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Major US stock indices finished at fresh records Wednesday following a shortened pre-holiday session while gold and silver prices also struck fresh highs.Both the Dow and S&P 500 closed at all-time highs, drifting higher consistent with typical holiday season patterns.”It’s a continuation of a market that’s trading at a record high, and I think there’s a little bit of a seasonality bias that’s kicking in here without any upsetting news to alter the trend at the moment,” said Briefing.com analyst Patrick O’Hare.”You have a bullish bias in this market, which is being helped along by the idea that 2026 has the potential to be another good year.”Earlier, in a holiday-shortened trading session, London finished lower, Paris ended the day flat and Frankfurt was closed. Asian markets swung between gains and losses.Gold climbed above $4,500 for the first time and silver topped $72, as investors looked for safe havens amid US military and economic pressure on Venezuela.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.Market watchers are hoping for a “Santa Claus” rally in the sleepy period that comprises the last five trading sessions of one year and the first two in the next. The stretch between Christmas and New Year’s Day usually sees markets drift higher amid a dearth of major economic news.”What’s happening right now is we have a very strong setup and then we just need a bullish catalyst and it’ll take off and go,” said Adam Sarhan of 50 Park Investments.The S&P 500’s fresh all-time high on Tuesday came after figures showed the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures were less upbeat, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs.- Key figures at around 1830 GMT – New York – Dow: UP 0.6 percent at 48,731.16 (close)New York – S&P 500:  UP 0.3 percent at 6,932.05 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,613.31 (close)London – FTSE 100: DOWN 0.2 percent at 9,870.68 (close)Paris – CAC 40: FLAT at 8,103.58 (close)Frankfurt – DAX: Closed Tokyo – Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,818.93 (close)Shanghai – Composite: UP 0.5 percent at 3,940.95 (close)Dollar/yen: DOWN at 155.98 yen from 156.23 yen on TuesdayEuro/dollar: DOWN $1.1781 from $1.1795Pound/dollar: DOWN at $1.3501 from $1.3518Euro/pound: FLAT at 87.25 penceWest Texas Intermediate: DOWN 0.1 percent at $58.35 per barrel (close)Brent North Sea Crude: UP 0.2 percent at $62.00 per barrelburs-jmb/md

Stock markets steadied Wednesday in thin Christmas Eve trade while gold and silver prices struck fresh highs.Gold climbed above $4,500 for the first time and silver topped $72, as investors looked for safe havens amid US military and economic pressure on Venezuela.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.Crude prices drifted higher.Wall Street opened flat, with the S&P steady after a record close the previous night. “There is limited news flow on this Christmas Eve morning to go along with the limited engagement of market participants, who have other holiday pursuits in mind,” said Briefing.com analyst Patrick O’Hare.”Today, however, starts the Santa Claus rally period,” he added, noting “the stock market left an early Christmas present for investors yesterday when the S&P 500 established yet another record closing high”.The last five trading days of the year and the first two trading days of the new year typically have a positive bias.The S&P 500’s fresh all-time high on Tuesday came after figures showed the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures were less upbeat, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.In a holiday-shortened trading session, London finished lower, Paris ended the day flat and Frankfurt was closed.Asian markets swung between gains and losses as traders wound down before Christmas.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to support the currency, citing speculative moves in markets.South Korea’s won also rallied after the country’s central bank and finance ministry warned against the unit’s excessive weakness.- Key figures at around 1430 GMT – New York – Dow: DOWN less than 0.1 percent at 48,416.49 pointsNew York – S&P 500: FLAT at 6,909.21 New York – Nasdaq Composite: DOWN less than 0.1 percent at 23,552.96London – FTSE 100: DOWN 0.2 percent at 9,865.86 (close)Paris – CAC 40: FLAT at 8,103.58 (close)Frankfurt – DAX: Closed Tokyo – Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,818.93 (close)Shanghai – Composite: UP 0.5 percent at 3,940.95 (close)Dollar/yen: DOWN at 155.96 yen from 156.27 yen on TuesdayEuro/dollar: DOWN $1.1784 from $1.1791Pound/dollar: UP at $1.3501 from $1.3499Euro/pound: DOWN at 87.27 pence from 87.34 penceWest Texas Intermediate: UP 0.4 percent at $58.59 per barrelBrent North Sea Crude: UP 0.2 percent at $62.00 per barrelburs-rl/jxb

US trade officials determined that China should be punished for employing unfair tactics to dominate the semiconductor industry, but will wait 18 months to impose tariffs, American authorities said Tuesday.A US Trade Representative (USTR) investigation concluded China’s targeting of semiconductors “for dominance is unreasonable and burdens or restricts US commerce and thus is actionable,” the agency said in a public notice.The current tariff level of zero will be increased “in 18 months on June 23, 2027 to a rate to be announced not fewer than 30 days prior to that date,” USTR said.Beijing said Wednesday it “firmly opposes” the move and accused Washington of abusing tariffs to “unreasonably suppress Chinese industries”.This “disrupts the stability of the global supply chain, hinders the development of all countries’ semiconductor industries and harms others while hurting itself”, foreign ministry spokesman Lin Jian.”We urge the United States to quickly correct its erroneous practices,” Lin said at a regular press briefing.USTR officials launched the probe in December 2024 in the final weeks of Joe Biden’s presidency, extending the initiative when US President Donald Trump took office in January.Trump has been a prolific purveyor of tariffs, unveiling sector-specific levies on steel, autos and other items as well as broader measures to achieve a variety of policy objectives.The White House has jousted with Beijing but reached a broad truce with China after a major escalation in the spring.The USTR’s “Section 301” probe concluded that China had employed “increasingly aggressive and sweeping non-market policies” to dominate semiconductors that have included “massive and persistent” state support of private actors and “wage-suppressing labor practices.”The USTR did not respond to an AFP query on the reason for the 18-month timeframe on tariffs.

Asian markets went into the Christmas break Wednesday on a mixed note as investors struggled to track a record day on Wall Street fuelled by forecast-topping US economic data.After a healthy start, regional stocks stuttered into the close, although gold topped $4,500 for the first time amid US military and economic pressure on Venezuela.Traders in New York pushed the S&P 500 to an all-time high in response to figures showing the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report, which was boosted by healthy consumer and business spending, provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures did provide some cause for thought, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs. A report last showed unemployment at a four-year high.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.And while hopes for lower borrowing costs have been a key driver of the recent market rally, analysts said the strong growth overshadowed any disappointment that they will remain unchanged for now.”We’re set up for a Santa Claus rally,” UBP’s Kieran Calder told Bloomberg TV. “The market is taking some of the data pretty positively.”Asian markets swung between gains and losses as traders wound down before Christmas.Tokyo reversed a morning rally to end lower, while Sydney, Singapore, Seoul, Bangkok and Jakarta also fell.Hong Kong finished on a positive note, with Shanghai, Wellington, Taipei and Mumbai also up.Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be “smart” to step down, as Washington ramps up military operations and threats.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to support the currency, citing speculative moves in markets.South Korea’s won also rallied after the country’s central bank and finance ministry said they had discussed the unit’s weakness and warned against excessive weakness, while the government also said it would unveil a tax policy to ramp up inward investment.The unit has come under pressure owing to a range of issues, including a flight of capital and concerns that planned US investment — as part of trade talks — could see a further exit of cash.The won was trading around 1,457 to the dollar Wednesday, having pushed close to 1,500, a level it last saw in 2009 during the global financial crisis.- Key figures at around 0700 GMT – Tokyo – Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,818.93 (close)Shanghai – Composite: UP 0.5 percent at 3,940.95 (close)Dollar/yen: DOWN at 155.70 yen from 156.27 yen on TuesdayEuro/dollar: UP $1.1800 from $1.1791Pound/dollar: UP at $1.3522 from $1.3499Euro/pound: DOWN at 87.26 pence from 87.34 penceWest Texas Intermediate: UP 0.3 percent at $58.57 per barrelBrent North Sea Crude: UP 0.3 percent at $62.55 per barrelNew York – Dow: UP 0.2 percent at 48,442.41 (close)London – FTSE 100: UP 0.2 percent at 9,889.22 (close)

Chasing visitors around Cambodia’s Angkor temple ruins to offer his services, tour guide Bun Ratana says he has had little work since deadly clashes with Thailand broke out, despite it being high season.The UNESCO heritage site lies in Siem Reap city, just a two-hour drive from the Thai border, which for more than two weeks has been roiled by military combat that has killed dozens.Travel cancellations due to the conflict have left the centuries-old stone structures — Cambodia’s top tourist attraction — unusually quiet and businesses desperate.With more than 10 cancelled tours in December alone, Bun Ratana said his income has plunged by around 80 percent, to just $150, compared to the same month last year.He blamed the renewed fighting, rooted in a border dispute dating to the colonial era. But he is hopeful tourists will return to the Angkor archaeological park — home to scores of temple ruins from the Khmer Empire, including the Bayon Temple and top attraction, Angkor Wat.”Some tourists are scared, but here in Siem Reap it is safe,” Bun Ratana told AFP.After the dispute flared with fresh fighting in May, the neighbours shuttered overland crossings.Tour operators, vendors and drivers in Siem Reap and Bangkok say the closures and renewed clashes in July and this month have sharply hit business.Founder of tour agency Journey Cambodia, Ream Boret, told AFP bookings were down.Outside Angkor Wat, tuk-tuk driver Nov Mao said his income had halved since the clashes began.- ‘They may be scared’ -Tourism makes up around a tenth of Cambodia’s GDP, with a record-breaking 6.7 million arrivals last year.But ticket sales to Angkor were down at least 17 percent year-on-year from June to November, according to Angkor Enterprise — spiralling after July’s five-day clashes killed dozens.Unlike past Decembers, quietness has fallen over the park, as local and foreign tourists have “disappeared”, said T-shirt vendor Run Kea.”I think they may be scared… I am scared too,” the 40-year-old said, adding she was only making a fraction of her usual earnings.Around 420 kilometres (260 miles) away in the Thai capital, minivans that once plied the six-hour route shuttling tourists to Angkor Wat sit idle since border crossings were closed to tourists earlier this year.Tour agencies told AFP that bus trips to the border had ceased, and uncertainty had hit tourism in Thailand too.Thai owner of Lampoo Ocean Travel Prasit Chankliang said when customers ask if they could travel to Cambodia, “we can only tell them that they can’t go — and there’s nothing we can tell them about when they might be able to travel again”.- ‘Very safe’ -Arnaud Darc, hospitality industry expert and CEO of Cambodia-based Thalias Group, said the local tourism industry relied heavily on the Angkor temples and a few entry points to the country, especially overland routes via neighbouring nations.”Disruption is concentrated in overland regional travel, not in global demand for Cambodia,” he said, citing fewer Thai visitors but more Chinese arrivals.Several foreign tourists at Cambodia’s most famous temple complex told AFP they had not been put off travelling by the conflict.An American tourist called Dorothy said she wasn’t worried about visiting Angkor as she was clued in to travel logistics and border rules, saying she felt “very safe”.”We are very happy that we came here and we feel safe at the moment,” said German visitor Kay Florek, who arrived in Siem Reap with her family despite hearing news of combat.But experts say fear persists, which has been worsened by widespread media reports and a blockbuster movie about internet scam networks run by criminal groups across the region.At cyberscam compounds, mostly in Cambodia and Myanmar, thousands of willing and trafficked scammers con victims out of billions of dollars a year with romance and investment schemes, monitors say.”Sadly, the reality on the ground is that Cambodia’s top tourism hotspots are safe — but the headlines have done damage already,” said Hannah Pearson, director of Southeast Asia tourism consultancy Pear Anderson.Like Cambodia, she said Thailand had also recorded fewer visitors this year, “triggered initially by worries over scam centres” and worsened by the border clashes.Director of Siem Reap’s provincial tourism department Thim Sereyvudh admitted that Cambodia’s reputation as a host of transnational scammers had hurt the industry.But he was confident tourists would return to Angkor Wat after the fighting ceased.”The sooner the war ends,” he said, “the sooner they will come back”.burs-suy/sco/abs

Most Asian stocks rose Wednesday and gold topped $4,500 for the first time as investors tracked a record on Wall Street following forecast-beating US economic growth data.Markets looked set to go into the Christmas break on a broadly positive note amid optimism for 2026, which has offset recent worries about stretched tech valuations and rising tensions between the United States and Venezuela.Traders in New York pushed the S&P 500 to an all-time high in response to figures showing the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report, which was boosted by healthy consumer and business spending, provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures did provide some cause for thought, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs. A report last showed unemployment at a four-year high.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.And while hopes for lower borrowing costs have been a key driver of the recent market rally, analysts said the strong growth overshadowed any disappointment that they will remain unchanged for now.”We’re set up for a Santa Claus rally,” UBP’s Kieran Calder told Bloomberg TV. “The market is taking some of the data pretty positively.”Asian markets swung between gains and losses as traders wound down before Christmas.Tokyo, Hong Kong, Seoul, Wellington and Taipei all rose though Shanghai, Sydney, Singapore and Jakarta edged down.Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be “smart” to step down, as he ramps up military operations and threats.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to finance markets to support the currency, citing speculative moves in markets.- Key figures at around 0230 GMT – Tokyo – Nikkei 225: UP 0.1 percent at 50,481.42 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,817.64 Shanghai – Composite: DOWN 0.2 percent at 3,914.15 Dollar/yen: DOWN at 155.62 yen from 156.27 yen on TuesdayEuro/dollar: UP $1.1807 from $1.1791Pound/dollar: UP at $1.3532 from $1.3499Euro/pound: DOWN at 87.26 pence from 87.34 penceWest Texas Intermediate: FLAT at $58.38 per barrelBrent North Sea Crude: FLAT at $62.38 per barrelNew York – Dow: UP 0.2 percent at 48,442.41 (close)London – FTSE 100: UP 0.2 percent at 9,889.22 (close)

US trade officials determined that China should be punished for employing unfair tactics to dominate the semiconductor industry, but will wait 18 months to impose tariffs, American authorities said Tuesday.A US Trade Representative investigation concluded China’s targeting of semiconductors “for dominance is unreasonable and burdens or restricts US commerce and thus is actionable,” the agency said in a public notice.The current tariff level of 0 will be increased “in 18 months on June 23, 2027 to rate to be announced not fewer than 30 days prior to that date,” USTR said.USTR officials launched the probe in December 2024 in the final weeks of Joe Biden’s presidency, extending the initiative when US President Donald Trump took office in January.Trump has been a prolific purveyor of tariffs, unveiling sector-specific levies on steel, autos and other items, as well as broader measures to achieve a variety of policy objectives.The White House has jousted with Beijing, but reached a broad truce with China after a major escalation in the spring.The USTR’s “Section 301” probe concluded that China had employed “increasingly aggressive and sweeping non-market policies” to dominate semiconductors that have included “massive and persistent” state support of private actors and “wage-suppressing labor practices.”The USTR did not respond to an AFP query on the reason for the 18-month timeframe on tariffs.

The S&P 500 powered to a fresh record Tuesday following data showing surprisingly robust third-quarter US economic growth as markets hope for a year-end “Santa Claus Rally.”All three major Wall Street indices advanced, shaking off early choppiness after the strong US gross domestic product report sparked talk that the Federal Reserve could refrain from further interest rate cuts.”The GDP number was unambiguously good and eventually markets come around to the realization that good news is good news,” said Art Hogan of B. Riley Wealth Management.”Unfortunately, the knee-jerk reaction was: ‘If the economy is that strong, does the Fed need to cut anymore?'” said Hogan. “Luckily today, we shed that thought process.”US GDP came in at 4.3 percent, the highest reading in two years, easily topping expectations for 3.2 percent growth.Heather Long, chief economist at the Navy Federal Credit Union, wrote that the report shows the resiliency of US consumers, boding “well for 2026.””If the economy can avoid widespread layoffs, most American consumers can keep spending,” she said.The S&P 500 finished up 0.5 percent at 6,909.79, narrowly topping a record set earlier this month.Separate data showed US consumer confidence fell in December, as a slowing job market offset better sentiment after the government shutdown ended, according to a Conference Board survey.eToro investment analyst Bret Kenwell noted the headline figure has now declined for five straight months, and the component showing the confidence of consumers in their present situation is at its lowest since February 2021.”Simply put, despite solid GDP figures and a stock market at record highs, consumers are feeling some anxiety,” he said.Gold jumped to a high above $4,497 per ounce, while silver surged above $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding support.Copper, which is used in electric vehicle batteries and solar panels, hit a record price of $12,159.50 per ton.”Silver and above all copper are benefitting from structural support from the energy transition, electrification the colossal needs for digital infrastructure and artificial intelligence,” said John Plassard, an analyst at Cite Gestion Private Bank.Europe’s main stock markets ended mixed.”European stock markets appear to have entered a period of consolidation as we head into the final trading days of 2025,” said Joshua Mahony, chief market analyst at Scope Markets.”With the Santa rally period traditionally taking place over the final five days of the year, investors will be hoping that the bulls are gathering momentum for a final push tomorrow onwards,” he added.Asian markets enjoyed a bright start, although some stuttered as the day wore on.On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signaling another rate hike anytime soon following last week’s increase.In company news, shares in Danish pharmaceutical giant Novo Nordisk jumped more than eight percent after the US approved its popular GLP-1 anti-obesity drug Wegovy to be administered in pill form for weight loss.- Key figures at around 2115 GMT – New York – Dow: UP 0.2 percent at 48,442.41 (close)New York – S&P 500: UP 0.5 percent at 6,909.79 (close)New York – Nasdaq Composite: UP 0.6 percent at 23,561.84 (close)London – FTSE 100: UP 0.2 at 9,889.22 (close)Paris – CAC 40: DOWN 0.2 percent at 8,103.85 (close)Frankfurt – DAX: UP 0.2 percent at 24,340.06 (close)Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)Dollar/yen: DOWN at 156.27 yen from 157.05 yen on MondayEuro/dollar: UP $1.1791 from $1.1762Pound/dollar: UP at $1.3499 from $1.3461Euro/pound: DOWN at 87.34 pence from 87.37 penceWest Texas Intermediate: UP 0.6 percent at $58.38 per barrelBrent North Sea Crude: UP 0.5 percent at $62.38 per barrelburs-rl/rmb/jgc

Wall Street’s main indices edged higher Tuesday despite stronger-than-expected US growth figures dampening hopes for further interest rate cuts, while gold and silver struck fresh records.US economic growth in the third quarter came in at 4.3 percent on an annualised basis, easily topping expectations, as consumer and government spending rose.Equities have been buoyed in recent weeks by expectations the Federal Reserve will lower borrowing costs further in 2026, with data showing US unemployment rising and inflation easing. The strong growth figures could persuade the US Federal Reserve to hold off on further interest rate cuts in 2026.”The key takeaway from the report is that the US economy was certainly running on the warm side” in the third quarter, said Briefing.com analyst Patrick O’Hare.”That will stir some concerns about the Fed’s recent decision to cut rates in December and the risk of stoking increased inflation in pursuit of keeping the economy on a growth trajectory,” he added.Wall Street’s main indices moved lower at the start of trading in New York, but pushed higher during the morning session.Separate data showed US consumer confidence fell in December, with the Confidence Board noting the short-term expectations component indicates consumers fear a recession.eToro investment analyst Bret Kenwell noted the headline figure has now declined for five straight months, and the component showing the confidence of consumers in their present situation is at its lowest since February 2021.”Simply put, despite solid GDP figures and a stock market at record highs, consumers are feeling some anxiety,” he said.Before the US GDP data was released precious metals pushed higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Gold jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding support.Copper, which is used in electric vehicle batteries and solar panels, hit a record price of $12,159.50 per tonne.”Silver and above all copper are benefitting from structural support from the energy transition, electrification the colossal needs for digital infrastructure and artificial intelligence,” said John Plassard, an analyst at Cite Gestion Private Bank.Europe’s main stock markets ended mixed.”European stock markets appear to have entered a period of consolidation as we head into the final trading days of 2025,” said Joshua Mahony, chief market analyst at Scope Markets.”With the Santa rally period traditionally taking place over the final five days of the year, investors will be hoping that the bulls are gathering momentum for a final push tomorrow onwards,” he added.Asian markets enjoyed a bright start, although some stuttered as the day wore on.Shanghai was higher, while Hong Kong dipped and Tokyo closed flat.On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week’s increase.In company news, shares in Danish pharmaceutical giant Novo Nordisk jumped more than eight percent after the US approved its popular GLP-1 anti-obesity drug Wegovy to be administered in pill form for weight loss.- Key figures at around 1630 GMT – New York – Dow: UP 0.1 percent at 48,420.28New York – S&P 500: UP 0.2 percent at 6,894.70New York – Nasdaq Composite: UP 0.3 percent at 23,494.85London – FTSE 100: UP 0.2 at 9,889.22 (close)Paris – CAC 40: DOWN 0.2 percent at 8,103.85 (close)Frankfurt – DAX: UP 0.2 percent at 24,340.06 (close)Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)Dollar/yen: DOWN at 156.37 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1779 from $1.1756Pound/dollar: UP at $1.3482 from $1.3458Euro/pound: UP at 87.38 pence from 87.35 penceWest Texas Intermediate: UP 0.1 percent at $58.07 per barrelBrent North Sea Crude: FLAT at $62.08 per barrelburs-rl/rmb

Vietnam’s Communist Party on Tuesday endorsed General Secretary To Lam to remain in the top job for the next five years, according to two sources briefed on a meeting where senior officials agreed a slate of candidates to be announced at the party congress in January.Lam, who became party chief after the death of his predecessor in August 2024, has enacted reforms described by officials as “a revolution”, slashing the bureaucracy and cracking down on corruption as he seeks to boost economic growth. “No change. The party chief remains in his position to ensure stability,” a source briefed on the meeting told AFP.A second source confirmed he will continue as general secretary and also be nominated to serve simultaneously as president, as Chinese President Xi Jinping has done. “On behalf of those entrusted with the nomination to the (party) Central Committee and leadership positions for the next term… we would like to thank the Central Committee, the Politburo, and the Secretariat for their trust in assigning us this task,” Lam said in a speech Tuesday, appearing to thank delegates for nominating him. “We will continue to work together in unity and with a high sense of responsibility and efficiency, meeting the expectations of the Party and the People.”The leadership decisions must be finalized at the party congress which runs from January 19-25, when key policy plans will also be outlined for the next five years.- Radical reform -Lam, who served briefly as president in 2024, stepped up as the top leader two weeks after the death of former General Secretary Nguyen Phu Trong last year.Lam’s rise to the top job followed a long career with the secretive public security ministry, which deals with the monitoring of dissent and surveillance in Vietnam, a one-party state. In his short tenure, he has accelerated administrative reforms and announced vast infrastructure investments — aiming to meet aggressive growth targets that underpin the party’s claim to legitimacy. The reforms saw the number of government ministries and agencies slashed from 30 to 22. State media, the civil service, the police and the military all faced cuts.Roughly 147,000 people were made redundant or took early retirement as Hanoi sought to streamline bureaucracy and boost the economy.Slashing the bureaucracy has been a Communist Party goal for nearly a decade, but Lam intensified the drive. Lam also pushed to reduce the country’s 63 provincial and city administrations to just 34.The reforms to the structure of government follow a sprawling, high-profile anti-corruption campaign in recent years.The drive has swept up dozens of business leaders and senior government figures, including two presidents and three deputy prime ministers since 2021.The radical reforms piloted by Lam come after a long period in which change came slowly, with the government emphasising stability and calm to build a reputation for predictability and court foreign investors.