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Asian markets mostly fell Monday after an unexpected slowdown in retail sales reinforced worries about China’s economy, with the latest batch of weak data compounding the disappointment of Beijing’s latest stimulus pledges.The tepid start came on the year’s last full week of trading, with the focus on key monetary policy decisions by the US Federal Reserve and the Bank of Japan.Observers are also tracking developments in Seoul after South Korean lawmakers impeached President Yoon Suk Yeol at the weekend in the wake of his short-lived declaration of martial law this month.Hong Kong and Shanghai slipped after figures showed that Chinese retail sales grew 3.0 percent last month, much slower than October and well off the five percent forecast. The figures highlighted the work leaders had in store as they try to kickstart consumption and reignite the world’s number two economy.Officials unveiled new promises at the weekend to boost the battered property sector and tweak monitoring of equity markets.That came after investors were left unimpressed last week with Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a stimulus drive.President Xi Jinping and other key players said at the annual Central Economic Work Conference they would implement a “moderately loose” monetary policy, increase social financing and reduce interest rates “at the right time”.Elsewhere in Asia, there were also losses in Sydney, Wellington, Manila and Jakarta, though Tokyo, Singapore and Taipei rose.Seoul fluctuated after Saturday’s impeachment of Yoon, with South Korea’s Constitutional Court starting proceedings Monday to determine whether to uphold the vote.While the martial law crisis shocked markets, observers said the economic impact would likely be limited, with some suggesting a stimulus package could be implemented in the new year.The Fed is widely expected to cut interest rates again Wednesday but there are fears it will have to slow its pace of easing next year owing to sticky inflation and bets that president-elect Donald Trump’s tax cuts and tariffs will reignite prices.The gathering comes after figures last week showed the consumer price index ticked up and wholesale prices accelerated.Investors are now pricing a more-than-75 percent chance the Fed holds rates steady in January, according to the CME FedWatch tool.The Bank of Japan is due to deliver its own policy decision after that, with debate swirling on whether officials will announce a third hike of the year, having moved in March for the first time since 2007 as price pressures continue to build.”The Bank of Japan will likely tighten monetary policy on Thursday,” said economists at Moody’s Analytics, pointing to a 25 basis-point lift.”The central bank is worried that yen weakness might spur inflation, hurting real wages and consumer spending.”But Tony Sycamore, an analyst at the IG trading group, said expectations were for officials to hold rates at 0.25 percent.However, he added that “the central bank’s current inaction is unlikely to persist, with any rate hold expected to come with strong forward guidance signalling a potential January hike”.”Broadening underlying pricing pressures, such as service prices, continue to point towards a more persistent inflationary trend. This environment suggests conditions are ripe for another rate hike, reinforcing expectations for tighter policy down the line.”On currency markets, the dollar rose against the yen Monday.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 39,533.55 (break)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,888.97Shanghai – Composite: DOWN 0.1 percent at 3,388.34Euro/dollar: UP at $1.0515 from $1.0504 on FridayPound/dollar: UP at $1.2634 from $1.2622Dollar/yen: UP at 153.96 yen from 153.60 yen Euro/pound: UP at 83.31 pence from 83.19 penceWest Texas Intermediate: DOWN 0.4 percent at $71.03 per barrelBrent North Sea Crude: DOWN 0.3 percent at $74.30 per barrelNew York – Dow: DOWN 0.2 percent at 43,828.06 (close)London – FTSE 100: DOWN 0.1 percent at 8,300.33 (close)

Wall Street stocks finished a lackluster week on a muted note Friday as concerns about rising Treasury bond yields competed with enthusiasm over artificial intelligence equities.Of the major indices, only the Nasdaq mustered a gain in Friday’s session. The tech-rich index was also the only of the three leading US benchmarks to conclude the week higher.”Equities are kind of treading water,” said LBBW’s Karl Haeling. “A negative influence to some extent is the rise in bond yields.”The latest US consumer price index data released this week showed prices ticked higher in November and the wholesale data also showed stubborn inflationary pressures.”Yields rose to their highest levels in over two weeks as markets brace for the Federal Reserve’s final meeting of the year, reflecting concerns over sticky inflation,” said Chris Beauchamp, chief market analyst at online trading platform IG.There is also growing concern over the inflationary pressures from President-elect Donald Trump’s pledges to cut taxes and impose tariffs, as inflation still stands above the Fed’s target.”While the markets still anticipate a rate cut from the Federal Reserve next week, the likelihood of a move in January has dropped,” said Patrick Munnelly, partner at broker Tickmill Group.The CME FedWatch tool shows the market sees a more than 75 percent chance that the Fed will hold rates steady in January.In Europe, the Paris CAC 40 index ended the day down 0.2 percent after French President Emmanuel Macron named his centrist ally Francois Bayrou as prime minister, ending days of deadlock over finding a replacement for Michel Barnier.Frankfurt also dipped, with Germany’s central bank sharply downgrading its growth forecasts on Friday for 2025 and 2026. It predicted a prolonged period of weakness for Europe’s biggest economy.London stocks were also lower after official data showed that the UK economy unexpectedly shrank for the second consecutive month in October.The euro recovered after flirting with two-year lows against the dollar following a warning Thursday by ECB president Christine Lagarde that the eurozone economy was “losing momentum”, cautioning that “the risk of greater friction in global trade could weigh on euro area growth”.In Asia, Hong Kong and Shanghai both tumbled as investors were unimpressed with Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.President Xi Jinping and other key leaders said at the annual Central Economic Work Conference they would implement a “moderately loose” monetary policy, increase social financing and reducing interest rates “at the right time”.The gathering came after Beijing in September began unveiling a raft of policies to reverse a growth slump that has gripped the economy for almost two years.”We’re still not convinced that policy support will prevent the economy from slowing further next year”, said Julian Evans-Pritchard, head of China economics at research group Capital Economics.Among individual equities, chip company Broadcom surged nearly 25 percent after reporting a 51 percent jump in quarterly revenues to $14.1 billion behind massive growth in AI-linked business.- Key figures around 2140 GMT -New York – Dow: DOWN 0.2 percent at 43,828.06 (close)New York – S&P 500: FLAT  at 6,051.09 (close)New York – Nasdaq Composite: UP 0.1 percent at 19,926.72 (close)London – FTSE 100: DOWN 0.1 percent at 8,300.33 (close)Paris – CAC 40: DOWN 0.2 percent at 7,409.57 (close)Frankfurt – DAX: DOWN 0.1 percent at 20,405.92 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 39,470.44 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 19,971.24 (close)Shanghai – Composite: DOWN 2.0 percent at 3,391.88 (close)Euro/dollar: UP at $1.0504 from $1.0467 on ThursdayPound/dollar: DOWN at $1.2622 from $1.2673Dollar/yen: UP at 153.60 yen from 152.63 yen Euro/pound: UP at 83.19 pence from 82.59 penceBrent North Sea Crude: UP 1.5 percent at $74.49 per barrelWest Texas Intermediate: UP 1.8 percent at $71.29 per barrelburs-jmb/st

The UK, Italy and Japan on Friday launched a joint venture to develop a supersonic next-generation fighter jet by 2035, replacing the Eurofighter Typhoon.Britain’s BAE Systems, Italy’s Leonardo and Japan Aircraft Industrial Enhancement Co Ltd (JAIEC) will each hold a 33.3 percent share in the new venture, “marking a pivotal moment for the international aerospace and defence industry,” they announced in a press release.JAIEC is a firm jointly funded by Mitsubishi Heavy Industries (MHI) and the Society of Japanese Aerospace Companies.”Today’s agreement is a culmination of many months working together with our industry partners and is testament to the hard work of everyone involved in this strategically important programme,” said Charles Woodburn, BAE Systems Chief Executive.The venture will “bring together the significant strengths and expertise of the companies involved to create an innovative organisation that will lead the way in developing a next generation combat air system, creating long-term, high value and skilled jobs across the partner nations for decades to come,” he added.The three partners have agreed to form a new company under the Global Combat Air Programme (GCAP), a multinational initiative established by the UK, Japan and Italy in 2022 to develop a sixth-generation stealthfighter to replace the Typhoon and Japanese F-2.The joint venture is expected to be established by the middle of 2025 and will undertake the design and development of the GCAP aircraft.It will subcontract the manufacturing and final assembly of the aircraft to BAE Systems, Leonardo, MHI and the wider supply chain.The aircraft is due to enter service in 2035, ahead of the competing European project FCAS — led by Paris, Berlin and Madrid — and is expected to be in service until 2070. – China, Russia threats -The new company will be headquartered in the UK and its first CEO, whose name has not been announced, will be Italian. “The way might not always be simple and straightforward. However, I believe that through continuing the strong spirit of trilateral cooperation and collaboration… we will not only deliver the GCAP on time but also at a level that exceeds all of our expectations,” said JAIEC president Kimito Nakae.The Italian defence ministry has already allocated 8.8 billion euros ($9.2 billion) to the program, Roberto Cingolani, the CEO of Leonardo, said in November, although the total budget of the project has yet to be revealed. Italy’s Defence Minister Guido Crosetto hailed the announcement as an “important step” and “a remarkable example of the strong international cooperation between our nations”.GCAP aims to counter the threats posed by Russia and China and will merge two different aircraft program — the UK and Italy’s “Tempest” and Japan’s “F-X”.The objective is to develop a twin-engine stealth aircraft that could be operated with or without a crew, would boast features such as laser-directed weapons and a virtual cockpit and would be much harder to detect using radar and infrared.New technologies being explored for Tempest include the integration of AI and augmented reality and the ability to conduct missions alongside drones.Visiting the Farnborough Air Show in July, where a model of the aircraft was unveiled, British Prime Minister Keir Starmer stressed “just how important a program this is” for the country. But Mike Schoellhorn, the CEO of Airbus Defence and Space, said in July that the competition between GCAP and FCAS was “not logical”. Cingolani has not ruled out a possible rapprochement. “I’m not saying merging, maybe this is too much, but for sure some collaboration. It’s too early to say, we’re just at the beginning,” he told AFP.

A push higher by global stocks ran out of steam Friday as US bond yields rose in a signal that investors see the US Federal Reserve pausing after an expected interest rate cut next week.Wall Street had opened higher on AI optimism and European markets were trading higher into the afternoon.But “earlier gains have drifted away as US Treasury yields strengthen,” said Chris Beauchamp, Chief Market Analyst at online trading platform IG.”Yields rose to their highest levels in over two weeks as markets brace for the Federal Reserve’s final meeting of the year, reflecting concerns over sticky inflation,” he added.The latest US consumer price index data released this week showed prices ticked higher in November and the wholesale data also showed stubborn inflationary pressures.There is also growing concern over the inflationary pressures from president-elect Donald Trump’s pledges to cut taxes and impose tariffs, as inflation still stands above the bank’s target.”While the markets still anticipate a rate cut from the Federal Reserve next week, the likelihood of a move in January has dropped,” said Patrick Munnelly, partner at broker Tickmill Group.The CME FedWatch tool shows the market sees a nearly 80 percent chance of Fed holding rates steady in January.Investors will be eagerly awaiting how the Fed sees the inflation outlook for hints about the pace of future cuts.In Europe, the Paris CAC 40 index ended the day down 0.2 percent after French President Emmanuel Macron named his centrist ally Francois Bayrou as prime minister, ending days of deadlock over finding a replacement for Michel Barnier.Frankfurt also dipped, with Germany’s central bank sharply downgrading its growth forecasts on Friday for 2025 and 2026. It predicted a prolonged period of weakness for Europe’s biggest economy.London stocks were also lower after official data showed that the UK economy unexpectedly shrank for the second consecutive month in October.The euro recovered after flirting with two-year lows against the dollar following a warning Thursday by ECB president Christine Lagarde that the eurozone economy was “losing momentum”, cautioning that “the risk of greater friction in global trade could weigh on euro area growth”.In Asia, Hong Kong and Shanghai both tumbled as investors were unimpressed with Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.President Xi Jinping and other key leaders said at the annual Central Economic Work Conference they would implement a “moderately loose” monetary policy, increase social financing and reducing interest rates “at the right time”.The gathering came after Beijing in September began unveiling a raft of policies to reverse a growth slump that has gripped the economy for almost two years.”We’re still not convinced that policy support will prevent the economy from slowing further next year”, said Julian Evans-Pritchard, head of China economics at research group Capital Economics.Seoul extended to four days a rebound from the selling sparked by South Korean President Yoon Suk Yeol’s brief martial law declaration, as the focus there turns to a second impeachment vote planned for Saturday.The advance helped the Kospi briefly rise back above the level it sat at before Yoon’s December 3 shock.- Key figures around 1630 GMT -New York – Dow: FLAT at 43,923.45 pointsNew York – S&P 500: DOWN less than 0.1 percent at 6,046.31New York – Nasdaq Composite: DOWN 0.2 percent at 19,860.33London – FTSE 100: DOWN 0.1 percent at 8,300.33 (close)Paris – CAC 40: DOWN 0.2 percent at 7,409.57 (close)Frankfurt – DAX: DOWN 0.1 percent at 20,405.92 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 39,470.44 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 19,971.24 (close)Shanghai – Composite: DOWN 2.0 percent at 3,391.88 (close)Euro/dollar: UP at $1.0496 from $1.0468 on ThursdayPound/dollar: DOWN at $1.2626 from $1.2669Dollar/yen: UP at 153.67 yen from 152.68 yen Euro/pound: UP at 83.16 pence from 82.59 penceBrent North Sea Crude: UP 1.1 percent at $74.25 per barrelWest Texas Intermediate: UP 1.4 percent at $70.97 per barrelburs-rl/gv

US and European stock markets advanced Friday as traders shrugged off disappointment over China’s latest boosts to its beleaguered economy and reacted to political and business developments.Wall Street stocks opened higher, rebounding from losses following concerning inflation data.Shares in semiconductor manufacturer Broadcom jumped more than 19 percent on AI growth prospects and upscale home furnishing retailer RH around 16 percent on an improving demand outlook.”That is a nice combination for market participants to contemplate, as it has positive connotations for enterprise spending and consumer spending,” said Briefing.com analyst Patrick O’Hare.Investors were also looking ahead to the US Federal Reserve’s meeting next week, when it is tipped to cut borrowing costs for the third time.”While the markets still anticipate a rate cut from the Federal Reserve next week, the likelihood of a move in January has dropped,” said Patrick Munnelly, partner at broker Tickmill Group.There is growing concern over the inflationary pressures from president-elect Donald Trump’s pledges to cut taxes and impose tariffs, as inflation still stands above the bank’s target.European markets were mostly higher following interest-rate cuts the day before by the European Central Bank (ECB) and the Swiss central bank.Paris stocks rose after French President Emmanuel Macron named his centrist ally Francois Bayrou as prime minister, ending days of deadlock over finding a replacement for Michel Barnier.Frankfurt also gained, despite the German central bank sharply downgrading its growth forecasts on Friday for 2025 and 2026. It predicted a prolonged period of weakness for Europe’s biggest economy.London markets were flat and the pound dropped after official data showed that the UK economy unexpectedly shrank for the second consecutive month in October.The euro recovered after flirting with two-year lows against the dollar following a warning Thursday by ECB president Christine Lagarde that the eurozone economy was “losing momentum”, cautioning that “the risk of greater friction in global trade could weigh on euro area growth”.In Asia, Hong Kong and Shanghai both tumbled as investors panned Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.President Xi Jinping and other key leaders said at the annual Central Economic Work Conference they would implement a “moderately loose” monetary policy, increase social financing and reducing interest rates “at the right time”.The gathering came after Beijing in September began unveiling a raft of policies to reverse a growth slump that has gripped the economy for almost two years.”We’re still not convinced that policy support will prevent the economy from slowing further next year”, said Julian Evans-Pritchard, head of China economics at research group Capital Economics.Shares fell in Tokyo even as the Bank of Japan’s closely watched Tankan survey indicated a slight increase in confidence among Japan’s major manufacturers.Seoul extended to four days a rebound from the selling sparked by South Korean President Yoon Suk Yeol’s brief martial law declaration, as the focus there turns to a second impeachment vote planned for Saturday.The advance helped the Kospi briefly rise back above the level it sat at before Yoon’s December 3 shock.- Key figures around 1430 GMT -New York – Dow: UP 0.1 percent at 43,975.94 pointsNew York – S&P 500: UP 0.3 percent at 6,068.50New York – Nasdaq Composite: UP 0.5 percent at 19,995.18London – FTSE 100: FLAT at 8,311.13 Paris – CAC 40: UP 0.3 percent at 7,444.56Frankfurt – DAX: UP 0.2 percent at 20,469.53Tokyo – Nikkei 225: DOWN 1.0 percent at 39,470.44 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 19,971.24 (close)Shanghai – Composite: DOWN 2.0 percent at 3,391.88 (close)Euro/dollar: UP at $1.0498 from $1.0468 on ThursdayPound/dollar: DOWN at $1.2652 from $1.2669Dollar/yen: UP at 153.39 yen from 152.68 yen Euro/pound: UP at 82.99 pence from 82.59 penceBrent North Sea Crude: DOWN 0.1 percent at $71.05 per barrelWest Texas Intermediate: UP 0.4 percent at $70.32 per barrelburs-rl/jj

Stock markets diverged Friday as traders were disappointed by China’s latest boosts to its beleaguered economy and looked ahead to a key US Federal Reserve meeting next week.A tepid week was on course for a damp finish, with Wall Street offering a negative lead after fresh data pointing to a pick-up in inflation.Hong Kong and Shanghai both tumbled as investors shrugged at Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.President Xi Jinping and other key leaders said at the annual Central Economic Work Conference they would implement a “moderately loose” monetary policy, increase social financing and reduce interest rates “at the right time”.The gathering came after Beijing began unveiling in September a raft of policies to reverse a growth slump that has gripped the economy for almost two years.”We’re still not convinced that policy support will prevent the economy from slowing further next year”, said Julian Evans-Pritchard, head of China economics at research group Capital Economics.European markets fared better following interest rate cuts the day prior by the European Central Bank (ECB) and the Swiss central bank. Paris stocks rose with French President Emmanuel Macron set to name the new prime minister Friday, after days of deadlock over finding a candidate to replace the ousted Michel Barnier. Frankfurt also gained, despite the German central bank sharply downgrading its growth forecasts on Friday for 2025 and 2026 as it predicted a prolonged period of weakness for Europe’s biggest economy.London stocks edged up and the pound dropped after official data showed that the UK economy unexpectedly shrank for the second consecutive month in October.The euro was stuck around two-year lows against the dollar after ECB president Christine Lagarde warned the eurozone economy was “losing momentum”, cautioning that “the risk of greater friction in global trade could weigh on euro area growth”.All three main indexes in New York closed in the red, ahead of the Fed’s meeting next week, when it is tipped to cut borrowing costs for the third time.”While the markets still anticipate a rate cut from the Federal Reserve next week, the likelihood of a move in January has dropped,” said Patrick Munnelly, partner at broker Tickmill Group.There is growing concern over inflationary pressures of president-elect Donald Trump’s pledges to cut taxes and impose tariffs as inflation still stands above the bank’s target.Shares fell in Tokyo even as the Bank of Japan’s closely watched Tankan survey indicated a slight increase in confidence among Japan’s major manufacturers.  Seoul extended to four days a rebound from the selling sparked by South Korean President Yoon Suk Yeol’s brief martial law declaration, as the focus there turns to a second impeachment vote planned for Saturday.The advance helped the Kospi briefly rise back above the level it sat at before Yoon’s December 3 shock.- Key figures around 1100 GMT -London – FTSE 100: UP 0.1 percent at 8,319.69 pointsParis – CAC 40: UP 0.4 percent at 7,449.73Frankfurt – DAX: UP 0.4 percent at 20,499.07Tokyo – Nikkei 225: DOWN 1.0 percent at 39,470.44 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 19,971.24 (close)Shanghai – Composite: DOWN 2.0 percent at 3,391.88 (close)New York – Dow: DOWN 0.5 percent 43,014.12 (close)Euro/dollar: UP at $1.0488 from $1.0468 on ThursdayPound/dollar: DOWN at $1.2652 from $1.2669Dollar/yen: UP at 153.49 yen from 152.68 yen Euro/pound: UP at 82.91 pence from 82.59 penceBrent North Sea Crude: UP 1.1 percent at $74.23 per barrelWest Texas Intermediate: UP 1.2 percent at $70.86 per barrel

Markets fell Friday as China’s latest vows to boost the beleaguered economy failed to stir much excitement, while traders looked ahead to a key Federal Reserve policy meeting next week.A tepid week was on course for a damp finish, with Wall Street offering a negative lead after fresh data pointing to a pick-up in inflation.Hong Kong and Shanghai both tumbled as investors shrugged at Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.President Xi Jinping and other key leaders said they would implement a “moderately loose” monetary policy, increase social financing and reduce interest rates “at the right time”.The annual Central Economic Work Conference was being closely watched for signs of more stimulus, though the announcement — which included stabilising foreign trade and supporting the troubled property sector — was unable to boost sentiment.The gathering came after Beijing began unveiling in September a raft of policies to reverse a growth slump that has gripped the economy for almost two years.Julian Evans-Pritchard of Capital Economics said it remained unclear how big a boost there would be, adding that, “while we may get a near-term stimulus bounce, we’re still not convinced that policy support will prevent the economy from slowing further next year”.And strategists at Bank of America Global Research said: “We await more evidence of implementation to assess the impact of such an indicated turnaround”.Shares fell in Tokyo even as the Bank of Japan’s closely watched Tankan survey indicated a slight increase in confidence among Japan’s major manufacturers.  Sydney, Taipei, Bangkok, Jakarta and Manila also dropped while Singapore, Mumbai and Wellington edged up.Seoul reversed early losses to extend to four days a rebound from the selling sparked by South Korean President Yoon Suk Yeol’s brief martial law declaration, as the focus there turns to a second impeachment vote planned for Saturday.The advance helped the Kospi briefly rise back above the level it sat at before Yoon’s December 3 shock.All three main indexes in New York closed in the red, with investors taking to the sidelines ahead of the Fed’s Wednesday gathering, when it is tipped to cut borrowing costs for the third time.However, there is growing concern that with inflation still above the bank’s target — and president-elect Donald Trump pledging to cut taxes and impose tariffs — officials will not make as many next year as initially hoped.”There is a risk that inflationary pressures could change the central bank’s plans,” said Charu Chanana, chief investment strategist at Saxo Markets.”Recent (consumer price index) reports show that inflation is still sticky, and if Trump’s policies — like higher fiscal spending or tariffs — are enacted, inflation could re-accelerate.”This would give the Fed less room to ease, potentially leading to a hawkish surprise for markets.”The euro was stuck around two-year lows after the European Central Bank cut rates and president Christine Lagarde warned the eurozone economy was “losing momentum”, cautioning that “the risk of greater friction in global trade could weigh on euro area growth”.The currency was also being dragged by uncertainty in Germany and France following the collapse of the governments of both countries, the eurozone’s biggest economies.London was flat at the open as data showed the UK economy shrank 0.1 percent in October. Paris opened down and Frankfurt was up. – Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 39,470.44 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 19,971.24 (close)Shanghai – Composite: DOWN 2.0 percent at 3,391.88 (close)London – FTSE 100: FLAT at 8.311,22Euro/dollar: DOWN at $1.0462 from $1.0468 on ThursdayPound/dollar: DOWN at $1.2630 from $1.2669Dollar/yen: UP at 152.84 yen from 152.68 yen Euro/pound: UP at 82.83 pence from 82.59 penceWest Texas Intermediate: UP 0.4 percent at $70.33 per barrelBrent North Sea Crude: UP 0.4 percent at $73.67 per barrelNew York – Dow: DOWN 0.5 percent 43,014.12 (close)

Asian markets fell Friday as China’s latest vows to boost the beleaguered economy failed to stir much excitement, while traders looked ahead to a key Federal Reserve policy meeting next week.A tepid week was on course for a damp finish, with Wall Street offering a negative lead after fresh data pointing to a pick-up in inflation.Hong Kong and Shanghai both turned lower soon after the open as investors gave a shrug to Beijing’s pledge to introduce measures aimed at “lifting consumption vigorously” as part of a drive to reignite growth in the world’s number two economy.President Xi Jinping and other key leaders said they would implement a “moderately loose” monetary policy, increase social financing and reduce interest rates “at the right time”.The annual Central Economic Work Conference was being closely watched for signs of more stimulus, though the announcement — which included stabilising foreign trade and supporting the troubled property sector — was unable to boost sentiment.The gathering came after Beijing began unveiling in September a raft of policies to reverse a growth slump that has gripped the economy for almost two years.Julian Evans-Pritchard of Capital Economics said it remained unclear how big a boost there would be, adding that, “while we may get a near-term stimulus bounce, we’re still not convinced that policy support will prevent the economy from slowing further next year”.And strategists at Bank of America Global Research said: “We await more evidence of implementation to assess the impact of such an indicated turnaround”.Shares fell in Tokyo even as the Bank of Japan’s closely watched Tankan survey indicated a slight increase in confidence among Japan’s major manufacturers.  Sydney, Taipei and Manila also dropped while Singapore and Wellington edged up.Seoul also struggled following a three-day rebound from the selling sparked by South Korean President Yoon Suk Yeol’s brief martial law declaration, as the focus there turns to a second impeachment vote planned for Saturday.All three main indexes in New York closed in the red, with investors taking to the sidelines ahead of the Fed’s Wednesday gathering, when it is tipped to cut borrowing costs for the third time.However, there is growing concern that with inflation still above the bank’s target — and president-elect Donald Trump pledging to cut taxes and impose tariffs — officials will not make as many next year as initially hoped.”There is a risk that inflationary pressures could change the central bank’s plans,” said Charu Chanana, chief investment strategist at Saxo Markets.”Recent (consumer price index) reports show that inflation is still sticky, and if Trump’s policies — like higher fiscal spending or tariffs — are enacted, inflation could re-accelerate.”This would give the Fed less room to ease, potentially leading to a hawkish surprise for markets.”The euro held around two-year lows after the European Central Bank cut rates and president Christine Lagarde warned the eurozone economy was “losing momentum”, warning that “the risk of greater friction in global trade could weigh on euro area growth”.The currency was also being dragged by uncertainty in Germany and France following the collapse of the governments of both countries, the eurozone’s biggest economies.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 39,360.43 (break)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 20,118.07Shanghai – Composite: DOWN 1.1 percent at 3,425.14Euro/dollar: DOWN at $1.0467 from $1.0468 on ThursdayPound/dollar: DOWN at $1.2668 from $1.2669Dollar/yen: UP at 152.75 yen from 152.68 yen Euro/pound: UP at 82.63 from 82.59 penceWest Texas Intermediate: DOWN 0.1 percent at $69.96 per barrelBrent North Sea Crude: DOWN 0.1 percent at $73.35 per barrelNew York – Dow: DOWN 0.5 percent 43,014.12 (close)London – FTSE 100: UP 0.1 at 8,311.76 (close) 

Europe’s main stock markets were little changed Thursday despite interest rate cuts by the eurozone and Swiss central banks as policymakers warned of economic and political woes in the region and beyond.Wall Street shares pulled back a day after the tech-heavy Nasdaq topped 20,000 points for the first time.The Paris CAC 40 index ended the day flat while the Frankfurt DAX added 0.1 percent after the European Central Bank (ECB) cut its interest rates by 25 basis points, marking its third consecutive reduction and fourth this year overall.ECB President Christine Lagarde said policymakers discussed political “uncertainty” in Europe and the United States before deciding on the cut.She mentioned “political situations in some of the member states” and the US presidential election won by Donald Trump.Lagarde warned that the eurozone economy was “losing momentum” and that “the risk of greater friction in global trade could weigh on euro area growth”.Earlier, the Swiss National Bank surprised markets with a 50-basis-point reduction in its rate, citing slowing inflation and uncertainty over the impact of Trump’s economic policies and Europe’s political upheaval.The franc fell against the dollar and the euro following the announcement.With growth still weak and France and Germany in political crises there have been calls for the ECB to move faster.  Germany is heading towards early elections in February following the collapse of Chancellor Olaf Scholz’s coalition government as Europe’s biggest economy falters.In France, President Emmanuel Macron is due to appoint a new prime minister after MPs toppled the government of Michel Barnier last week.Sylvain Broyer, an economist at S&P Global Ratings, said Europe was suffering from “a real crisis of confidence whose roots run deep and go beyond economic factors”.”The ECB must react and speed up the pace of rate cuts, unless low confidence derails the nascent recovery and jeopardizes the return to price stability,” he said.- US inflation -Investors are also focused on the US Federal Reserve’s own interest rate decision next week.Consumer inflation data on Wednesday was in line with expectations as it inched slightly higher in November to 2.7 percent.But figures on Thursday showed US wholesale inflation also ticked higher in November.Nonetheless, futures markets continued to show high confidence the Fed will still cut interest rates next week. But there are concerns that measures pledged by Trump to slash taxes and regulations and ramp up tariffs could reignite price increases.In Asia, Hong Kong and Shanghai rallied amid hopes that leaders in China will unveil more help for the economy, which is struggling under the weight of weak consumer spending and a chronic property crisis.Tokyo gained more than one percent on a weaker yen.- Key figures around 2130 GMT -New York – Dow: DOWN 0.5 percent 43,014.12 (close)New York – S&P 500: DOWN 0.5 percent at 6,051.25 (close)New York – Nasdaq Composite: DOWN 0.7 percent at 19,902.84 (close)London – FTSE 100: UP 0.1 at 8,311.76 (close) Paris – CAC 40: FLAT at 7,420.94 (close)Frankfurt – DAX: UP 0.1 percent at 20,426.27 (close)Tokyo – Nikkei 225: UP 1.2 percent at 39,849.14 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 20,397.05 (close)Shanghai – Composite: UP 0.9 percent at 3,461.50 (close)Euro/dollar: DOWN at $1.0468 from $1.0496 on WednesdayPound/dollar: DOWN at $1.2669 from $1.2751Dollar/yen: UP at 152.68 yen from 152.45 yen Euro/pound: UP at 82.59 from 82.31 penceWest Texas Intermediate: DOWN 0.4 percent at $70.02 per barrelBrent North Sea Crude: DOWN 0.2 percent at $73.41 per barrelburs-jmb/dw

European stock markets rose Thursday as the Swiss central bank made a bigger-than-forecast interest rate cut before eurozone policymakers are expected to trim the bloc’s own borrowing costs again.The Swiss National Bank surprised markets with a 50-basis-point reduction in its rate, citing slowing inflation and “uncertainty” over the global economy due to future US policies and political turmoil in Europe.The franc fell against the dollar and the euro following the announcement.The European Central Bank (ECB) is widely expected to cut its interest rates by 25 basis points, marking its third consecutive reduction.However, recent worse-than-expected data has fuelled speculation that the ECB could soon deliver its own half-percentage-point cut. The decision comes “in the face of a eurozone economy which is teetering on the brink of a recession”, said Dan Coatsworth, investment analyst at AJ Bell.”The rumbling political crises in France and Germany only add to the tricky backdrop,” he added.Paris stocks edged up slightly, as France’s President Emmanuel Macron fights to appoint a new prime minister following the removal of Michel Barnier last week.Germany, meanwhile, is heading towards early elections in February following the collapse of Chancellor Olaf Scholz’s coalition government as Europe’s biggest economy falters.Investors are also focused on the US Federal Reserve’s own interest rate decision next week, with inflation data on Wednesday cemeting forecasts of another cut.On Wall Street on Wednesday, the Nasdaq ended above 20,000 points for the first time, while the S&P 500 was a whisker away from its own record.”US markets had their best day since the election, with tech stocks stealing the spotlight after inflation data practically locked in a rate cut,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. There are concerns, however, that measures pledged by US president-elect Donald Trump to slash taxes and regulations and ramp up tariffs could reignite price increase.In Asia, Hong Kong and Shanghai rallied amid hopes that leaders in China will unveil more help for the economy, which is struggling under the weight of weak consumer spending and a chronic property crisis.President Xi Jinping and other key officials were reportedly holding their Central Economic Work Conference to hash out plans to boost growth next year.Meanwhile, it emerged that economic officials in outgoing US President Joe Biden’s administration would meet their Chinese counterparts for talks on Thursday in a final effort to strengthen ties before Trump returns.Tokyo gained more than one percent on a weaker yen.Seoul’s Kospi pushed higher for a third straight day, eating further into the losses sustained in a sell-off that came in the wake of South Korean President Yoon Suk Yeol’s short-lived martial law declaration.The won continues to hover around two-year lows of 1,430 per dollar amid the uncertainty ahead of a second impeachment vote on Yoon at the weekend after the first fell short.- Key figures around 1100 GMT -London – FTSE 100: UP 0.3 at 8,324.23 pointsParis – CAC 40: UP 0.1 percent at 7,429.12 Frankfurt – DAX: UP 0.1 percent at 20,409.61Tokyo – Nikkei 225: UP 1.2 percent at 39,849.14 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 20,397.05 (close)Shanghai – Composite: UP 0.9 percent at 3,461.50 (close)New York – Dow: DOWN 0.2 percent at 44,148.56 (close)Euro/dollar: UP at $1.0500 from $1.0498 on WednesdayPound/dollar: DOWN at $1.2743 from $1.2752Dollar/yen: DOWN at 152.33 yen from 152.40 yen Euro/pound: UP at 82.40 from 82.31 penceWest Texas Intermediate: DOWN 0.1 percent at $70.24 per barrelBrent North Sea Crude: DOWN 0.1 percent at $73.46 per barrel