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Stock markets diverged Tuesday as investors awaited a US Federal Reserve interest-rate meeting for signs of the outlook for the tariffs-hit economy.Oil prices staged a comeback after tanking on news of an output hike by key OPEC+ producers that came despite growing concerns over a slowdown in the global economy, which could hit demand. In Europe, Frankfurt’s stock market shed around one percent after German conservative leader Friedrich Merz failed to win a majority in the first parliament vote for chancellor, in an unexpected setback.Paris dropped while London was flat in early afternoon deals. “It’s a big week for central bank interest rate decisions,” noted AJ Bell investment director Russ Mould.The US Federal Reserve is expected to hold interest rates steady on Wednesday, even as President Donald Trump pushes for more cuts. While data last week showed that the US economy contracted in the first quarter, strong jobs and services sector figures suggest there is still some resilience.”The key focus will be on forward-looking commentary and whether the Fed is getting worried about Trump’s tariffs,” Mould added.Elsewhere, the Bank of England is Thursday expected to cut its key rate by a quarter point to 4.25 percent amid concerns of weak growth in Britain.In Asia Tuesday, stock markets benefited from some renewed optimism that governments are making progress in agreements to temper Trump’s levies, which have roiled global markets in recent months.US Treasury Secretary Scott Bessent told CNBC that the Trump administration had been approached by 17 countries and offered “very good” trade proposals.He also said there could be “substantial progress in the coming weeks” with China, which has been hit with tariffs of 145 percent. Hong Kong and Shanghai stock markets closed higher Tuesday as investors returned from a long weekend. Traders brushed off losses on Wall Street, with the S&P 500 snapping a nine-day winning streak and film studios hit by Trump’s warning of new tariffs on all films made outside the United States.Oil prices rose more than two percent, clawing back Monday’s losses that came after Saudi Arabia, Russia and six other members of the OPEC+ cartel agreed to boost output by 411,000 barrels a day in June.The move came a month after a similar announcement that caused prices to fall.In company news, US food delivery service DoorDash agreed to buy Deliveroo in a £2.9-billion ($3.9-billion) deal that values the UK group at less than half of its initial public offering price. Shares in Deliveroo rose around two percent on London’s second-tier FTSE 250 index. Danish wind turbine maker Vestas rose five percent in Copenhagen after it stuck to its annual earnings forecasts despite geopolitical uncertainty and US tariffs.- Key figures at around 1100 GMT -London – FTSE 100: FLAT at 8,593.68 pointsParis – CAC 40: DOWN 0.4 percent at 7,695.11Frankfurt – DAX: DOWN 0.9 percent at 23,139.69Hong Kong – Hang Seng Index: UP 0.7 percent at 22,662.71 (close)Shanghai – Composite: UP 1.1 percent at 3,316.11 (close)Tokyo – Nikkei 225: Closed for holidayNew York – Dow: UP 0.2 percent at 41,218.83 (close)Euro/dollar: UP at $1.1326 from $1.1319 on MondayPound/dollar: UP at $1.3350 from $1.3296Dollar/yen: DOWN at 143.11 yen from 143.72Euro/pound: DOWN at 84.84 pence from 85.10Brent North Sea Crude: UP 2.1 percent at $61.48 per barrelWest Texas Intermediate: UP 2.1 percent at $58.34 per barrel

The dollar rose in Asia on Tuesday fuelled by hopes for trade deals to avert Donald Trump’s sweeping tariffs, while equities were mixed as investors await the Federal Reserve’s latest policy decision.Oil also staged a comeback after tanking on news of an output hike by key producers that came despite growing concerns about demand and the outlook for the global economy.While no agreements have yet been reached with the White House, there is optimism that governments are making progress in averting or tempering the US president’s eye-watering levies, which have sent shivers through world markets.Sentiment was given a lift by US Treasury Secretary Scott Bessent, who told CNBC that the administration had been approached by 17 countries and offered “very good” trade proposals.He also said there could be “substantial progress in the coming weeks” with China, which has been hit with tariffs of 145 percent.Trump has imposed lower duties of 10 percent on goods from most other countries, along with 25 percent levies on specific items like steel, automobiles and aluminium.Hopes for deals have seen Asian currencies rally against the dollar, with Taiwan’s unit up around seven percent this month, while South Korea’s won, the Malaysian ringgit, Indian rupee and Thai baht have also seen healthy gains.The greenback was barely moved against the yen, euro and pound.The gains have led some to speculate governments are allowing for an appreciation of their currencies as part of negotiations with Washington.”The factor many talk about is whether these countries with historically ‘weak’ and heavily managed currencies are now appealing to Trump through the currency channels and are now allowing for an appreciation of the currency as part of the trade negotiations,” said Pepperstone’s Chris Weston.”If these Asian nations are indeed opting for a currency revaluation, it could be a significant development not just in driving the dollar lower, but also in the trade negotiation process and accelerate the idea of trade deals.”Equities were mixed, with Hong Kong and Shanghai advancing as investors returned from a long weekend.Singapore, Manila and Jakarta also rose along with London.But Sydney, Taipei, Mumbai, Bangkok, Paris and Frankfurt slipped. Wellington was flat.Traders brushed off losses on Wall Street, with the S&P 500 snapping a nine-day winning streak and film studios hit by Trump’s warning of new tariffs on all films made outside the United States.Focus turns to the Fed’s policy announcement Wednesday, with expectations it will stand pat on interest rates, even as Trump continues to push for more cuts.While data last week showed that the US economy contracted in the first quarter, strong jobs and services sector figures suggest there is still some resilience.”Soft data had baked in a Fed pivot, but the ensuing hard data prints got bond desks slashing their rate-cut tickets,” said SPI Asset Management’s Stephen Innes.”So long as the real economy hums and fresh levies are expected to spark a second inflation wave, Powell’s hawkish brace stays locked in,” he said in reference to Fed chairman Jerome Powell.Oil prices rose more than two percent, clawing back Monday’s losses that come on the back of a decision by Saudi Arabia, Russia and six other members of the OPEC+ cartel to boost output by 411,000 barrels a day for June.The move came a month after a similar announcement that also caused prices to fall.- Key figures at around 0810 GMT -Hong Kong – Hang Seng Index: UP 0.7 percent at 22,662.71 (close)Shanghai – Composite: UP 1.1 percent at 3,316.11 (close)London – FTSE 100: UP 0.2 percent at 8,617.32Tokyo – Nikkei 225: Closed for holidayEuro/dollar: UP at $1.1344 from $1.1319 on MondayPound/dollar: UP at $1.3327 from $1.3296Dollar/yen: DOWN at 143.25 yen from 143.72Euro/pound: UP at 85.12 pence from 85.10West Texas Intermediate: UP 2.3 percent at $58.43 per barrelBrent North Sea Crude: UP 2.3 percent at $61.59 per barrelNew York – Dow: UP 0.2 percent at 41,218.83 (close)

Hollywood reacted with skepticism on Monday to US President Donald Trump’s announcement of 100 percent tariffs on foreign films, with movie insiders calling it a policy made up on the fly by a president who fails to understand how the industry works.”It makes no sense,” entertainment lawyer Jonathan Handel said of Trump’s idea.Handel told AFP that many US productions, from James Bond flicks to the “Mission Impossible” franchise, are filmed abroad for obvious creative reasons.”If the stunt is Tom Cruise climbing up the Eiffel Tower, what are we supposed to do, shoot at the replica Eiffel Tower in Las Vegas?” Handel said. “I mean, it’s just nonsensical.”Writing on his platform Truth Social platform on Sunday, Trump said: “I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.””WE WANT MOVIES MADE IN AMERICA, AGAIN!” he wrote.His words plunged the movie industry into uncertainty as entertainment companies saw their stock prices fall, unions struggled to understand if the bombshell also applies to TV series and everyone wondered if the policy could even be enforced.Handel said movies involve intellectual property.”You can buy a movie ticket, but you don’t buy a movie the way you buy a piece of clothing or an automobile,” which can be taxed as they cross a border into the United States, he said.Even if a system could be devised to impose tariffs on movies filmed outside the United States, such levies would do more harm than good to the US industry, Handel said.”The result of that would be to reduce production, to increase the cost of movies, to reduce the number of movies available for movie theaters and streamers to show, which would damage the distribution side of the business,” he said.California Governor Gavin Newsom called on Monday for a partnership with the Trump administration to “Make America Film Again”.”We’ve proven what strong state incentives can do. Now it’s time for a real federal partnership to Make America Film Again,” he wrote on social media platform X.- ‘Confusion’ -Unions for actors and other media and entertainment workers said they awaited more details of Trump’s plan but supported the goal of increasing production of movies, TV and streaming in the United States. “We will continue to advocate for policies that strengthen our competitive position, accelerate economic growth and create good middle-class jobs for American workers,” said one such guild, SAG-AFTRA.Many movie studios and other industry organizations had yet to officially react by Monday but Trump’s announcement triggered crisis meetings, Hollywood news outlets reported, publishing skeptical comments from insiders speaking on condition of anonymity.”I can’t see his target here other than confusion and distraction,” the showbiz news outlet Deadline quoted a top distribution executive as saying.”Let’s hope this only encourages desperately needed increases in US state tax incentives being implemented ASAP,” the person said.Such incentives offered by other countries — such as Britain, Canada and Ireland, among others — are a lure for US movie studios to film outside the country.Australia, which for years used generous tax breaks and other cash incentives to lure foreign filmmakers, said it still wants to make “great films” with the United States.With Trump’s tariffs threatening the home of Hollywood hits including “The Matrix”, “Elvis” and “Crocodile Dundee”, Australian Foreign Minister Penny Wong said on Tuesday that “collaboration is a good thing.”While Trump’s idea is divisive, there is widespread agreement that the US movie industry is in dire straits.Hollywood has struggled to get back on its feet since the historic strikes by actors and writers that shut it down in 2023.The number of filming days in Los Angeles hit a record low in 2024, excluding the total shutdown in 2020 because of the Covid pandemic.This is in part because many movies are now filmed in a growing number of countries that offer incentives such as tax rebates.Deadline quoted a Hollywood movie financier as saying he agreed with Trump’s goal of having more movies filmed in the United States.”But obviously the need is for rebates, not tariffs. Tariffs will just choke the remaining life out of the business,” they were quoted as saying.As Hollywood fretted over Trump’s announcement, the White House said no decision on foreign film tariffs has been made. “The Administration is exploring all options to deliver on President Trump’s directive to safeguard our country’s national and economic security while Making Hollywood Great Again,” the White House said in a statement.Trump told reporters Monday: “I’m not looking to hurt the industry. I want to help the industry. But they’re given financing by other countries.”That seemingly conciliatory remark stopped short of walking back the film tariff announcement, as Trump criticized Newsom, who is pushing for his state to double the tax credits it grants to the movie industry.”Our film industry has been decimated by other countries taking them out, and also by incompetence,” Trump said of Newsom.”He’s just allowed it to be taken away from, you know, Hollywood.”

Australia still wants to make “great films” with the United States, Foreign Minister Penny Wong said Tuesday, as new tariffs threaten the home of Hollywood hits like The Matrix, Elvis and Crocodile Dundee.US President Donald Trump on Sunday announced 100 percent tariffs for all films produced in “foreign lands”, saying struggling Tinsel Town would be better served by “movies made in America”. So-called “Aussiewood” has for years used generous tax breaks and other cash incentives to lure foreign filmmakers Down Under, producing a string of hits for major Hollywood studios. Although little is known about how the tariffs might work, Australia’s top diplomat Wong said they risk ultimately proving a flop with filmgoers. “Our message is we make great films together,” she told national broadcaster ABC. “We have films, American films, which are filmed here in Australia. The collaboration is a good thing. So, let’s not get in the way of that.” “Crocodile Dundee”, a 1986 comedy about an Australian bushman transplanted to New York City, helped put Australia’s fledgling film industry on the map in America. Since then, some of Hollywood’s hottest directors have used Australia to film Marvel blockbusters, Mission Impossible instalments, and box office winners like Elvis. The tariffs could also trouble neighbouring New Zealand, which famously lent its spectacular scenery to the beloved Lord of the Rings trilogy. New Zealand Film Commission boss Annie Murray said they were still trying to untangle how the tariffs might work.”We’re mindful, however, this is an evolving situation and it’s too early to speculate on what this could mean,” she told AFP. The tariffs appear to target a business model favoured by American studios who obtain tax breaks to film in countries such as Britain, Canada, Ireland and Australia. A recent survey of studio executives found that their top five favoured production locations were all outside the United States. At the start of this year, Trump appointed veteran stars Sylvester Stallone, Mel Gibson and Jon Voight to bring Hollywood back “bigger, better and stronger than ever before”.

Dutch medical device maker Philips reported a net profit for the first time in three quarters Tuesday despite weak sales in China but warned of “intensified” uncertainties due to tariffs.Net profits came in at 72 million euros ($82 million), compared to a net loss of 998 million euros in the same quarter last year and 333 million euros in the fourth quarter of 2024.”It’s an encouraging start to the year,” the firm’s chief executive Roy Jakobs told reporters.Jakobs predicted that the second half of the year would be stronger for the firm than the first half.”In an uncertain macro environment that has intensified due to the potential impact of tariffs, we are focused on what we can control,” he added.The company estimated a hit of between 250-300 million euros from tariffs over the year.Philips maintained its forecast for between one and three percent growth in sales for 2025, but slightly cut its projection for earnings before special items (EBITA).The firm pointed to a two-percent growth in orders globally, with China again proving a drag. Without China, the order growth would have been four percent, Philips said.However, global sales were down two percent compared to the same quarter last year due to a “double-digit decline” in China, the firm said.Philips has previous warned that a slowing Chinese economy was hurting consumer demand for products and the government’s anti-corruption drive was hitting procurement.Once famous for making lightbulbs and televisions among other products, Amsterdam-based Philips in recent years has sold off subsidiaries to focus on medical care technology.Since 2021, the company has been battling a series of crises over its DreamStation machines for sleep apnoea, a disorder in which breathing stops and starts during sleep.Millions of devices were recalled over concerns that users were at risk of inhaling pieces of noise-cancelling foams and fears it could potentially cause cancer.In April 2024, it announced it had reached a $1.1 billion deal to settle US lawsuits over the faulty machines.

The dollar rose in Asia on Tuesday fuelled by hopes for trade deals to avert Donald Trump’s sweeping tariffs, while equities mostly rose as investors await the Federal Reserve’s latest policy decision.Oil also staged a comeback after tanking on news of an output hike by key producers that came despite growing concerns about demand and the outlook for the global economy.While no agreements have yet been reached with the White House, there is optimism that governments are making progress in averting or tempering the US president’s eye-watering levies, which have sent shivers through world markets.Sentiment was given a lift by US Treasury Secretary Scott Bessent, who told CNBC that the administration had been approached by 17 countries and offered “very good” trade proposals. He also said there could be “substantial progress in the coming weeks” with China, which has been hit with tariffs of 145 percent.Trump has imposed lower duties of 10 percent on goods from most other countries, along with 25 percent levies on specific items like steel, automobiles and aluminium.Hopes for deals have seen Asian currencies rally against the dollar, with Taiwan’s unit up around seven percent this month, while South Korea’s won, the Malaysian ringgit, Indian rupee and Thai baht have also seen healthy gains.The gains have led some to speculate governments are allowing for an appreciation of their currencies as part of negotiations with Washington. “The factor many talk about is whether these countries with historically ‘weak’ and heavily managed currencies are now appealing to Trump through the currency channels and are now allowing for an appreciation of the currency as part of the trade negotiations,” said Pepperstone’s Chris Weston.”If these Asian nations are indeed opting for a currency revaluation, it could be a significant development not just in driving the dollar lower, but also in the trade negotiation process and accelerate the idea of trade deals.”Equities mostly rose, with Hong Kong and Shanghai leading the way as investors returned from a long weekend.Wellington, Taipei, Manila and Jakarta also rose, though Sydney and Singapore edged down.Traders brushed off losses on Wall Street, with the S&P 500 snapping a nine-day winning streak, with film studios hit by Trump’s warning of new tariffs on all films made outside the United States.Focus turns to the Fed’s policy announcement Wednesday, with expectations it will stand pat on interest rates, even as Trump continues to push for more cuts.While data last week showed that the US economy contracted in the first quarter, strong jobs and services sector figures suggest there is still some resilience.”Soft data had baked in a Fed pivot, but the ensuing hard data prints got bond desks slashing their rate-cut tickets,” said SPI Asset Management’s Stephen Innes.”So long as the real economy hums and fresh levies are expected to spark a second inflation wave, Powell’s hawkish brace stays locked in,” he said in reference to Fed chairman Jerome Powell.Oil prices rose more than one percent after sinking around two percent Monday following the decision by Saudi Arabia, Russia and six other members of the OPEC+ cartel to boost output by 411,000 barrels a day for June, a month after a similar move had already caused prices to fall.- Key figures at around 0230 GMT -Hong Kong – Hang Seng Index: UP 0.5 percent at 22,616.26Shanghai – Composite: UP 0.7 percent at 3,302.24 Tokyo – Nikkei 225: Closed for holidayEuro/dollar: DOWN at $1.1308 from $1.1319 on MondayPound/dollar: DOWN at $1.3288 from $1.3296Dollar/yen: UP at 143.81 yen from 143.72Euro/pound: DOWN at 85.08 pence from 85.10West Texas Intermediate: UP 1.2 percent at $57.83 per barrelBrent North Sea Crude: UP 1.2 percent at $60.92 per barrelNew York – Dow: UP 0.2 percent at 41,218.83 (close)London – FTSE 100: Closed Monday for holiday

New Zealand’s prime minister on Tuesday proposed banning children under 16 from social media, stressing the need to protect them from the perils of big tech platforms.Regulators the world over are wrestling with how to keep children safe online, as social media is increasingly flooded with violent and disturbing content.Prime Minister Christopher Luxon unveiled draft laws that would force social media companies to verify users were at least 16 years old, or face fines of up to NZ$2 million (US$1.2 million). The proposed ban was modelled on that of Australia, which sits at the forefront of global efforts to regulate social media. “This is about protecting our children. It’s about making sure social media companies are playing their role in keeping our kids safe,” Luxon said.It was not clear when the legislation would be introduced to parliament, but Luxon said he was hopeful of garnering support across the chamber.The laws were drafted by Luxon’s centre-right National Party, the biggest member in New Zealand’s three-way governing coalition. To be passed they would need the support of Luxon’s two other coalition partners. “Parents are constantly telling us that they are really worried about the impact that social media is having on their children,” Luxon said. “And they say they are really struggling to manage access to social media.”Australia passed landmark laws in November banning under-16s from social media — one of the world’s toughest crackdowns on popular sites such as Facebook, Instagram and X.The move sparked a fierce backlash from big tech companies who variously described the laws as “rushed”, “vague”, and “problematic”. 

Shares in US film studios slid on Monday following a threat by US President Donald Trump to impose 100 percent tariffs on foreign-made productions.Meanwhile oil prices tumbled after OPEC+ countries announced an output hike despite oversupply concerns and growing fears that Trump’s trade war could weaken demand.Globally, stock markets were mixed in holiday-thinned trading ahead of central bank decisions on interest rates later in the week.Wall Street indices finished a choppy session lower, with the S&P 500 losing 0.6 percent to snap a nine-day streak of gains.US stocks are coming off two strong weeks, with gains last Friday driven by strong jobs data and improving sentiment about US-China trade talks. Monday’s retreat “was indicative of consolidation after the market’s solid run off April lows,” said Briefing.com, which pointed to “ongoing resilience” that limited Monday’s losses.Shares in entertainment firms slid after Trump said Sunday he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being “devastated” by a trend of US filmmakers and studios working abroad.Lionsgate Studios dropped five percent, while Netflix, whose foreign productions for its subsidiaries have often become popular globally, saw its shares fall around two percent.Disney, Paramount and Warner Bros. Discovery also retreated.Shares in Berkshire Hathaway fell around five percent after influential investor Warren Buffett said Saturday that he would retire from leading the firm he built into a conglomerate worth more than $1 trillion.In Europe, Paris ended lower while Frankfurt climbed as Germany’s conservatives and center-left Social Democrats reached a coalition deal for governing.London was closed for a public holiday, as were Tokyo and Hong Kong in Asia.Investors are waiting for interest rate decisions this week, with the US Federal Reserve and the Bank of England holding policy meetings on Wednesday and Thursday respectively.”Our US economists expect the Fed to keep rates steady and avoid explicit forward guidance about the policy path ahead,” Deutsche Bank analysts said.- Brent below $60 per barrel -Oil prices fell sharply after Saudi Arabia, Russia and six other members of the OPEC+ oil cartel announced an output increase of 411,000 barrels a day for June, a month after a similar move had already caused prices to fall.Brent’s international benchmark crude fell below $60 per barrel for the first time since 2020 before rebounding somewhat.The price of crude has also been sliding because of fears of a global economic slowdown on the back of Trump’s tariff onslaught.Analysts were still trying to pinpoint the oil cartel’s motivation.”The weekend news wasn’t a shocker but the reasons behind the move remain uncertain,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”The official communication says the group is bringing barrels back to the market because ‘fundamentals are healthy and inventories are low,'” Ozkardeskaya said.”Yet global growth expectations have been crumbling due to a heated trade war between the US and the rest of the world, and rising output only worsens oversupply concerns,” said Ozkardeskaya.- Key figures at around 2050 GMT -West Texas Intermediate: DOWN 2.0 percent at $57.13 per barrelBrent North Sea Crude: DOWN 1.7 percent at $60.23 per barrelNew York – Dow: UP 0.2 percent at 41,218.83 (close)New York – S&P 500: DOWN 0.6 percent at 5,650.38 (close)New York – Nasdaq Composite: DOWN 0.7 percent at 17,844.24 (close)Paris – CAC 40: DOWN 0.6 percent at 7,727.93 (close) Frankfurt – DAX: UP 1.1 percent at 23,344.54 (close)London – FTSE 100: closed for holidayTokyo – Nikkei 225: closed for holidayHong Kong – Hang Seng Index: closed for holiday Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1319 from $1.1297 on FridayPound/dollar: UP at $1.3296 from $1.3270Dollar/yen: DOWN at 143.72 yen from 144.92Euro/pound: UP at 85.10 pence from 84.10burs-jmb/bjt

OpenAI CEO Sam Altman announced Monday that the company behind ChatGPT will continue to be run as a nonprofit, abandoning a contested plan to convert into a for-profit organization.The structural issue had become a significant point of contention for the artificial intelligence (AI) pioneer, with major investors pushing for the change to better secure their returns.AI safety advocates had expressed concerns about pursuing substantial profits from such powerful technology without the oversight of a nonprofit board of directors acting in society’s interest rather than for shareholder profits.”OpenAI is not a normal company and never will be,” Altman wrote in an email to staff posted on the company’s website.”We made the decision for the nonprofit to stay in control after hearing from civic leaders and having discussions with the offices of the Attorneys General of California and Delaware,” he added. OpenAI was founded as a nonprofit in 2015 and later created a “capped” for-profit entity allowing limited profit-making to attract investors, with cloud computing giant Microsoft becoming the largest early backer.This arrangement nearly collapsed in 2023 when the board unexpectedly fired Altman. Staff revolted, leading to Altman’s reinstatement while those responsible for his dismissal departed.Alarmed by the instability, investors demanded OpenAI transition to a more traditional for-profit structure within two years.Under its initial reform plan revealed last year, OpenAI would have become an outright for-profit public benefit corporation (PBC), reassuring investors considering the tens of billions of dollars necessary to fulfill the company’s ambitions.Any status change, however, requires approval from state governments in California and Delaware, where the company is headquartered and registered, respectively.The plan faced strong criticism from AI safety activists and co-founder Elon Musk, who sued the company he left in 2018, claiming the proposal violated its founding philosophy.In the revised plan, OpenAI’s money-making arm will now be fully open to generate profits but, crucially, will remain under the nonprofit board’s supervision.”We believe this sets us up to continue to make rapid, safe progress and to put great AI in the hands of everyone,” Altman said.- SoftBank sign-off -OpenAI’s major investors will likely have a say in this proposal, with Japanese investment giant SoftBank having made the change to being a for-profit a condition for their massive $30 billion investment announced on March 31.In an official document, SoftBank stated its total investment could be reduced to $20 billion if OpenAI does not restructure into a for-profit entity by year-end.The substantial cash injections are needed to cover OpenAI’s colossal computing requirements to build increasingly energy-intensive and complex AI models.The company’s original vision did not contemplate “the needs for hundreds of billions of dollars of compute to train models and serve users,” Altman said.SoftBank’s contribution in March represented the majority of the $40 billion raised in a funding round that valued the ChatGPT maker at $300 billion, marking the largest capital-raising event ever for a startup.The company, led by Altman, has become one of Silicon Valley’s most successful startups, propelled to prominence in 2022 with the release of ChatGPT, its generative AI chatbot.

Oil prices slumped on Monday after OPEC+ countries announced a production hike despite oversupply concerns and growing fears that US President Donald Trump’s trade war could weaken demand.Stock markets were mostly down in holiday-thinned trading ahead of central bank decisions later in the week, while shares in film companies fell after Trump announced tariffs on movies made outside the United States.Saudi Arabia, Russia and six other members of the oil cartel announced over the weekend an output increase of 411,000 barrels a day for June, a month after a similar move had already caused prices to fall.The price of crude has also been sliding because of fears of a global economic slowdown on the back of Trump’s tariff onslaught.The OPEC+ move “confirms a stark turnaround away from the production cuts that have persisted since 2022″, said a Deutsche Bank research note.Oil prices fell almost four percent before paring back some losses. Brent, the international benchmark, briefly fell below $60 per barrel for the first time since 2020.Analysts were still trying to pinpoint the oil cartel’s motivation.”The weekend news wasn’t a shocker but the reasons behind the move remain uncertain,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”The official communication says the group is bringing barrels back to the market because ‘fundamentals are healthy and inventories are low’,” Ozkardeskaya said.”Yet global growth expectations have been crumbling due to a heated trade war between the US and the rest of the world, and rising output only worsens oversupply concerns. So the real reason must be something else,” she added.She said some argued that the Saudis were “punishing” OPEC members who had not complied fully with the previous policy of cutting production.Other theories include that Trump has pressed for lower oil prices to hurt Russian finances and speed up the end of the Ukraine war, or that Riyadh wants to push out US shale businesses and increase its market share.”We don’t know for sure. The exact motive remains unclear,” Ozkardeskaya said.- Fed move -On stock markets, Wall Street’s three main indices slid lower at the opening bell.US stocks are coming off two strong weeks, with gains last Friday driven by strong jobs data and improving sentiment about US-China trade talks.Shares in Berkshire Hathaway fell more than five percent after influential billionaire investor Warren Buffett said Saturday he would retire from leading the firm which he built into a conglomerate worth more than $1 trillion.Shares in entertainment firms slid after Trump said Sunday he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being “devastated” by a trend of US filmmakers and studios working abroad.Shares in Netflix and Warner Bros. Discovery were down around three percent, while Lionsgate fell more than five percent.Shares in Paramount dropped more than two percent and Disney 1.5 percent.In Europe, Paris was down in afternoon deals while Frankfurt pushed higher.London was closed for a public holiday, as were Tokyo and Hong Kong in Asia.Investors are waiting for interest rate decisions this week, with the US Federal Reserve and Bank of England holding policy meetings on Wednesday and Thursday respectively.”Our US economists expect the Fed to keep rates steady and avoid explicit forward guidance about the policy path ahead,” Deutsche Bank analysts said.The dollar fell against other major currencies.But the Australian dollar gained against the US dollar after Prime Minister Anthony Albanese’s election victory on Saturday, while the S&P/ASX 200 fell almost one percent.- Key figures at around 1330 GMT -West Texas Intermediate: DOWN 1.7 percent at $57.29 per barrelBrent North Sea Crude: DOWN 1.5 percent at $60.37 per barrelNew York – Dow: DOWN 0.5 percent at 41,107.23 pointsNew York – S&P 500: DOWN 0.7 percent at 5,647.28New York – Nasdaq Composite: DOWN 0.8 percent at 17,832.95Paris – CAC 40: DOWN 0.6 percent at 7,726.57 Frankfurt – DAX: UP 0.8 percent at 23,273.07London – FTSE 100: closed for holidayTokyo – Nikkei 225: closed for holidayHong Kong – Hang Seng Index: closed for holiday Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1359 from $1.1299 on FridayPound/dollar: UP at $1.3329 from $1.3268Dollar/yen: DOWN at 143.67 yen from 144.97Euro/pound: UP at 85.21 pence from 85.14burs-rl/lth