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European and US stock markets turned lower Monday as investors awaited key US data that could play a role in Federal Reserve deliberations ahead of an expected cut to interest rates next week.Wall Street’s three main indices were lower in late morning trading, with the blue-chip Dow shedding 0.5 percent.Frankfurt led declines in Europe, ending the day down one percent.Bitcoin extended its decline during European trading, slumping 7.6 percent to around $84,730 amid weaker risk appetite. The cryptocurrency remains well below its record high above $126,200 struck in early October.”Bitcoin tends to be a leading indicator for overall risk sentiment right now, and its slide does not bode well for stocks at the start of this month,” said Kathleen Brooks, research director at trading group XTB.Expectations that the Federal Reserve would continue easing monetary policy into the new year have recently helped equities mitigate lingering concerns about an artificial intelligence-fuelled bubble.Markets see a nearly 90-percent chance of a third successive US rate cut on December 10, with traders closely watching this week’s American data on private jobs creation, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.But Briefing.com analyst Patrick O’Hare pointed to the “bear steepening” situation in the market for US government bonds as being negative for stock markets.The situation where long-term rates on US Treasuries are rising faster than short-term rates, steepening the yield curve, is generally seen as bearish for equities, as higher long-term yields indicate investors expect inflation and future interest rate hikes from the Fed. Bets on a rate cut surged in late November after several Fed policymakers expressed greater concern over a weakening labour market than stubbornly high inflation.Reports that US President Donald Trump’s top economic adviser Kevin Hassett — a proponent of rate cuts — is the frontrunner to take the helm at the Fed next year added to the upbeat mood.After last week’s healthy gains and Wall Street’s strong Thanksgiving rally, Asian equities closed mixed on Monday.Hong Kong, Shanghai, Singapore and Bangkok rose, but Sydney, Seoul, Wellington, Manila, Mumbai and Taipei dipped.Tokyo sank 1.9 percent as the yen strengthened on expectations that the Bank of Japan (BoJ) will lift interest rates this month.Oil prices climbed 1.3 percent after OPEC+ confirmed it would not hike output in the first three months of 2026, citing lower seasonal demand.While the move was anticipated, “it was enough to catalyse a move which drove out the weaker short players,” said Trade Nation analyst David Morrison.Traders who bet that oil prices might have dropped if OPEC+ prevaricated had to cover their positions, thus helping push up prices further.The OPEC+ decision comes amid uncertainty over the outlook for crude as traders look for indications of progress in Ukraine peace talks, which could lead to the return of Russian crude to markets.Shares in plane manufacturer Airbus fell by more than 10 percent at one point after reports of a new problem affecting metal fuselage panels, although they later cut losses after the company said the problem had been contained.- Key figures at around 1630 GMT -New York – Dow: DOWN 0.5 percent at 47,492.42 pointsNew York – S&P 500: DOWN 0.3 percent at 6,825.82New York – Nasdaq Composite: DOWN 0.4 percent at 23,266.88London – FTSE 100: DOWN 0.2 percent at 9,702.53 (close)Paris – CAC 40: DOWN 0.3 percent at 8,097.00 (close)Frankfurt – DAX: DOWN 1.0 percent at 23,589.44 (close)Tokyo – Nikkei 225: DOWN 1.9 percent at 49,303.28 (close) Hong Kong – Hang Seng Index: UP 0.7 percent at 26,033.26 (close)Shanghai – Composite: UP 0.7 percent at 3,914.01 (close)Euro/dollar: UP at $1.1625 from $1.1604 on FridayPound/dollar: DOWN at $1.3226 from $1.3245Dollar/yen: DOWN at 155.28 yen from 156.10 yenEuro/pound: UP at 87.92 pence from 87.60 penceBrent North Sea Crude: UP 1.3 percent at $63.17 per barrelWest Texas Intermediate: UP 1.3 percent at $59.31 per barrelburs-rl/gv

Stock markets diverged Monday as investors awaited key US data that could play a role in Federal Reserve deliberations ahead of an expected cut to US interest rates next week.Frankfurt led declines in Europe, while Paris and London also slid after a mixed session in Asia.Bitcoin extended its decline during European trading, sliding five percent to around $86,580 amid weaker risk appetite. The cryptocurrency remains well below its record high above $126,200 struck in early October.”Bitcoin tends to be a leading indicator for overall risk sentiment right now, and its slide does not bode well for stocks at the start of this month,” said Kathleen Brooks, research director at trading group XTB.Expectations that the Federal Reserve would continue easing monetary policy into the new year have recently helped equities mitigate lingering concerns about an AI-fuelled bubble.Markets see a 90-percent chance of a third successive US rate cut on December 10, with traders closely watching this week’s American data on private jobs creation, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.Bets on a cut surged in late November after several Fed policymakers signalled greater concern over a weakening labour market than stubbornly high inflation.Reports that US President Donald Trump’s top economic adviser Kevin Hassett — a proponent of rate cuts — is the frontrunner to take the helm at the Fed next year added to the upbeat mood.After last week’s healthy gains and Wall Street’s strong Thanksgiving rally, Asian equities closed mixed on Monday.Hong Kong, Shanghai, Singapore and Bangkok rose, but Sydney, Seoul, Wellington, Manila, Mumbai and Taipei dipped.Tokyo sank 1.9 percent as the yen strengthened on expectations the Bank of Japan (BoJ) will lift interest rates this month.Governor Kazuo Ueda said it would “consider the pros and cons of raising the policy interest rate and make decisions as appropriate”, fuelling bets on a hike no later than January.Masamichi Adachi, UBS Securities chief economist for Japan, wrote: “The BoJ is likely to hike its policy rate at the December 19 meeting. Recent remarks and reports… suggest groundwork for a rate hike is underway.””This provided a rare rise for the yen, it also saw yields spike, with the 2-year hitting the highest level since 2008,” said Joshua Mahony, chief market analyst at Scope Markets.Oil prices surged 1.5 percent after OPEC+ confirmed it would not hike output in the first three months of 2026, citing lower seasonal demand.The decision comes amid uncertainty over the outlook for crude as traders look for indications of progress in Ukraine peace talks, which could lead to the return of Russian crude to markets.- Key figures at around 1100 GMT -London – FTSE 100: DOWN 0.1 percent at 9,712.86 pointsParis – CAC 40: DOWN 0.7 percent at 8,067.78Frankfurt – DAX: DOWN 1.3 percent at 23,529.77Tokyo – Nikkei 225: DOWN 1.9 percent at 49,303.28 (close) Hong Kong – Hang Seng Index: UP 0.7 percent at 26,033.26 (close)Shanghai – Composite: UP 0.7 percent at 3,914.01 (close)New York – Dow: UP 0.6 percent at 47,716.42 (close)Euro/dollar: UP at $1.1629 from $1.1604 on FridayPound/dollar: DOWN at $1.3225 from $1.3245Dollar/yen: DOWN at 155.26 yen from 156.10 yenEuro/pound: UP at 87.92 pence from 87.60 penceBrent North Sea Crude: UP 1.5 percent at $63.28 per barrelWest Texas Intermediate: UP 1.5 percent at $59.44 per barrel

Asian and European equities were mixed Monday with investors awaiting the release of key US data that could play a role in Federal Reserve deliberations ahead of an expected interest rate cut next week.After November’s end-of-month rebound across world markets, confidence remains high amid speculation the US central bank could continue easing monetary policy into the new year.That has helped overcome lingering worries about an AI-fuelled tech bubble that some observers warn could pop and lead to a painful correction.While the odds on a third successive rate reduction on December 10 are hovering around 90 percent, traders will keep a close eye on this week’s batch of indicators to gauge the Fed’s desire to keep on cutting.Among the reports due for release are private jobs creation, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.Bets on a cut surged in late November after several of the bank’s policymakers said they backed lower borrowing costs as they were more concerned about the flagging labour market than stubbornly high inflation.That helped markets recover the losses sustained in the first half of the month, and analysts said they could be in store for an end-of-year rally.”As the clouds of worry that cast an ominous shadow over markets through to mid-November gently dissipate, they give way to new emotions — notably the fear of not participating and the risk of underperforming benchmark targets,” said Pepperstone’s Chris Weston.However, he warned that “risk managers remain highly astute to the landmines that could still derail the improving risk backdrop through December”.He cited the possibility the Fed does not cut, or offers a “hawkish cut”, the Supreme Court’s possible decision on the legality of President Donald Trump’s trade tariffs, and jobs and inflation data.Meanwhile, reports that Trump’s top economic adviser Kevin Hassett — a proponent of rate cuts — is the frontrunner to take the helm at the Fed next year added to the upbeat mood.After last week’s healthy gains and Wall Street’s strong Thanksgiving rally, Asian equities were mixed.Hong Kong, Shanghai, Singapore and Bangkok rose, but Sydney, Seoul, Wellington, Manila, Mumbai and Taipei dipped.London, Frankfurt and Paris fell at the open.Tokyo sank 1.9 percent as the yen strengthened on expectations the Bank of Japan will lift interest rates this month.Governor Kazuo Ueda said it would “consider the pros and cons of raising the policy interest rate and make decisions as appropriate”, with Bloomberg saying traders saw a more than 60 percent chance of a move on December 19. That rose to 90 percent for a hike no later than January.Masamichi Adachi, UBS Securities chief economist for Japan, wrote: “The BoJ is likely to hike its policy rate at the December 19 meeting. Recent remarks and reports… suggest groundwork for a rate hike is underway, with market probability exceeding 50 percent.”But he said the yen would likely remain under pressure against the dollar, adding that Prime Minister Sanae Takaichi’s “preference for negative real rates may pressure (the) yen further”.Oil prices surged around two percent after OPEC+ confirmed it would not hike output in the first three months of 2026, citing lower seasonal demand.The decision comes amid uncertainty over the outlook for crude as traders look for indications of progress in Ukraine peace talks, which could lead to the return of Russian crude to markets.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.9 percent at 49,303.28 (close) Hong Kong – Hang Seng Index: UP 0.7 percent at 26,033.26 (close)Shanghai – Composite: UP 0.7 percent at 3,914.01 (close)London – FTSE 100: DOWN 0.2 percent at 9,701.41 Euro/dollar: UP at $1.1609 from $1.1604 on FridayPound/dollar: DOWN at $1.3222 from $1.3245Dollar/yen: DOWN at 155.36 yen from 156.10 yenEuro/pound: UP at 87.81 pence from 87.60 penceWest Texas Intermediate: UP 2.1 percent at $59.75 per barrelBrent North Sea Crude: UP 1.9 percent at $63.58 per barrelNew York – Dow: UP 0.6 percent at 47,716.42 (close)

Asian equities were mixed Monday with investors awaiting the release of key US data that could play a role in Federal Reserve deliberations ahead of an expected interest rate cut next week.After November’s end-of-month rebound across world markets, confidence remains high amid speculation the US central bank could continue easing monetary policy into the new year.That has helped overcome lingering worries about an AI-fuelled tech bubble that some observers warn could pop and lead to a painful correction.While the odds on a third successive rate reduction on December 10 are hovering around 90 percent, traders will keep a close eye on this week’s batch of indicators to gauge the Fed’s desire to keep on cutting.Among the reports due for release are private jobs creation, services activity and personal consumption expenditure — the Fed’s preferred gauge of inflation.Bets on a cut surged in late November after several of the bank’s policymakers said they backed lower borrowing costs as they were more concerned about the flagging labour market than stubbornly high inflation.That helped markets recover the losses sustained in the first half of the month, and analysts said they could be in store for an end-of-year rally.”As the clouds of worry that cast an ominous shadow over markets through to mid-November gently dissipate, they give way to new emotions — notably the fear of not participating and the risk of underperforming benchmark targets,” said Pepperstone’s Chris Weston.However, he warned that “risk managers remain highly astute to the landmines that could still derail the improving risk backdrop through December”.He cited the possibility the Fed does not cut, or offers a “hawkish cut”, the Supreme Court’s possible decision on the legality of President Donald Trump’s trade tariffs, and jobs and inflation data.Meanwhile, reports that Trump’s top economic adviser Kevin Hassett — a proponent of rate cuts — is the frontrunner to take the helm at the Fed next year added to the upbeat mood.After last week’s healthy gains and Wall Street’s strong Thanksgiving rally, Asian equities were mixed.Hong Kong, Shanghai, Singapore and Manila rose, but Sydney, Seoul, Wellington and Taipei dipped.Tokyo sank more than one percent as the yen strengthened on expectations the Bank of Japan will lift interest rates this month.Governor Kazuo Ueda said it would “consider the pros and cons of raising the policy interest rate and make decisions as appropriate”, with Bloomberg saying traders saw a more than 60 percent chance of a move on December 19. That rose to 90 percent for a hike no later than January.Oil prices surged more than one percent after OPEC+ confirmed it would not hike output in the first three months of 2026.Oil jumped after OPEC+ confirmed it will stick with plans to  pause production hikes during the first quarter, citing lower seasonal demand.The decision comes amid uncertainty over the outlook for crude as traders look for indications of progress in Ukraine peace talks, which could lead to the return of Russian crude to markets.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.7 percent at 49,407.31 (break) Hong Kong – Hang Seng Index: UP 0.6 percent at 26,012.78Shanghai – Composite: UP 0.2 percent at 3,896.72Euro/dollar: DOWN at $1.1597 from $1.1604 on FridayPound/dollar: DOWN at $1.3230 from $1.3245Dollar/yen: DOWN at 155.60 yen from 156.10 yenEuro/pound: UP at 87.67 pence from 87.60 penceWest Texas Intermediate: UP 1.5 percent at $59.41 per barrelBrent North Sea Crude: UP 1.4 percent at $63.25 per barrelNew York – Dow: UP 0.6 percent at 47,716.42 (close)London – FTSE 100: UP 0.3 percent at 9,720.51 (close)

Fears of days of travel chaos across Europe and the world eased on Saturday after plane manufacturer Airbus intervened rapidly to implement a software upgrade it had said was immediately needed on some 6,000 of its A320 planes.The announcement by Europe’s top plane manufacturer late Friday that the planes could not fly again until the switch was made followed an incident in the United States and raised concerns that hundreds of planes would need to be grounded for long periods.But several leading European airlines said there had been minimal or no cancellations as a result, although there were indications the situation was more problematic in Latin America and Asia.Airbus CEO Guillaume Faury acknowledged that the fix “has been causing significant logistical challenges and delays” but added its operators were working around the clock to ensure the required updates “are deployed as swiftly as possible to get planes back in the sky”.”I want to sincerely apologise to our airline customers and passengers who are impacted now. But we consider that nothing is more important than safety,” he wrote on Linkedin. Airbus had instructed its clients Friday to take “immediate precautionary action” after a technical malfunction on board a JetBlue flight in October exposed that intense solar radiation could corrupt data critical to the flight controls.- ‘Far fewer’ than feared’ -French Transport Minister Philippe Tabarot told BFMTV television that the aircraft manufacturer had been able to correct the defect “on more than 5,000 aircraft” on Friday and during the night from Friday to Saturday.He indicated that the number of aircraft requiring more prolonged servicing could be much lower than the 1,000 originally feared.”According to the latest information I have… it would seem that there would be far fewer A320s that would be impacted in a more prolonged way by the software change.””We had evoked the possibility of a thousand aircraft. It seems that we are now only talking about a hundred,” he added.Produced since 1988, the A320 is the world’s best-selling aeroplane. Airbus sold 12,257 of the aircraft by the end of September compared with the sale of 12,254 Boeing 737s.Air France told AFP it would be able to “transport all of its customers” on Saturday with the exception of flights on its Caribbean regional network. Air France had cancelled 35 flights on Friday.German airline Lufthansa added for its stable of carriers that “most of the software updates were completed overnight and on Saturday morning”, with no flight cancellations expected but isolated delays not excluded. Budget airline giant EasyJet indicated that it had not cancelled any flights, as the work on all its A320s was complete.- ‘Quite fast’ -French Economy Minister Roland Lescure also told BFMTV that “for the vast majority of these aircraft”, the software update “can be done remotely, it is quite fast”.On October 30, a JetBlue-operated A320 aircraft encountered an in-flight control issue due to a computer malfunction.The plane suddenly nosedived as it travelled between Cancun in Mexico and Newark in the United States, and pilots had to land in Tampa, Florida.US media quoted local firefighters saying that some passengers were injured.JetBlue, a budget carrier, said Saturday it was doing everything to minimise disruption to passengers.Despite the Thanksgiving holidays, the impact in the US was limited with American airlines still favouring homegrown Boeings over Airbus. United Airlines said Saturday’s flights was proceeding as normal, while American Airlines said only four aircraft had been grounded.In India, the aviation ministry said on Saturday that 68 aircraft still required updating, representing 20 percent of the country’s fleet affected by the problem.Colombian airline Avianca said 70 percent of its fleet had been impacted and warned of “significant disruptions in the next 10 days”, suspending ticket sales until December 8.In the Philippines, local carriers Philippine Airlines and Cebu Pacific were offering refunds or rebooked tickets after grounding at least 40 domestic flights on Saturday.

More airlines around the world announced delayed or cancelled flights Saturday following an Airbus alert that up to 6,000 A320 aircraft may require upgrades.Airbus instructed its clients Friday to take “immediate precautionary action” after evaluating a technical malfunction on board a JetBlue flight in October.”Intense solar radiation may corrupt data critical to the functioning of flight controls,” it said, adding that “a significant number of A320 Family aircraft currently in-service” may be affected.Replacing the software will take “a few hours” on most planes but for some 1,000 aircraft, the process “will take weeks”, a source close to the issue told AFP.Air France told AFP it was calculating how many more flights would be cancelled Saturday.”Customers affected by cancellations are being notified individually by SMS and email,” a spokesperson said Friday.It cancelled 35 flights on Friday, while Colombian airline Avianca said 70 percent of its fleet had been impacted by a technical issue in the European plane-maker’s software.The European Union Aviation Safety Agency (EASA) said in a statement that Airbus had informed it about the issue.”These measures may cause short-term disruption to flight schedules and therefore inconvenience to passengers,” EASA said, adding that “safety is paramount”.- Emergency landing -Aerospace and defence giant Thales told AFP that it makes the flight control computer, which it said was “fully compliant with the technical specifications issued by Airbus” and certified by the EASA and its US equivalent, the FAA.But it added: “The functionality in question is supported by software that is not under Thales’ responsibility.”The Airbus statement did not specify which company had designed the software.”Airbus acknowledges these recommendations will lead to operational disruptions to passengers and customers,” it said, apologising for the inconvenience.On October 30, a JetBlue-operated A320 aircraft encountered an in-flight control issue due to a computer malfunction.The plane suddenly nosedived as it travelled between Cancun in Mexico and Newark in the United States, and pilots had to land in Tampa, Florida.US media quoted local firefighters saying that some passengers were injured.Contacted by AFP, JetBlue did not comment on the incident but said it had already begun necessary changes on some A320 and A321 models.Its competitor, American Airlines, said it had already begun updating software following Friday’s alert, and expected “the vast majority” of approximately 340 affected aircraft to be serviced by Saturday. “Several delays” would occur as a result, it added.After initially saying it had not been affected, its competitor United Airlines said it had identified six affected aircraft and said it expected minor disruptions on a few flights.Delta Air Lines said it expected to have made the necessary updates by Saturday morning.Air India warned Saturday of delays, while an Avianca statement warned of “significant disruptions over the next 10 days”.In the Philippines, local carriers Philippine Airlines and Cebu Pacific were offering refunds or rebooked tickets after grounding at least 40 domestic flights on Saturday.Produced since 1988, the A320 is the world’s best-selling aeroplane. Airbus sold 12,257 of the aircraft by the end of September compared with the sale of 12,254 Boeing 737s.

Global stocks mostly rose Friday, extending a positive winning streak based in part on expectations that the Federal Reserve will cut interest rates again next month.US indices completed a week of gains in a lightly traded half-session following Thursday’s Thanksgiving holiday. Stocks rose all four days the market was open.”Stocks have erased November’s losses during today’s shortened trading session, as confidence of a December rate cut coincide with favorable seasonals for markets,” said a note from Interactive Brokers’ Jose Torres that highlighted the possibility of further gains in December.Earlier Friday, European bourses also pushed higher.Without direction overnight from New York, Asian markets moved with little conviction.While investors have been preoccupied at times in November with worry about excessive valuations for artificial intelligence stocks, that sentiment has been countered by growing confidence in further Fed rate cuts.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.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.- Key figures at around 2030 GMT -New York – Dow: UP 0.6 percent at 47,716.42 (close)New York – S&P 500: UP 0.5 percent at 6,849.09 (close)New York – Nasdaq Composite: UP 0.7 percent at 23,365.69 (close)London – 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: UP 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: UP at $1.1604 from $1.1596 on ThursdayPound/dollar: UP at $1.3245 from $1.3240Dollar/yen: DOWN at 156.10 yen from 156.31 yenEuro/pound: UP at 87.60 pence from 87.58 penceBrent North Sea Crude: DOWN 0.2 percent at $63.20 per barrelWest Texas Intermediate: DOWN 0.2 percent at $58.55 per barrelburs-jmb/des

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