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Wall Street stocks pushed into new record territory on Monday amid optimism the United States would reach trade deals ahead of a self-imposed deadline next week and extend tax cuts.Canada said on Sunday it would restart trade negotiations with the United States after it rescinded a tax affecting US tech firms that had prompted US President Donald Trump to halt talks. That boosted optimism that other governments would make deals with Trump to avoid his steep levies, as the July 9 cut-off for tariff reprieve looms. “Investors seem confident trade deals will be struck, geopolitical tensions ease and a major economic slump is avoided,” said Dan Coatsworth, investment analyst at AJ Bell.”The big unknown is whether investors are correct or are simply being too complacent,” he added.Officials from Japan and India have extended their stays in Washington to continue talks, raising hopes for agreements with two of the world’s biggest economies.On Wall Street, both the S&P 500 and Nasdaq Composite pushed further into record territory on Monday.Trade optimism also helped boost most Asian stocks but Europe’s main indices slid lower.Briefing.com analyst Patrick O’Hare said Wall Street’s “positive disposition follows the weekend update that the Senate passed a procedural vote that will set up its version of the ‘One Big, Beautiful Bill’ for a full Senate vote tonight”.Trump’s signature tax-cutting bill extends tax cuts from his first term at a cost of $4.5 trillion and beefs up border security.The Republican president has ramped up pressure to get the package to his desk by July 4 and called out wavering lawmakers from his party.However, there are worries about the impact on the economy, with the non-partisan Congressional Budget Office estimating the measure would add nearly $3.3 trillion to US deficits over a decade.There was little major reaction on Monday to data showing the contraction in Chinese factory activity eased further in June after a China-US trade truce.However, investors will be keeping an eye on data this week and a key US jobs report on Thursday will be pored over for signs of the pace of interest-rate cuts. “This could be the make-or-break moment for July rate cut expectations,” said City Index and FOREX.com analyst Fawad Razaqzada.Only one in five investors currently see the Federal Reserve cutting interest rates at its July meeting, according to the CME’s FedWatch tool. But they expect it to cut two or three times later this year.Trump’s indication he could choose a successor to Federal Reserve boss Jerome Powell within months is also leading investors to ramp up rate cut bets.- Key figures at around 1530 GMT -New York – Dow: UP 0.4 percent at 44,001.45 pointsNew York – S&P 500: UP 0.2 percent at 6,184.09New York – Nasdaq Composite: UP 0.1 percent at 20,296.92London – FTSE 100: DOWN 0.4 percent at 8,760.96 (close)Paris – CAC 40: DOWN 0.3 percent at 7,665.91 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,909.61 (close)Tokyo – Nikkei 225: UP 0.8 percent at 40,487.39 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,072.28 (close)Shanghai – Composite: UP 0.6 percent at 3,444.43 (close)Euro/dollar: UP at $1.1747 from $1.1718 on FridayPound/dollar: DOWN at $1.3702 from $1.3715Dollar/yen: DOWN at 144.28 yen from 144.68 yenEuro/pound: UP at 85.74 pence from 85.43 penceWest Texas Intermediate: DOWN 1.1 percent at $64.78 per barrelBrent North Sea Crude: DOWN 0.6 percent at $66.40 per barrelburs-rl/

Global equities steadied Monday as investors kept tabs on countries’ efforts to strike trade deals with the United States before a key deadline next week.Canada said Sunday it will restart trade negotiations with the United States after it rescinded a tax impacting US tech firms that had prompted US President Donald Trump to call off talks. That boosted optimism for other governments to make deals with Trump to avoid his steep levies, as the July 9 cut-off for tariff reprieve looms. “Investors seem confident trade deals will be struck, geopolitical tensions ease, and a major economic slump is avoided,” said Dan Coatsworth, investment analyst at AJ Bell.”The big unknown is whether investors are correct or are simply being too complacent,” he added.Officials from Japan and India have extended their stays in Washington to continue talks, raising hopes for agreements with two of the world’s biggest economies.Trade optimism helped boost most Asian stocks and US futures. Meanwhile European equities were mixed in more tentative trade, with Paris ticking higher, London flat and Frankfurt edging lower. Over the last month, US indices have notably outperformed European ones, explained Kathleen Brooks, research director at trading group XTB.She attributed this to a “slowdown in the defence sector.”The dollar extended losses against its peers on Monday as traders ramped up bets for at least two rate cuts this year following Trump’s indication he could choose a successor to Federal Reserve boss Jerome Powell within months.A key US jobs report on Thursday will also be pored over for signs of the pace of interest-rate cuts. Eyes were also on Trump’s signature tax-cutting bill — now inching towards a Senate vote — that would add trillions of dollars to the national debt.The “One Big Beautiful Bill” extends Trump’s expiring first-term tax cuts at a cost of $4.5 trillion and beefs up border security.The Republican president has ramped up pressure to get the package to his desk by July 4, and called out wavering lawmakers from his party.However, there are worries about the impact on the economy, with the nonpartisan Congressional Budget Office estimating the measure would add nearly $3.3 trillion to US deficits over a decade.The S&P 500 and Nasdaq finished at all-time peaks Friday amid optimism governments will be able to avoid swingeing US tariffs.There was little major reaction on Monday to data showing the contraction in Chinese factory activity eased further in June after a China-US trade truce.- Key figures at around 1050 GMT -London – FTSE 100: FLAT at 8,799.59 pointsParis – CAC 40: UP 0.1 percent at 7,698.59Frankfurt – DAX: DOWN 0.1 percent at 23,998.68Tokyo – Nikkei 225: UP 0.8 percent at 40,487.39 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,072.28 (close)Shanghai – Composite: UP 0.6 percent at 3,444.43 (close)New York – Dow: UP 1.0 percent at 43,819.27 (close)Euro/dollar: UP at $1.1723 from $1.1718 on FridayPound/dollar: DOWN at $1.3698 from $1.3715Dollar/yen: DOWN at 144.20 yen from 144.68 yenEuro/pound: UP at 85.59 pence from 85.43 penceWest Texas Intermediate: DOWN 0.4 percent at $65.25 per barrelBrent North Sea Crude: DOWN 0.3 percent at $66.61 per barrel

Equities mostly rose Monday following a record-breaking day on Wall Street as investors kept tabs on countries’ efforts to strike trade deals with the United States before a key deadline next week.And the dollar weakened on growing expectations for more interest rate cuts, while eyes were on US Presiident Donald Trump’s signature tax-cutting bill — now inching towards a Senate vote — that some experts warn could add trillions of dollars to the national debt.The S&P 500 and Nasdaq finished at all-time peaks Friday amid optimism governments will be able to avoid swingeing tariffs imposed by the US president in April and paused until July 9 to allow for negotiations.Officials from Japan and India have extended their stays in Washington to continue talks, raising hopes for agreements with two of the world’s biggest economies.Hopes that the deadline could be extended were boosted Friday by Treasury Secretary Scott Bessent, who told Fox Business “we have countries approaching us with very good deals” but they might not all be finalised by next week. But he added: “If we can ink 10 or 12 of the important 18 — there are another important 20 relationships — then I think we could have trade wrapped up by Labor Day,” which falls on September 1.Trump said at the weekend that he did not expect to extend the deadline, telling the “Sunday Morning Futures with Maria Bartiromo” show: “I don’t think I’ll need to”.”I could, no big deal,” he added in the interview that was taped Friday.Meanwhile, Canadian Finance Minister Francois-Philippe Champagne said Sunday that Ottawa would rescind taxes impacting US tech firms in hopes of reaching a trade agreement with Washington after Trump called off talks in retaliation for the levy.Negotiations would resume with the aim of getting a deal by July 21, Ottawa added.After Wall Street’s record day, most markets mostly followed suit Monday.Tokyo extended its recent rally fuelled by tech firms, while there were also gains in Shanghai, Sydney, Seoul, Singapore, Wellington, Manila, Bangkok and Jakarta.US futures also rose but Hong Kong, Mumbai and Taipei fell.London and Paris was flat while Paris edged down in early trade.There was little major reaction to data showing the contraction in Chinese factory activity eased further in June after a China-US trade truce.The dollar extended losses against its peers as traders increased bets on at least two rate cuts this year following Trump’s indication he could choose a successor to Federal Reserve boss Jerome Powell within months.”Markets… are already pricing not just two Fed cuts this year, but a full-blown easing cycle stretching deep into 2026,” said SPI Asset Management’s Stephen Innes.”Powell may still hold the gavel, but traders are betting the next Fed chair walks, talks, and cuts like a dove in MAGA red.”However, Ronald Temple, chief market strategist at Lazard, warned: “Were President Trump to announce his nominee to succeed Jay Powell much earlier than usual, it could create a situation where the candidate’s commentary could undermine market confidence in the future direction of Fed policy if he or she were to diverge publicly from Fed communications.”Senators were also debating Trump’s “One Big Beautiful Bill”, which extends his expiring first-term tax cuts at a cost of $4.5 trillion and beefs up border security.The Republican president has ramped up pressure to get the package to his desk by July 4, and called out wavering lawmakers from his party.However, there are worries about the impact on the economy, with the nonpartisan Congressional Budget Office estimating the measure would add nearly $3.3 trillion to US deficits over a decade.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 40,487.39 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,072.28 (close)Shanghai – Composite: UP 0.6 percent at 3,444.43 (close)London – FTSE 100: FLAT at 8,796.66 Euro/dollar: UP at $1.1733 from $1.1718 on FridayPound/dollar: UP at $1.3723 from $1.3715Dollar/yen: DOWN at 144.07 yen from 144.68 yenEuro/pound: UP at 85.58 pence from 85.43 penceWest Texas Intermediate: DOWN 0.2 percent at $65.40 per barrelBrent North Sea Crude: DOWN 0.1 percent at $67.72 per barrelNew York – Dow: UP 1.0 percent at 43,819.27 (close)

China has lifted a ban on seafood imports from most regions of Japan, partially mending a years-long dispute over Tokyo’s handling of nuclear wastewater.China and Japan are key trading partners, but increased friction over territorial rivalries and military spending has frayed ties in recent years.Japan’s brutal occupation of parts of China before and during World War II remains a sore point, with Beijing accusing Tokyo of failing to atone for its past.Japan began gradually releasing treated wastewater from the stricken Fukushima nuclear plant into the Pacific Ocean in 2023.The move was backed by the International Atomic Energy Agency and the plant operator TEPCO says all radioactive elements have been filtered out except for tritium, levels of which are within safe limits.But it drew sharp criticism from Beijing, which banned imports of Japanese seafood as a result. Russia later followed suit.Samples from long-term monitoring of nuclear-contaminated water from Fukushima had “not shown abnormalities”, China’s General Administration of Customs said in a statement Sunday.As a result, China “decided to conditionally resume” seafood imports from Japan, except imports from 10 of the country’s 47 prefectures, including Fukushima and Tokyo, which remain banned.The Japanese government received the decision “positively”, Kazuhiko Aoki, deputy chief cabinet secretary, told reporters in Tokyo.But Japan “will strongly demand the Chinese side lift remaining import regulations on seafood from 10 prefectures”, he added.Foreign Ministry spokeswoman Mao Ning confirmed Monday that Beijing was resuming seafood imports from regions “that meet China’s standards”.But she warned that China would take measures to restrict imports “should any risks be identified”.In 2011, a huge earthquake triggered a deadly tsunami that swamped the Fukushima nuclear facility and pushed three of its six reactors into meltdown.China vociferously opposed the release of the treated wastewater, casting it as environmentally irresponsible. But in September last year, it said it would “gradually resume” importing the seafood.Production companies that had suspended trade must reapply for registration in China and would be “strictly” supervised, Beijing’s customs administration said Sunday.burs-mya/oho/dhw

Bangladesh’s biggest port resumed operations on Monday after customs officials called off a strike that had disrupted the export and import of goods for around 48 hours.Sehela Siddiqa, Joint Tax Commissioner and secretary of the NBR Reform Unity Council — a platform of protesting workers — confirmed the resumption of activities at Chittagong and all other ports.”The ports are now fully functional and operating across the country,” Siddiqa told AFP. “All employees have returned to work.”A section of employees at the National Board of Revenue (NBR), the country’s tax collection authority, has been protesting for over a month against a move by the interim government to reform the agency.The government’s proposal includes abolishing the NBR and establishing two separate bodies to handle tax policy formulation and tax collection. Over the weekend, some NBR staff launched what they called a “complete shutdown”, stopping work in a range of departments, including customs.The workers resumed duties after the government threatened tough action.The deadlock ended late Sunday night after hours of intensive negotiations between NBR staff and the Ministry of Finance, mediated by business groups.Senior NBR official Hasan Muhammad Tarek Rikabdar said they called off the strike after positive pledges from the government. “We welcome the government’s decision to form an advisory committee for reforms in revenue management, and we hope to contribute to the process by actively participating in it,” he told reporters on Sunday night.Meanwhile, the Anti-Corruption Commission (ACC) has launched a probe against six NBR officials, including Rikabdar, for allegedly amassing illicit wealth.They were accused of facilitating tax evaders in exchange for bribes.”Based on verified allegations, the ACC initiated the investigation,” ACC Director General Md Akhter Hossain said.

Singapore ramped up crypto exchange regulations Monday in a bid to curb money laundering and boost market confidence after a series of high-profile scandals rattled the sector.The city-state’s central bank last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 — or close up shop.The Monetary Authority of Singapore in a subsequent statement added that it has “set the bar high for licensing and will generally not issue a licence” for such operations.Singapore, a major Asian financial hub, has taken a hit to its reputation after several high-profile recent cases dented trust in the emerging crypto sector.These included the collapse of cryptocurrency hedge fund Three Arrows Capital and Terraform Labs, which both filed for bankruptcy in 2022. “The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, the MAS is unable to effectively supervise such persons,” the central bank said, referring to firms serving solely foreign clients.Analysts welcomed the move to tighten controls on crypto exchanges. “With the new DTSP regime, MAS is reinforcing that financial integrity is a red line,” Chengyi Ong, head of Asia Pacific policy at crypto data group Chainalysis, told AFP.”The goal is to insulate Singapore from the reputational risk that a crypto business based in Singapore, operating without sufficient oversight, is knowingly or unknowingly involved in illicit activity.”Law firm Gibson, Dunn & Crutcher said in a comment on its website that the move will “allow Singapore to be fully compliant” with the requirements of the Financial Action Task Force, the France-based global money laundering and terrorist financing watchdog.Three Arrows Capital filed for bankruptcy in 2022 when its fortunes suffered a sharp decline after a massive sell-off of assets it had bet on as prices nosedived in crypto markets.Its Singaporean co-founder Su Zhu was arrested at Changi Airport while trying to leave the country and jailed for four months.A court in the British Virgin Islands later ordered a US$1.14 billion worldwide asset freeze on the company’s founders.Singapore-based Terraform Labs also saw its cryptocurrencies crash dramatically in 2022, forcing it to file for bankruptcy protection in the United States.The collapse of the firm’s TerraUSD and Luna wiped out around US$40 billion in investments and caused wider losses in the global crypto market estimated at more than US$400 billion.South Korean Do Kwon, who co-founded Terraform in 2018, was arrested in 2023 in Montenegro and later extradited to the United States on fraud charges related to the crash.He had been on the run after fleeing Singapore and South Korea.

China’s top diplomat heads to Europe on Monday for a visit which Beijing said will highlight ties as an “anchor of stability” in a world in turmoil.Wang Yi’s tour will take him to the European Union’s headquarters in Brussels as well as France and Germany as China seeks to improve relations with the bloc as a counterweight to superpower rival the United States.But deep frictions remain over the economy — including a yawning trade deficit of $357.1 billion between China and the EU — and Beijing’s close ties with Russia despite Moscow’s war in Ukraine.”The world is undergoing an accelerated evolution of a century-old change, with unilateralism, protectionism and bullying behaviour becoming rampant,” Chinese foreign ministry spokesman Guo Jiakun said on Friday — a thinly veiled swipe against the United States under President Donald Trump.In that context, Guo said, Beijing and the European bloc must “keep the world peaceful and stable, safeguard multilateralism, free trade, international rules, fairness and justice, and act firmly as anchors of stability and constructive forces in a volatile world”.Wang will meet with his EU counterpart, Kaja Kallas, at the bloc’s headquarters in Brussels for “high-level strategic dialogue”.In Germany, he will hold talks with Foreign Minister Johann Wadephul on diplomacy and security — his first visit since Berlin’s new conservative-led government took power in May.And in France, Wang will meet minister for Europe and foreign affairs Jean-Noel Barrot, who visited China in March.The war in Ukraine will likely be high on the agenda, with European leaders having been forthright in condemning what they say is Beijing’s backing for Moscow.China has portrayed itself as a neutral party in Russia’s more than three-year war with Ukraine.But Western governments say Beijing’s close ties have given Moscow crucial economic and diplomatic support, and they have urged China to do more to press Russia to end the war.- Trade tensions -Ties between Europe and China have also strained in recent years as the EU seeks to get tougher on what it says are unfair economic practices by Beijing.After the European bloc placed tariffs on Chinese electric vehicle imports, China retaliated with its own duties, including on French cognac.An agreement on cognac has been reached with Beijing but not formally approved by the Chinese commerce ministry, a source in the French economy ministry told AFP.The source said finalization was partially linked with the EU’s ongoing negotiations over EVs.Tensions flared this month after the EU banned Chinese firms from government medical device purchases worth more than five million euros ($5.8 million), in retaliation for limits Beijing places on access to its own market.The latest salvo in trade tensions between the 27-nation bloc and China covered a wide range of healthcare supplies, from surgical masks to X-ray machines, that represent a market worth 150 billion euros in the EU.In response, China accused the European Union of “double standards”.Another sticking point has been rare earths.Beijing has since April required licences to export these strategic materials from China, which accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency.The metals are used in a wide variety of products, including electric car batteries, and there has been criticism from industries about the way China’s licences have been issued.China has proposed establishing a “green channel” to ease the export of rare earths to the EU, its commerce ministry said this month.

China’s manufacturing activity ticked up in June but remained in contraction territory, official data showed on Monday, as the truce in its trade war with the United States held.The Purchasing Managers’ Index — a key measure of industrial output — came in at 49.7, according to the National Bureau of Statistics (NBS).The figure was higher than May’s 49.5 and slightly above the 49.6 estimated by a Bloomberg pool of analysts.However, it fell below the 50-point mark separating growth and contraction for the third straight month.China’s “economic prosperity level remained expansionary overall” in June, NBS statistician Zhao Qinghe said in a statement.”Manufacturing production activity accelerated, and market demand improved,” Zhao said.Zichun Huang, China economist at Capital Economics, said the June figures “suggest that China’s economy regained some momentum, supported by a rebound in manufacturing and construction”.”But we remain cautious about the outlook, as weaker export growth and a fading fiscal tailwind is likely to slow activity in the second half of the year,” Huang said.China’s economy has struggled to sustain its post-pandemic recovery as it battles a prolonged debt crisis in the crucial property sector, chronically low consumption and elevated youth unemployment.It has also been hit by a fusillade of import tariffs unleashed by US President Donald Trump since the start of the year.However, Beijing and Washington called a truce on the staggeringly high duties in May, and Trump said on Sunday that the United States was “getting along well with China”.

Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up ground in the generative artificial intelligence race, sparking doubt about the wisdom of the spree.OpenAI boss Sam Altman recently lamented that Meta has offered $100 million bonuses to engineers who jump to Zuckerberg’s ship, where hefty salaries await.A few OpenAI employees have reportedly taken Meta up on the offer, joining Scale AI founder and former chief executive Alexandr Wang at the Menlo Park-based tech titan.Meta paid more than $14 billion for a 49 percent stake in Scale AI in mid-June, bringing Wang on board as part of the deal.Scale AI labels data to better train AI models for businesses, governments and labs.”Meta has finalized our strategic partnership and investment in Scale AI,” a Meta spokesperson told AFP.”As part of this, we will deepen the work we do together producing data for AI models and Alexandr Wang will join Meta to work on our superintelligence efforts.”US media outlets have reported that Meta’s recruitment effort has also targeted OpenAI co-founder Ilya Sutskever; Google rival Perplexity AI, and hot AI video startup Runway.Meta chief Zuckerberg is reported to have sounded the charge himself due to worries Meta is lagging rivals in the generative AI race.The latest version of Meta AI model Llama finished behind its heavyweight rivals in code writing rankings at an LM Arena platform that lets users evaluate the technology.Meta is integrating recruits into a new team dedicated to developing “superintelligence,” or AI that outperforms people when it comes to thinking and understanding.- ‘Mercenary’ -Tech blogger Zvi Moshowitz felt Zuckerberg had to do something about the situation, expecting Meta to succeed in attracting hot talent but questioning how well it will pay off.”There are some extreme downsides to going pure mercenary… and being a company with products no one wants to work on,” Moshowitz told AFP.”I don’t expect it to work, but I suppose Llama will suck less.”While Meta’s share price is nearing a new high with the overall value of the company approaching $2 trillion, some investors have started to worry.Institutional investors are concerned about how well Meta is managing its cash flow and reserves, according to Baird strategist Ted Mortonson.”Right now, there are no checks and balances” with Zuckerberg free to do as he wishes running Meta, Mortonson noted.The potential for Meta to cash in by using AI to rev its lucrative online advertising machine has strong appeal but “people have a real big concern about spending,” said Mortonson.Meta executives have laid out a vision of using AI to streamline the ad process from easy creation to smarter targeting, bypassing creative agencies and providing a turnkey solution to brands.AI talent hires are a long-term investment unlikely to impact Meta’s profitability in the immediate future, according to CFRA analyst Angelo Zino.”But still, you need those people on board now and to invest aggressively to be ready for that phase” of generative AI, Zino said.According to The New York Times, Zuckerberg is considering shifting away from Meta’s Llama, perhaps even using competing AI models instead.Penn State University professor Mehmet Canayaz sees potential for Meta to succeed with AI agents tailored to specific tasks at its platform, not requiring the best large language model.”Even firms without the most advanced LLMs, like Meta, can succeed as long as their models perform well within their specific market segment,” Canayaz said.

President Donald Trump said Sunday a group of buyers had been found for TikTok, which faces a looming ban in the United States due to its China ties, adding he could name the purchasers in two weeks.”We have a buyer for TikTok, by the way,” Trump said in an interview on Fox’s Sunday Morning Futures with Maria Bartiromo. “Very wealthy people. It’s a group of wealthy people,” the president said, without revealing more except to say he would make their identities known “in about two weeks.”The president also said he would likely need “China approval” for the sale, “and I think President Xi (Jinping) will probably do it.”TikTok is owned by China-based internet company ByteDance.A federal law requiring TikTok’s sale or ban on national security grounds was due to take effect the day before Trump’s inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause. In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States.Tech experts quickly described the TikTok kerfuffle as a symbol of the heated US-China tech rivalry. While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform — which boasts almost two billion global users — after coming to believe it helped him win young voters’ support in the November election.”I have a little warm spot in my heart for TikTok,” Trump told NBC News in early May. “If it needs an extension, I would be willing to give it an extension.”Now after two extensions pushed the deadline to June 19, Trump has extended it for a third time.He said in May that a group of purchasers was ready to pay ByteDance “a lot of money” for TikTok’s US operations.The previous month he said China would have agreed to a deal on the sale of TikTok if it were not for a dispute over Trump’s tariffs on Beijing.ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be “subject to approval under Chinese law.”