in unplanned remarks — that a Taiwan “emergency” could threaten Japan’s existence, implying that Japan would intervene militarily.With one diplomat threatening to sever Takaichi’s “dirty neck”, a livid Chinese government advised citizens to avoid Japan.With big-spending Chinese tourists the biggest cohort, this was a blow. China then also reportedly reimposed a ban on Japanese seafood imports. Margarita Estevez-Abe, an analyst at Syracuse University’s Maxwell School, said China still holds “so many economic cards to punish Japan, but Japan has none”. These could include China restricting exports of rare earths to Japan or curbs on Japanese exports to China. Takaichi’s appointment “was a very risky choice for the China-Japan relationship at a very delicate economic moment for Japan,” Estevez-Abe told AFP. “Starting a fight against someone stronger with no prior planning is no leadership,” she said. – Stimulus -Takaichi last week unveiled an economic stimulus package worth $135 billion, including cash handouts to parents and energy subsidies.She hopes to avoid the fate of her predecessor Shigeru Ishiba, who suffered a string of election debacles in part because of anger over rising prices.Despite the creation of a DOGE-style cost-cutting initiative and promises of a “responsible” fiscal policy, concerns abound that the stimulus will add to Japan’s colossal debt.This has contributed to a slide in the yen — which will increase Japan’s hefty import bill and push up inflation.”Ordinary people are having it tough these days,” financial services employee Kazuo Kaitsuka, 75, told AFP.”I worry future generations might have to deal with the consequences (of the debt),” he said.- Viral handbag -One Yomiuri survey this week gave Takaichi’s cabinet an approval rating of 72 percent.Even her handbag has gone viral with its 145-year-old Japanese leather goods maker flooded with orders, reports said.Takaichi’s popularity has raised speculation that she might even call snap elections.But analyst Tobias Harris at Japan Foresight told AFP that he wonders how “durable” her ratings are.A key factor could be how successful Takaichi is in halting a rise in backing for the populist anti-immigration Sanseito party. “(Her) strong support has not necessarily translated into stronger support for the LDP itself,” Harris said, referring to the ruling Liberal Democratic Party. “My sense has been that in the near term the tensions with China have helped her — or haven’t hurt — but I feel like there are signs that some in the LDP are wondering that if it drags on, it could weigh on her,” Harris said.

European stock markets steadied Thursday after solid gains in Asia, as markets increasingly expect the US Federal Reserve to cut interest rates next month.Wall Street was closed for the Thanksgiving holiday.London stocks ended the day flat as markets further digested the UK government’s tax-raising budget unveiled Wednesday.Meanwhile UK government bond yields held steady and the pound drifted higher, as the measures reassured markets.  Paris equities also ended flat while Frankfurt edged higher. “European markets are showing a distinct lack of direction… and traders shouldn’t expect too much given a threadbare economic calendar and US Thanksgiving market closure,” noted Joshua Mahony, chief market analyst at Scope Markets.”Investors were unwilling to take on fresh exposure with the US closed for Thanksgiving today,” noted Trade Nation analyst David Morrison.With recent worries over stretched valuations appearing to be on the back burner, sentiment has been lifted on trading floors this week, boosting riskier assets, including bitcoin.The cryptocurrency, which recently plunged to a seven-month low just above $80,000 amid the recent market swoon, rose back above $90,000 on Thursday. However, it is still off its record high of above $126,200, which it touched in early October.Comments from Fed officials and a string of weak US jobs reports have reinforced expectations that the central bank’s next policy meeting in December will end with a third successive reduction in borrowing costs.Markets are now pricing in around an 85-percent chance of a cut on December 10 and a further three next year. That compares with just three reductions in total that Bloomberg said had been previously expected.All three main indices on Wall Street pushed higher for a fourth-straight day Wednesday ahead of the holiday.Tokyo led the way in Asia on Thursday, climbing more than one percent, while Hong Kong and Shanghai closed higher.On the downside, Tokyo-listed beer titan Asahi fell as it said it would delay its financial results owing to a cyberattack that began in September.The maker of Asahi Super Dry, one of Japan’s most popular beers, announced it was experiencing system troubles on September 29, stopping its ability to receive orders and to ship products. It blamed a ransomware attack.And South Korea’s biggest crypto exchange Upbit said it had suspended deposits and withdrawals following an unauthorised transfer of about $37 million of digital assets.The announcement came as it emerged that its parent Dunamu would be bought by Naver Financial, one of the country’s top tech giants, in a deal valued at more than $13 billion.Upbit is the world’s fourth-largest crypto exchange in terms of trading volume.Oil prices edged higher after having fallen earlier this week on the prospect of a resolution to the conflict in Ukraine leading to a return of Russian crude to international markets.”Traders look to be positioning themselves ahead of Sunday’s OPEC/OPEC+ meetings,” said Trade Nations’ Morrison. The eight key members of the OPEC+ alliance, including Saudi Arabia and Russia, agreed at the beginning of November to pause their output increases for three months following a small increase in December.- Key figures at around 1630 GMT -London – FTSE 100: FLAT at 9,693.93 points (close)Paris – CAC 40: FLAT at 8,099.47 (close)Frankfurt – DAX: UP 0.2 percent at 23,767.96 (close)Tokyo – Nikkei 225: UP 1.2 percent at 50,167.10 (close) Hong Kong – Hang Seng Index: UP 0.1 percent at 25,945.93 (close)Shanghai – Composite: UP 0.3 percent at 3,875.26 (close)New York – Dow: Closed for a public holiday.Euro/dollar: UP at $1.1602 from $1.1598 on WednesdayPound/dollar: UP at $1.3252 from $1.3239Dollar/yen: DOWN at 156.30 yen from 156.42 yenEuro/pound: DOWN at 87.56 pence from 87.60 penceBrent North Sea Crude: UP 0.3 percent at $62.75 per barrelWest Texas Intermediate: UP 0.6 percent at $58.97 per barrelburs-rl/jj

Japanese beer giant Asahi said on Thursday it had not received any specific demand from the hackers behind a “sophisticated and cunning” cyberattack that could have leaked the data of around two million people.”We have not been in touch with the attacker,” CEO Atsushi Katsuki told a news conference as the company again delayed the release of financial results.”Even if we had a ransom demand, we would not have paid it,” he said.The maker of Asahi Super Dry, one of Japan’s most popular beers, said on September 29 that it was hit by a cyberattack. It clarified on October 3 that it had been a ransomware attack.Usually in such an incident, online actors use malicious software to lock or encrypt a victim’s systems and then demand payment to get them up and running again.The firm said the hackers could have accessed or stolen identity data — such as names and phone numbers — of about two million people, including customers, employees and their families.Asahi did not discuss details of the attacker at the news conference but later told AFP by email that outside experts had pointed to a high possibility of involvement by the hacker group Qilin. The group, which is believed to be based in Russia, issued a statement that Japanese media interpreted as a claim of responsibility.”We thought we had taken full and necessary measures (to prevent such an attack),” Katsuki said. “But this attack was beyond our imagination. It was a sophisticated and cunning attack.”Asahi had already delayed the release of third-quarter earnings and said on Thursday that full-year results had also been postponed.These and further information on the impact of the hack “on overall corporate performance will be disclosed as soon as possible once the systems have been restored and the relevant data confirmed”, the company said.- ‘Why our firm?’ -“Regarding product supply, shipments are resuming in stages as system recovery progresses. We apologise for the continued inconvenience and appreciate your understanding,” it said.Output at Asahi’s 30 domestic factories was not directly affected by the system shutdown but production had to stop because of the company-wide problem.The brewer said early last month that production at six beer factories had resumed, while it was processing orders by hand in an effort to avoid potential drinks shortages.It will start restoring electronic ordering systems from early December, with an aim to nearly normalise the situation by February, Asahi said Thursday.The company needed to proceed carefully to make sure the attack does not spread to others, including its business partners and clients, Katsuki said.”Why our firm? I have no idea,” he said. “We are angry.”Other global brands have recently experienced similar attacks.Indian-owned Jaguar Land Rover was forced to seek emergency funding after a damaging cyberattack halted operations at its British factories.Japanese retailer Muji said in October that it had stopped its domestic online shopping service after a ransomware attack on delivery partner Askul.A survey released in June found that a third of Japanese businesses had experienced cyberattacks of some sort.”Japan has always been a little bit complacent in terms of cybersecurity,” said Renata Naurzalieva, director of Japan operations at business development consultancy Intralink.High-profile cases are “a terrible thing” but “I do hope that it opens the eyes for the wider sector that — guys, you need to up your game”, she told AFP.”A lot of Japanese companies… when they think about investment in cybersecurity, they still try to justify the return on investment,” Naurzalieva said.But “it’s not the return on investment that you’re looking for, it’s, ‘can it protect my assets, can it protect my network data’.”

Most Asian markets rose Thursday to extend the week’s global rally as traders ramp up bets on a third successive US interest rate cut next month.With recent worries over stretched valuations appearing to be on the back burner, confidence continues to flow through trading floors, boosting riskier assets, including bitcoin.Comments from Federal Reserve officials and a string of weak jobs reports have reinforced expectations that next month’s policy meeting will end with another reduction in borrowing costs.Meanwhile, the central bank’s “beige book” of economic conditions around the United States pointed to a growing divergence in consumption, with lower-income populations pulling back.”Overall consumer spending declined further, while higher-end retail spending remained resilient,” said the report, adding that some retailers felt a negative hit from the record-long government shutdown.Traders were little moved by data showing a drop in jobless claims, confounding forecasts for a small rise.Markets are now pricing in around an 80 percent chance of a cut on December 10 and a further three next year. That compares with just three reductions in total that Bloomberg said had been previously expected.All three main indexes on Wall Street pushed higher for a fourth-straight day Wednesday, with markets there closed Thursday for Thanksgiving.Most of Asia took up the baton.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei and Jakarta all advanced, though Wellington and Manila struggled.However, there were losses in Mumbai, Bangkok, Manila and Wellington, while London opened on the back foot, with Frankfurt and Paris flat.The global gains come after markets took a hit this month on concerns that a tech-led surge in recent years may have been overdone and the vast sums invested in the AI sector will take time to see returns.But those worries have for now been overshadowed by the prospect of lower rates — with the Fed focusing on the jobs market rather than worry about elevated inflation.Analysts also pointed to a wider range of firms pushing markets higher, with smaller cap companies benefitting from lower borrowing costs.And Pepperstone’s Chris Weston said Asia could see more gains.”While funds are well aware that US markets are closed in the upcoming session and most traders will also take Friday off, if Asia-based participants see a meaningful skew for further upside in US equity markets, it would make sense for them to get positioned for that risk,” he wrote in a note.Bitcoin, which previously plunged to a seven-month low just above $80,000 amid the recent market swoon, rose back above $90,000 as risk appetite returned. However, it is still off the record high above $126,200 touched in early October.In corporate news, Tokyo-listed beer titan Asahi fell in the morning as it said it would delay its financial results owing to a cyberattack that began in September.The maker of Asahi Super Dry, one of Japan’s most popular beers, announced it was experiencing system troubles on September 29, stopping its ability to receive orders and to ship products. It blamed a ransomware attack.Meanwhile, South Korea’s biggest crypto exchange Upbit said it had suspended deposits and withdrawals following an unauthorised transfer of about $37 million of digital assets.The announcement came as it emerged that its parent Dunamu would be bought by Naver Financial, one of the country’s top tech giants, in a deal valued at more than $13 billion.Upbit is the world’s fourth-largest crypto exchange in terms of trading volume.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 50,167.10 (close) Hong Kong – Hang Seng Index: UP 0.1 percent at 25,945.93 (close)Shanghai – Composite: UP 0.3 percent at 3,875.26 (close)London – FTSE 100: DOWN 0.1 percent at 9,678.33Euro/dollar: DOWN at $1.1588 from $1.1598 on WednesdayPound/dollar: DOWN at $1.3228 from $1.3239Dollar/yen: DOWN at 156.21 yen from 156.42 yenEuro/pound: DOWN at 87.58 pence from 87.60 penceWest Texas Intermediate: DOWN 0.1 percent at $58.62 per barrelBrent North Sea Crude: DOWN 0.2 percent at $63.03 per barrelNew York – Dow: UP 0.7 percent at 47,427.12 (close)