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US Treasury Secretary Scott Bessent is set to speak Friday with Chinese Vice Premier He Lifeng, an official from President Donald Trump’s administration told AFP — as Washington works to rally allies to respond to Beijing’s rare earth curbs.The high-level economic talks come as trade tensions flare between the world’s two biggest economies following Beijing’s announcement of tighter export controls on the critical rare earths industry.This sparked a fiery response from Trump, who threatened to impose an additional 100-percent tariff on imports from China and to cancel expected talks with his Chinese counterpart Xi Jinping in South Korea.But Trump said in an excerpt of an interview with Fox News, released Friday, that he would meet Xi after all at the Asia-Pacific Economic Cooperation (APEC) summit.A senior Trump administration official told AFP that Bessent would speak to He by phone on Friday about ongoing trade negotiations between Washington and Beijing, ahead of the APEC gathering.The official did not provide further details.Bessent has accused China of seeking to hurt the world economy after Beijing announced its new export controls. – Coordinated response -For now, Group of Seven finance ministers have agreed to coordinate their short-term response to China’s export controls, and diversify suppliers, the EU’s economy commissioner Valdis Dombrovskis told reporters in Washington.Speaking after G7 leaders met this week, Dombrovskis noted the vast majority of rare earth supplies come from China, meaning that diversification would take years.”We agreed, both bilaterally with the US and at the G7 level, to coordinate our approach,” he said on the sidelines of the International Monetary Fund and World Bank’s fall meetings.He added that countries would also exchange information on their contacts with Chinese counterparts as they work out short-term solutions.German Finance Minister Lars Klingbeil told journalists he hopes Trump and Xi’s meeting can help to resolve much of the US-China trade conflict.”We have made it clear within the G7 that we do not agree with China’s approach,” he added, referring to the group of Britain, Canada, France, Germany, Italy, Japan and the United States.Trade tensions between the United States and China have reignited this year as Trump slapped sweeping tariffs on US imports and both countries engaged in tit-for-tat retaliation.At one point, tariffs on both sides escalated to triple-digit levels, effectively halting some trade as businesses waited for a resolution.The two countries have since lowered their respective tariff levels but their truce remains shaky.

An international vote to formally approve cutting maritime emissions was delayed by a year Friday, in a victory for the United States which opposes the carbon-cutting plan.The London-based International Maritime Organization (IMO), which is the shipping body of the United Nations, voted in April for a global pricing system to help curb greenhouse gases.But a vote on whether to formally approve the deal was cancelled on Friday until next year after US President Donald Trump threatened sanctions against countries backing the plan.Increased divisions, notably between oil producing nations and non-oil producers, emerged this week at meetings leading up to Friday’s planned follow-up vote to approve the scheme.Delegates instead voted on a hastily-arranged resolution to postpone proceedings, which passed by 57 votes to 49.Trump on Thursday said the proposed global carbon tax on shipping was a “scam” after the United States withdrew from IMO negotiations in April.A Russian delegate described proceedings as “chaos” as he addressed the plenary Friday after talks had lasted until the early hours.Russia joined major oil producers Saudi Arabia and the United Arab Emirates in voting against the carbon-reduction measure in April, arguing it would harm the economy and food security.IMO Secretary-General Arsenio Dominguez, representing 176 member states, pleaded Friday that he hoped there would be no repeat of how the week’s discussions had gone.”It doesn’t help your organisation, it doesn’t help yourself,” he told delegates. – Trump ‘outraged’ -Since returning to power in January, Trump has reversed Washington’s course on climate change and encouraged fossil fuel use by deregulation.”I am outraged that the International Maritime Organization is voting in London this week to pass a global Carbon Tax,” Trump wrote on his Truth Social platform Thursday. “The United States will NOT stand for this Global Green New Scam Tax on Shipping,” he added, urging countries to vote against it.Washington threatened to impose sanctions, visa restrictions and port levies on those supporting the Net Zero Framework (NZF), the first global carbon-pricing system.Liberia and Saudi Arabia called for Friday’s vote to be postponed.”We agree with the United States that it’s important that these conversations are brought to light,” a Saudi representative said.Ahead of this week’s London gathering, a majority 63 IMO members that in April voted for the plan had been expected to maintain their support and to be joined by others to formally approve the NZF.Argentina, which in April abstained from the vote, now opposes the deal. Leading up to Friday’s decision — China, the European Union, Brazil, Britain and several other members of the IMO — reaffirmed their support.The NZF requires ships to progressively reduce carbon emissions from 2028, or face financial penalties.Shipping accounts for nearly three percent of global greenhouse gas emissions, according to the IMO, while the CO2 pricing plan should encourage the sector to use less polluting fuels.The Philippines, which provides the most seafarers of any country, and Caribbean islands focused on the cruise industry, would be particularly impacted by visa restrictions and sanctions.The plan would charge ships for emissions exceeding a certain threshold, with proceeds used to reward low-emission vessels and support countries vulnerable to climate change.Pacific Island states, which abstained in the initial vote over concerns the proposal was not ambitious enough, had been expected to support it this time around.If the global emissions pricing system was adopted, it would become difficult to evade, even for the United States.IMO conventions allow signatories to inspect foreign ships during stopovers and even detain non-compliant vessels.burs-pml/bcp/ode/jkb/giv

An international plan to cut emissions from ships hung in the balance on Friday as the United States urged countries to reject it and oil producers pushed for a delay.The London-based International Maritime Organization (IMO), which is the shipping body of the United Nations, voted in April for a global pricing system to help curb greenhouse gases.But increased divisions have emerged this week at meetings leading up to Friday’s follow-up vote.President Donald Trump on Thursday said the proposed global carbon tax on shipping was a “scam” after the United States withdrew from IMO negotiations in April.A Russian delegate described current proceedings as “chaos” as he addressed the plenary Friday after talks had lasted until the early hours.Russia joined major oil producers Saudi Arabia and the United Arab Emirates in voting against the carbon-reduction measure in April, arguing it would harm the economy and food security.IMO Secretary-General Arsenio Dominguez, representing 176 member states, said Friday that he hoped there would be no repeat of how the week’s discussions had gone.- Trump ‘outraged’ -Since returning to power in January, Trump has reversed Washington’s course on climate change, denouncing it as a “scam” and encouraging fossil fuel use by deregulation.”I am outraged that the International Maritime Organization is voting in London this week to pass a global Carbon Tax,” Trump wrote on his Truth Social platform Thursday. “The United States will NOT stand for this Global Green New Scam Tax on Shipping,” he added, urging countries to vote against it.The United States this week advocated changing the voting process to give more weight to abstentions, a proposal that was being considered Friday. Washington also threatened to impose sanctions, visa restrictions and port levies on those supporting the Net Zero Framework (NZF), the first global carbon-pricing system.Liberia and Saudi Arabia called for Friday’s vote to be postponed.”We agree with the United States that it’s important that these conversations are brought to light,” a Saudi representative said.Ahead of this week’s London gathering, a majority 63 IMO members that in April voted for the plan had been expected to maintain their support and to be joined by others to formally approve the NZF.Argentina, which in April abstained from the vote, has said it will now oppose the deal. Leading up to Friday’s decision — China, the European Union, Brazil, Britain and several other members of the IMO — reaffirmed their support.The NZF requires ships to progressively reduce carbon emissions from 2028, or face financial penalties.Shipping accounts for nearly three percent of global greenhouse gas emissions, according to the IMO, while the CO2 pricing plan should encourage the sector to use less polluting fuels.The Philippines, which provides the most seafarers of any country, and Caribbean islands focused on the cruise industry, would be particularly impacted by visa restrictions and sanctions.In order to be adopted, the framework needs the backing of two-thirds of 108 voting IMO members who belong to a long-standing international convention for the prevention of pollution from ships, known as MARPOL.The plan would charge ships for emissions exceeding a certain threshold, with proceeds used to reward low-emission vessels and support countries vulnerable to climate change.Pacific Island states, which abstained in the initial vote over concerns the proposal was not ambitious enough, are now expected to support it.If the global emissions pricing system was adopted, it would become difficult to evade, even for the United States.IMO conventions allow signatories to inspect foreign ships during stopovers and even detain non-compliant vessels.burs-pml/bcp/ajb/lth

Wall Street stocks fell Thursday on fears that private credit problems may weigh on US regional banks, adding to concerns about trade tensions and a government shutdown.After opening higher, US equities tumbled into the red around midday and lingered in negative territory thereafter. All three major US indices finished lower, with the S&P 500 ending down 0.6 percent. That came after a positive day on leading Asian and European bourses, including Paris, which climbed after French Prime Minister Sebastien Lecornu survived two confidence motions.The VIX Volatility index — a closely-watched benchmark of investor anxiety — surged to its highest level since May, while gold prices set a new record. “There’s some emerging concerns about credit,” Angelo Kourkafas of Edward Jones said of the drop in US equities. “Investors are taking a cautious approach.”The private market has been in focus following bankruptcies in recent weeks of two auto-related enterprises, the auto parts company First Brands and the subprime lender Tricolor. Shares of Salt Lake City-based Zions Bancorp plunged 13.1 percent after the company disclosed a pair of problem loans to businesses with “apparent misrepresentations and contractual defaults,” it said in a securities filing that announced a $50 million hit on the matter in the third quarter.Other mid-sized and regional banks also fell, including M&T Bank, Comerica and Fifth Third Bancorp, all of which lost between four and seven percent.Investors are “extrapolating” the instances of known problem loans to the potential to ensnare more banks, said Art Hogan of B. Riley Wealth Management. The problem with banks is the “story of the day at a point when investors are already worried about a lot of other things,” Hogan said.In Europe, the Paris stock market climbed 1.4 percent on hopes of greater political stabilization.London edged out a gain despite data that showed lackluster growth in the UK economy, six weeks ahead of the government’s annual budget.Among individual companies, Nestle shares surged more than nine percent after the Swiss food giant announced that it will cut 16,000 jobs worldwide over the next two years. United Airlines fell 5.6 percent after reporting that earnings had dipped on higher costs. The carrier projected better than expected fourth-quarter profits on strengthening demand.But Briefing.com noted that United’s capacity additions could dent results if macro conditions “soften.”- Key figures at around 2010 GMT -New York – Dow: DOWN 0.7 percent at 45,952.24 (close)New York – S&P 500: DOWN 0.6 percent at 6,629.07 (close)New York – Nasdaq Composite: DOWN 0.5 percent at 22562.54 (close)London – FTSE 100: UP 0.1 percent at 9,436.09 (close)Paris – CAC 40: UP 1.4 percent at 8,188.59 (close)Frankfurt – DAX: UP 0.4 percent at 24,272.19 (close)Tokyo – Nikkei 225: UP 1.3 percent at 48,277.74 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,888.51 (close)Shanghai – Composite: UP 0.1 percent at 3,916.23 (close)Euro/dollar: UP $1.1692 from $1.1607 on WednesdayPound/dollar: UP at $1.3436 from $1.3320Dollar/yen: DOWN at 150.35 yen from 151.84 yenEuro/pound: DOWN at 87.02 percent from 87.14 penceBrent North Sea Crude: DOWN 1.4 percent at $61.06 per barrelWest Texas Intermediate: DOWN 1.4 percent at $57.46 per barrel

Global stock markets mostly rose on Thursday as investors weighed strong tech earnings and hopes that the latest flare-up in US-China trade tensions might ease.Wall Street was mostly higher in late morning trading, with Europe’s main markets ending the day higher and Asian markets largely in the green.Equities have been in flux since US President Donald Trump last week reignited his tariff row with Beijing, threatening 100 percent levies on Chinese goods in retaliation for its recent rare-earth export controls.But Treasury Secretary Scott Bessent appeared to take a more conciliatory tone on Wednesday, suggesting that a longer pause in tariffs was possible as they look to resolve the rare earths row.He also said Trump still plans to meet Chinese President Xi Jinping later this month.”The general feeling is that last Friday’s tariff tantrum was overdone, particularly as it seems that Presidents Trump and Xi Jinping will go ahead with a planned meeting later this month,” said David Morrison, senior market analyst at trading platform Trade Nation.”In addition, some see President Trump’s more conciliatory tone towards China is yet another example of his success as a dealmaker,” he said.”To others it’s a perfect example of this year’s ‘TACO’ meme. In other words, and perhaps unfairly, when push comes to shove, Trump Always Chickens Out.”Joshua Mahony, chief market analyst at Scope markets, warned that China could “turn up the pressure by further deepening the trade conflict in the knowledge that it could spark a sharp slump in US equity markets”.Investors were also reacting to another record net profit at Taiwanese tech titan TSMC, which was buoyed by soaring demand for microchips that power iPhones and artificial intelligence.”So far, it has been a good earnings season, which has helped to justify stock markets at these elevated levels,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.Nestle shares surged more than nine percent after the Swiss food giant announced that it will cut 16,000 jobs worldwide over the next two years. In Europe, the Paris stock market climbed 1.4 percent as French Prime Minister Sebastien Lecornu survived a no-confidence vote.London edged out a gain despite data that showed lacklustre growth in the UK economy, six weeks ahead of the government’s annual budget.Concerns over China-US tensions, bets on US rate cuts and a weaker dollar have helped push gold to daily records, with it climbing pas $4,270 per ounce on Thursday.”Gold seems set to clock a record fifth consecutive closing high, defying all expectations of a pullback,” said Chris Beauchamp, Chief Market Analyst at trading platform IG.”The move has catapulted gold to global fame, and if the queues seen in many cities are any indication, then the recent move seems set to continue,” he added.Oil prices rose as Trump said Indian Prime Minister Narendra Modi had promised him that New Delhi will stop buying Russian oil.- Key figures at around 1530 GMT -New York – Dow: FLAT at 46,245.97 pointsNew York – S&P 500: UP less than 0.1 percent at 6,675.95New York – Nasdaq Composite: UP 0.3 percent at 22,738.70London – FTSE 100: UP 0.1 percent at 9,436.09 (close)Paris – CAC 40: UP 1.4 percent at 8,188.59 (close)Frankfurt – DAX: UP 0.4 percent at 24,272.19 (close)Tokyo – Nikkei 225: UP 1.3 percent at 48,277.74 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,888.51 (close)Shanghai – Composite: UP 0.1 percent at 3,916.23 (close)Euro/dollar: UP $1.1669 from $1.1645 on WednesdayPound/dollar: UP at $1.3428 from $1.3400Dollar/yen: DOWN at 150.76 yen from 151.24 yenEuro/pound: UP at 86.94 percent from 86.90 penceBrent North Sea Crude: UP 0.2 percent at $62.06 per barrelWest Texas Intermediate: UP 0.3 percent at $57.99 per barrel

Stock markets were mixed Thursday as investors weighed the latest volleys in the China-US trade war and strong tech earnings.Nestle shares surged eight percent after the Swiss food giant announced that it will cut 16,000 jobs worldwide over the next two years. Equities have largely been in flux since US President Donald Trump last week reignited his tariff row with Beijing, threatening 100 percent levies on Chinese goods in retaliation for its recent rare-earth export controls.In Europe, the Paris stock market was up 0.7 percent in early afternoon trade as French Prime Minister Sebastien Lecornu survived a no-confidence vote.London dipped following data that showed lacklustre growth in the UK economy, six weeks ahead of the government’s annual budget.That followed a largely positive day in Asia, led higher by technology shares on AI-driven optimism. Shares in Taiwanese tech titan TSMC rose after it reported another record net profit on skyrocketing demand for microchips to power iPhones and artificial intelligence.Tokyo, Shanghai, Taipei and Seoul were all up, while Hong Kong closed lower.Investors also kept an eye on developments in the recent flare-up in tensions between the United States and China.”The US-China spat looks set to take another turn,” said Joshua Mahony, chief market analyst at Scope markets.He added that China could “turn up the pressure by further deepening the trade conflict in the knowledge that it could spark a sharp slump in US equity markets”.Beijing on Thursday said the latest US moves to expand export controls and levy new port fees on Chinese ships have been “profoundly detrimental” to trade talks between the two superpowers.Treasury Secretary Scott Bessent appeared to take a more conciliatory tone, proposing a longer pause in their tariffs as they look to resolve the rare earths row.Since May, the world’s two largest economies have suspended sky-high levies on each other for three months at a time as they work towards a full trade deal.Concerns over China-US tensions, bets on US rate cuts and a weaker dollar have helped push gold to daily records. It hit a peak of $4,243.25 on Thursday.Oil prices rose as Trump said Indian Prime Minister Narendra Modi had promised him that New Delhi will stop buying Russian oil.India’s rupee held onto gains after its strongest rally since June, bouncing from near a record low, after the central bank stepped in.”The Indian Rupee’s significant rally… was primarily driven by central bank intervention, a softer dollar index, and supportive factors like lower crude oil prices and renewed foreign fund inflows,” Dilip Parmar, senior analyst at HDFC Securities, told AFP.- Key figures at around 1050 GMT -London – FTSE 100: DOWN 0.2 percent at 9,409.45 pointsParis – CAC 40: UP 0.7 percent at 8,129.36Frankfurt – DAX: UP 0.1 percent at 24,208.09Tokyo – Nikkei 225: UP 1.3 percent at 48,277.74 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,888.51 (close)Shanghai – Composite: UP 0.1 percent at 3,916.23 (close)New York – Dow: FLAT at 46,253.31 (close)Euro/dollar: UP $1.1657 from $1.1645 on WednesdayPound/dollar: UP at $1.3434 from $1.3400Dollar/yen: DOWN at 151.21 yen from 151.24 yenEuro/pound: DOWN at 86.77 percent from 86.90 penceBrent North Sea Crude: UP 0.5 percent at $62.24 per barrelWest Texas Intermediate: UP 0.6 percent at $58.62 per barrel

Taiwanese tech titan TSMC reported Thursday a record net profit for the third quarter on skyrocketing demand for microchips used to power iPhones and artificial intelligence.Taiwan Semiconductor Manufacturing Company, the world’s largest contract chipmaker, has been a massive beneficiary of the frenzy in AI investment.TSMC’s clients Nvidia and Apple are among firms pouring many billions of dollars into chips, servers and data centres, fuelling concerns about a financial bubble.”AI demand actually continues to be very strong — stronger than we thought three months ago,” TSMC chairman and chief executive CC Wei told a briefing.TSMC said net profit for the three months to September soared 39.1 percent from a year ago to NT$452.3 billion (US$14.7 billion), a quarterly record.The figure beat expectations of NT$406.67 billion, according to a Bloomberg News survey of analysts.Third-quarter revenue was up 30 percent, also higher than forecasts.TSMC’s announcement follows a flare-up in trade tensions between Washington and Beijing, and concerns about US export restrictions to China and possible tariffs on chips.China’s rare earth export curbs and bid to ramp up its own chip industry has also sparked fears about the impact on AI.Even if the Chinese market were not available to TSMC and its customers, Wei said “AI growth will be very dramatic” and “very positive”.AI-related spending is soaring worldwide, and is expected to reach approximately $1.5 trillion by 2025, according to US research firm Gartner, and over $2 trillion in 2026 — nearly two percent of global GDP. “It’s not just Apple’s new iPhone driving sales. AI clients like Nvidia and AMC are ramping up orders for high-end chips as well,” Dilin Wu, research strategist at Pepperstone, told AFP ahead of the earnings release.”It shows TSMC’s technology and capacity are still hard to replicate, and that underpins both margins and valuations for the company.”Looking ahead, Wu said companies “might pull forward shipments to avoid restrictions, so basically front-running the tariffs.”That would be “especially AI chip and GPU clients, certainly in the Chinese market,” she said.The concentration of production in Taiwan has long been seen as a “silicon shield” protecting it from an attack by China, which claims it as part of its territory — and an incentive for the United States to defend it.While TSMC plans to invest an additional US$100 billion in the United States, Washington has been pressuring Taipei to shift more production to US soil. US Secretary of Commerce Howard Lutnick said recently he had proposed to Taiwan a 50-50 split in chip production, which Taipei rejected.burs-amj/kaf

US Treasury Secretary Scott Bessent slammed Beijing’s rare earth export curbs Wednesday as “China versus the world,” vowing that Washington and its allies would “neither be commanded nor controlled.””This should be a clear sign to our allies that we must work together, and work together we will,” Bessent told reporters at a press conference. “We are not going to let a group of bureaucrats in Beijing try to manage the global supply chains.”His comments came as global economic leaders gather in Washington this week for the International Monetary Fund and World Bank’s fall meetings.”We should work together to de-risk and diversify our supply chains away from China as quickly as possible,” Bessent urged.He later told a press roundtable that Washington was “already in talks” with partners on potential ways to push back.Bessent spoke days after Beijing announced fresh controls on the export of rare earth technologies and items.China is the world’s leading producer of the minerals used to make magnets crucial to the auto, electronic and defense industries.Bessent told a forum hosted by CNBC earlier Wednesday that he planned to speak with European allies, Australia, Canada, India and other Asian democracies, signaling a push for broader support beyond the Group of Seven advanced economies.”We’re going to have a fulsome group response to this,” he added.But he maintained that Washington would rather not take substantial actions to retaliate against China, expecting that more talks with Beijing will be forthcoming this week.- Longer tariff truce? -A trade war between Washington and Beijing has reignited in US President Donald Trump’s second term, with tit-for-tat duties reaching triple-digit levels at one point, snarling supply chains.Both sides have de-escalated tariff levels but their truce remains shaky and is set to expire in early November.With the latest controls surrounding rare earths, Trump has threatened an additional 100-percent tariff on goods from China starting November 1.US Trade Representative Jamieson Greer warned at Wednesday’s press briefing that US plans for a tariff hike or other export controls are in the works.But he expressed hope that China would back off its rare earth curbs.Bessent said an extension of the pause in steep tariffs was possible — in return for a delay in rare earth controls.”Is it possible that we could go to a longer roll in return for a delay? Perhaps,” Bessent said. “But all that is going to be negotiated in the coming weeks, before the leaders meet in (South) Korea.”The leaders of the world’s two biggest economies are expected to hold talks at the Asia-Pacific Economic Cooperation (APEC) summit starting later this month.Bessent earlier told CNBC that Trump still planned to meet Chinese President Xi Jinping at the summit.Greer said Wednesday that “this is not just about the United States.””China’s announcement is nothing more than a global supply chain power grab,” he said. “This move is not proportional retaliation. It is an exercise in economic coercion on every country in the world.”

Stocks mostly rose and the dollar retreated Wednesday on hopes for further US interest rate cuts and a solid set of company earnings.Gold surged to a new high above $4,200 an ounce, boosted also by a fresh flare-up in China-US tensions.The dollar was weighed down by warnings on Tuesday from Federal Reserve boss Jerome Powell on risks to the US labor market, reinforcing expectations the central bank will cut rates at its October meeting.”There was nothing in yesterday’s speech to kind of dissuade the market from thinking those rate cuts are coming, and so that was deemed a positive component,” said Briefing.com analyst Patrick O’Hare.Wall Street stocks spent most of the day in positive territory with both the S&P 500 and Nasdaq ending up. The Dow retreated modestly.Both Bank of America and Morgan Stanley rose decisively following good earnings reports. On Wednesday, the Fed’s “Beige Book” survey of conditions around the United States also pointed to job market deterioration, with most districts reporting a greater number of firms lowering employment.Paris surged more than two percent after the world’s biggest luxury group LVMH beat earnings expectations, triggering a rally across the sector.LVMH shares soared more than 12 percent, while shares in Hermes jumped 7.2 percent and Gucci-owner Kering rose 5.4 percent. Shares in Burberry climbed over three percent in London.”Luxury goods demand has been in something of a tailspin of late, but LVMH has reported signs of easing pressures,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.Investors also hoped for an end to France’s political turmoil after Prime Minister Sebastien Lecornu backed the suspension of an unpopular 2023 pensions overhaul to bolster his cabinet’s survival.Frankfurt and London both finished the day in the red.Sentiment in the tech sector was lifted by Dutch tech giant ASML reporting solid sales and orders on its semiconductor machines.Its shares climbed 3.4 percent in Amsterdam even as it warned of a steep fall in its China business next year.Asian markets rallied, with Seoul jumping 2.7 percent while Hong Kong, Shanghai, Tokyo all closed more than one percent higher.The gains came despite data showing that Chinese consumer prices fell in September, a sign that the world’s second-largest economy still faces weak consumer activity.Investors also tracked the latest trade salvos between Washington and Beijing, with US President Donald Trump last week threatening 100-percent tariffs in retaliation to China’s new export controls on rare earths.China appeared to stoke the row Tuesday by imposing sanctions on five American subsidiaries of South Korean shipbuilder Hanwha Ocean, accusing them of supporting Washington’s investigation into the shipping industry.Trump later threatened to stop purchases of Chinese cooking oil in retaliation for Beijing’s halt of US soybeans.”The rebound in risk appetite has continued across the board today, shrugging off any further spat between the US and China, this time over cooking oil,” said Chris Beauchamp, chief market analyst at trading platform IG.US Treasury Secretary Scott Bessent added to the tensions on Wednesday by slamming Beijing’s rare earth export curbs as “China versus the world,” and vowing that Washington and its allies would “neither be commanded nor controlled.”- Key figures at around 2020 GMT -New York – Dow: DOWN less than 0.1 percent at 46,253.31 (close)New York – S&P 500: UP 0.4 percent at 6,671.06 (close)New York – Nasdaq Composite: UP 0.7 percent at 22,670.08 (close)London – FTSE 100: DOWN 0.3 percent at 9,424.75 (close)Paris – CAC 40: UP 2.0 percent at 8,077.00 (close)Frankfurt – DAX: DOWN 0.2 percent at 24,181.37 (close)Tokyo – Nikkei 225: UP 1.8 percent at 47,672.67 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,910.60 (close)Shanghai – Composite: UP 1.2 percent at 3,912.21 (close)Euro/dollar: UP $1.1645 from $1.1607 on TuesdayPound/dollar: UP at $1.3400 from $1.3320Dollar/yen: DOWN at 151.24 yen from 151.84 yenEuro/pound: DOWN at 86.90 percent from 87.14 penceBrent North Sea Crude: DOWN 0.8 percent at $61.91 per barrelWest Texas Intermediate: DOWN 0.7 percent at $58.27 per barrelburs-jmb

Dutch tech giant ASML warned Wednesday of a steep fall in its China business next year, as it booked flat net profits in the third quarter of 2025 compared to the same period last year.Traders appeared to see the glass half-full, with ASML shares closing more than three percent higher in Amsterdam, buoyed by solid sales and orders for its cutting-edge semiconductor production machines. ASML has faced growing pressure from US and Dutch export curbs for its most advanced chipmaking tools to China, as Beijing and Western nations are locked in a battle for the key sector.”We expect China customer demand, and therefore our China total net sales in 2026, to decline significantly compared to our very strong business there in 2024 and 2025,” said CEO Christophe Fouquet in a statement.The firm announced net profits of 2.13 billion euros ($2.5 billion), after 2.08 billion euros in the third quarter of last year. Net sales in the third quarter of 2025 came in at 7.5 billion euros. ASML had forecast a figure between 7.4 billion euros and 7.9 billion euros.”Our third-quarter total net sales… were in line with guidance, reflecting a good quarter for ASML,” said Fouquet.In July, the firm had warned that geopolitical and trade tensions had clouded the near-term outlook for its growth.ASML said then that it could not confirm it would be in the black in 2026.But on Wednesday, Fouquet said: “We do not expect 2026 total net sales to be below 2025,” adding that the firm would give more details on next year’s outlook in January.”I think we have seen a flow of positive news in the last few months that has helped to reduce some of the uncertainties we discussed last quarter,” said Fouquet.The CEO said he expected sales in the fourth quarter to come in between 9.2 billion and 9.8 billion euros. For the full year 2025, the firm predicts a 15-percent increase in total net sales.Net bookings, the figure most closely watched in the markets as a predictor of future performance, reached 5.4 billion euros, compared to 5.5 billion in the second quarter.According to a presentation posted on the firm’s website, sales to China represented 42 percent of ASML’s overall business in the third quarter, up from 27 percent in the second quarter.”We have been experiencing a very high cycle in China, especially through… the last couple of years,” said chief financial officer Roger Dassen in a call with investors.”Our expectation and the visibility we have right now is that next year we go back to more reasonable business,” added Dassen.- Geopolitical battleground -Longer-term, ASML believes that the rapidly expanding AI market will push up its annual sales to between 44 billion and 60 billion euros by 2030. It posted 28.3 billion euros in net sales in 2024.ASML is a critical cog in the global economy, as the semiconductors crafted with its tools power everything from smartphones to missiles. Semiconductors have become something of a global geopolitical battlefield.Washington has sought to curb exports of high-tech chips to China, worried they could be used by Beijing’s military.Last week, a US Congressional committee report said five companies, including ASML, had sold $38 billion worth of critical tech to China in 2024, including to firms flagged as US national security threats.”China is striving with all its might to build a domestic, self-sufficient semiconductor manufacturing industry,” the report said.Earlier this week, chip-related tensions grew between China and the Netherlands after the Dutch government took control of Chinese-owned chipmaker Nexperia, citing national security concerns.That meant while the company — based in the Dutch city of Nijmegen — can continue production, the Dutch government can block or reverse its decisions.Parent company Wingtech said it was appealing to Chinese authorities for support and discussing legal action with international law firms.