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An Indian state announced Monday it had begun implementing a common civil code to replace religious laws, stoking fear among minority Muslims of a looming nationwide rollout by the Hindu-nationalist ruling party.Introduction of a Uniform Civil Code (UCC) to replace India’s patchwork of laws on marriage, divorce and inheritance has been a longstanding goal of Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP).The northern state of Uttarakhand, taking in much of the Indian Himalayas, on Monday became just the second Indian state to implement such a law. Goa, the beach resort state on India’s west coast, is the only part of the country that already had a common civil code — introduced when it was still a Portuguese colony.Supporters say the UCC gives Muslim women the same rights as others by ending polygamy, setting equal property inheritance rights for sons and daughters, and requiring divorce processes take place before a civil court.It also makes it mandatory for couples to register live-in heterosexual relationships — or else face a three-month jail term or a fine.Uttarakhand Chief Minister Pushkar Singh Dhami said in a press conference announcing the law’s enactment that the UCC would bring about “equality”.”This code is not against any sect or religion. Through this, a way has been found to get rid of evil practices in the society,” added Dhami.The BJP has long campaigned for a standardised civil code but that has fuelled tensions, especially among minority Muslims who say such a move would infringe on their religious freedoms.Critics see its introduction in Uttarakhand as part of signal from the BJP to its base and a promise to implement the UCC nationally.Other BJP-ruled states such as Uttar Pradesh and Madhya Pradesh have signalled plans to bring in their own civil codes.- ‘Attack on identity’ -Muslim leaders say the UCC challenges Islamic laws on divorce, marriage and inheritance.”This is an attack on our identity,” Asma Zehra, president of the All India Muslim Women Association, told AFP.This move would create “huge challenges” for Muslim women because it would lead to a conflict between state laws and those of their faith, she told AFP.”This law is totally biased against Muslims and is a manifestation of Islamophobia,” she added.Other clauses of the newly minted law also sparked objections, including the mandatory registration of partners living together.”It is absolutely contrary to the right to privacy and personal autonomy,” senior lawyer Geeta Luthra told AFP.The state should not enter into the realm of what citizens do consensually, Luthra added.The Uttarakhand assembly had passed the UCC bill in February last year.

Asian markets mostly fell Monday on fresh trade fears after Donald Trump’s threat to impose huge tariffs on Colombia in retaliation for its refusal to accept deportation flights from the United States.Traders were also assessing the impact of a new, cheaper Chinese generative AI programme amid claims it can outperform big-name rivals and worries that a recent surge in the sector may be called into question.Equities enjoyed a healthy run-up last week on the hope that Trump 2.0 will take a less hardball approach to global trade as he held off imposing stiff levies on China and other partners immediately on taking office, as he warned he would.His comments that he would “rather not” hit Beijing, and a signal of openness to a trade deal added to the optimistic tone.However, news Sunday that he would hit Colombian goods with a 25 percent tariff — rising to 50 percent next week — and revoke the visas of government officials set off alarm bells.The move came after President Gustavo Petro blocked deportation flights from the United States. In response to Trump’s decision, Petro initially announced retaliatory levies of 25 percent on imports from the United States.But Bogota later backed down and agreed to accept the deported citizens, with Foreign Minister Luis Gilberto Murillo saying they had “overcome the impasse”.”Actions speak louder than words. The situation with Colombia just shows how little it takes for Trump to use tariffs as a negotiation tool,” said Dane Cekov at Sparebank 1 Markets.Traders were already gearing up for a big week that will see the Federal Reserve hold its first policy meeting of the year. While it is widely expected to hold rates, investors will be keeping a close eye on its statement and comments from Federal Reserve head Jerome Powell.There is a concern that Trump’s pledges to impose tariffs while slashing taxes, immigration and regulations could reignite inflation and force the central bank to pause its rate cuts or even hike them again.- Eyes on DeepSeek -The move against Colombia sent the dollar up against most of its peers, piling on around one percent against the Mexican peso. Gold, a safe haven in times of uncertainty, was sitting just shy of its record high.”This pivotal week kicks off in Asia, setting the stage for a global market spectacle intensely focused on the unfolding of… Trump’s economic agenda amidst key inflation reports and anticipated Fed guidance,” said Stephen Innes at SPI Asset Management. He added that markets were bracing for “a torrent of earnings reports from companies constituting nearly 40 percent of the S&P 500’s market capitalisation”.”Their outcomes could either amplify the recent bullish surge or instigate a reevaluation of market sentiments.”All three main indexes on Wall Street fell Friday, with the S&P 500 off a record high on profit-taking and as tech firms took a hit following the launch of the DeepSeek AI programme last week.The firm said only $5.6 million was spent developing the model.The programme’s arrival has sparked competition fears, as tech titans — including Nvidia, Meta and Alphabet — have made huge investments worth hundreds of billions of dollars into AI products and sent their valuations soaring.It also came on the heels of Trump’s announcement of a new $500 billion venture to build infrastructure for artificial intelligence in the United States.Tech and chip firms were among the big losers in Tokyo as the Nikkei ended in negative territory, with Advantest down more than eight percent and Tokyo Electron off almost five percent.SoftBank, which is a key investor in Trump’s AI project, tumbled more than eight percent.”What we’ve found is that DeepSeek… is the top performing, or roughly on par with the best American models,” Alexandr Wang, CEO of Scale AI, told CNBC.There were also losses in Shanghai, Singapore, Wellington, Mumbai, Bangkok and Manila but Hong Kong rose.London and Frankfurt opened on the back foot, having retreated Friday from record highs, while Paris also fell.- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.9 percent at 39,565.80 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 20,197.77 (close)Shanghai – Composite: DOWN 0.1 percent at 3,250.60 (close)London – FTSE 100: DOWN 0.3 percent at 8,477.60Dollar/yen: DOWN at 155.91 yen from 155.93 yen on FridayEuro/dollar: DOWN at $1.0460 from $1.0500Pound/dollar: DOWN at $1.2430 from $1.2484Euro/pound: UP at 84.15 pence from 84.06 penceWest Texas Intermediate: DOWN 0.5 percent at $74.28 per barrelBrent North Sea Crude: DOWN 0.4 percent at $78.17 per barrelNew York – Dow: DOWN 0.3 percent at 44,424.25 (close)

India’s efforts to pare back a longstanding reliance on Russian military hardware is bearing fruit after the courting of new Western allies and a rapidly growing domestic arms industry, analysts say.At a time when Moscow’s military-industrial complex is occupied with the ongoing war in Ukraine, India has made the modernisation of its armed forces a top priority.That urgency has risen in tandem with tensions between the world’s most populous nation and its northern neighbour China, especially since a deadly 2020 clash between their troops. “India’s perception of its security environment vis-a-vis China has been dramatically altered,” Harsh V Pant, of the New Delhi-based Observer Research Foundation think-tank, told AFP.Relations between the two neighbours went into freefall after the clash on their shared frontier, which killed 20 Indian and at least four Chinese soldiers. “It has sort of shaken the system and there’s a realisation that we have to do whatever is best now, and very fast,” Pant said of the incident. India has become the world’s largest arms importer with purchases steadily rising to account for nearly 10 percent of all imports globally in 2019-23, the Stockholm International Peace Research Institute (SIPRI) said last year.More is in the pipeline, with orders worth tens of billions of dollars from the United States, France, Israel and Germany in coming years.Modi will be in France next month where he is expected to sign deals worth about $10 billion for Rafale fighter jets and Scorpene-class submarines, Indian media reports say.- ‘Not easy to switch’ -Defence minister Rajnath Singh has also promised at least $100 billion in fresh domestic military hardware contracts by 2033 to spur local arms production. “India has been traditionally an importer for decades and only switched to emphasising on indigenous manufacturing… in the last decade,” strategic affairs analyst Nitin Gokhale told AFP.”It is not easy to switch, not everything can be manufactured or produced here,” he said, saying the country lacked the ability to manufacture “high-end technology” weapons systems.But its efforts have still seen numerous impressive milestones.  This decade India has opened an expansive new helicopter factory, launched its first homemade aircraft carrier, and conducted a successful long-range hypersonic missile test.That in turn has fostered a growing arms export market which saw sales last year worth $2.63 billion — still a tiny amount compared to established players, but a 30-fold increase in a decade.India is expected in the coming weeks to announce a landmark deal to supply Indonesia’s military with supersonic cruise missiles in a deal worth nearly $450 million. The government aims to triple this figure by 2029, with a significant chunk of the $75 billion it spent on defence last year aimed at boosting local production. – ‘Spread risks’ -India has deepened defence cooperation with Western countries in recent years, including in the much-feted Quad alliance with the United States, Japan and Australia.This reorientation has helped India sign various deals to import and locally co-produce military drones, naval ships, fighter jets and other hardware with suppliers from Western countries.It has also led to a precipitous drop in India’s share of arms from longstanding ally Russia, which supplied 76 percent of its military imports in 2009-13 but only 36 percent in 2019-23, according to SIPRI data. New Delhi has nonetheless sought to maintain the delicate balance between India’s historically warm ties with Moscow while courting closer partnerships with Western nations.Modi’s government has resisted pressure from Washington and elsewhere to explicitly condemn Russia’s 2022 invasion of Ukraine, instead urging both sides to the negotiating table.Gokhale said that India was not in the position to abandon its relationship with Russia, which still plays an important role as a supplier of advanced weaponry including cruise missiles and nuclear submarine technology.”India has certainly spread its risks by sourcing from other countries,” he said. “But Russia remains a very important and dependable partner.”

Higher US tariffs under President Donald Trump could accelerate a slump in the value of China’s currency, complicating recent efforts by Beijing to kickstart a rebound in its struggling economy, analysts warn.Just days after beginning his second term in the White House last week, Trump said he would impose a 10 percent levy on all Chinese products from February 1, while leaving the door open for negotiations.If implemented, the duties will likely exacerbate the yuan’s weakness, just as Chinese leaders work to shore up an economy beset with challenges including sluggish domestic consumption and a prolonged debt crisis in the property sector.Economists say this year could see the yuan fall to the lowest level against the US dollar since Beijing scrapped its fixed exchange rate two decades ago.”The combination of looming tariffs, looser monetary policy and a slower pace of rate cuts in the United States will weaken the yuan,” said Harry Murphy Cruise, an economist at Moody’s Analytics.A depreciated currency enhances the competitiveness of exporters by lowering the prices of their goods and services overseas.This could encourage Beijing to allow the yuan to decline further in order to support its foreign trade and reduce deflationary pressure at home, notes Alicia Garcia Herrero of Natixis.- ‘Catch-22’ -But a weaker yuan “could exacerbate trade tensions with the United States, hindering negotiations to bring tariffs back down”, said Murphy Cruise.He added that a “rapid drop” in its value could trigger large-scale capital outflows, similar to those that occurred in 2015 as uncertainty regarding China’s economy swirled.Above all, a major depreciation would run counter to the strategic objective of President Xi Jinping to ensure a “strong currency” and make China a “financial power”.But a stronger yuan would require sacrificing China’s currency advantage in trade — a vital lifeline for the economy at a time of sluggish domestic spending.”It is a Catch-22 situation,” wrote Garcia Herrero.For now, Beijing’s strategy is to prioritise the yuan’s stability, with the ambition of ultimately making it a major global reserve currency, analysts from Macquarie Group noted.The exchange rate could slide to 7.45 yuan per dollar by the end of 2025, from 7.24 currently, noted Murphy Cruise.While China’s central bank cannot put a full halt to the yuan’s slump, it “will likely intervene in the foreign exchange markets to ensure that the depreciation… is gradual”, he said.Surpassing the symbolic marker of 7.5 yuan per dollar could cause “panic”, sparking an even more rapid spiral, Wang Guo-Chen of the Taiwan-based Chung-Hua Institution for Economic Research told AFP.Authorities may initially orchestrate a slight devaluation in response to US tariffs, but “they will eventually pull back” he said.- ‘Tricky balance’ -The People’s Bank of China (PBoC) has recently introduced what it hopes will be hefty support for the yuan, including the issuance of six-month central bank bills in Hong Kong totalling a record 60 billion yuan.The PBoC has also recently injected tens of billions of dollars into financial circuits in order to stabilise markets and prevent activity from screeching to a halt during the Lunar New Year.But such moves may come into conflict with Beijing’s efforts elsewhere to boost an economy that is struggling to regain momentum.”It’s a very tricky balance: if domestic liquidity is increased, the currency will depreciate,” said Wang.The PBoC’s approach so far has been to alternate between liquidity injections and withdrawals, he told AFP.Beijing has pledged to continue providing major economic support for the domestic economy in 2025, boosting fiscal stimulus and encouraging consumption through measures such as subsidies for household goods.But the spectre of heightened trade tensions with the United States continues to darken the horizon.”Domestic consumption sentiment is unlikely to improve meaningfully amid trade disputes,” warned Kiyong Seong, macro strategist at Societe Generale.

Asian markets fluctuated Monday on fresh trade fears after Donald Trump’s decision to impose huge tariffs on Colombia, in retaliation for its refusal to accept deportation flights from the United States.Traders were also assessing the impact of a new, cheaper Chinese generative AI programme released last week that hit tech firms amid claims it can outperform big-name rivals such as ChatGPT. Equities enjoyed a healthy run-up last week on the hope that Trump 2.0 will take a less hardball approach to global trade as he held off imposing stiff levies on China and other partners immediately on taking office, as he warned he would.His comments that he would “rather not” hit Beijing, and a signal of openness to a trade deal added to the optimistic tone.However, news Sunday that he would hit Colombian goods with a 25 percent tariff — rising to 50 percent next week — and revoke the visas of government officials set off alarm bells.The move came after President Gustavo Petro blocked deportation flights from the United States. In response to Trump’s decision Petro announced retaliatory levies of 25 percent on imports from the United States.”Actions speak louder than words. The situation with Colombia just shows how little it takes for Trump to use tariffs as a negotiation tool,” Dane Cekov at Sparebank 1 Markets.Traders were already gearing up for a big week that will see the Federal Reserve hold its first policy meeting of the year. While it is widely expected to hold rates, investors will be keeping a close eye on its statement and comments from Federal Reserve head Jerome Powell.There is a concern that Trump’s pledges to impose tariffs and slash taxes, immigration and regulations could reignite inflation and force the central bank to pause its rate cuts or even hike them again.The move against Colombia sent the dollar up against most of its peers, piling on around one percent against the Mexican peso. Gold, a safe haven in times of uncertainty, was sitting just shy of its record high.”This pivotal week kicks off in Asia, setting the stage for a global market spectacle intensely focused on the unfolding of… Trump’s economic agenda amidst key inflation reports and anticipated Fed guidance,” said Stephen Innes at SPI Asset Management. He added that markets were bracing for “a torrent of earnings reports from companies constituting nearly 40 percent of the S&P 500’s market capitalisation”.”Their outcomes could either amplify the recent bullish surge or instigate a reevaluation of market sentiments.”All three main indexes on Wall Street fell Friday, with the S&P 500 off a record high on profit-taking and as tech firms took a hit following the launch of the DeepSeek AI programme last week.The programme’s arrival has sparked competition fears, as tech titans — including Nvidia, Meta and Alphabet — have made huge investments worth hundreds of billions of dollars into AI products.It also came on the heels of Trump’s announcement of a new $500 billion venture to build infrastructure for artificial intelligence in the United States.Tech and chip firms were among the big losers in Tokyo as the Nikkei ended the morning in negative territory, with Advantest down more than eight percent and Tokyo Electron off more than four percent.SoftBank, which is a key investor in Trump’s AI project, lost more than six percent.There were also losses in Singapore, Wellington and Manila but Hong Kong and Shanghai rose.- Key figures around 0300 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 39,699.76 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 20,167.21Shanghai – Composite: UP 0.3 percent at 3,262.62Dollar/yen: DOWN at 155.60 yen from 155.93 yen on FridayEuro/dollar: DOWN at $1.0462 from $1.0500Pound/dollar: DOWN at $1.2445 from $1.2484Euro/pound: UP at 84.08 pence from 84.06 penceWest Texas Intermediate: DOWN 1.2 percent at $73.75 per barrelBrent North Sea Crude: DOWN 1.2 percent at $77.56 per barrelNew York – Dow: DOWN 0.3 percent at 44,424.25 (close)London – FTSE 100: DOWN 0.7 percent at 8,502.35 (close)

Cars speeding along a smooth, black-coloured street in Nepal’s Pokhara are also driving over heaps of discarded plastic, transformed into an ingredient in road construction.Nepal’s urban areas generate about 5,000 tonnes of solid waste per day, according to the World Bank, of which 13 percent is plastic waste dumped in landfills.While high-value plastics, like bottles, are absorbed by the recycling industry, low-value plastics — such as multi-layered packaging — pose a significant challenge because they don’t fit into a single recycling category.For a group of young Nepali entrepreneurs, the vast accumulation of this low-value plastic waste presented an opportunity.”A plastic road can use even low-value plastics,” said Bimal Bastola, founder of Green Road Waste Management, the organisation leading the initiative in Nepal.”We saw scope for such plastics to be utilised as a raw material, partially substituting bitumen in road construction.”  Discarded packages of noodles, biscuits and other snacks move along a conveyor belt at their trash-sorting centre.The divided plastic is then put into machines to be shredded into fine pieces.Since the early 2000s, neighbouring India has been leading the world in building a network of plastic roads, even making the usage of plastic waste mandatory in roads near large cities in 2015.A growing number of countries are experimenting with it, including nearby Bhutan and Bangladesh.In traditional road construction, bitumen is the binding material, a tarry oil product mixed directly with hot aggregates before paving a road. The plastic road method, however, first coats the aggregates with shredded plastic before adding bitumen.”This method reduces the need for fresh raw materials, lowers costs, prevents water infiltration and increases road lifespan,” Bastola said.Studies show that roads paved with plastic waste can be twice as durable as normal roads.- ‘Scale up’ -Globally, only nine percent of plastic waste is recycled, while 19 percent is incinerated, and nearly half ends up in controlled landfills, according to the Organisation for Economic Cooperation and Development (OECD). Left unchecked, the production of synthetic polymers — the building blocks of plastics -— is expected to reach about 1.2 billion tonnes annually by 2060.The plastic that accumulates in the environment is non-biodegradable, takes hundreds of years to decompose and breaks down into tiny microscopic particles.And while Nepal banned single-use plastic bags thinner than 40 microns, that ban is not strictly implemented. For Bastola, increasing plastic road construction is key to making the recycling of low-value plastics economically viable.His organisation says about two tonnes of shredded plastic is used to build a kilometre of road.So far, the organisation has completed about 10 projects totalling a little over 1.5 kilometres (one mile).”It is happening at a small scale, we need to scale up,” Bastola said. “We have to make government-level projects and we are trying to work closely with the department of roads.”A pilot project is planned this year in the capital Kathmandu at a major intersection.”Nepal is keen on testing this technology through pilot projects,” said Arjun Nepal, an engineer with the Kathmandu road department.”But to take it forward, we need government-led standards to ensure quality.”The World Bank says life cycle analyses of plastic roads are limited and it is still not clear what environmental impacts — if any — recycled plastics may have when used in road construction. “While initial anecdotes and pilot studies show promise, further research is needed to measure emissions during production, evaluate microplastic release over time and determine how these roads behave once they are decommissioned,” said Valerie Hickey, global director of the World Bank’s climate change group.Despite these concerns, environmentalist Bhushan Tuladhar said that plastic roads present an important opportunity for Nepal.”It is a low-hanging fruit to address two problems simultaneously — the need for strong roads and the management of plastic waste — for a developing country like Nepal,” he said.

Wall Street stocks retreated Friday as the market’s latest rally lost steam, while the yen pushed higher after the Bank of Japan lifted interest rates.After a flattish open, major US indices tumbled into the red. The S&P 500 finished down 0.3 percent after closing at a record high on Thursday.”This is normal consolidation or profit taking after a big 2-week rally,” said Adam Sarhan of 50 Park Investment.Wall Street stocks have gained in recent sessions following benign US inflation data, strong earnings from banks and the new presidency of Donald Trump in Washington.Markets have thus far welcomed his growth-oriented agenda and largely shrugged off his threats of tariffs.Sarhan said the market was poised for a pause given the heavy calendar next week, which includes a Federal Reserve monetary policy decision and earnings from tech giants and other big companies.In Europe, both London and Frankfurt stocks hit fresh record highs before turning lower. Paris ended the day with a gain, led by luxury stocks after British fashion house Burberry showed signs of recovery.In Japan, Tokyo’s stock market dropped and the yen rallied after the Bank of Japan lifted borrowing costs to their highest level since 2008 and flagged further increases in the pipeline. Even as other central banks have raised borrowing costs in recent years — and started cutting again in 2024 — the BoJ has remained an outlier.But it concluded last March that Japan’s “lost decades” of economic stagnation and static or falling prices were over, finally lifting rates above zero.In other Asian trading, Hong Kong gained nearly two percent and Shanghai also advanced following Trump’s latest comments with regard to China.In an interview broadcast Thursday night, Trump said he would “rather not” impose tariffs on China and signaled openness at negotiating a trade deal with Beijing. “We have one very big power over China, and that’s tariffs, and they don’t want them, and I’d rather not have to use it,” Trump told Fox News. “But it’s a tremendous power over China.””Clearly these are off-the-cuff remarks but it has left the overnight market feeling like there’s a scenario where China escapes the worst of the tariff regime,” said Jim Reid, managing director at Deutsche Bank.Trump’s remarks earlier Thursday before the World Economic Forum in Davos calling for lower interest rates added to pressure on the dollar. – Key figures around 2140 GMT -New York – Dow: DOWN 0.3 percent at 44,424.25 (close)New York – S&P 500: DOWN 0.3 percent at 6,101.24 (close)New York – Nasdaq Composite: DOWN 0.5 percent at 19,954.30 (close)London – FTSE 100: DOWN 0.7 percent at 8,502.35 (close)Paris – CAC 40: UP 0.4 percent at 7,927.62 (close)Frankfurt – DAX: DOWN 0.1 percent at 21,394.93 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 39,931.98 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 20,066.19 (close)Shanghai – Composite: UP 0.7 percent at 3,252.63 (close)Dollar/yen: DOWN at 155.93 yen from 156.05 yen on ThursdayEuro/dollar: UP at $1.0500 from $1.0415Pound/dollar: UP at $1.2484 from $1.2353Euro/pound: DOWN at 84.06 pence from 84.31 penceWest Texas Intermediate: UP 0.1 percent at $74.66 per barrelBrent North Sea Crude: UP 0.3 percent at $78.50 per barrelburs-jmb/st

Global stocks diverged on Friday as investors weighed corporate earnings, economic data and President Donald Trump’s policies.Meanwhile the US dollar lost more than one percent against the euro and pound following the US president’s comments about not wanting to impose tariffs on China and calling for lower interest rates.The S&P 500 edged higher to set another record but all of Wall Street’s indices slid into the red after a US consumer sentiment survey came in lower than expected.”It is fair to say that there is a festering sense that the market may be due for a consolidation period given the scope of recent gains,” said Briefing.com analyst Patrick O’Hare, pointing to a six percent gain by the S&P 500 since the beginning of last week and a similar rise in the Nasdaq.”Those are big moves in front of a big week next week that will feature earnings reports from Apple, Meta Platforms, Microsoft, Tesla and Amazon.com” as well as an interest rate meeting by the US Federal Reserve and the release of the Fed’s preferred inflation gauge, he added.Wall Street’s major indices were still poised to end the week with solid gains, thanks in no small part to comments and actions by Trump since his return to the White House on Monday.In Asian trading, Hong Kong gained nearly two percent and Shanghai also advanced following Trump’s more friendly comments with regard to China.In a speech via video link Thursday at the World Economic Forum in Davos, Trump pushed for lower interest rates and said he would cut taxes for companies investing in the United States while imposing tariffs on those who do not.He also said in a separate interview that he would “rather not” impose tariffs on China and signalled openness at negotiating a trade deal with Beijing. “Clearly these are off-the-cuff remarks but it has left the overnight market feeling like there’s a scenario where China escapes the worst of the tariff regime,” said Jim Reid, managing director at Deutsche Bank.The comments also saw the greenback take a hit.”President Trump’s wish to see lower interest rates led to a drop and one-month low in the US dollar,” said Axel Rudolph at online trading platform IG.”This benefitted the gold price which rallied to within a whisker of its all-time high,” he added.In Japan, Tokyo’s stock market dropped and the yen rallied after the Bank of Japan lifted borrowing costs to their highest level since 2008 and flagged further increases in the pipeline. Moody’s Analytics said “the weak yen is a key reason” for the hike, along with a run of forecast-beating inflation reports.The yen has come under pressure against the dollar in recent months after the US Federal Reserve dialled back its expectations for rate cuts this year, and amid concerns that Trump’s policies would reignite inflation.In Europe, both London and Frankfurt stocks hit fresh record highs before turning lower. Paris ended the day with a gain, led by luxury stocks after British fashion house Burberry showed signs of recovery.- Key figures around 1630 GMT -New York – Dow: DOWN 0.1 percent at 44,511.43 pointsNew York – S&P 500: FLAT at 6,120.11New York – Nasdaq Composite: FLAT at 20,052.63London – FTSE 100: DOWN 0.7 percent at 8,502.35 (close)Paris – CAC 40: UP 0.4 percent at 7,927.62 (close)Frankfurt – DAX: DOWN less than 0.1 percent at 21,394.93 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 39,931.98 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 20,066.19 (close)Shanghai – Composite: UP 0.7 percent at 3,252.63 (close)Dollar/yen: DOWN at 155.61 yen from 156.03 yen on ThursdayEuro/dollar: UP at $1.0514 from $1.0415Pound/dollar: UP at $1.2490 from $1.2352Euro/pound: down at 84.20 pence from 84.31 penceWest Texas Intermediate: DOWN 0.2 percent at $74.46 per barrelBrent North Sea Crude: FLAT at $78.29 per barrelburs-rl/gv

Global stock markets rose Friday after a record day on Wall Street in response to US President Donald Trump’s tax-cut pledge and his more friendly comments with regard to China.In a speech via video link at the World Economic Forum in Davos, Trump pushed for lower interest rates and said he would cut taxes for companies investing in the United States while imposing tariffs on those who do not.He also said in a separate interview that he would “rather not” impose tariffs on China and signalled openness at negotiating a trade deal with Beijing. “Clearly these are off-the-cuff remarks but it has left the overnight market feeling like there’s a scenario where China escapes the worst of the tariff regime,” said Jim Reid, managing director at Deutsche Bank. That spurred Chinese equities to rally, with Hong Kong gaining nearly two percent and Shanghai also advancing.In Europe, Frankfurt and Paris stock markets both gained after data showed that business activity in the eurozone bounced back in January after a two-month contraction.The release of the closely watched data throughout Europe “brought a significant degree of optimism, coming as global leaders discuss the hopelessness of the region in Davos”, said Joshua Mahony, chief market analyst at Scope Markets. But London stocks fell after data showed an increase in job cuts despite business activity coming out stronger than expected. In company news, British fashion house Burberry showed signs of recovery despite posting a further decline in sales, sending its shares soaring 15 percent. In the wake of the results, Paris’s luxury sector led gains with Gucci-owner Kering surging eight percent and LVMH up three percent on hopes of a China-led recovery. In Japan, Tokyo’s stock market dropped and the yen briefly rallied after the Bank of Japan lifted borrowing costs to their highest level since 2008 and flagged further increases in the pipeline. Moody’s Analytics said “the weak yen is a key reason” for the hike, along with a run of forecast-beating inflation reports.The yen has come under pressure against the dollar in recent months after the US Federal Reserve dialled back its expectations for rate cuts this year, and amid concerns that Trump’s policies would reignite inflation.Oil prices recovered some of Thursday’s losses that followed Trump’s call to Saudi Arabia and OPEC to lower prices, with a recent build in US stockpiles adding to the weakness.- Key figures around 1100 GMT -London – FTSE 100: DOWN 0.3 percent at 8,537.31 pointsParis – CAC 40: UP 1.0 percent at 7,969.75Frankfurt – DAX: UP 0.4 percent at 21,485.70Tokyo – Nikkei 225: DOWN 0.1 percent at 39,931.98 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 20,066.19 (close)Shanghai – Composite: UP 0.7 percent at 3,252.63 (close)New York – Dow: UP 0.9 percent at 44,565.07 (close)Dollar/yen: DOWN at 155.98 yen from 156.03 yen on ThursdayEuro/dollar: UP at $1.0492 from $1.0415Pound/dollar: UP at $1.2430 from $1.2352Euro/pound: UP at 84.41 pence from 84.31 penceWest Texas Intermediate: UP 0.5 percent at $75.01 per barrelBrent North Sea Crude: UP 0.5 percent at $78.71 per barrel

British fashion house Burberry announced Friday a further decline in sales, hit by weak demand in China, but the troubled group is showing signs of recovery under new leadership. Revenue dropped seven percent to £659 million ($871 million) in the company’s third quarter, covering the three months to late December, from the period a year earlier, Burberry said. The group famed for its trench coats noted, however, that it was more likely to avoid a full-year operating loss after the sales decline was less severe than forecast by analysts.The news sent shares in Burberry — known also for its trademark red, camel and black check design — soaring by around 15 percent in morning deals on London’s FTSE 250 index.Burberry exited London’s top-tier FTSE 100 index in September after 15 years, with analysts citing strategic mistakes and weak demand from China.Chief executive Joshua Schulman, appointed in July, swiftly launched a turnaround plan focused on cutting costs and selling more outerwear. “We recognise that it is still very early in our transformation and there remains much to do,” Schulman said in a statement.The Asia-Pacific region saw Burberry’s largest decline in sales during its third quarter, with turnover in mainland China dropping seven percent.China is the world’s biggest spender in the luxury sector, accounting for half of global sales.But as the country’s post-pandemic recovery falters, consumption has flagged, sending jitters across the globe.Burberry’s latest sales decline in the world’s second-biggest economy was partially offset by an uplift in revenue from the Americas, it said.Burberry had posted a net loss of £74 million for its first half, after reporting a profit for the same period a year earlier.”Recent months have seen a sharp turnaround in performance, hinting at a much-needed comeback,” Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, said after the trading update.”But there’s still a long way to go… Building back brand desirability requires a lot of investment, even more patience,” he said.