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Asian stocks got off to an uneven start on Thursday following a weak lead from Wall Street, though better-than-expected manufacturing data from China provided a glimmer of good news for Beijing.Investors appeared to be in a wait-and-see mood ahead of a coin-toss US election, and after a widely expected decision by the Bank of Japan to leave its main interest rate unchanged.The three main US stock indices lost ground on Wednesday, while major European markets closed sharply lower as well.Tokyo followed that lead on Thursday, dragged down around one percent by a drop in stocks linked to the semiconductor industry, which also saw a dip on Wall Street.The Bank of Japan said in an outlook report accompanying its rate decision that there were “high uncertainties surrounding Japan’s economic activities and prices”.Its decision to stand pat came after an election that saw the ruling coalition lose its majority in the lower house for the first time since 2009.Businesses and economists worry that Prime Minister Shigeru Ishiba will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness as he seeks to court support from other parties.There are also concerns that the government may pressure the BoJ to take a break from its gradual normalisation of its ultra-loose monetary policy, even if it leads to a weaker yen.The bank raised borrowing costs in March for the first time since 2007, and did so again in July.It signalled Thursday that it would raise rates yet again if inflation developed as it expected, and noted it was paying “due attention” to other economies, particularly the United States, where presidential elections take place on November 5.Seoul was well down on Thursday, with Sydney, Wellington and Manila in the red as well.”Asian equities are inheriting a wobbly baton today as earnings from US tech giants failed to deliver the expected boost,” said Stephen Innes of SPI Asset Management. “Wednesday’s session was a clear nod to pre-election de-risking.” Shanghai and Hong Kong, however, saw gains following a forecast-beating manufacturing report from China.Factory output expanded this month for the first time since April, official data showed Thursday, rare good news for leaders struggling to boost activity in the world’s second-largest economy.The country is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target of five percent for this year.”The PMIs have overstated the weakness in China’s economy during the past year,” Julian Evans-Pritchard of Capital Economics said in a note.”The good news is that, after turning a corner in September, the official surveys point to a further improvement in October, with an acceleration in manufacturing and services activity more than offsetting a further slowdown in construction.”Jakarta and Bangkok were also up, while Taipei was closed due to a typhoon.Uncertainty over the outcome of the upcoming US elections, meanwhile, drove safe haven gold to a fresh high just shy of $2,790 an ounce on Thursday. And oil prices continued their rebound in Asian trade, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 0500 GMT -Tokyo – Nikkei 225: DOWN 1 percent at 38,875.01Hong Kong – Hang Seng Index: UP 0.5 percent at 20,476.42Shanghai – Composite: UP 0.4 percent at 3,278.04Euro/dollar: DOWN at $1.0849 from $1.0861 on WednesdayPound/dollar: DOWN at $1.2951 from $1.2969Dollar/yen: DOWN at 152.90 yen from 153.35 yenEuro/pound: UP at 83.77 from 83.75 penceBrent North Sea Crude: UP 0.7 percent at $73.02 per barrelWest Texas Intermediate: UP 0.6 percent at $69.03 per barrelNew York – Dow: DOWN 0.2 percent at 42,141.54 points (close)London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)

The Bank of Japan kept its main interest rate unchanged on Thursday, as widely expected, warning of “high uncertainties surrounding Japan’s economic activity and prices”.The decision comes amid market uncertainty ahead of US presidential elections on November 5 and following Japanese polls on Sunday that was the worst outcome for the ruling party since 2009.The BoJ, which hiked interest rates in March for the first time in 17 years, said on Thursday it will maintain the key lending cost at 0.25 percent.In an outlook report, the bank said there “high uncertainties surrounding Japan’s economic activities and prices”. “Japan’s economy is likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately and as virtuous cycle from income to spending gradually intensifies against the background of factors such as accommodative financial conditions,” it said.The BoJ said it expected inflation of 2.5 percent for the current fiscal year to March 2025 before moderating to 2.0 percent in the following two years.The Japanese vote on Sunday saw the ruling coalition of Prime Minister Shigeru Ishiba lose its majority in the lower house for the first time since 2009.This will likely force Ishiba into a minority government that would need support from other parties to pass legislation.Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness.The BoJ was for a long time an outlier among major central banks, sticking to an ultra-loose monetary policy in an attempt to see demand-driven inflation of two percent fuelled by wage increases.The BoJ raised borrowing costs in March for the first time since 2007 and again in July, signalling that more were on the cards.Before being appointed leader of the Liberal Democratic Party, Ishiba openly backed this continuing. But after the yen surged and stocks tumbled following his appointment he rowed back.Many in the opposition though want a pause in order to avoid higher interest rates for consumers and businesses, even if this means a weaker yen and with it higher import prices.Higher interest rates will also make servicing Japan’s colossal debt pile — which accounts for around 250 percent of gross domestic product (GDP) — more expensive.The US Federal Reserve kicked off its rate-cutting cycle in September with a large cut of half a percentage-point, noting the progress made in bringing inflation down toward its long-run target of two percent. But the data published in the three weeks since the rate decision was announced have been “uneven,” Fed governor Christopher Waller said in mid-October.

Stock markets largely fell Wednesday as investors digested a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high ahead of the US presidential election.The three main US stock indices lost ground while major European markets closed sharply lower as well.Google-parent Alphabet was up almost three percent in New York after reporting positive results Tuesday, but that was outweighed by disappointing results and guidance from tech company AMD, down more than 10 percent, and drugmaker Eli Lilly, down more than six percent.  Microsoft shares gained 0.4 percent and Facebook-parent Meta lost 1.2 percent in after-hours trading, following earnings report after the closing bell.On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and slowed slightly from the previous three months.”While the initial Q3 GDP report missed economists’ expectations, the miss was minor and reaffirms that the US economy remains on solid footing,” according to eToro analyst Bret Kenwell. On Thursday, the Federal Reserve’s favored inflation measure will be released, while the monthly labor market report comes Friday.In the eurozone, Paris and Frankfurt closed down more than one percent. “Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the spurt was largely due to one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.UBS shares slumped more than four percent after the Swiss bank highlighted a gloomy economic outlook despite making healthy profits in the third quarter.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday. The economic programmes of both candidates are expected to add greatly to the US debt load.Oil prices rebounded after a surprise decline in US petroleum reserves, even though concerns persist about whether there will be enough takers for an expected increase in global crude production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  2035 GMT -New York – Dow: DOWN 0.2 percent at 42,141.54 points (close)New York – S&P 500: DOWN 0.3 percent at 5,813.67 (close) New York – Nasdaq Composite: DOWN 0.6 percent at 18,607.93 (close) London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)Paris – CAC 40: DOWN 1.1 percent at 7,428.36 (close)Frankfurt – DAX: DOWN 1.1 at 19,257.34 (close)Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0861 from $1.0816 on TuesdayPound/dollar: DOWN at $1.0861 from $1.3010Dollar/yen: DOWN at 153.35 yen from 153.57 yenEuro/pound: UP at 83.75 pence from 83.13 penceBrent North Sea Crude: UP 2.0 percent at $72.55 per barrelWest Texas Intermediate: UP 2.1 percent at $68.61 per barrel

Stock markets diverged Wednesday as they digested a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high with eyes on the upcoming US presidential election.The three main US stock indexes vacillated throughout the morning, but were all slightly higher in midday trading. Major European markets all closed sharply lower. Google-parent Alphabet was up almost six percent in New York after reporting positive results after Tuesday’s close, but that was outweighed by disappointing results and guidance from tech company AMD, down more than nine percent, and drugmaker Eli Lilly, down more than seven percent.  Microsoft and Facebook-parent Meta report later Wednesday. On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and slowed slightly from the previous quarter.  “While the initial Q3 GDP report missed economists’ expectations, the miss was minor and reaffirms that the US economy remains on solid footing,” according to eToro analyst Bret Kenwell. On Thursday, the Federal Reserve’s favourite inflation measure will be released, while the monthly labour jobs report comes Friday.In the eurozone, Paris and Frankfurt closed down more than one percent. “Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the spurt was largely due to one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.UBS shares slumped more than 4 percent after the Swiss bank highlighted a gloomy economic outlook despite making healthy profits in the third quarter.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday. The economic programmes of both candidates are expected to add greatly to the US debt load.Oil prices rebounded after a surprise decline in US petroleum reserves, even though concerns persist about whether there will be enough takers for an expected increase in global crude production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  1640 GMT -New York – Dow: UP 0.3 percent at 42,387.77 pointsNew York – S&P 500: UP 0.2 percent at 5,842.54 New York – Nasdaq Composite: UP 0.1 percent at 18,734.64 London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)Paris – CAC 40: DOWN 1.1 percent at 7,428.36 (close)Frankfurt – DAX: DOWN 1.1 at 19,257.34 (close)Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0863 from $1.0816 on TuesdayPound/dollar: DOWN at $1.3006 from $1.3010Dollar/yen: DOWN at 153.08 yen from 153.57 yenEuro/pound: UP at 83.53 pence from 83.13 penceBrent North Sea Crude: UP 2.3 percent at $72.77 per barrelWest Texas Intermediate: UP 2.5 percent at $68.90 per barrel

Major stock markets mostly dropped Wednesday after a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high with eyes on the upcoming US presidential election.The three main US stock indexes were slightly lower after opening, while key European markets were down more sharply in mid-afternoon trading.”Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.Google-parent Alphabet was up almost six after reporting positive results after Tuesday’s close, but that was outweighed by negative results from tech company AMD, down almost nine percent, and drugmaker Eli Lilly, down more than 13 percent.  Microsoft and Facebook-parent Meta report later Wednesday. On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and was a slight slowdown from the previous quarter.  On Thursday, the Federal Reserve’s favourite inflation measure will be released, while the monthly labour jobs report comes Friday.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the growth spurt may have been the result of one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday.Oil prices rebounded as volatility dominates crude trading amid twists and turns in the Middle East crisis, and concerns about whether there will be takers for an expected increase in production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  1345 GMT -New York – Dow: DOWN less than 0.1 percent at 42,219.45 pointsNew York – S&P 500: DOWN 0.2 percent at 5,823.89 New York – Nasdaq Composite: DOWN 0.2 percent at 18,871.59 London – FTSE 100: DOWN 0.4 percent at 8,186.78 Paris – CAC 40: DOWN 1.4 percent at 7,404.89Frankfurt – DAX: DOWN 1.2 at 19,254.09Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0830 from $1.0816 on TuesdayPound/dollar: DOWN at $1.2971 from $1.3010Dollar/yen: DOWN at 153.10 yen from 153.57 yenEuro/pound: UP at 83.51 pence from 83.13 penceBrent North Sea Crude: UP 1.5 percent at $72.15 per barrelWest Texas Intermediate: UP 1.4 percent at $68.15 per barrelburs-gv/rl

Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances.The EV and battery giant is a leading player in recent efforts by Chinese automotive firms to expand overseas — plans that are increasingly threatened by thorny trade disputes between Beijing and the West.BYD posted operating revenue of 201.1 billion yuan ($28.2 billion) during the third quarter, a filing at the Hong Kong Stock Exchange showed, up 24 percent from the same period last year.The Shenzhen-based firm’s quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted $25.2 billion in third-quarter revenue.BYD’s net profit during the period came in at 11.6 billion yuan ($1.6 billion), the filing showed, up 11.5 percent from the third quarter last year.Tesla’s profitability outlook had come under heightened scrutiny after slashing vehicle prices over the last year or so in response to increased offerings from other companies — including BYD — in the EV industry.But Elon Musk’s firm reported last week a third-quarter profit of $2.2 billion, up 17 percent from the same period last year.BYD — which adopts the English slogan “Build Your Dreams” — is the most prominent EV manufacturer in China, the world’s largest automotive market.The initial rapid sales growth of BYD and its industry peers in their home market was facilitated in part by generous subsidies from Beijing.But the European Union has said that the extensive state support enjoyed by Chinese firms has led to unfair competition, with an investigation by the bloc finding that Beijing’s subsidies were undercutting local competitors.The EU announced Tuesday that it would levy extra tariffs of up to 35.3 percent on Chinese EVs, a move described by trade chief Valdis Dombrovskis as “standing up for fair market practices and for the European industrial base”.- Intensifying battle -Beijing slammed the measures on Wednesday, saying it had lodged a complaint with the World Trade Organization and vowing to “take all necessary measures to firmly protect the legitimate rights and interests of Chinese companies”.Earlier this year, the United States and Canada raised customs duties on Chinese EVs to 100 percent.China is targeting car sales to be mainly made up of electric and hybrid models by 2035.Hopes of achieving those ambitions were bolstered in July when such vehicles accounted for more than half of all domestic sales for the first time, according to the China Association of Automobile Manufacturers.Originally specialising in the design and production of batteries, BYD diversified into the automotive industry in 2003.Its latest quarterly results come as China’s crowded EV sector is locked in a cut-throat price war that is weighing on profitability as smaller firms struggle to remain competitive.BYD said in an earnings report for the first half of this year that it had “effectively dealt with challenges brought by intensified industrial competition”.As the fight picks up in its home market, BYD has been ramping up a globalisation push, with plans to open factories in Hungary and Turkey.

Chinese electronics manufacturer Hisense deepened its relationship with FIFA on Wednesday as it became the first official sponsor of the controversial 2025 Club World Cup.The expanded tournament in the United States has come under fire for the extra workload it will place on players and football’s governing body is yet to announce any broadcast deals.The last edition of the Club World Cup featured seven teams but the new version will be considerably bigger with 32 sides including Real Madrid, Manchester City and Bayern Munich.FIFA said in a statement that the tie-up with Hisense “paves the way for further sponsorship deals for FIFA’s new flagship club competition to be announced in the coming weeks”.Speaking in Shanghai, FIFA president Gianni Infantino said: “Hisense’s commitment to innovation and technology aligns with our vision for this tournament, which will bring together the 32 best teams from around the world for an unforgettable celebration of our game that will revolutionise club football.”Hisense became a sponsor of the World Cup ahead of the tournament in 2018 in Russia.Infantino recently announced that Lionel Messi’s Inter Miami will kick off the club competition at Hard Rock Stadium, home of the NFL’s Miami Dolphins, on June 15.The participation of the eight-time Ballon d’Or winner is a much-needed boost to the profile of the new-look tournament.FIFA hopes the competition will capture the imagination of global television audiences as well as fans in the United States ahead of the World Cup in 2026.FIFA plan to hold the expanded tournament every four years.

Political uncertainty after Japan’s election shock risks slowing economic reforms, pushing up government spending and even holding up the Bank of Japan’s exit from its outlier monetary policy, economists said.Post-war Japan has long been a byword for political stability with the conservative, market-friendly Liberal Democratic Party (LDP) in power for all but four of the last 69 years.But the LDP-Komeito coalition lost its majority on Sunday, likely forcing Prime Minister Shigeru Ishiba into a minority government that would need support from other parties to pass legislation.Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness.Since 2021 “the country has had three prime ministers and Ishiba probably won’t last very long in office, either”, predicted Marcel Thieliant at Capital Economics.”That means that sweeping reform projects are unlikely,” he said — changes that were already “few and far between” in the past decade.Syetarn Hansakul from the Economist Intelligence Unit also anticipated a “dilution of (the LDP’s) reform agenda”, which included plans to increase spending on defence and social welfare.In addition to investor sentiment, this will “dent confidence among households and businesses. Domestic demand recovery could suffer as a result,” she said.Ishiba has promised more support for households, to accelerate wage increases and help revitalise rural areas, but some opposition parties want more.The Democratic Party for the People (DPP), a potential kingmaker, wants energy subsidies for consumers and lower taxes for part-time workers.But while aimed at reducing worker shortages in ageing Japan, this would also reduce the government’s tax revenues.Japan already has one of the world’s highest debt-to-output ratios at around 250 percent of gross domestic product. Media reports suggest that Ishiba will issue a new economic policy package next month and plans to include some proposals from the DPP.”(Although) Ishiba appears to appreciate fiscal discipline, he will likely continue to compromise and refrain from discussing additional revenue measures even though they are important in the long run,” said Shigeto Nagai at Oxford Economics.The Japan Business Federation, or Keidanren, urged parties to overcome differences and concentrate on growing the economy.”Japan cannot afford the luxury of delay in addressing these issues,” the head of the Japan Association of Corporate Executives said.All parties should “face the reality of the situation, engage in thorough discussions, and move forward with the necessary policies”, he said.- Cautious about rate hikes? -Another uncertainty is the Bank of Japan (BoJ) which only this year has cautiously begun moving away from an ultra-loose monetary stance and towards greater alignment with other central banks.Before being appointed LDP leader, Ishiba openly backed this continuing but after the yen surged and stocks tumbled following his appointment he rowed back.The BoJ was expected to stand pat on borrowing costs at its regular meeting on Thursday but most economists expect the next move upwards in December.Many in the opposition though want a pause in order to avoid higher interest rates for consumers and businesses, even if this means a weaker yen and with it higher import prices.Higher interest rates will also make servicing Japan’s colossal debts more expensive.”Becoming desperate to win the Upper House election next year, the Ishiba administration could become more cautious about the pace of rate hikes,” Nagai said.But Masamichi Adachi at UBS said he still expects a hike in December.”It is true that if financial markets remain volatile the BoJ is unlikely to raise the rate, but we think political instability will settle once a new government is formed, at least for the time being,” Adachi said.

Bitcoin was close to $73,000 in Asian trade Wednesday, approaching a record high with investors keeping a cautious eye on the US presidential election.The leading digital currency was trading around $72,470 at 0800 GMT, after climbing as high as $73,563.63 in late US trade, just shy of its all-time peak of $73,797.98 in March.The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.The price of bitcoin closely follows Trump’s standing in the polls because a Republican victory would lead to an increase in demand for the digital currency, said Russ Mould, an analyst at AJ Bell.During his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin president” if elected and even launching his own crypto platform.With the uncertainty surrounding the very tight US election, safe-haven gold also reached a record high of $2,787.07 on Wednesday.Oil prices rebounded slightly after falling sharply earlier in the week as fears of an escalation in the Middle East eased after Israel’s strikes on Iran avoided the country’s energy infrastructure.”The broader performance in oil prices seems slightly discordant with what is happening across the globe,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy.”Asian stocks fell following a mixed lead from Wall Street, with markets in a risk-off, wait-and-see mode ahead of the US election and the Federal Reserve’s rate decision next week.Tokyo was virtually the sole advancer, closing one percent higher as the Nikkei continued its run-up on the yen’s weakness and tech gains. Manila was the only other market in the green.Hong Kong led the decliners, falling 1.6 percent, while Shanghai, Sydney, Seoul, Singapore, Taipei, Kuala Lumpur and Bangkok also retreated.In Europe, London, Paris and Frankfurt were all lower in opening trade.”Asian markets are mostly down Wednesday, with investors on edge and wary of making big moves in local markets as the US presidential election looms large with pre-election de-risking taking hold,” said Stephen Innes, analyst at SPI Asset Management.”Even China’s rumoured 10 trillion yuan ($1.4 trillion) stimulus plan is getting a lukewarm reception as investors weigh its potential impact — or lack thereof — on the broader economy,” he said.Investors are hoping a key political meeting in Beijing next week will roll out a major stimulus plan for the Chinese economy, which has struggled to recover from the pandemic, with growth dragged down by a debt crisis in the property sector.Markets are also awaiting a raft of key US economic data for more clues about the health of the world’s largest economy and the direction of the Fed’s interest rate policy.Third-quarter GDP growth estimates will be released later Wednesday, with inflation data and the closely watched monthly labour market report out Thursday and Friday, respectively.Data released Tuesday showed US job openings fell to the lowest level since 2021 and below market expectations, indicating the labour market could be cooling.Yields on 10-year US Treasuries have edged up to above 4.3 percent this week, the highest since early July, suggesting that some market participants are increasingly counting on more limited rate cuts from the Fed at its November 7 meeting.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)London – FTSE 100: DOWN 0.5 percent at 8,177.75Euro/dollar: UP at $1.0841 from $1.0816 on TuesdayPound/dollar: UP at $1.3018 from $1.3010Dollar/yen: DOWN at 153.12 yen from 153.57 yenEuro/pound: UP at 83.28 pence from 83.13 penceBrent North Sea Crude: UP 0.8 percent at $71.65 per barrelWest Texas Intermediate: UP 0.9 percent at $67.79 per barrelNew York – Dow: DOWN 0.4 percent at 42,233.05 (close)

The flower fields of Nepal’s Gundu village glimmer yellow, orange and purple as women harvest blooms, a flourishing industry changing tough village lives by providing garlands for Hindu festivals.Nestled on the rim of Kathmandu Valley, Gundu is renowned for supplying the brightly-coloured globe amaranth and marigold flowers, with demand surging for this week’s Tihar celebrations, also known as Diwali, the Hindu festival of lights.At dawn, the village women gather in the fields to harvest the blooms, that will, by the day’s end, be woven into garlands to adorn homes and temples.The women of Gundu have turned this seasonal bloom into a thriving industry, despite a labour-intensive process of picking and weaving them into garlands. “This has provided more jobs for women of our village,” said flower farmer Saraswoti Bista, 56.”We don’t have to leave home, and by weaving garlands, we earn a good income,” she added.- Flourishing -Nepal, a majority-Hindu Himalayan nation, has a GDP per capita of $1,324, according to the World Bank.The flourishing trade has transformed Gundu into a model for flower production, with nearly 500 households supplying over one million garlands every year, generating over $133,000, according to the local village authority.As the festival peaks, garlands spill from rooftops and porches, filling the village with vibrant purple, red, and orange, a floral hub in Nepal.The dramatic deep purple-coloured globe amaranth, known in Nepal as makhmali, is in special demand during the five-day festival of Tihar.The dried blooms can last for months — or even years — with proper care.The garlands are given by sisters to their brothers on the fifth day of Tihar, as a symbolic offering wishing for their long life. Nepal produced an estimated 2.5 million garlands of globe amaranth flowers in 2024, a 10 percent increase since last year, according to the Floriculture Association Nepal.”It also supplies to different countries,” said flower association representative Dilip Bade.The country is set to export 200,000 garlands, valued at $1.4 million, to the United States, Australia, South Korea, Japan, and Europe, according to the floriculture association.But while the flower industry is blossoming, heavy flooding worsened by climate change hit the floriculture sector hard, resulting in estimated losses of over $1.1 million.