Afp Business Asia

US and European stock markets mostly pushed higher Wednesday as investors tracked earnings and President Donald Trump’s policy plans as artificial intelligence shares rallied.However, Hong Kong and Shanghai’s indices fell after Trump warned China could be included in a list of countries to be hit with tariffs on February 1.The latest batch of corporate earnings helped boost sentiment on Wall Street, with the S&P 500 flirting with a record high. Netflix soared nearly 10 percent after it reported adding almost 19 million subscribers during the holiday season to finish last year with more than 300 million globally.Shares of AI-linked companies such as Arm, Microsoft and Nvidia also advanced following a White House announcement of some $500 billion in new artificial intelligence infrastructure, while Procter & Gamble and Seagate Technology were among the equities advancing after earnings reports.A retreat in US government bond yields after last week’s spike has also reassured equities investors.In Europe, the London and Frankfurt stock markets continued to hit record highs, helped by currency movements.London’s FTSE 100 index was supported by “a weak pound that allows investors to buy UK companies with international businesses at cheaper prices,” noted Swissquote Bank senior analyst Ipek Ozkardeskaya.The FTSE 100 ended the day a tad lower, however, while the DAX set a new record closing high.European stocks are rising on the coattails of “America’s changed economic policy, which has allowed European stocks to play catch up for now,” said Kathleen Brooks, research director at XTB.Oil prices slid further after tumbling Tuesday in reaction to Trump’s announcement of a “national energy emergency” to ramp up drilling in the United States.Traders have been bracing for Trump 2.0 since his reelection in November, with an initial rally — fueled by hopes of market-boosting measures — giving way to worries he would resume his trade war with China and also target others.There had been optimism that Beijing would avoid being targeted in an early flurry of duties by the White House after Trump said Monday he would first hit Canada and Mexico. But he broadened his targets Tuesday to include China and the European Union.Shares in software investment giant SoftBank soared more than 10 percent Wednesday — leading Tokyo-listed chipmakers higher — after Trump said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.Tokyo’s Nikkei 225 piled on more than one percent thanks to SoftBank’s advance fueled by news that it will be part of the Stargate venture along with cloud giant Oracle and ChatGPT-maker OpenAI.Shares in Oracle rose by 6.8 percent. OpenAI is a privately held company.Shares in ASML, the Dutch firm which makes the equipment to manufacture the most powerful chips used for AI projects, rose 2.3 percent in Amsterdam.- Key figures around 2200 GMT -New York – Dow: UP 0.3 percent at 44,156.73 (close)New York – S&P 500 UP 0.6 percent at 6,086.37 (close)New York – Nasdaq Composite: UP 1.3 percent at 20,009.34 (close)London – FTSE 100: DOWN less than 0.1 percent at 8,545.13 (close)Paris – CAC 40: UP 0.9 percent at 7,837.40 (close)Frankfurt – DAX: UP 1.0 percent at 21,254.27 (close)Tokyo – Nikkei 225: UP 1.6 percent at 39,646.25 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 19,77 (close)Shanghai – Composite: DOWN 0.9 percent at 3,213.62 (close)Euro/dollar: DOWN at $1.0425 from $1.0428 on TuesdayPound/dollar: DOWN at $1.2313 from $1.2350Dollar/yen: UP at 156.45 yen from 155.52 yenEuro/pound: UP at 84.48 pence from 84.43 penceBrent North Sea Crude: DOWN 0.3 percent at $79.00 per barrelWest Texas Intermediate: DOWN 0.4 percent at $75.42 per barrelburs-jmb/bfm

Procter & Gamble is seeing encouraging signs in China, but a full recovery is still a ways off, executives said Wednesday as the consumer products giant reported solid earnings.P&G, whose brands include Tide detergent and Charmin toilet paper, saw improvement in China in the just-finished quarter in sales of SK-II, a premium skin care product.Chief Executive Jon Moeller also pointed to an uptick in the number of Chinese travelers to South Korea and Japan, as an indication of “more confidence and a willingness to spend” among some in the population. But Moeller noted that SK-II is “very premium-priced product” and “the broad swath of society is still not confident and is still struggling,” he told analysts on a conference call.The comments came as P&G reported profits of $4.6 billion in its fiscal second quarter, up 34 percent on revenues of $21.9 billion, up two percent.P&G also confirmed its earnings forecast for fiscal 2025, a year in which it projects sales growth of two to four percent. Executives highlighted product launches including a whole-body deodorant spray and a new advanced power toothbrush as elements that would sustain sales growth.P&G experienced a three percent drop in organic sales in its Greater China division. Although still shrinking, Chief Financial Officer Andre Schulten described the performance as “a solid step forward” compared with the 15 percent decline in the prior quarter.While “underlining market conditions remain soft,” Schulten said “we are trending back toward growth in Greater China.”Sales of SK-II, which is manufactured in Japan, have been hampered in recent quarters in China due to anti-Japan sentiment in the country.But Moeller, citing fewer negative social media mentions in China, described the climate as improving, saying “the whole dynamic of Japanese brand sentiment, I think, is easing.”P&G shares rose 3.0 percent in late-morning trading.

US and European stock markets pushed higher Wednesday as investors tracked earnings and President Donald Trump’s policy plans that are starting to impact the global economy.However, Hong Kong and Shanghai indices fell Wednesday after Trump warned China could be included in a list of countries to be hit with tariffs on February 1.Meanwhile, the dollar “struggled to find a clear direction and traded in a narrow range as market participants sought clarity on Trump’s trade policies”, noted Joseph Dahrieh, analyst at traders Tickmill.The latest batch of corporate earnings helped boost sentiment on Wall Street, with the S&P 500 near a record high. Shares in Netflix soared more than 12 percent after it reported adding almost 19 million subscribers during the holiday season to finish out last year with more than 300 million globally.And while the inflationary impact of Trump’s tariff plans gave investors cold sweats in December, they are proving more sanguine this week.”Thus far, the stock market has not found reason to fear the tariff approach for a variety of reasons: it isn’t as onerous as expected at this stage; there hasn’t been a retaliatory tit-for-tat; and there is a belief it is more of a negotiating tactic than an official policy,” said Briefing.com analyst Patrick O’Hare.A retreat in US government bond yields after last week’s spike has also reassured equities investors.In Europe, the London and Frankfurt stock markets continued to hit record highs, helped by currency movements.London’s FTSE 100 index was supported by “a weak pound that allows investors to buy UK companies with international businesses at cheaper prices”, noted Swissquote Bank senior analyst Ipek Ozkardeskaya.Plans by the European Central Bank to keep cutting interest rates in the eurozone has weighed on the euro — although both the single currency and pound won back some support Wednesday.Oil prices slid further after having tumbled Tuesday in reaction to Trump’s announcement of a “national energy emergency” to ramp up drilling in the United States.Traders have been bracing for Trump 2.0 since his re-election in November, with an initial rally — fuelled by hopes for market-boosting measures — giving way to worries he would resume his trade war with Beijing and also target others.There had been optimism that Beijing would avoid being targeted in an early flurry of duties by the White House after Trump said Monday he would first hit Canada and Mexico. But he broadened his targets Tuesday to include China and the European Union.There is also a concern that Trump’s plans to slash taxes, immigration and regulations will reignite inflation and crimp the Federal Reserve’s ability to cut interest rates.Shares in software investment giant SoftBank soared more than 10 percent Wednesday — leading Tokyo-listed chipmakers higher — after Trump said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.Tokyo’s Nikkei 225 piled on more than one percent thanks to SoftBank’s advance fuelled by news that it will be part of the Stargate venture along with cloud giant Oracle and ChatGPT-maker OpenAI.Japanese chipmakers also rose, with Advantest up four percent, while Tokyo Electron and Lasertec gained more than one percent.- Key figures around 1430 GMT -New York – Dow: UP 0.3 percent at 44,152.85 pointsNew York – S&P 500: UP 0.5 percent at 6,078.67New York – Nasdaq Composite: UP 0.8 percent at 19,914.11London – FTSE 100: UP less than 0.1 percent at 8,555.40Paris – CAC 40: UP 0.9 percent at 7,836.87Frankfurt – DAX: UP 1.2 percent at 21,285.99Tokyo – Nikkei 225: UP 1.6 percent at 39,646.25 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 19,778.77 (close)Shanghai – Composite: DOWN 0.9 percent at 3,213.62 (close)Euro/dollar: DOWN at $1.0420 from $1.0426 on TuesdayPound/dollar: DOWN at $1.2332 from $1.2342Dollar/yen: UP at 156.04 yen from 155.50 yenEuro/pound: UP at 84.47 pence from 84.45 penceBrent North Sea Crude: DOWN 0.1 percent at $79.20 per barrelWest Texas Intermediate: UP 0.1 percent at $75.75 per barrelburs-rl/gv

European stock markets rallied and Chinese indices slid Wednesday in reaction to US President Donald Trump’s policy plans that are starting to impact the global economy.Wall Street jumped Tuesday in its first reaction following Trump’s inauguration.Hong Kong and Shanghai indices retreated Wednesday after the president warned China could be included in a list of countries to be hit with tariffs on February 1.The dollar “struggled to find a clear direction and traded in a narrow range as market participants sought clarity on Trump’s trade policies”, noted Joseph Dahrieh, analyst at traders Tickmill.In Europe, the London and Frankfurt stock markets continued to hit record highs, helped by currency movements.London’s FTSE 100 index was winning support from “a weak pound that allows investors to buy UK companies with international businesses at cheaper prices”, noted Swissquote Bank senior analyst Ipek Ozkardeskaya.Plans by the European Central Bank to keep cutting interest rates in the eurozone has weighed on the euro — although both the single currency and pound won back some support Wednesday.Oil prices recovered slightly having tumbled Tuesday in reaction to Trump’s announcement of a “national energy emergency” to ramp up drilling in the United States.Investors are poring over also the latest earnings season.Netflix added almost 19 million subscribers during the holiday season to finish out last year with more than 300 million subscribers, the US streaming giant announced after the Wall Street close Tuesday.Traders have been bracing for Trump 2.0 since his re-election in November, with an initial rally — fuelled by hopes for market-boosting measures — giving way to worries he would resume his trade war with Beijing and also target others.There had been optimism that Beijing would avoid being targeted in an early flurry of duties by the White House after Trump said Monday he would hit Canada and Mexico. But he broadened his targets Tuesday to include China and the European Union.There is also a concern that Trump’s plans to slash taxes, immigration and regulations will reignite inflation and crimp the Federal Reserve’s ability to cut interest rates.Shares in software investment giant SoftBank soared more than 10 percent Wednesday — leading Tokyo-listed chipmakers higher — after Trump said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.Tokyo’s Nikkei 225 piled on more than one percent thanks to SoftBank’s advance fuelled by news that it will be part of the Stargate venture along with cloud giant Oracle and ChatGPT-maker OpenAI.Japanese chipmakers also rose, with Advantest up four percent, while Tokyo Electron and Lasertec gained more than one percent.- Key figures around 1050 GMT -London – FTSE 100: UP 0.3 percent at 8,575.89 pointsParis – CAC 40: UP 0.7 percent at 7,825.47Frankfurt – DAX: UP 1.1 percent at 21,276.64Tokyo – Nikkei 225: UP 1.6 percent at 39,646.25 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 19,778.77 (close)Shanghai – Composite: DOWN 0.9 percent at 3,213.62 (close)New York – Dow: UP 1.2 percent at 44,025.81 (close)Euro/dollar: UP at $1.0450 from $1.0426 on TuesdayPound/dollar: UP at $1.2367 from $1.2342Dollar/yen: UP at 155.78 yen from 155.50 yenEuro/pound: UP at 84.53 pence from 84.45 penceBrent North Sea Crude: UP 0.6 percent at $79.78 per barrelWest Texas Intermediate: UP 0.8 percent at $76.39 per barrel

Panama has complained to the United Nations over US President Donald Trump’s “worrying” threat to seize the Panama Canal, even as it launched an audit of the Hong Kong-linked operator of two ports on the interoceanic waterway.In a letter to UN Secretary-General Antonio Guterres, the government in Panama City referred to an article of the UN Charter precluding any member from “the threat or use of force” against the territorial integrity or political independence of another.The missive, distributed to reporters Tuesday, urges Guterres to refer the matter to the UN Security Council, without asking for a meeting to be convened.Trump, in his inaugural address Monday, repeated his complaint that China was effectively “operating” the Panama Canal through its growing presence around the waterway, which the United States handed over at the end of 1999.”We didn’t give it to China, we gave it to Panama. And we’re taking it back,” Trump said.Panama’s President Jose Raul Mulino hit back that the canal was not a gift from the United States during a panel at the World Economic Forum in Davos, Switzerland.”We reject in its entirety everything that Mr Trump has said. First because it is false and second because the Panama Canal belongs to Panama and will continue to belong to Panama,” Mulino said Wednesday.The president has previously denied that any other nation was interfering in the canal, which he said was operated on a principle of neutrality.Asked Wednesday about the spat, Beijing denied it had ever “interfered” in the canal.”China has always respected Panama’s sovereignty over the canal and recognized the canal as a permanent neutral international waterway,” foreign ministry spokeswoman Mao Ning said.- US pressure -The Panamanian comptroller’s office that oversees public entities announced “an exhaustive audit” would be launched “aimed at ensuring the efficient and transparent use of public resources” at the Panama Ports Company.The company, part of Hutchison Ports, a subsidiary of Hong Kong-based conglomerate CK Hutchison Holdings, operates the ports of Balboa and Cristobal on either end of the canal.The comptroller’s office said the aim was to determine whether the company was complying with its concession agreements, including adequate reporting of income, payments and contributions to the state.Hutchison Ports PPC said in a statement that it has “maintained and will continue to maintain a transparent and collaborative relationship” with Panamanian authorities.”We remain steadfast in our commitment to comply with all laws and regulations, fully exercising our contractual responsibilities,” the firm said.”Our financial results, audited by an independent external auditor, have been shared annually with our partner, the Panamanian State, ensuring trust and clarity in our management.”Trump has been raising pressure for weeks over the canal, through which 40 percent of US container traffic travels. He has refused to rule out using military force to reclaim it.The Panama Ports Company’s concession agreement was extended by 25 years in 2021.The United States is the canal’s main user, followed by China.Since 2000, the waterway has contributed more than $30 billion to Panama’s state coffers, including nearly $2.5 billion in the last fiscal year.burs-raz/mtp

Most Asian markets extended a global rally Wednesday as investors gave a cautious welcome to Donald Trump’s first full day in office amid hopes he will take a more cautious approach on trade than initially feared.Software investment giant SoftBank soared more than 10 percent — leading Tokyo-listed chipmakers higher — after the American president said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.However, Hong Kong and Shanghai fell after the tycoon warned China could be included in a list of countries to be hit with tariffs on February 1 “based on the fact that they’re sending fentanyl to Mexico and Canada”.Traders have been bracing for Trump 2.0 since his re-election in November, with an initial rally — fuelled by hopes for market-boosting measures — giving way to worries he would resume his trade war with Beijing and also target others.There is also a concern that his plans to slash taxes, immigration and regulations will reignite inflation and crimp the Federal Reserve’s ability to cut interest rates.Tokyo’s Nikkei 225 was the standout performer Wednesday, piling on more than one percent thanks to SoftBank’s advance fuelled by news that it will be part of the Stargate venture along with cloud giant Oracle and ChatGPT-maker OpenAI.The project “will invest $500 billion, at least, in AI infrastructure in the United States” Trump said at the White House.Japanese chipmakers also rose, with Advantest up four percent, while Tokyo Electron and Lasertec gained more than one percent.Taipei also enjoyed a big jump, with chip titan and market heavyweight TSMC soaring more than one percent, while Seoul was also helped by big gains in SK hynix and LS Electric.Sydney, Mumbai, Bangkok, Jakarta and Manila also rose but Singapore and Wellington slipped.Hong Kong fell 1.6 percent after a six-day run-up as concerns China will be hit with fresh tariffs dealt a blow to confidence. Shanghai also took a hefty hit.- ‘No winners’ -There had been optimism that Beijing would avoid being targeted in an early flurry of duties by the White House after Trump said Monday he would hit Canada and Mexico. But he broadened his targets Tuesday to include China and the European Union.When asked how soon these tariffs could be enacted, he said: “Probably February 1 is the date we’re looking at.”The comments came after Chinese Vice Premier Ding Xuexiang told the World Economic Forum in Davos, Switzerland, that “protectionism leads nowhere and there are no winners in a trade war”. Foreign ministry spokeswoman Mao Ning echoed those comments Wednesday, adding that Beijing was “firmly committed to safeguarding national interests”.China saw record exports in 2024, with observers saying they were likely boosted at the end of the year by companies ramping up stockpiles ahead of Trump’s second term.”China will still need to brace for potential tariffs and that’s going to slow down exports this year,” Frederic Neumann, chief Asia economist at HSBC in Hong Kong, told Bloomberg TV. The broader gains in Asia came after another rally on Wall Street and records for London and Frankfurt.London and Frankfurt extended their gains at the open, while Paris also rose.”Investors are now cautiously optimistic, focusing on the US’s robust economic indicators, strong earnings reports, and the prospect of lower borrowing costs and increased capital inflows,” said Stephen Innes at SPI Asset Management.”This blend of factors is expected to propel US stocks higher throughout 2025, barring any unexpected trade escalations.”In sum, the delay in imposing new tariffs has been widely regarded as a significant positive for markets.”The yen eased after edging higher against the dollar recently on expectations the Bank of Japan will hike interest rates at its meeting on Friday, while the euro and pound resumed their losses.Oil prices dipped again after tumbling Tuesday in reaction to Trump’s announcement of a “national energy emergency” to ramp up drilling in the United States.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.6 percent at 39,646.25 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 19,778.77 (close)Shanghai – Composite: DOWN 0.9 percent at 3,213.62 (close)London – FTSE 100: UP 0.1 percent at 8,557.68Euro/dollar: DOWN at $1.0412 from $1.0426 on TuesdayPound/dollar: DOWN at $1.2320 from $1.2342Dollar/yen: UP at 156.00 yen from 155.50 yenEuro/pound: UP at 84.53 pence from 84.45 penceWest Texas Intermediate: DOWN 0.7 percent at $75.34 per barrelBrent North Sea Crude: DOWN 0.5 percent at $78.89 per barrelNew York – Dow: UP 1.2 percent at 44,025.81 (close)

Most Asian markets extended a global rally Wednesday as investors gave a cautious welcome to Donald Trump’s first full day in office amid hopes he will take a more cautious approach on trade than initially feared.Software investment giant SoftBank soared more than nine percent — leading Tokyo-listed chipmakers higher — after the American president said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.However, Hong Kong and Shanghai fell after the tycoon warned China could be included in a list of countries to be hit with tariffs on February 1 “based on the fact that they’re sending fentanyl to Mexico and Canada”.Traders have been bracing for Trump 2.0 since his re-election in November, with an initial rally — fuelled by hopes for market-boosting measures — giving way to worries he would resume his trade war with Beijing and also target others.There is also a concern that his plans to slash taxes, immigration and regulations will reignite inflation and crimp the Federal Reserve’s ability to cut interest rates.Tokyo’s Nikkei 225 was the standout performer Wednesday, piling on more than one percent thanks to SoftBank’s advance fuelled by news that it will be part of the Stargate venture along with cloud giant Oracle and ChatGPT-maker OpenAI.The project “will invest $500 billion, at least, in AI infrastructure in the United States” Trump said at the White House.Japanese chipmakers also rose, with Advantest up more than four percent, while Tokyo Electron and Lasertec gained more than two percent.Taipei also enjoyed a big jump, with chip titan and market heavyweight TSMC up more than two percent, while Seoul was also helped by big gains in SK hynix and LS Electric.There were also gains in Sydney, Singapore, Wellington and Manila.But Hong Kong lost more than one percent after a six-day run-up as concerns China will be hit with fresh tariffs dealt a blow to confidence. Shanghai also took a hefty hit.- ‘No winners’ -There had been optimism that Beijing would avoid being targeted in an early flurry of duties by the White House after Trump said Monday he would hit Canada and Mexico. But he broadened his targets Tuesday to include China and the European Union.When asked how soon these tariffs could be enacted, he said: “Probably February 1 is the date we’re looking at.”The comments come after Chinese Vice Premier Ding Xuexiang told the World Economic Forum in Davos, Switzerland, that “protectionism leads nowhere and there are no winners in a trade war”. China saw record exports in 2024, with observers saying they were likely boosted at the end of the year by companies ramping up stockpiles ahead of Trump’s second term.”China will still need to brace for potential tariffs and that’s going to slow down exports this year,” Frederic Neumann, chief Asia economist at HSBC in Hong Kong, told Bloomberg TV. The broader gains in Asia came after another rally on Wall Street and records for London and Frankfurt.”Investors are now cautiously optimistic, focusing on the US’s robust economic indicators, strong earnings reports, and the prospect of lower borrowing costs and increased capital inflows,” said Stephen Innes at SPI Asset Management.”This blend of factors is expected to propel US stocks higher throughout 2025, barring any unexpected trade escalations.”In sum, the delay in imposing new tariffs has been widely regarded as a significant positive for markets.”The yen eased slightly after edging higher recently on expectations the Bank of Japan will hike interest rates at its meeting on Friday.Oil prices stabilised after tumbling Tuesday in reaction to Trump’s announcement of a “national energy emergency” to ramp up drilling in the United States.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 39,604.71 (break)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 19,821.12Shanghai – Composite: DOWN 0.9 percent at 3,214.00Euro/dollar: DOWN at $1.0412 from $1.0426 on TuesdayPound/dollar: DOWN at $1.2336 from $1.2342Dollar/yen: UP at 155.67 yen from 155.50 yenEuro/pound: DOWN at 84.41 pence from 84.45 penceWest Texas Intermediate: DOWN 0.1 percent at $75.73 per barrelBrent North Sea Crude: FLAT at $79.27 per barrelNew York – Dow: UP 1.2 percent at 44,025.81 (close)London – FTSE 100: UP 0.3 percent at 8,548.29 (close)

Global stock markets climbed on Tuesday as Donald Trump wasted no time in starting his second term as US president with a raft of announcements affecting the global economy.Wall Street stocks rose as markets greeted Trump’s early executive orders and comments that raised hopes new tariffs may not be as bad as feared.Oil prices slumped however on the prospect of more drilling in the United States.The rise on Wall Street following the Martin Luther King public holiday was part of a “Trump bump,” noted Briefing.com analyst Patrick O’Hare.On becoming president, Trump signed executive orders that indicated he could resume his hardball approach to global diplomacy and trade.He also spoke about the possibility of imposing a 25-percent tariff on Canadian and Mexican goods, which sent their currencies tumbling. Canadian and Mexican stock markets were marginally higher in Tuesday trading.”What was missing in yesterday’s executive orders, however, was any declaration of a decisive tariff action against China,” said O’Hare. “Instead, President Trump said existing trade agreements should be reviewed for any recommended revisions.”Analysts at Goldman Sachs also found Trump’s initial announcements to have been “more benign than expected.”- ‘Less hawkish’ China remarks -“Trump’s comments on China were notably less hawkish than during the presidential campaign or even his more recent comments since the election,” noted economists at Goldman Sachs.That helped Chinese markets push higher, with Hong Kong gaining nearly one percent.A top Chinese official said on Tuesday that no country would emerge victorious from a trade war.”Protectionism leads nowhere and there are no winners in a trade war,” Vice Premier Ding Xuexiang said in a speech at the World Economic Forum in Davos, Switzerland.Trump also gave social media app TikTok 75 days to find a buyer for its US business, after its Chinese owners ByteDance missed a Saturday deadline to sell its US subsidiary to non-Chinese buyers or be banned.European stocks also ended the day in the green, with both Frankfurt’s DAX and London’s FTSE 100 setting record closes.Wall Street received an initial Trump bump after his November re-election, with investors excited about the prospect of tax cuts and deregulation. But as November gave way to December, the bump dissipated on rising fears that Trump’s plans to slap tariffs on key US trading partners would spark inflation and dim the prospect of further Federal Reserve interest rate cuts.Oil prices slumped on Tuesday after the Trump administration declared a “national energy emergency” to significantly expand drilling in the world’s top oil and gas producer.”Mr Trump’s full-throated yell for US producers to ‘Drill, baby, drill!’ is not new,” said David Morrison, Senior Market Analyst at Trade Nation.”And it’s perfectly logical that prices should fall at the prospect of increased supply,” he added. – Key figures around 2115 GMT -New York – Dow: UP 1.2 percent at 44,025.81 points (close)New York – S&P 500: UP 0.9 percent at 6,049.24 (close)New York – Nasdaq Composite: UP 0.6 percent at 19,756.78 (close)London – FTSE 100: UP 0.3 percent at 8,548.29 (close)Paris – CAC 40: UP 0.5 percent at 7,770.95 (close)Frankfurt – DAX: UP 0.3 percent at 21,042.00 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,027.98 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 20,106.55 (close)Shanghai – Composite: DOWN 0.1 percent at 3,242.62 (close)Euro/dollar: UP at $1.0426 from $1.0404 on MondayPound/dollar: UP at $1.2342 from $1.2302Dollar/yen: DOWN at 155.50 yen from 155.67 yenEuro/pound: DOWN at 84.45 pence from 84.56 penceWest Texas Intermediate: DOWN 2.6 percent at $75.89 per barrelBrent North Sea Crude: DOWN 1.1 percent at $79.29 per barrelburs-rl/gil/da/bgs

EU, German and Chinese leaders took turns defending global cooperation in Davos on Tuesday as the spectre of new trade wars looms following Donald Trump’s return to the White House.Trump will make an online appearance at the World Economic Forum in Switzerland this week, but he has been the elephant in the room for the executives and leaders hobnobbing at the annual conference in the Swiss Alps.In their speeches, European Commission President Ursula von der Leyen, Chinese Vice Premier Ding Xuexiang and German Chancellor Olaf Scholz offered visions of the world that are mirror opposites to those of the self-professed tariff-loving Trump.”Protectionism leads nowhere and there are no winners in a trade war,” Ding said, without mentioning Trump directly.Trump threatened Monday to impose tariffs if Beijing rejected his proposal to keep Chinese-owned app TikTok online on condition that half of it is sold off. Meanwhile, von der Leyen took a conciliatory tone, saying the EU’s “first priority will be to engage early” and “be ready to negotiate” with Trump.”We will be pragmatic but we will always stand by our principles, to protect our interests and uphold our values,” she said.The European Commission president also said that Europe “must engage constructively with China -– to find solutions in our mutual interest” despite escalating trade tensions between the two.Brussels has provoked Beijing’s ire with a raft of probes targeting state subsidies in the green tech sector, as well as imposing tariffs on Chinese electric cars.Ding warned against “erecting green barriers that could disrupt normal economic and trade cooperation”.- More trade deals -Trump has threatened to impose extra customs duties on allies including the EU, as well as on China.After his inauguration, he raised the possibility of imposing 25 percent tariffs on Canada and Mexico.Von der Leyen reiterated her commitment to free trade during her speech, pointing to recent EU deals with Switzerland, Mexico and the South American bloc Mercosur.She also said she and Indian Prime Minister Narendra Modi wanted to “upgrade” their partnership.Scholz vowed to “defend free trade” with other partners, warning that “isolation comes at the expense of prosperity”.”President Trump says ‘America First’ and he means it. There is nothing wrong with keeping your own country’s interests in mind,” Scholz said. “It’s just that cooperation and understanding with others are usually in your own interest as well.”It was probably Scholz’s last speech in Davos as chancellor ahead of German elections next month. Scholz used his speech to take another shot at Tesla and X owner Elon Musk, who has angered the chancellor with his support of Germany’s far-right AfD party.”We have freedom of speech in Europe and in Germany,” Scholz said.”Everyone can say what he wants even if he is a billionaire. What we do not accept is if this is supporting extreme right positions.”- War and climate change -Aside from tariffs, Trump has also rattled the world with his decision to withdraw from the Paris climate agreement.Von der Leyen defended the climate pact as the “best hope for all humanity” and vowed that “Europe will stay the course”.Ukraine is also keeping a very close eye on what Trump’s second term will involve.Speaking in Davos, Ukrainian President Volodymyr Zelensky questioned whether Trump was committed to NATO and European security.”Will President Trump even notice Europe? Does he see NATO as necessary? And will he respect EU institutions?” he said.Zelensky told reporters later he was working on meeting Trump but there was no date yet.”We want to finish the war and President Trump says that he also really would like to finish the war, and I believe he will help us with this,” he said.Middle East conflicts are likewise high on the agenda.Qatar’s prime minister said a lasting peace in Gaza would depend on Israel and Hamas acting in “good faith”, days into a fragile truce in the Palestinian territory mediated by the Gulf state.”If they are embarking in this in good faith, this will last and hopefully will lead to phase two, will lead to a permanent ceasefire,” Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani told the forum.

EU chief Ursula von der Leyen declared Tuesday that Europe was ready to negotiate with the United States and seek to improve ties with China as Beijing warned against damaging trade wars in the face of Donald Trump’s protectionism.Trump returned to the White House on Monday, and while he may not be physically present in the Swiss Alpine resort of Davos, he is the elephant in the room for the executives and leaders hobnobbing at the annual World Economic Forum.With Beijing and Brussels facing some of the biggest risks from the return of self-professed tariff-loving Trump, China’s Vice Premier Ding Xuexiang and European Commission President Ursula von der Leyen took to the stage first at the forum.”Protectionism leads nowhere and there are no winners in a trade war,” Ding said, without mentioning Trump directly.Trump threatened on Monday to impose tariffs if Beijing rejects his proposal to keep Chinese-owned app TikTok online on condition that half of it is sold off. China is taking a cautious approach to Trump and after the TikTok threat, Beijing said it hoped the United States would provide a fair business environment for Chinese firms.After Chinese President Xi Jinping spoke to Trump by phone on Friday, he said he hoped for a “good start” to relations with the new US administration.Meanwhile, von der Leyen took a conciliatory tone. She said the EU’s “first priority will be to engage early, discuss common interests and be ready to negotiate” with Trump.”We will be pragmatic but we will always stand by our principles, to protect our interests and uphold our values,” she said.The European Commission president also stressed that Europe “must engage constructively with China -– to find solutions in our mutual interest” despite escalating trade tensions between the two.Brussels has provoked Beijing’s ire with a raft of probes targeting state subsidies in the green tech sector, as well as slapping tariffs on Chinese electric cars.In an apparent reference to the European Union measures, Ding warned against “erecting green barriers that could disrupt normal economic and trade cooperation”.- More trade deals -On the campaign trail, Trump said he would impose extra customs duties on allies including the EU, as well as on China. After his inauguration, Trump raised the possibility of imposing 25-percent tariffs on Canada and Mexico.Von der Leyen reiterated her commitment to free trade during her speech, pointing to recent EU deals with Switzerland, the South American bloc Mercosur and Mexico.She also said she and Indian Prime Minister Narendra Modi wanted to “upgrade” their partnership.Trump announced the United States’ withdrawal from the Paris climate accord, which von de Leyen defended as the “best hope for all humanity” and vowed: “Europe will stay the course.”Ukraine is also keeping a very close eye on what Trump’s second mandate will involve.Ukrainian President Volodymyr Zelensky is expected to call on world leaders and company executives to maintain — and even ramp up — their support for his country’s war against Russia.Zelensky said on Monday he was hopeful Trump would help achieve a “just peace”.Embattled German Chancellor Olaf Scholz was also to address the Davos forum, likely his last as leader ahead of elections next month. Also speaking on Tuesday will be conservative leader Friedrich Merz, the favourite to succeed him as chancellor.- ‘Better understand’ Trump -Middle East conflicts will likewise be high on the agenda as Israeli President Isaac Herzog and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani speak in separate sessions during the first full day of the forum.As a fragile ceasefire holds in the Israel-Hamas war, the WEF will host a discussion on how to improve aid delivery to the Palestinian territory of Gaza and how to kickstart the reconstruction and recovery after heavy bombardment.Despite suggestions Trump’s return would overshadow the forum that began on the same day as his inauguration in Washington, WEF President Borge Brende said the US leader had brought fresh attention to the gathering.”It has increased the interest in Davos because people feel they need to come together to better understand what’s on its way,” Brende told AFP in an interview.