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Global stock markets diverged Tuesday as traders eyed looming US inflation data and a key European interest rate call amid global political upheaval.Commodity markets were steadier after oil and gold won strong support Monday owing to uncertainty over Syria’s impact on the wider crude-rich Middle East.The Paris stock market retreated as French party leaders gathered at President Emmanuel Macron’s Elysee Palace office to chart a route towards a new government.The euro also fell ahead of the European Central Bank’s monetary policy meeting on Thursday when it is expected to lower interest rates by 25 basis points amid weak eurozone growth.Independent analyst Andreas Lipkow said traders were taking a cautious approach ahead of the ECB meeting. The main US indexes marked time as traders eyed US consumer price inflation (CPI) data due out on Wednesday, which could play a role in whether or not the US Federal Reserve decides to cut interest rates next week.On Wall Street, “tomorrow’s CPI report is in full focus with a looming rate-decision from the Fed coming,” analyst Bret Kenwell of trading platform eToro said in a note.Following recent spending and jobs data “traders have felt even more emboldened to bet on a December rate cut, while the Fed has done little… to quiet that expectation,” he added.US inflation has remained stuck around three percent, however, higher than the Fed’s two percent target.”The Fed is likely to cut interest rates by 25 basis points regardless of the inflation reading, though a hotter-than-expected print could certainly raise some questions,” said Matthew Weller, Global Head of Research at FOREX.com and City Index.The markets are expecting a headline 2.6 percent annual inflation rate and 3.3 percent in “core” inflation which excludes highly variable food and energy prices.Earlier, stock markets struggled “amid concerns that China’s economic stimulus measures might not have a long-lasting effect”, noted Dan Coatsworth, investment analyst at AJ Bell.The growth plan comes as Beijing contemplates Donald Trump’s second term in the White House.The US president-elect has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the economic superpowers.The Shanghai stock market ended higher but Hong Kong fell.Seoul’s Kospi index rallied more than two percent after tumbling since President Yoon Suk Yeol declared short-lived martial law on December 3.On the corporate front, shares in Stellantis rose around one percent on the Paris stock exchange after the car giant and Chinese manufacturer CATL announced plans for a $4.3-billion factory making electric-vehicle batteries in Spain.Shares in Ashtead slumped 13 percent in London after the industrial-equipment hire group warned over profits and said it plans to switch its main stock listing to key market the United States.- Key figures around 1630 GMT -New York – Dow: UP less than 0.1 percent at 44,442.29 pointsNew York – S&P 500: FLAT at 6,053.62New York – Nasdaq Composite: FLAT at 19,744.54Paris – CAC 40: DOWN 1.1 percent at 7,394.78 (close)Frankfurt – DAX: DOWN less than 0.1 percent at 20,329.16 (close)London – FTSE 100: DOWN 0.9 percent at 8,280.36 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 20,311.28 (close)Shanghai – Composite: UP 0.6 percent at 3,422.66 (close)Tokyo – Nikkei 225: UP 0.5 percent at 39,367.58 (close)Seoul – Kospi: UP 2.4 percent at 2,417.84 (close)Euro/dollar: DOWN at $1.0509 from $1.0555 on MondayPound/dollar: UP at $1.2749 from $1.2746Dollar/yen: UP at 152.03 yen from 151.21 yen Euro/pound: DOWN at 82.43 from 82.78 penceWest Texas Intermediate: UP 0.9 percent at $68.98 per barrelBrent North Sea Crude: DOWN 0.1 percent at $71.05 per barrelburs-rl/sbk

Global stock markets were mixed Tuesday as traders eyed looming US inflation data and a key European interest rate call amid global political upheaval.Commodity markets were steadier after oil and gold won strong support Monday owing to  uncertainty over Syria’s impact on the wider crude-rich Middle East.The Paris stock market retreated and the euro fell versus the dollar, as French party leaders were set to gather at President Emmanuel Macron’s Elysee Palace office to chart a route towards a new government.The main US indexes were little changed as traders eyed US consumer price inflation (CPI) data due out on Wednesday.Interest rate decisions are also due from the European Central Bank on Thursday and the US Federal Reserve next week.In Europe, independent analyst Andreas Lipkow said traders were taking a cautious approach ahead of the ECB meeting. The bank is expected to lower rates by 0.25 basis points amid weak eurozone growth.On Wall Street, “tomorrow’s CPI report is in full focus with a looming rate-decision from the Fed coming,” analyst Bret Kenwell of trading platform eToro said in a note.Following recent spending and jobs data “traders have felt even more emboldened to bet on a December rate cut, while the Fed has done little… to quiet that expectation,” he added.Earlier, stock markets struggled “amid concerns that China’s economic stimulus measures might not have a long-lasting effect”, noted Dan Coatsworth, investment analyst at AJ Bell.The growth plan comes as Beijing contemplates Donald Trump’s second term in the White House.The US president-elect has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the economic superpowers.The Shanghai stock market ended higher and Hong Kong fell.Seoul’s Kospi index rallied more than two percent after tumbling since President Yoon Suk Yeol declared short-lived martial law on December 3.On the corporate front, shares in Stellantis rose slightly on the Paris index after the car giant and Chinese manufacturer CATL announced plans for a $4.3-billion factory making electric-vehicle batteries in Spain.Shares in Ashtead slumped 12 percent in London after the industrial-equipment hire group warned over profits and said it plans to switch its main stock listing to key market the United States.- Key figures around 1500 GMT -Paris – CAC 40: DOWN 0.8 percent at 7,419.92 pointsFrankfurt – DAX: UP 0.08 percent at 20,363.19London – FTSE 100: DOWN 0.7 percent at 8,291.23New York – Dow: DOWN 0.2 percent at 44,315.37New York – S&P 500: UP 0.1 percent at 6,058.66New York – Nasdaq Composite: UP 0.5 percent at 19,841.57 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 20,311.28 (close)Shanghai – Composite: UP 0.6 percent at 3,422.66 (close)Tokyo – Nikkei 225: UP 0.5 percent at 39,367.58 (close)Seoul – Kospi: UP 2.4 percent at 2,417.84 (close)Euro/dollar: DOWN at $1.0513 from $1.0555 on MondayPound/dollar: DOWN at $1.2732 from $1.2746Dollar/yen: UP at 151.86 yen from 151.21 yen Euro/pound: DOWN at 82.58 from 82.78 penceWest Texas Intermediate: UP 0.2 percent at $68.49 per barrelBrent North Sea Crude: DOWN 0.1 percent at $71.05 per barrel

Car giant Stellantis and Chinese manufacturer CATL said Tuesday they would build a $4.3-billion factory to make electric vehicle batteries in Spain, the latest bid to boost Europe’s troubled EV drive.They said they aim to start production by the end of 2026 at the site in the northern city of Zaragoza.It “could reach up to 50 GWh capacity, subject to the evolution of the electrical market in Europe and continued support from authorities in Spain and the European Union”, the companies said in a statement.The two firms signed an agreement in 2023 to produce battery parts for the manufacture of electric vehicles in Europe.CATL, which has received robust financial support from Beijing, has launched two other European factories, in Germany and Hungary.Its chief executive Robin Zeng met late on Monday with Spain’s Prime Minister Pedro Sanchez, ahead of the announcement of the 4.1-billion-euro deal.In a message on X, the Socialist premier thanked the presidents of the two firms for their “firm commitment” to Spain, adding he was “very pleased”.During a visit to China in September, Sanchez urged the European Union to “reconsider” a plan to impose tariffs on Chinese electric cars, calling for a “compromise” between the economic powerhouses.Spanish Economy Minister Carlos Cuerpo called the announcement “excellent news for industry and employment in our country”.Spain has been playing a growing role in European vehicle production, assembling 1.87 million cars in 2023 — the second-biggest producer in the continent after Germany, according to the European Automobile Manufacturers’ Association.- Bumpy patch for carmakers -The announcement comes at a turbulent time in the car industry as countries seek to switch to low-carbon electric vehicles to curb the climate crisis.Sweden’s financially strained electric car battery maker Northvolt last month announced the resignation of its chief executive Peter Carlsson.That came hours after the company sought bankruptcy protection in the United States.The company said in September it was slashing 1,600 jobs — a quarter of its staff — and suspending the expansion of its site as it struggled with strained finances and a slowdown in demand.The company had been seen as a cornerstone of European attempts to catch up with China and the United States in the production of battery cells, a crucial component of lower-emission cars.Stellantis’s former chief executive Carlos Tavares also resigned on December 1, with the company signalling differences over how to save the group’s slumping profits.Like other auto groups, Stellantis has blamed competition from China and the difficult transition to electric cars for much of its troubles.It announced on November 26 that it was closing a factory at Luton in England with the loss of 1,100 jobs.- ‘High-quality’ EVs -Founded in 2011 in Ningde, eastern China, CATL produces more than a third of the electric vehicle batteries sold in the world.Italian-US-French company Stellantis produces 14 brands including Fiat, Peugeot-Citroen, Opel, Maserati, Chrysler, Ram and Jeep.The Zaragoza plant will make lithium iron phosphate (LFP) batteries, which are cheaper to produce but less powerful compared with nickel manganese cobalt (NMC) ones, the other current mainstream technology.The companies said the factory, which will be designed to be completely carbon neutral, would enable Stellantis “to offer more high-quality, durable and affordable battery-electric passenger cars, crossovers and SUVs”.Stellantis chairman John Elkann said in the statement that the venture “will bring innovative battery production to a manufacturing site that is already a leader in clean and renewable energy”.Zeng said CATL’s goal was “to make zero-carbon technology accessible across the globe”.The deal is expected to be closed in 2025, subject to regulation.

European stock markets dropped Tuesday after Seoul rebounded as traders focused on political upheaval in France and South Korea in addition to China’s latest stimulus plans.Commodity markets were steadier after oil and gold won strong support Monday owing to an uncertain future for Syria and the wider crude-rich Middle East.The Paris stock market retreated and the euro fell versus the dollar, as French party leaders were set to gather at President Emmanuel Macron’s Elysee Palace office to chart a route towards a new government.Wall Street on Monday pulled back from all-time highs as investors awaited key US inflation data this week.Stock markets struggled “amid concerns that China’s economic stimulus measures might not have a long-lasting effect”, noted Dan Coatsworth, investment analyst at AJ Bell.Official data Tuesday showed Chinese exports rose in November at a slower rate than expected while imports shrunk further, reinforcing the need for more support a day after top officials pledged to bolster the stuttering growth.Following the data’s release, Chinese President Xi Jinping said: “China has full confidence to achieve this year’s economic growth target and will continue to play its role as the biggest engine of world economic growth.”The growth plan comes as Beijing contemplates Donald Trump’s second term in the White House.The US president-elect has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.Leaders have battled for almost two years to kickstart China’s economy, which has been battered by weak domestic consumption and a debilitating property sector crisis.”Beijing kept its stimulus measures very modest in 2024, because the goal was to stabilise the economy and rehabilitate confidence,” said Shehzad Qazi, managing director at consultants China Beige Book.”Now, Beijing is almost singularly focused on protecting China from the onslaught of forthcoming Trump tariffs.”The Shanghai stock market ended higher and Hong Kong fell.Seoul’s Kospi index rallied more than two percent after tumbling since President Yoon Suk Yeol declared short-lived martial law on December 3.The South Korean won currency steadied against the dollar Tuesday, though it remains stuck near two-year lows as uncertainty keeps investors on edge.On the corporate front, shares in Stellantis rose slightly on the Paris index after the car giant and Chinese manufacturer CATL announced plans for a $4.3-billion factory making electric-vehicle batteries in Spain.Shares in Ashtead slumped 12 percent in London after the industrial-equipment hire group warned over profits and said it plans to switch its main stock listing to key market the United States.- Key figures around 1100 GMT -Paris – CAC 40: DOWN 0.6 percent at 7,432.92 pointsFrankfurt – DAX: DOWN 0.1 percent at 20,335.96London – FTSE 100: DOWN 0.6 percent at 8,302.48Hong Kong – Hang Seng Index: DOWN 0.5 percent at 20,311.28 (close)Shanghai – Composite: UP 0.6 percent at 3,422.66 (close)Tokyo – Nikkei 225: UP 0.5 percent at 39,367.58 (close)Seoul – Kospi: UP 2.4 percent at 2,417.84 (close)New York – Dow: DOWN 0.5 percent at 44,401.93 (close)Euro/dollar: DOWN at $1.0526 from $1.0555 on MondayPound/dollar: UP at $1.2756 from $1.2746Dollar/yen: UP at 151.63 yen from 151.21 yen Euro/pound: DOWN at 82.54 from 82.78 penceWest Texas Intermediate: DOWN 0.9 percent at $67.79 per barrelBrent North Sea Crude: DOWN 0.8 percent at $71.59 per barrel

An early rally in Hong Kong and Shanghai stocks evaporated Tuesday with traders tempering initial excitement about China’s pledge to adopt a looser monetary policy as they awaited more details about the plan.Seoul, however, held on to gains after a healthy rebound that followed days of losses fuelled by the brief declaration of martial law by South Korea’s president.In the latest bid to kickstart growth, Chinese President Xi Jinping and other top leaders announced their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.The remarks, reported by state news agency Xinhua on Monday, represented a move away from their previous “prudent” approach, sparking hopes for more rate cuts and the freeing-up of more cash for lending.He said on Tuesday China had full confidence it would hit its annual economic growth target this year and warned that “there will be no winners” in a trade war between Beijing and Washington.Monday’s announcement came as Beijing contemplates Donald Trump’s second term in the White House. The president-elect has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.Leaders have battled for almost two years to kickstart the world’s number two economy, which has been battered by weak domestic consumption and a debilitating property sector crisis.Data on Tuesday showing November exports grew less than forecast and imports unexpectedly fell reinforced the need for more help for the economy. “Beijing kept its stimulus measures very modest in 2024, because the goal was to stabilise the economy and rehabilitate confidence. And as a result, China reserved its firepower for an uncertain 2025,” Shehzad Qazi, managing director of consultancy China Beige Book, said in a commentary.”Now, Beijing is almost singularly focused on protecting China from the onslaught of forthcoming Trump tariffs.”Hong Kong stocks surged more than three percent at Tuesday’s open, extending a rally of 2.8 percent on Monday. Shanghai, which had closed before the news, gained more than two percent in early trade.However, Hong Kong ended down and Shanghai gave up most of its gains by the end of the day, with analysts remaining cautious after a string of previous announcements fell short of expectations or lacked detail.”Monetary stimulus will only work if Beijing lifts broader business and household confidence. This puts a lot of focus on fiscal policy for 2025,” Qazi said.- Korean uncertainty -Pepperstone Group’s head of research Chris Weston added: “The question that needs to be asked is whether these measures go anywhere near a ‘whatever it takes’ moment for China. Clearly, there is a commitment from the Chinese authorities to meet and exceed its growth targets.”For many in the international investment community there is an inherent view that actions and substance speak louder than words, and many have been burnt getting set for a sustained rally in China risk driven by concurrent fiscal and monetary stimulus that perennially fails to materialise.”Seoul’s Kospi rallied more than two percent after tumbling more than five percent since President Yoon Suk Yeol declared martial law on December 3.Lawmakers forced him to rescind the order hours later but the move sparked a crisis in Asia’s number four economy, which was already struggling and facing a tough outlook as Trump prepares to take office.Yoon narrowly survived an impeachment motion in parliament on Saturday even as huge crowds braved freezing temperatures to call for his ouster. However, a clutch of investigations has been closing in on him and his close allies, including a probe for alleged insurrection.The South Korean won strengthened slightly against the dollar, though it remains stuck near two-year lows as uncertainty keeps investors on edge.The head of South Korea’s central bank, Rhee Chang-yong, said on Tuesday it was “difficult” for the won to return to its previous levels and added that it was “too early to say that the current exchange rate has entered a stable phase. The market is in a wait-and-see mode”.Other Asian and European markets were mixed, with Tokyo, Singapore and Manila in the green.But Sydney, Taipei, Mumbai, Wellington and Jakarta fell, with London, Paris and Frankfurt also lower at the open.The region was given a tepid lead from Wall Street, where the S&P 500 and Nasdaq pulled back from all-time highs as investors await key US inflation data later in the week.- Key figures around 0810 GMT -Hong Kong – Hang Seng Index: DOWN 0.5 percent at 20,311.28 (close)Shanghai – Composite: UP 0.6 percent at 3,422.66 (close)Tokyo – Nikkei 225: UP 0.5 percent at 39,367.58 (close)Seoul – Kospi: UP 2.4 percent at 2,417.84 (close)London – FTSE 100: DOWN 0.4 percent at 8,322.83 Euro/dollar: DOWN at $1.0547 from $1.0555 on MondayPound/dollar: DOWN at $1.2741 from $1.2746Dollar/yen: UP at 151.61 yen from 151.21 yen Euro/pound: DOWN at 82.77 from 82.78 penceWest Texas Intermediate: DOWN 0.4 percent at $68.10 per barrelBrent North Sea Crude: DOWN 0.3 percent at $71.89 per barrelNew York – Dow: DOWN 0.5 percent at 44,401.93 (close)

Chinese President Xi Jinping warned Tuesday that there would be “no winners” in a trade war with the United States and vowed the country would hit its growth goals for the year.Former US president Donald Trump — who returns to the White House next month — unleashed a gruelling trade war with China during his first term in office, lambasting alleged intellectual property theft and other “unfair” practices.He has pledged to impose even higher tariffs on China after taking office on January 20, as Beijing is grappling with a shaky post-pandemic economic recovery.”Tariff wars, trade wars, and technology wars go against historical trends and economic rules, and there will be no winners,” Xi said of China-US relations while meeting several heads of multilateral financial institutions in Beijing, according to state broadcaster CCTV.”China is willing to maintain dialogue with the US government, expand cooperation, manage differences and promote the development of China-US relations in a stable, healthy and sustainable direction,” said Xi.Beijing is targeting annual growth this year of around five percent, despite sluggish domestic consumption, high unemployment and a prolonged crisis in the vast property sector.Xi also said during Tuesday’s meeting that China had “full confidence” in achieving its 2024 growth goal, state media reported.His remarks came as official data showed the country’s exports rose last month at a slower rate than expected while imports shrunk further, underscoring the challenges China is still facing.The latest reading reinforced the need for more support a day after top officials pledged to bolster stuttering growth.- Trade war looms -Overseas shipments this year have represented a rare bright spot in the Chinese economy, with domestic spending mired in a slump and persistent woes in the property sector spooking investors.Exports jumped 6.7 percent on-year to $312.3 billion last month, China’s General Administration of Customs said.But the figure was much slower than the 8.7 percent anticipated by economists in a Bloomberg survey and well down from the 12.7 percent leap in October, which was the strongest in more than two years.The data showed exports grew 5.4 percent on-year in January-November.”China’s exports were perhaps the biggest upside surprise for the economy in 2024,” wrote Lynn Song, chief economist for Greater China at ING.This is “one of the main reasons China is set to achieve its ‘around five percent’ growth target” for this year, he added.Analysts have suggested the recent surge in shipments is because foreign buyers fearing another trade standoff were racing to beat any possible tariffs on Chinese goods by Trump.”We could see some frontloading of exports in the coming few months but momentum is likely to soften after this is done, unless the outcome of tariff negotiations is surprisingly positive,” wrote Song.The 3.9 percent drop in imports last month extended a slide in the previous month — and was much worse than the 0.9 percent rise forecast — as domestic demand continues to be dampened by lacklustre consumer spending.The readings come as investors closely watch signals from Chinese leaders, who are convening this week in Beijing for a series of key meetings on economic planning for the coming year.The Politburo, China’s top decision-making body, on Monday urged “vigorous” support for consumption and a loosening of monetary policy in 2025.But observers are still waiting for the announcement of specific policies, particularly any measures to significantly bolster consumption.Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said in a note that another key meeting on economic policy — expected to take place in the coming days — could “shed more light, particularly on the fiscal policy front”.

Hong Kong and Shanghai stocks rallied Tuesday after China pledged to adopt a looser monetary policy to revive the stuttering economy, while Seoul rebounded after days of losses fuelled by the brief declaration of martial law by South Korea’s president.In the latest bid to kickstart growth, President Xi Jinping and other top leaders announced their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.The remarks, reported by state news agency Xinhua on Monday, represented a move away from their previous “prudent” approach, sparking hopes for more rate cuts and the freeing-up of more cash for lending.The announcement comes as Beijing contemplates Donald Trump’s second term in the White House. The president-elect has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.Leaders have battled for almost two years to kickstart the world’s number two economy, which has been battered by weak domestic consumption and a debilitating property sector crisis.”Beijing kept its stimulus measures very modest in 2024, because the goal was to stabilise the economy and rehabilitate confidence. And as a result, China reserved its firepower for an uncertain 2025,” Shehzad Qazi, managing director of consultancy China Beige Book, said in a commentary.”Now, Beijing is almost singularly focused on protecting China from the onslaught of forthcoming Trump tariffs.”Hong Kong stocks surged more than three percent at Tuesday’s open, extending a rally of 2.8 percent Monday. Shanghai, which had closed before the news, gained more than two percent in early trade Tuesday.However, analysts remained cautious after a string of previous announcements fell short of expectations or lacked detail.”Monetary stimulus will only work if Beijing lifts broader business and household confidence. This puts a lot of focus on fiscal policy for 2025,” Qazi said.- Korean uncertainty -Pepperstone Group’s head of research Chris Weston added: “The question that needs to be asked is whether these measures go anywhere near a ‘whatever it takes’ moment for China. Clearly, there is a commitment from the Chinese authorities to meet and exceed its growth targets.”For many in the international investment community there is an inherent view that actions and substance speak louder than words, and many have been burnt getting set for a sustained rally in China risk driven by concurrent fiscal and monetary stimulus that perennially fails to materialise.”Gains in Hong Kong and Shanghai were only eclipsed by Seoul’s Kospi, which rallied more than two percent after tumbling more than five percent since President Yoon Suk Yeol declared martial law on December 3.While lawmakers forced him to rescind the order hours later, the move sparked a crisis in Asia’s number four economy, which was already struggling and facing a tough outlook as Trump prepares to take office promising a return to his hardball trade policy.Yoon narrowly survived an impeachment motion in parliament on Saturday even as huge crowds braved freezing temperatures to call for his ouster. However, a clutch of investigations has been closing in on him and his close allies, including a probe for alleged insurrection.The South Korean won strengthened slightly against the dollar, though it remains stuck near two-year lows as uncertainty keeps investors on edge.Most other Asian markets were mixed, with Tokyo, Singapore and Manila in the green, although Sydney, Taipei, Wellington and Jakarta fell.The region was given a tepid lead from Wall Street, where the S&P 500 and Nasdaq pulled back from all-time highs as investors await key US inflation data later in the week.- Key figures around 0230 GMT -Hong Kong – Hang Seng Index: UP 1.4 percent at 20,692.44Shanghai – Composite: UP 1.5 percent at 3,492.45Seoul – Kospi: UP 2.4 percent at 2,416.00Tokyo – Nikkei 225: UP 0.1 percent at 39,197.42 (break)Euro/dollar: DOWN at $1.0553 from $1.0555 on MondayPound/dollar: UP at $1.2747 from $1.2746Dollar/yen: DOWN at 151.16 yen from 151.21 yen Euro/pound: UP at 82.80 from 82.78 penceWest Texas Intermediate: DOWN 0.3 percent at $68.20 per barrelBrent North Sea Crude: DOWN 0.2 percent at $71.98 per barrelNew York – Dow: DOWN 0.5 percent at 44,401.93 (close)London – FTSE 100: UP 0.5 percent at 8,352.08 (close)

Rupert Murdoch’s audacious bid to cement his eldest son’s control over one of the world’s most influential media empires has failed, a US report said Monday.The first family of news — commanding a stable that includes Fox News, The Wall Street Journal and a host of British and Australian media — had been the inspiration for the hit TV series “Succession.”Like the fictional version, this real-life fight pitted the children of a powerful patriarch against each other for who should be the face and the voice of the empire after the old man dies.Murdoch, now 93, had long intended that his children inherit the empire, and jointly decide its direction.The eldest daughter, Prudence, has had little involvement in the family business, but at various times the other three — Lachlan, James and Elisabeth — have all been considered as successors.But in recent years Murdoch senior had reportedly grown concerned that Fox News — the crown jewels of the collection — might drift away from its lucrative right-wing moorings after his death, to reflect the more centrist views of James and Elisabeth.He had therefore sought to designate Lachlan — who currently heads Fox News and News Corp — as the controlling player in the wider business.That had required rewriting the terms of an irrevocable trust that passed power to the four siblings jointly, stripping three of them of voting power, while allowing them to continue to benefit financially.Rupert Murdoch had argued that giving control to Lachlan — who is understood to share his father’s worldview — was in the financial interests of the whole brood.- ‘Carefully crafted charade’ -The family intrigue played out behind closed doors in a Nevada courtroom, where Murdoch senior and his four children were understood to have given several days’ evidence in September.In a decision filed at the weekend, probate commissioner Edmund J. Gorman Jr. said the father and son had acted in “bad faith” in trying to rewrite the rules, The New York Times reported, citing a copy of the sealed court document.The plan to alter the trust’s structure was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles.””The effort was an attempt to stack the deck in Lachlan Murdoch’s favor after Rupert Murdoch’s passing so that his succession would be immutable,” the Times cited the ruling as saying.”The play might have worked; but an evidentiary hearing, like a showdown in a game of poker, is where gamesmanship collides with the facts and at its conclusion, all the bluffs are called and the cards lie face up.”The court, after considering the facts of this case in the light of the law, sees the cards for what they are and concludes this raw deal will not, over the signature of this probate commissioner, prevail.”Murdoch’s lawyer, Adam Streisand, did not immediately reply to an AFP request for comment.The ruling is not final, and must now be ratified or rejected by a district judge. That ruling could be challenged, perhaps provoking another round of legal arguments.The complicated structure of the irrevocable trust reflects the colourful familial relationships that shaped Rupert Murdoch’s life as he built the multibillion-dollar empire.The trust was reported to have been the result of a deal agreed with his second wife — mother of Lachlan, Elisabeth and James — who wanted to ensure her offspring would not be disenfranchised by children Murdoch had with his third wife, Wendi Deng.The Murdoch empire has transformed tabloid newspapers, cable TV and satellite broadcasting over the last few decades while facing accusations of stoking populism across the English-speaking world.Brexit in Britain and the rise of Donald Trump in the United States are credited at least partly to Murdoch and his outlets.

China on Monday launched an investigation into US chip giant Nvidia for allegedly violating its anti-monopoly laws, a top government agency said, as the two countries race for global chipmaking dominance.Beijing’s state administration for market regulation, the authority on antitrust issues, launched the probe “in accordance with the law,” according to a statement shared online.Nvidia is also suspected of violating commitments it made in 2020, the statement said, when it acquired Israeli data center firm Mellanox.After Beijing announced the probe, shares in Nvidia dropped 2.6 percent by Wall Street’s close on Monday, precipitating a US stocks retreat.”We are happy to answer any questions regulators may have about our business,” an Nvidia spokesman said in a statement.Nvidia succeeds “on merit… and customers can choose whatever solution is best for them,” the California-based company added.China and the United States have in recent weeks clashed over exports of key chipmaking technology, where Nvidia is a major player.Beijing last week said it would restrict exports to the United States of some components critical to making semiconductors, after Washington announced curbs targeting China’s ability to make advanced chips.Among the materials banned from export are the metals gallium, antimony and germanium, China’s commerce ministry said in a statement that cited “national security” concerns.In its own latest curbs, Washington has announced restrictions on sales to 140 companies, including Chinese chip firms Piotech and SiCarrier, without additional permission.The move expands Washington’s efforts to restrict exports of state-of-the-art chips to China, which can be used in advanced weapons systems and artificial intelligence.The new US rules also include controls on two dozen types of chipmaking equipment and three kinds of software tools for developing or producing semiconductors.The US tech behemoth has seen its profits soar on the back of strong demand for its artificial intelligence technology.In November, Nvidia surpassed Apple to become the highest-valued company in the world as the AI boom continues to excite Wall Street.But the Chinese market has been a rare weak spot.The US government in 2023 restricted Nvidia from selling some of its top AI chips to China, which the United States sees as a strategic competitor in the field of advanced semiconductors.Although Nvidia in November reported record high quarterly revenue, investors were wary of US-China tensions reheating with the return of Donald Trump to the White House.But during an event in Hong Kong last month, Nvidia’s Taiwan-born CEO Jensen Huang told reporters “open science and open research in AI is absolutely global” and that “nothing” would stop that.

World oil prices advanced Monday on moves by China to boost its economy as traders tracked an uncertain future for Syria and the wider crude-rich Middle East.Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts.Wall Street stocks retreated, with both the S&P 500 and Nasdaq pulling back from all-time highs as investors await key US inflation data later in the week.Gold, seen as a haven investment, pushed higher.”The week has kicked off on a largely upbeat tone following the welcome announcement that Chinese authorities plan to enact further stimulus over the year ahead,” noted Joshua Mahony, analyst at traders Scope Markets.”This shift has already fueled sharp gains in key assets, with the Hang Seng surging 2.8 percent and commodities like copper, zinc, iron ore, and palladium rallying on expectations of increased demand.”Oil prices rose around 1.5 percent as traders tracked developments in Syria after president Bashar al-Assad was ousted over the weekend as Islamist-led rebels swept into Damascus.Investors also reacted to developments in China where President Xi Jinping and other top leaders said Monday they would adopt a more “relaxed” approach to monetary policy as they hashed out plans to boost the economy next year.The world’s second-largest economy is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target for this year.Leaders are also eyeing the second term of Donald Trump in the White House, with the president-elect indicating he will reignite his hardball trade policies, fueling fears of another standoff between the superpowers.Elsewhere in Asia, South Korean stocks tumbled as the country was racked with political uncertainty after President Yoon Suk Yeol escaped impeachment following his brief imposition of martial law last week.The Paris stock market rose on Monday, with President Emmanuel Macron apparently eyeing a broad alliance to form a new French government, after Michel Barnier was ousted last week over his 2025 budget plan. – Rates and inflation -Investors also have their eyes on possible cuts to interest rates.The European Central Bank is expected to lower borrowing costs this week and the US Federal Reserve holds its rate meeting next week.But US consumer price inflation (CPI) and wholesale price inflation data are due to be released this week, which could influence the Fed’s decision.Among individual companies, shares in Nvidia fell 2.6 percent at the start of trading after China on Monday launched an investigation into the US chip giant for allegedly violating its anti-monopoly laws.Hershey surged 10.9 percent following reports it had been approached by Mondelez over a potential takeover. Mondelez lost 2.3 percent.- Key figures around 2130 GMT -New York – Dow: DOWN 0.5 percent at 44,401.93 (close)New York – S&P 500: DOWN 0.6 percent at 6,052.84 (close)New York – Nasdaq Composite: DOWN 0.6 percent at 19,736.69 (close)Paris – CAC 40: UP 0.7 percent at 7,480.14 (close)Frankfurt – DAX: DOWN 0.2 percent at 20,345.96 (close)London – FTSE 100: UP 0.5 percent at 8,352.08 (close)Seoul – Kospi: DOWN 2.8 percent at 2,360.58 (close)Tokyo – Nikkei 225: UP 0.2 percent at 39,160.50 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,414.09 (close)Shanghai – Composite: DOWN 0.1 percent at 3,402.53 (close)Euro/dollar: DOWN at $1.0555 from $1.0568 on FridayPound/dollar: UP at $1.2746 from $1.2744Dollar/yen: UP at 151.21. yen from 150.00 yen Euro/pound: DOWN at 82.78 from 82.92 penceBrent North Sea Crude: UP 1.4 percent at $72.14 per barrelWest Texas Intermediate: UP 1.7 percent at $68.37 per barrelburs-jmb/dw