Afp Business Asia

Shiina Ito has had fewer Chinese customers at her Tokyo jewellery shop since Beijing issued a travel warning in the wake of a diplomatic spat, but she said she was not concerned.A souring of Beijing-Tokyo relations this month, following remarks by Japanese Prime Minister Sanae Takaichi about Taiwan, has fuelled concerns about the impact on the ritzy boutiques, noodle joints and hotels where holidaymakers spend their cash.But businesses in Tokyo largely shrugged off any anxiety.”Since there are fewer Chinese customers, it’s become a bit easier for Japanese shoppers to visit, so our sales haven’t really dropped,” shop manager Ito told AFP.Chinese buyers normally make up half of the clientele at her business in the capital’s traditional Asakusa district, where crowds of tourists stroll through shop-lined alleys.Many tourism and retail businesses in Japan rely heavily on Chinese visitors, who spend more on average than other foreign tourists on everything from sushi to skincare.Some hotels, designer clothes shops and even pharmacies have Mandarin-speaking assistants, while department stores often have signs in Chinese.In Tokyo’s upscale Ginza district, Yuki Yamamoto, the manager of an Instagram-famous udon noodle restaurant, said he had not noticed any immediate impact on sales in the days since China warned its citizens to avoid Japan.”I don’t think there’s been any sudden, dramatic change,” he said, despite estimating that on a normal day around half the hungry diners who queue outside his door are Chinese.”Of course, if customers decrease, that’s disappointing for the shop. But Japanese customers still come regularly, so we’re not extremely concerned.”China is the biggest source of tourists to the archipelago, with almost 7.5 million visitors in the first nine months of 2025 — a quarter of all foreign tourists, according to official Japanese figures.Attracted by a weak yen, they splashed out the equivalent of $3.7 billion in the third quarter.Last year, each Chinese tourist spent on average 22 percent more than other visitors, according to the Japan National Tourism Organization.However, a record 36.8 million arrivals from across the globe last year has also led to fears of overtourism affecting the daily lives of many in Japan.- ‘Economic coercion’ -On November 7, Takaichi implied Tokyo could intervene militarily in any attack on Taiwan, a self-ruled island which China claims as part of its territory.Beijing then advised Chinese citizens to avoid travelling to Japan, and retail and tourism stocks subsequently plunged. Most have yet to recover.In response, Kimi Onoda, Japan’s hawkish minister of economic security, warned of the danger of “relying too heavily on a country that resorts to economic coercion whenever it is displeased”.That “poses risks not only to supply chains but also to tourism”, she said.Wu Weiguo, the manager of a travel agency in Shanghai, said that “the biggest impact is on group travel”, with 90 percent of his clients requesting refunds for planned Japan itineraries.But according to the national tourism board, only around 12 percent of Chinese visitors last year came to the archipelago as part of organised tours, down from almost 43 percent in 2015.Transport Minister Yasushi Kaneko said the issue was not “something to get all worked up about”, noting an increase in arrivals from other countries.- ‘Take time’ -Nevertheless, hotels in Japan that heavily depend on Chinese customers are feeling the effects.”Cancellations from travel agencies in China are coming one after another,” said Keiko Takeuchi, who runs the Gamagori Hotel in central Japan. “About 50 to 60 percent of our customers are Chinese nationals.”I hope the situation calms down quickly, but it seems it will take time,” she fretted.Beijing has made clear it was furious with Takaichi, summoning Tokyo’s ambassador and, according to Chinese state media, postponing the release of at least two Japanese movies.But travel agency manager Wu said that the spat would not stop holidaymakers dreaming of Tokyo.”They believe the service is high-quality and shopping is reasonably priced,” he said.”Chinese people will continue to want to visit Japan.”mac-kh-tjx-aph/ami/lb

A US-European rift over the future of Ukraine is set to overshadow a G20 summit starting in South Africa on Saturday further marked by Donald Trump’s pointed absence. The Johannesburg gathering is being attended by a host of world leaders including French President Emmanuel Macron, Indian Prime Minister Narendra Modi, Chinese Premier Li Qiang, Brazilian President Luiz Inacio Lula da Silva and Turkish President Recep Tayyip Erdogan.But Trump is boycotting, with his government saying South Africa’s priorities — notably boosting global cooperation on trade and climate action — run counter to US policy.The US president nevertheless loomed large at the event, the first summit of the group of major economies to be held in Africa, after producing a surprise unilateral US plan to end the war in Ukraine largely in line with Russia’s goals.Following an urgent call with Ukrainian President Volodymyr Zelensky, Macron, German Chancellor Friedrich Merz and UK Prime Minister Keir Starmer stressed that any such plan needed the “joint support and consensus of European partners and NATO allies”.On Saturday, European leaders are to meet on the sidelines of the summit to make it clear “that there should be nothing about Ukraine without Ukraine”, European Commission chief Ursula von der Leyen said.She said a follow-up meeting would be held at an EU-Africa Union summit in Angola on Monday and Tuesday.Trump has warned Ukraine it has a limited window to accept his administration’s 28-point plan, telling Fox News Radio that “Thursday is, we think, an appropriate time”.- Climate impasse -Another issue dogging the G20 summit was a deadlock at COP30 climate negotiations taking place in Brazil.Friday was meant to be the last day of those talks, which had gone on for nearly two weeks. But they threatened to drag on because petro-states were accused of resisting any reference to a fossil fuel phaseout in the final text.Despite the headwinds, host South Africa was projecting optimism that it would get backing for its G20 aims to reduce economic inequalities, shrink debt for low-income countries, secure help for clean-energy transitions and establish a critical minerals pact.”As South Africa, we are hoping that we will have the leaders’ declaration adopted, which will set a new and continuing agenda for the world, particularly the G20,” President Cyril Ramaphosa said late Friday.Political negotiators from the participating countries finalised on Friday a final draft joint text for the leaders to agree on, sources told AFP. They were not authorised to divulge the draft’s contents.It was uncertain the document would be a traditional summit statement, given the US boycott and a warning from Washington that no declaration in the name of the G20 should be issued.Ramaphosa, who has bristled at the US absence and the Trump government’s unfounded allegations of a “white genocide” in South Africa, has been joined by other leaders in stressing that the G20 was an important platform for multilateral cooperation. “Multilateralism is our best, maybe our only defence against disruption, violence and chaos. And South Africa put multilateralism to work,” Antonio Costa, European Council president, told a pre-summit press conference. The US boycott echoes Trump’s decision not to send an official delegation to the COP30.Washington has said it would send its charge d’affaires from its embassy at the end of the Johannesburg meeting only for a handover ceremony, as the United States will host next year’s G20 summit at a golf club owned by Trump in Florida.The G20 is a grouping of 19 countries plus the European Union and the African Union. It represents 85 percent of global GDP and around two-thirds of the world’s population.

Afghanistan is scrambling to diversify its trade partners after a deadly border clash with Pakistan last month brought ties to their lowest point in years, affecting people on both sides of the frontier.The South Asian neighbours have been locked in an increasingly bitter dispute since the Taliban took over Kabul in 2021, with Islamabad accusing Afghanistan of harbouring the militants behind cross-border attacks — charges the Taliban government denies.Abdul Ghani Baradar, Afghanistan’s deputy prime minister for economic affairs, urged traders last week to “redirect their trade toward other alternative routes instead of Pakistan”. Pakistan is landlocked Afghanistan’s top trading partner, supplying rice, pharmaceuticals and raw materials, while taking in 45 percent of Afghan exports in 2024, according to the World Bank. More than 70 percent of those exports, worth $1.4 billion, are perishable farm goods such as figs, pistachios, grapes and pomegranates. Dozens of Afghan trucks were stranded with rotting produce when the frontier shut on October 12 due to deadly cross-border fire, which was followed by a fragile truce. Losses have topped $100 million on both sides, and up to 25,000 border workers have been affected, according to the Pakistan Afghanistan Joint Chamber of Commerce and Industry (PAJCCI), which seeks to promote bilateral trade.Baradar warned traders that Kabul would not intervene if they kept relying on Pakistan.Wary of further disruptions, the Taliban government is now hedging its bets with Iran, Central Asia — and beyond.- Pomegranates to Russia -Trade with Iran and Turkmenistan has jumped 60–70 percent since mid-October, said Mohammad Yousuf Amin, head of the Chamber of Commerce in Herat, in western Afghanistan.Kabul also sent apples and pomegranates to Russia for the first time last month. Russia is the only country to have officially recognised the Taliban administration.Taliban leaders crave wider recognition and foreign investment, but sanctions on senior figures have made investors wary.The vast market in India is a prime attraction. On Sunday, state-owned Ariana Afghan Airlines cut freight rates to the country of 1.4 billion people.Two days later, Kabul sent its commerce and industry minister to New Delhi.”Afghanistan has too many fruits and vegetables it cannot store because there are no refrigerated warehouses,” said Torek Farhadi, an economic analyst and former IMF adviser. “Exporting is the only way,” he told AFP. And quickly, before the products spoil.Kabul touts Iran’s Chabahar port as an alternative to Pakistan’s southern harbours, but Farhadi noted it is farther, costlier and hampered by US sanctions on Tehran.- ‘Distraught’ -“It’s better for both countries to end this trade war… They need each other,” Farhadi said.Afghanistan relies on Pakistan’s market of 240 million people and its sea access, while Islamabad wants Afghan transit to reach Central Asia for textile and energy trade. Pakistan says the closure curbs militant infiltration, but its economy is also feeling the pinch.The spokesman for Pakistan’s foreign ministry said on Friday that Islamabad had reached its “threshold of patience” after recent attacks.”Either we get ourselves killed or we undertake very risky trade… This is a difficult choice that we have made,” spokesman Tahir Hussain Andrabi told a weekly briefing.”Can you put a price tag on a human life, on a Pakistani life?” he said.In Peshawar, near the frontier, Afghan produce has all but vanished from markets. Grapes cost four times more and tomatoes have more than doubled to over 200 rupees (70 cents) a kilogram, an AFP correspondent found.On Monday, the PAJCCI urged Islamabad to act, warning of mounting costs as shipping containers bound for Afghanistan and Central Asia remain stuck in Pakistan.Each container is racking up $150–$200 in daily port charges, the group said, adding: “With thousands of containers stuck, the collective economic burden has become unbearable and continues to grow with each passing day.”Truck driver Naeem Shah, 48, has been waiting at the Pakistani border town of Chaman with sugar and cooking oil bound for Afghanistan.”I haven’t been paid for a month. No matter who I call, they say there is no money because the border is closed,” he told AFP.”If it doesn’t reopen, we will be distraught.”

Japanese brewing giant Asahi aims to restore its systems after a major cyberattack that disrupted its operations by February, media reports said on Friday.The maker of Asahi Super Dry, one of Japan’s most popular beers, started experiencing system troubles on September 29, stopping its ability to receive orders and to ship products. It has blamed a ransomware attack.The brewer has informed its business partners of plans to return to normal product orders and shipments as early as February, public broadcaster NHK reported, citing unnamed sources.A source familiar with the issue, speaking to AFP on condition of anonymity, said that “the company is explaining to its business partners it aims to restore the system in February.”Asahi plans to hold a press conference next week to explain the cyberattack’s impact on business and to what extent personal information was leaked, and to share information about restoring its systems, NHK said.The business daily Nikkei reported similar details.Output at Asahi’s 30 domestic factories was not directly affected by the system shutdown but production had to stop due to the company-wide problem.The brewer said early last month production at six beer factories resumed, while it was processing orders by hand in an effort to swerve potential drinks shortages.

Japanese local authorities approved the restart of the world’s biggest nuclear plant on Friday for the first time since the 2011 Fukushima disaster.Hideyo Hanazumi, governor of Niigata province where the Kashiwazaki-Kariwa plant is located, told a news conference he “would approve” the resumption, which will need final permission by Japan’s nuclear regulator.The plant was taken offline when Japan pulled the plug on nuclear power after a colossal earthquake and tsunami sent three reactors at the Fukushima atomic plant into meltdown in 2011.However, the resource-poor nation now wants to revive atomic energy to reduce its heavy dependence on fossil fuels, achieve carbon neutrality by 2050 and meet growing energy needs from artificial intelligence.Fourteen reactors, mostly in western and southern regions, have resumed operation since the post-Fukushima shutdown under strict safety standards.The 400-hectare (1,000-acre) Kashiwazaki-Kariwa plant on the Sea of Japan coast facing the Korean peninsula would be the first restart for Fukushima operator Tepco since the disaster.The huge facility in central Japan has been fitted out with a 15-metre (50-foot) wall in case of tsunamis, new power backup systems on higher ground and other measures.Before the 2011 quake and tsunami, which killed around 18,000 people, nuclear power generated about a third of Japan’s electricity, with fossil fuels contributing most of the rest.Yoko Mulholland of climate think-tank E3G said that Prime Minister Sanae Takaichi, who came to power last month, is more focused than previous leaders on restarting nuclear power.”Takaichi places nuclear power capacity build-out and energy self-sufficiency more centrally in energy policy, without much emphasis on renewables expansion,” she said.Power company Kansai Electric said in July it was taking an initial step towards building the nation’s first new nuclear reactor since the Fukushima disaster.- Rising wind costs -Japan is the world’s fifth-largest single-country emitter of carbon dioxide, after China, the United States, India and Russia, and is heavily dependent on imported fossil fuels.Nearly 70 percent of Japan’s power needs in 2023 were met by power plants burning coal, gas and oil — a figure Tokyo wants to slash to 30-40 percent over the next 15 years.Almost all these fossil fuels must be imported, at a cost of around $500 million per day.Tokyo aims to make renewables its top power source by 2040.Under a plan approved by the government in February, nuclear power will account for around 20 percent of Japan’s energy supply by fiscal year starting in April 2040 — up from 8.5 percent in 2023/24.The country has also laid out ambitious new targets that should see wind’s contribution to the energy mix rise to between four and eight percent by the 2040 fiscal year — up from around one percent today.But costs for wind power are rising sharply; at the end of August Japanese conglomerate Mitsubishi pulled out of three key wind power projects deemed no longer profitable.Japan still faces the daunting task of decommissioning the Fukushima plant, a project that is expected to take decades.In August, Japanese technicians sent in remote-controlled robots to one of the damaged reactor buildings as part of preparations to remove radioactive debris.Dangerously high radiation levels make removing melted fuel and other debris a particularly tough challenge.

Japanese Prime Minister Sanae Takaichi insisted that a $135-billion stimulus package approved Friday was fiscally responsible and that she would reduce the country’s colossal debt burden.The 21.3-trillion yen outlay comes as the government looks to kickstart growth in the world’s number-four economy, ease the pain of inflation for households and restore the ruling party’s flagging popularity.However, expectations that the new premier would embark on a big-spending spree have pushed yields on Japanese government bonds to record highs this week and put pressure on the yen.”Responsible proactive fiscal policy means a forward-looking fiscal strategy and does not aim to pursue scale recklessly or expansively,” Takaichi said.”By thoroughly implementing the concept of wise spending, we will strategically deploy fiscal measures to protect the lives of our citizens and build a strong economy,” she added.”While fostering a strong economy and increasing the growth rate, we will reduce the government debt-to-GDP ratio, achieve fiscal sustainability and secure trust from the market.”Japan’s current debt amounts to around 250 percent of gross domestic product ratio, the highest among major economies.The bundle of measures from Japan’s fifth premier in as many years includes a one-off 20,000-yen ($127) cash handout per child and 7,000 yen per household for energy bills.Takaichi came to power last month pledging to fight inflation after anger over rising prices helped undo her predecessor, Shigeru Ishiba, who was in office barely a year.”Ordinary people are having it tough these days,” financial services employee Kazuo Kaitsuka, 75, told AFP on Friday near the Tokyo stock exchange.”I worry future generations might have to deal with the consequences of (the size of the stimulus). So I think a more moderate scale would have been better,” he said.A weaker yen raises prices of imports for resource-poor Japan, which relies heavily on foreign food, energy and raw materials to power its economy. “Japan has been engaged in expansionary economic policies for so long without being able to stimulate the economy,” said Margarita Estevez-Abe, an analyst at Syracuse University’s Maxwell School.”Meanwhile, Japan’s public debts increased. We are already seeing the negative reactions from the market… Further depreciation of the yen will hit ordinary Japanese households with higher prices,” she told AFP.Finance Minister Satsuki Katayama on Friday dropped the strongest hint yet that the government may intervene to support the yen, saying it will take “appropriate action against disorderly (foreign exchange) moves”.- Diplomatic spat -Official data earlier showed core inflation, which excludes fresh food, rose 3.0 percent year-on-year in October from 2.9 percent in September.Illustrating the strain on consumers, rice prices were 40 percent higher than last year, although the rate of inflation for the staple has slowed considerably in recent months.The reading came days after figures showed the economy shrinking 0.4 percent in the third quarter, the first contraction since the first three months of 2024.Further concern for the economy comes from Japan’s ongoing diplomatic spat with China following comments by Takaichi about Taiwan.Takaichi, seen as a China hawk, suggested earlier this month that Japan could intervene militarily in the event of any attack on Taiwan.China has summoned Tokyo’s ambassador and advised its citizens against travel to Japan, where Chinese account for the largest number of foreign tourists.China claims democratic Taiwan as part of its territory and has threatened to use force to bring the self-ruled island under its control.Takaichi on Friday insisted Tokyo’s stance on Taiwan was “unchanged” and that she wanted “constructive and stable” relations with Beijing.”(The) erroneous remarks made by… Takaichi regarding Taiwan, which imply the possibility of military intervention in the Taiwan Strait, have aroused public outrage and condemnation among the Chinese people,” China’s foreign ministry said in response on Friday.Japan should “immediately retract its erroneous remarks, and earnestly demonstrate its commitments to China through concrete actions”, said spokeswoman Mao Ning.burs-hih-tmo-stu/dan

Tech firms led more steep losses across Asian markets Friday as investors struggled to shake off fears about an AI bubble and after a sell-off on Wall Street sparked by jobs data dealt a further blow to hopes for a US interest rate cut.A blockbuster earnings report from chip bellwether Nvidia on Wednesday seemed to settle nerves that vast investments in the artificial intelligence sector may have been overdone.But the euphoria was short-lived as warnings grow that the tech-led rally across equities — which has seen several markets hit records and companies clock eye-watering capitalisations — may have run its course, and a correction could be in hand.In unveiling Nvidia’s forecast-topping report, boss Jensen Huang dismissed fears of a bubble that has caused global equities to wobble. “From our vantage point, we see something very different,” he said.After his firm sparked an Asia rally on Thursday, Wall Street began on a strong note, but later went into sharp reverse, with selling compounded by worries over the US labour market.Data showed that while more jobs were created in September, the unemployment rate crept higher. The reading did little to alter investors’ belief that the Federal Reserve will stand pat on borrowing costs when it meets next month, with officials more focused on stubbornly high inflation.Expectations had already been dampened by recent comments from decision-makers, including boss Jerome Powell, that were on the hawkish side.Tracking New York, Asian markets were a sea of red, with tech giants leading the way.Seoul-listed Samsung Electronics sank nearly five percent and rival SK hynix more than nine percent — the firms are two of the world’s leading memory chip makers.Another chip titan, TSMC, tanked nearly four percent in Taiwan, while Japan’s SoftBank plunged more than 10 percent in Tokyo.That led broader markets lower.Tokyo, Hong Kong, Seoul, Sydney and Taipei were all down between 1.6 percent and 3.2 percent. There were also losses in Shanghai, Singapore and Wellington.The rush from risk assets also saw bitcoin fall below the $93,000 mark for the first time since April, extending a sell-off suffered since its record high above $126,200 touched just last month.”The price action across markets has been prolific, and we’ve seen some truly impressive reversals in risk assets,” said Chris Weston at Pepperstone.”Sentiment in so many markets remains highly challenged, and we’ve seen new evidence that managers are dumping their 2025 winners — raising expectations that the path of least resistance is for risk to trade lower in the near-term.”The market seems far more sensitive and ready to de-risk on emerging news, almost seeking reasons to take positioning down when that news could easily be seen as a positive in a more bullish set-up.”Eyes are also on Tokyo, where there is talk that Japanese Prime Minister Sanae Takaichi will unveil a huge stimulus package worth around $130 billion to boost the stuttering economy.But government bond yields have soared in recent days on warnings that the spending will likely need even more borrowing, fanning concerns about the country’s fiscal state and putting huge pressure on the yen.The Japanese currency has fallen this week to its lowest level against the dollar since January, though it got a little support from data showing core inflation ticked up last month, giving the Bank of Japan some room to hike interest rates.- Key figures at around 0200 GMT -Tokyo – Nikkei 225: DOWN 1.8 percent at 48,947.66Hong Kong – Hang Seng Index: DOWN 1.7 percent at 25,393.93Shanghai – Composite: DOWN 1.0 percent at 3,892.76Dollar/yen: DOWN at 157.38 yen from 157.55 yen on ThursdayEuro/dollar: UP at $1.1535 from $1.1525Pound/dollar: UP at $1.3083 from $1.3070Euro/pound: DOWN at 88.15 from 88.18 penceWest Texas Intermediate: DOWN 1.1 percent at $58.36 per barrelBrent North Sea Crude: DOWN 1.0 percent at $62.73 per barrelNew York – Dow: DOWN 0.8 percent at 45,752.26 (close)London – FTSE 100: UP 0.2 percent at 9,527.65 (close)

Stock markets were mixed Thursday as a rally lost momentum after US jobs data clouded hopes of further interest rate cuts and fears of an AI bubble persisted.Europe’s main equity indices closed higher but Wall Street slumped following a strong open. Asia’s leading stock markets were mixed.Investors cheered an earnings report released late Wednesday by AI bellwether Nvidia, which topped expectations on fierce demand for its advanced chips.Chief executive Jensen Huang brushed off fears of an artificial intelligence bubble that has caused global equities to wobble.Jim Reid, managing director at Deutsche Bank, said Nvidia’s results had temporarily stalled some fears.But Adam Sarhan of 50 Park Investments warned: “When you have valuations that are this high, they’re not sustainable.”Shares in the chip giant — which last month hit a $5 trillion valuation — slipped after rallying at the start of Wall Street trading Thursday. They closed 3.2 percent down.The upbeat earnings were offset by data showing the US jobless rate crept higher in September, even as hiring exceeded analyst expectations. “This report is unlikely to massively shift the needle for the December Fed meeting which looks like a pause,” said Joshua Mahony, chief market analyst at traders Scope Markets. He was referring to the Federal Reserve’s next interest rate decision due in December.The dollar traded mixed against its main rivals following the update.Thursday’s jobs publication marked the first official snapshot of the labor market’s health in more than two months, owing to a 43-day US government shutdown that ended last week.The report is set to deepen divisions within the Fed, with underlying job market weakness adding to the case for another rate cut — but solid hiring potentially encouraging some officials to hold off for longer.Oil prices ticked down, and a US Treasury official told reporters that Chinese and Indian refineries and banks were moving to comply with recently announced US sanctions on Russia’s two biggest oil producers — Lukoil and Rosneft.China and India are key buyers of Russian oil, and the sanctions were aimed at cutting off revenues fueling war in Ukraine.The US official, speaking on condition of anonymity, said many such institutions are conscious of these sanctions and risk averse, while recognizing the importance of relationships with the West.- Key figures at around 2110 GMT -New York – Dow: DOWN 0.8 percent at 45,752.26 points (close)New York – S&P 500: DOWN 1.6 percent at 6,538.76 (close)New York – Nasdaq Composite: DOWN 2.2 percent at 22,078.05 (close)London – FTSE 100: UP 0.2 percent at 9,527.65 (close)Paris – CAC 40: UP 0.3 percent at 7,981.07 (close)Frankfurt – DAX: UP 0.5 percent at 23,278.85 (close)Tokyo – Nikkei 225: UP 2.7 percent at 49,823.94 (close)Hong Kong – Hang Seng Index: FLAT at 25,835.57 (close)Shanghai – Composite: DOWN 0.4 percent at 3,931.05 (close)Euro/dollar: DOWN at $1.1525 from $1.1526 on WednesdayPound/dollar: UP at $1.3070 from $1.3048Dollar/yen: UP at 157.55 yen from 157.01 yen Euro/pound: DOWN at 88.18 from 88.33 penceBrent North Sea Crude: DOWN 0.2 percent at $63.38 per barrelWest Texas Intermediate: DOWN 0.6 percent at $59.14 per barrelburs-ajb-bys/jgc

Stock markets mostly climbed Thursday but a rally lost momentum after mixed US jobs data offset bumper earnings from chip titan Nvidia that had eased fears of an AI bubble.Europe’s main equity indices closed higher as Wall Street came off the boil following a strong open. Asia’s leading stock markets ended mixed.Investors cheered an earnings report from AI bellwether Nvidia, released after US markets closed Wednesday, which topped expectations on fierce demand for its advanced chips.Chief executive Jensen Huang brushed off fears of an artificial intelligence bubble that has caused global equities to wobble.”Nvidia’s results have completely changed the market mood and pushed out any bubble fears for another day,” said Jim Reid, managing director at Deutsche Bank. Shares in the chipmaker — which last month became the world’s first $5 trillion stock — eased after rallying at the start of Wall Street trading Thursday. The upbeat earnings were offset by data showing the US jobless rate creeping higher in September and hiring exceeding analyst expectations. “This report is unlikely to massively shift the needle for the December Fed meeting which looks like a pause,” Joshua Mahony, chief market analyst at traders Scope Markets, said of the Federal Reserve’s next interest-rate decision due in December.The dollar traded mixed against its main rivals following the update.Thursday’s jobs publication marked the first official snapshot of the labour market’s health in more than two months, owing to a 43-day government shutdown in the United States, that ended last week.Minutes from the Fed’s October policy meeting, released Wednesday, suggested officials are against cutting rates for the third time in a row next month.- Key figures at around 1645 GMT -New York – Dow: UP 0.5 percent at 46,383.31 pointsNew York – S&P 500: UP 0.6 percent at 6,678.42 New York – Nasdaq Composite: UP 0.7 percent at 22,712.03 London – FTSE 100: UP 0.2 percent at 9,527.65 (close)Paris – CAC 40: UP 0.3 percent at 7,981.07 (close)Frankfurt – DAX: UP 0.5 percent at 23,278.85 (close)Tokyo – Nikkei 225: UP 2.7 percent at 49,823.94 (close)Hong Kong – Hang Seng Index: FLAT at 25,835.57 (close)Shanghai – Composite: DOWN 0.4 percent at 3,931.05 (close)New York – Dow: UP 0.1 percent at 46,138.77 (close)Euro/dollar: UP at $1.1536 from $1.1526 on WednesdayPound/dollar: UP at $1.3087 from $1.3048Dollar/yen: UP at 157.31 yen from 157.01 yen Euro/pound: DOWN at 88.14 from 88.33 penceBrent North Sea Crude: UP 0.3 percent at $63.33 per barrelWest Texas Intermediate: UP 0.3 percent at $59.27 per barrelburs-ajb/bcp/tw

Germany’s finance minister said Thursday Beijing had made a “clear” commitment on ensuring rare earth supplies, following the first visit to China by a minister from Chancellor Friedrich Merz’s government.Germany and China have long had deep economic ties, but those have frayed in recent times over issues ranging from claims of unfair trade practices to protectionism.One particularly thorny issue has been China’s moves to restrict exports of rare earths, crucial to many sectors worldwide from automotive to electronics.But after wrapping up a visit to Beijing and Shanghai, Finance Minister Lars Klingbeil said he had received a “clear commitment from the Chinese side that there will be reliable access and supply chains for rare earths and critical raw materials, and that the Chinese side stands by this”.”This was a very important point, publicly committed to, and we will remind the Chinese side of this,” added Klingbeil, who is also German vice chancellor, as he visited Singapore following his China trip.China dominates the mining and processing of rare earths but has been tightening control over their export this year, against the backdrop of rising geopolitical tensions, especially with Washington.Beijing introduced sweeping new measures last month, before it agreed to suspend some export restrictions following talks between the US and Chinese presidents.Manufacturers in Germany, Europe’s industrial powerhouse, had been particularly hit by the export curbs.The difficulties in the China-Germany relationship were illustrated last month when Foreign Minister Johann Wadephul cancelled a visit to China at the last minute, saying that meetings with key officials could not be arranged. But there are signs that both sides want to improve their crucial economic relationship, particularly as the United States pursues its “America first” agenda under President Donald Trump.Klingbeil took part in an annual “financial dialogue” between German and Chinese officials in Beijing on his trip.This had sent “a clear signal of German-Chinese cooperation”, he said. “That was my goal in coming here, and it worked well. I believe I was able to contribute to ensuring good German-Chinese relations.”