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

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

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

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

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

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

In India’s tech capital Bengaluru, the morning “rush hour” lasts so long it devours half the workday, throttling productivity in a city often viewed as the poster child of a booming economy.Entrepreneur RK Misra, co-founder of a multimillion-dollar start-up, avoids scheduling in-person meetings until nearly noon — then squeezes them in before gridlock returns.The “situation is pretty bad. And it hurts by not being able to plan your day”, Misra said, describing his gruelling 16-kilometre (nine mile) commute, which can take up to two hours at peak times.”It also discourages people from doing anything other than work, because there’s no work-life balance any more.”Bengaluru, home to nearly 12 million people and state capital of Karnataka, is the “Silicon Valley” of the world’s fifth biggest economy — hosting thousands of start-ups, outsourcing firms, and global tech giants from Google to Microsoft.Yet its flagship Outer Ring Road (ORR) business district is clogged with traffic, pocked with potholes, and often flooded during the monsoon. Water shortages plague the summer months.The roughly 20-kilometre (12-mile) ORR corridor, lined with swanky tech parks, hosts dozens of Fortune 500 offices, and more than a million employees.Frustration boiled over in September when Rajesh Yabaji, CEO of digital trucking logistics platform BlackBuck, announced he was moving his company out of ORR.Yabaji said he snapped after the “average commute for my colleagues shot up to 1.5+ hours (one way)”, he wrote on social media, adding that the roads were “full of potholes and dust, coupled with lowest intent to get them rectified”.- ‘Now or never’ -Pharma tycoon Kiran Mazumdar-Shaw, founder of Biocon, chimed in.”I had an overseas business visitor to Biocon Park who said; ‘Why are the roads so bad and why is there so much garbage around? Doesn’t the government want to support investment?” she wrote on social media.Bengaluru had the world’s third-slowest traffic in 2024, according to the TomTom Traffic Index — far worse than San Francisco or London.Manas Das, of the Outer Ring Road Companies Association, works with city authorities to resolve infrastructure woes for global tech companies.”Companies would like to get the basics right — and today those basics are getting compromised,” Das said.BS Prahallad, technical director of the government-backed Bengaluru Smart Infrastructure Limited, set up to manage major projects, said an average resident needed 90-100 minutes to cover 16 kilometres.”Something has to be done, now or never,” he told AFP.”The next step is, we will decay.”Karnataka deputy chief minister DK Shivakumar wrote last month on X that “10000+ potholes” had been identified, with half fixed so far.”Instead of tearing Bengaluru down, let’s build it up — together,” he said.”The world sees India through Bengaluru, and we owe it to our city to rise united!”Borrowing a page from London’s playbook, authorities have also decided to split the municipal corporation into five smaller bodies and set up an overarching Greater Bengaluru Authority.Shivakumar said this move would “transform the way Bengaluru is planned and governed”.- ‘Choking on pollution’ -The southern Indian city was not always an overrun metropolis. Once part of the erstwhile princely state of Mysore, it was known as “garden city” or a “pensioner’s paradise”. India’s software boom kicked off in the 1990s, with outsourcing companies striking gold.Waves of investment since then from Silicon Valley companies and start-ups helped quadruple the state’s software exports from 2014 to 2024 to $46 billion.Venture capitalist TV Mohandas Pai, former chief financial officer of Indian IT giant Infosys, said the city’s infrastructure was “possibly three to five years behind”.Rapid expansion clogged waterways, cut trees, and filled wetlands, straining the infrastructure, ecologist Harini Nagendra said.”We have flooding because water has no place to go, drought because the water is not infiltrating into the ground,” she said.”People are choking on pollution, choking on the concrete — and all the dust that comes with the construction, traffic, smog, heatwaves,” she added.Nearly half the city depends on boreholes that run dry in summer, while the rest rely on costly water trucked in — a problem set to worsen with climate change, according to the Water, Environment, Land and Livelihoods (WELL) Labs research centre.Pai, 67, remains optimistic.  “The future is going to be bright, but there is going to be pain,” he said.  “We are suffering the pangs of growth because India knows how to handle poverty, not prosperity.”

Asian markets rose again Thursday to extend the week’s global rally as traders ramp up bets on a third successive US interest rate cut next month.With recent worries over stretched valuations appearing to be on the back burner for now, confidence continues to flow through trading floors, boosting riskier assets including bitcoin.Comments from a number of Federal Reserve officials and a string of weak jobs reports have combined to reinforce expectations that next month’s policy meeting will end with another reduction in borrowing costs.Meanwhile, the central bank’s “beige book” of economic conditions around the United States pointed to a growing divergence in consumption, with lower-income populations pulling back.”Overall consumer spending declined further, while higher-end retail spending remained resilient,” said the report, adding that some retailers felt a negative hit from the record-long government shutdown.Traders were little moved by data showing a drop in jobless claims, confounding forecasts for a small rise.Markets are now pricing in around an 80 percent chance of a cut on December 10 and a further three next year. That compares with just three reductions in total that Bloomberg said had been previously expected.All three main indexes on Wall Street pushed higher for a fourth straight day Wednesday, with markets there closed Thursday for Thanksgiving.Most of Asia took up the baton with glee.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei and Jakarta all advanced, though Wellington and Manila struggled.The global gains come after markets took a hit this month on concerns that a tech-led surge in recent years may have been overdone and the vast sums invested in the AI sector will take some time to see returns.But those worries have for now been overshadowed by the prospect of lower rates — with the Fed focusing on the jobs market rather than worry about elevated inflation.Analysts also pointed to a wider range of firms pushing markets higher in the latest rally, with smaller cap companies benefiting from lower borrowing costs.And Pepperstone’s Chris Weston said Asia could see more gains.”While funds are well aware that US markets are closed in the upcoming session and most traders will also take Friday off, if Asia-based participants see a meaningful skew for further upside in US equity markets, it would make sense for them to get positioned for that risk,” he wrote in a note.Bitcoin, which last plunged to a seven-month low just above $80,000 amid the recent market swoon, broke back above $90,000 as risk appetite returned. However, it is still off the record high above $126.200 touched in early October.In corporate news, Tokyo-listed beer titan Asahi fell in the morning as it said it would delay its financial results owing to a cyberattack that began in September.The maker of Asahi Super Dry, one of Japan’s most popular beers, announced it was experiencing system troubles on September 29, stopping its ability to receive orders and to ship products. It blamed a ransomware attack.Meanwhile, South Korea’s largest crypto exchange is set to be acquired, pending board approval on Thursday, by one of the country’s top tech giants. Naver Financial said Wednesday it will buy Dunamu, the operator of Upbit, in a deal valued at more than $13 billion.  Upbit is world’s fourth largest crypto exchange in terms of trading volume. – Key figures at around 0215 GMT -Tokyo – Nikkei 225: UP 1.3 percent at 50,203.38 (break) Hong Kong – Hang Seng Index: UP 0.1 percent at 25,944.71Shanghai – Composite: UP 0.4 percent at 3,879.12Euro/dollar: UP at $1.1611 from $1.1598 on WednesdayPound/dollar: UP at $1.3256 from $1.3239Dollar/yen: DOWN at 156.08 yen from 156.42 yenEuro/pound: DOWN at 87.58 pence from 87.60 penceWest Texas Intermediate: DOWN 0.6 percent at $58.33 per barrelBrent North Sea Crude: DOWN 0.5 percent at $62.80 per barrelNew York – Dow: UP 0.7 percent at 47,427.12 (close)London – FTSE 100: UP 0.9 percent at 9,691.58 (close)

Japanese beer giant Asahi said Thursday it has delayed the release of full-year financial results due to a major ongoing cyberattack that began in late September.”While the Company is making every effort to restore the system as quickly as possible, it has decided to postpone the announcement of financial results for the fiscal year ending December 31, 2025,” Asahi said in a statement.”Regarding product supply, shipments are resuming in stages as system recovery progresses. We apologize for the continued inconvenience and appreciate your understanding,” said CEO Atsushi Katsuki.The maker of Asahi Super Dry, one of Japan’s most popular beers, said on September 29 that it was hit by a ransomware attack, becoming the latest high-profile global company to be targeted.A ransomware attack is when online actors use malicious software to lock or encrypt a victim’s systems and then demands payment for restoring their functions.The company has not disclosed the identity or the demands of the attacker.But hacker group Qilin, believed to be based in Russia, issued a statement that Japanese media interpreted as a claim of responsibility.Other global brands have also recently experienced similar attacks.Indian-owned Jaguar Land Rover was forced to seek emergency funding after a damaging cyberattack halted operations at its UK factories.Japanese retailer Muji said in October that it had stopped its domestic online shopping service after a ransomware attack on delivery partner Askul.A survey released in June has found that a third of Japanese businesses have experienced cyberattacks of some sort. 

Global stocks mostly rose Wednesday, with Wall Street equities gaining on hopes of lower interest rates, while the British pound advanced on the government’s unveiling of a new budget.US equities rose for a third straight day as momentum builds following comments in recent days from Federal Reserve officials signaling another potential interest rate cut next month.”It’s hard to ignore that the dramatic shifts in rate-cut hopes have been the dominant market driver in recent weeks,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.All three major US indices climbed again, led by the tech-rich Nasdaq, which rose 0.8 percent.Jack Ablin of Cresset Capital Management said the market could drift higher still if rate-cut expectations firm further.Gains by small capitalization companies and so-called “value” stocks are signs of a “healthy rotation out of the very narrow mega-cap tech stocks into a broader set of companies that will benefit from lower financing costs,” Ablin said.Analysts also cited speculation that Kevin Hassett, director of the White House National Economic Council, could be President Donald Trump’s next Fed Chief as supportive of markets because of expectations Hassett would cut interest rates further.Meanwhile, the Fed’s “beige book” of economic conditions around the United States pointed to a growing divergence in consumption, with lower-income populations pulling back.”Overall consumer spending declined further, while higher-end retail spending remained resilient,” said the report, adding that some retailers felt a negative hit from the record-long government shutdown.In Europe, London stocks advanced and the pound pushed higher as the center-left Labour government delivered a tax-raising budget aimed at curbing debt and funding public services.The yield on UK 10-year government bonds dipped, a sign that investors retained confidence in finance minister Rachel Reeves having control over public finances. Kathleen Brooks, research director at XTB, said market reaction suggested Reeves had “passed a major hurdle” and that her measures “have fiscal credence with investors for now.”Paris and Frankfurt stocks also gained, supported by hopes of progress toward the end of Russia’s war in Ukraine.”Now, nothing is signed yet — there’s still a lot of negotiation left — but markets have started to price in this deal, which is why both the euro and European stocks have rallied,” said Forex.com analyst Fawad Razaqzada.Russia said Wednesday that ongoing talks to end the war in Ukraine were “serious,” after earlier welcoming parts of a new US plan to halt the deadliest fighting in Europe since World War II.A deal was still a long way off, Russian officials warned, with US President Donald Trump’s envoy Steve Witkoff due in Moscow next week for further talks.But the negotiations were “ongoing, the process is serious,” Kremlin spokesman Dmitry Peskov said in televised comments.- Key figures at around 2120 GMT -New York – Dow: UP 0.7 percent at 47,427.12 (close)New York – S&P 500: UP 0.7 percent at 6,812.61 (close)New York – Nasdaq Composite: UP 0.8 percent at 23,214.69 (close)London – FTSE 100: UP 0.9 percent at 9,691.58 (close)Paris – CAC 40: UP 0.9 percent at 8,096.43 (close)Frankfurt – DAX: UP 1.1 percent at 23,726.22 (close)Tokyo – Nikkei 225: UP 1.9 percent at 49,559.07 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 25,928.08 (close)Shanghai – Composite: DOWN 0.2 percent at 3,864.18 (close)Euro/dollar: UP at $1.1598 from $1.1570 on TuesdayPound/dollar: UP at $1.3239 from $1.3166Dollar/yen: UP at 156.42 yen from 156.05 yenEuro/pound: DOWN at 87.60 pence from 87.88 penceBrent North Sea Crude: UP 1.0 percent at $63.13 per barrelWest Texas Intermediate: UP 1.2 percent at $58.65 per barrelburs-jmb/ksb