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Global technology giant Microsoft announced on Tuesday plans to invest $17.5 billion to help build India’s artificial intelligence infrastructure, with CEO Satya Nadella calling it “our largest investment ever in Asia”.Several global corporations have announced large investments this year in the South Asian nation, which is projected to have more than 900 million internet users by year’s end.”To support the country’s ambitions, Microsoft is committing US$17.5B (billion) — our largest investment ever in Asia — to help build the infrastructure, skills, and sovereign capabilities needed for India’s AI first future,” Nadella said in a post on X.Nadella made the announcement on social media after he met Prime Minister Narendra Modi in New Delhi, thanking the leader for “an inspiring conversation on India’s AI opportunity”.In a statement, Microsoft said the investment would be spread over four years.”Together, Microsoft and India are poised to set new benchmarks and drive the country’s leap from digital public infrastructure to AI public infrastructure in the coming decade,” the statement said.The tech giant said one of the key priorities of its investment plan was “building secure, sovereign-ready hyperscale infrastructure to enable AI adoption in India”.”At the heart of this effort is the significant progress being made at the India South Central cloud region, based in Hyderabad — that is set to go live in mid-2026,” Microsoft added.The planned cloud region is twice the size of the iconic Eden Gardens stadium in India’s eastern city Kolkata, which has a capacity of over 65,000 people. Microsoft said the latest announcement “builds on” a previous investment pledge Nadella had made earlier this year, committing $3 billion for AI and cloud infrastructure in India over the next two years.Modi said he was “happy” that the tech giant had chosen India as the destination for its largest investment in Asia.”The youth of India will harness this opportunity to innovate and leverage the power of AI for a better planet,” the prime minister said in a post on X. “When it comes to AI, the world is optimistic about India,” Modi added.- ‘Tremendous potential’ -Modi on Tuesday also met with the heads of tech firms Intel and Cognizant.Intel CEO Lip-Bu Tan said the company was “committed to support India’s semiconductor mission”.”We had a wide-ranging discussion on a variety of topics related to technology, computing and the tremendous potential for India,” Tan said in a post on X.Cognizant said its CEO Ravi Kumar S met with the prime minister “for an inspiring conversation on accelerating AI adoption and advancing education and skill development to enhance AI capabilities and productivity”.Global technology giants are aggressively courting more users in India, the world’s most populous country and fifth-largest economy.A special area of focus has been artificial intelligence with US startup Anthropic in October unveiling plans to open an office in India. Its chief executive Dario Amodei has also met Modi.The same month, Google said it will invest $15 billion in India over the next five years, as it announced a giant data centre and artificial intelligence base in the country.OpenAI has said it will open an India office, with its chief Sam Altman noting that ChatGPT usage in the country had grown fourfold over the past year.AI firm Perplexity also announced a major partnership in July with Indian telecom giant Airtel, offering the company’s 360 million customers a free one-year Perplexity Pro subscription.But India’s bid to become a global technology and artificial intelligence hub is colliding with increasingly tightening digital regulations.According to recent media reports, authorities are drafting plans to ensure that manufacturers enable satellite location tracking in smartphones that cannot be turned off by users — a proposal that rights groups have raised the alarm over.

European and Asian stock markets were largely downbeat Tuesday on uncertainty over the US Federal Reserve’s plans for interest rates next year.With traders fully confident of a US rate reduction Wednesday, observers said they would be keeping a close eye on the central bank’s so-called “dot plot” of projections for monetary policy into 2026.They will pore over its post-meeting statement and Fed boss Jerome Powell’s news conference, looking for clues about the debate taking place among decision-makers.Wall Street closed lower Monday, while the dollar traded mixed Tuesday.”We expect solid growth, above-target inflation, and a slowing labour market to increase internal divisions at the (Fed policy board) and make 2026 a particularly challenging year for policymakers,” noted Xiao Cui, senior US economist at Pictet Wealth Management.”Downside risks to the labour market should lead the Committee to cut once more in December, before shifting to a quarterly pace of cuts in March and June.”She pointed also to “risks that Fed cuts are delayed into the second half of 2026”.Bets on a third successive cut — and more in 2026 — had surged on data pointing to a weakening jobs market, which has offset concerns about stubbornly high inflation.That optimism was boosted last month by reports that President Donald Trump’s top economic aide Kevin Hassett — a proponent of more cuts — was the frontrunner to take the Fed’s helm when Powell’s term ends.However, the excitement has calmed in recent days following slightly higher-than-expected US inflation.Bloomberg reported that markets are pricing two more rate reductions next year, down from the three expected last week.On the corporate front Tuesday, chipmakers traded mixed after Trump said he had reached an agreement with Chinese counterpart Xi Jinping to allow Nvidia to export advanced artificial intelligence chips to China.The announcement marks a significant shift in US export policy for advanced AI chips, which Trump’s predecessor Joe Biden had heavily restricted over national security concerns.Biden’s administration required chip companies to create modified, less powerful versions specifically for the Chinese market.Investors kept a close watch also over the bidding war for Warner Bros. Discovery after Paramount on Monday launched an all-cash tender offer for the Hollywood giant, in a challenge to Netflix’s offer.Paramount’s bid of $108.4 billion trumps Netflix’s offer of nearly $83 billion which targets, however, a smaller part of the company.Ahead of Wall Street reopening, Google meanwhile hit out at a European Union antitrust probe launched Tuesday into the tech giant’s use of online content to train and provide AI services. The aviation sector was in focus after a trade association for airlines said carriers expect to transport a record 5.2 billion passengers in 2026 despite global headwinds affecting the sector.Carriers are also now expecting higher profits than previously forecast for 2025, and predict earnings to come in at a comparable level next year, the International Air Transport Association (IATA) added.- Key figures at around 1045 GMT -London – FTSE 100: UP 0.1 percent at 9,657.41 pointsParis – CAC 40: DOWN 0.3 percent at 8,083.12Frankfurt – DAX: UP 0.4 percent at 24,148.76Tokyo – Nikkei 225: UP 0.1 percent at 50,655.10 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,434.23 (close)Shanghai – Composite: DOWN 0.4 percent at 3,909.52 (close)New York – Dow: DOWN 0.5 percent at 47,739.32 (close)Euro/dollar: UP at $1.1642 from $1.1640 on MondayPound/dollar: UP at $1.3332 from $1.3328 Dollar/yen: UP at 156.09 yen from 155.86 yenEuro/pound: UP at 87.35 pence from 87.34 penceBrent North Sea Crude: UP 0.3 percent at $62.68 per barrelWest Texas Intermediate: UP 0.3 percent at $59.05 per barrelburs-bcp/jh

Most stocks fell in Asia on Tuesday as investors grew nervous about the Federal Reserve’s plans for interest rates next year following an expected cut this week.With traders fully confident of a reduction Wednesday, observers said they would be keeping a close eye on the central bank’s so-called “dot plot” of projections for monetary policy.They will also be poring over its post-meeting statement and boss Jerome Powell’s news conference, looking for clues about the debate taking place among decision-makers.Bets on a third successive cut — and more in 2026 — have surged on the back of data pointing to a weakening jobs market, which has offset concerns about stubbornly high inflation.That optimism was boosted last month by reports that President Donald Trump’s top economic aide Kevin Hassett — a proponent of more cuts — was the frontrunner to take the Fed’s helm when Powell’s term ends.However, the excitement has calmed in recent days and Bloomberg reported that markets are pricing two more reductions next year, down from the three expected last week.”This decision is unlikely to be unanimous, with dissent expected from hawks and doves,” wrote Fiona Cincotta, senior market analyst at City Index.”The market sees two rate cuts by the summer. Should the Fed’s dot plot differ from this, there could be volatility,” Cincotta added.Pictet Wealth Management senior US economist Xiao Cui said: “We expect solid growth, above-target inflation, and a slowing labour market to increase internal divisions at the (policy board) and make 2026 a particularly challenging year for policymakers.”Downside risks to the labour market should lead the Committee to cut once more in December, before shifting to a quarterly pace of cuts in March and June.”However, she said her team “see risks that Fed cuts are delayed into the second half of 2026”.After a pullback in all three main indexes on Wall Street, Asian and European markets also struggled.Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei, Mumbai and Manila were all down, though there were gains in Tokyo, Singapore, Bangkok and Jakarta.London retreated at the open, while Paris and Frankfurt edged up.Chipmakers were mixed in Asia after Trump said he had reached an agreement with Chinese counterpart Xi Jinping to allow US chip giant Nvidia to export advanced artificial intelligence chips to China.The announcement marks a significant shift in US export policy for advanced AI chips, which Trump’s predecessor Joe Biden had heavily restricted over national security concerns.Biden’s administration required chip companies to create modified, less powerful versions specifically for the Chinese market.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 50,655.10 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,434.23 (close)Shanghai – Composite: DOWN 0.4 percent at 3,909.52 (close)London – FTSE 100: DOWN 0.1 percent at 9,637.55 Dollar/yen: UP at 156.16 yen from 155.86 yen on MondayEuro/dollar: UP at $1.1642 from $1.1640Pound/dollar: UP at $1.3329 from $1.3328 Euro/pound: DOWN at 87.32 pence from 87.34 penceWest Texas Intermediate: DOWN 0.2 percent at $58.79 per barrelBrent North Sea Crude: DOWN 0.1 percent at $62.43 per barrelNew York – Dow: DOWN 0.5 percent at 47,739.32 (close)

President Donald Trump said Monday he had reached an agreement with President Xi Jinping to allow US chip giant Nvidia to export advanced artificial intelligence chips to China.The announcement marked a significant shift in US export policy for advanced AI chips, which Joe Biden’s administration had heavily restricted over national security concerns about Chinese military applications.Democrats in Congress quickly dismissed the shift as a huge mistake that will help the Chinese military and economy.In a post on his Truth Social platform, Trump said he had informed Xi that Washington would permit Nvidia to ship its H200 products to “approved customers in China, and other countries, under conditions that allow for continued strong National Security.””President Xi responded positively! $25% will be paid to the United States of America,” Trump wrote, without providing details on how the payment mechanism would work.Trump criticized his predecessor’s approach, saying it “forced our Great Companies to spend BILLIONS OF DOLLARS building ‘degraded’ products that nobody wanted, a terrible idea that slowed Innovation, and hurt the American Worker.”This referred to the Biden administration’s requirement for chip companies to create modified, less powerful versions specifically for the Chinese market.These chips had reduced capabilities — lower processing speeds, for example — to comply with export control regulations.Chinese foreign ministry spokesman Guo Jiakun did not directly confirm the agreement when asked, but said that “China has always advocated for mutual benefit and win-win outcomes through cooperation between China and the United States.”- Not Blackwell -Under Biden-era restrictions, the H200 and similar advanced chips were blocked from export to China.”We applaud President Trump’s decision to allow America’s chip industry to compete to support high paying jobs and manufacturing in America,” an Nvidia spokesperson told AFP.”Offering H200 to approved commercial customers, vetted by the Department of Commerce, strikes a thoughtful balance that is great for America.”Trump emphasized that Nvidia’s most advanced chips — the Blackwell series and forthcoming Rubin processors — are not included in the agreement and remain available only to US customers.The H200s are roughly 18 months behind the company’s state-of-the-art offerings.The chips — graphic processing units or GPUs — are used to train the AI models that are the bedrock of the generative AI revolution launched with the release of ChatGPT in 2022.The Commerce Department is finalizing implementation details, with Trump saying “the same approach will apply to AMD, Intel, and other GREAT American Companies.”- AI race -The announcement comes as Washington and Beijing compete for dominance in artificial intelligence technology.Nvidia CEO Jensen Huang lobbied the White House intensely to reverse the Biden-era policy despite considerable opposition in Washington to giving Chinese companies access to powerful chips.Massachusetts Senator Elizabeth Warren, a Democrat, attributed the deal to a “backroom meeting” with Trump and Huang’s company’s donation to build the East Wing ballroom at the White House.She and other senior Democrats in the Senate issued a separate statement calling Trump’s decision “a colossal economic and national security failure.””Access to these chips would give China’s military transformational technology to make its weapons more lethal, carry out more effective cyberattacks against American businesses and critical infrastructure and strengthen their economic and manufacturing sector,” the lawmakers said.Trump’s post came the same day the US Justice Department announced the arrests of two Chinese businessmen in connection to an alleged scheme to smuggle Nvidia H100 and H200 chips from the US to China. It is unclear whether the agreement will impact the case.Alex Stapp, of the Washington-based Institute for Progress, called the policy a “massive own goal,” with the H200 “6x more powerful than the H20, which was previously the most powerful chip approved for export.”Zhang Yi, founder of Chinese tech research firm iiMedia, said that having Nvidia AI GPUs on the market was unlikely to reverse Beijing’s push to develop its own advanced chips.”Instead, it will actually force its acceleration,” with a 25-percent US charge increasing costs for Chinese companies, which already hold concerns over supply chain security, he told AFP.

German exports almost stagnated in October, official data showed Tuesday, as heavy declines in shipments to the United States and China eclipsed growing trade with the rest of Europe.Overall exports from Europe’s top economy rose 0.1 percent to 131.3 billion euros ($153 billion) from a month earlier, according to preliminary data from federal statistics agency Destatis.Shipments to the United States — Germany’s top export market — plummeted almost eight percent as the effect of tariffs continues to exact a heavy toll. Exports to China fell nearly six percent, with demand weak as the Chinese economy battles a long slowdown and local companies increasingly compete with German firms in the key market. Total exports were slightly better than expected however — analysts had forecast a decline — as they were boosted by a near three-percent jump in sales to other European Union countries.ING economist Carsten Brzeski warned however that exports “are still facing rough headwinds” due to shifting trading relationships with the United States and China.”So far, the European market looks unable to offset these global headwinds,” he said.”It currently requires a lot of imagination to see a quick return of the export sector as a powerful growth engine for the German economy.”The German economy has been hit hard by an industrial slump and weak demand in key markets in recent years, and shrank in both 2024 and 2023. Most imports to Germany came from China in October, although they were down around five percent compared to to September. China recently overtook the United States to reclaim its position as Germany’s top trading partner, as the country redirects more of its exports to Europe due to US tariffs. Imports to Germany in October dropped 1.2 percent month-on-month to 114.5 billion euros. The trade surplus widened to 16.9 billion euros. 

South Korean police raided the Seoul headquarters of e-commerce giant Coupang on Tuesday over a recent data leak believed to have affected almost two-thirds of the country’s population.Coupang is South Korea’s most popular online shopping platform, serving millions of customers with lightning-fast deliveries of products from groceries to gadgets.But the company suffered a massive data leak this year and was forced to alert customers that their names, email addresses, phone numbers, shipping addresses and some order histories had been exposed.Payment details and login credentials were not affected, it said.Coupang had told authorities the personal information of 33.7 million customers had been leaked — almost two-thirds of the population of the country.On Tuesday police in Seoul conducted a “search and seizure” operation at Coupang’s South Korean headquarters, describing it as a “necessary measure” in its investigation into the leak.Seventeen officers from the force’s cyber investigation unit were deployed, with law enforcement vowing to “comprehensively investigate” based on the evidence obtained.President Lee Jae Myung last week called for swift action to penalise those responsible for the debacle.Seoul has said the leak took place through Coupang’s overseas servers from June 24 to November 8.The company only became aware of it last month, according to police and local media, when it issued a complaint against the alleged culprit — a former employee who is a Chinese national.The suspect is yet to be apprehended.Coupang is now facing a class action lawsuit in the United States, where its global headquarters is based, over the leak.- Exposed -And Seoul’s presidential office said Monday that the firm needed to provide answers over how it would compensate users who have had data stolen.”Coupang must present clear measures outlining how it will take responsibility if damages occur,” presidential chief of staff Kang Hoon-sik said, according to Yonhap.The case follows a major breach at South Korea’s largest mobile carrier SK Telecom, which was fined 134 billion won ($91 million) in August after a cyberattack exposed data on nearly 27 million users.South Korea, among the world’s most wired countries, has also been a target of hacking by arch-rival North Korea.Police announced last year that North Korean hackers were behind the theft of sensitive data from a South Korean court computer network — including individuals’ financial records — over a two-year period.Yonhap reported last month that South Korean authorities suspected a North Korean hacking group may be behind the recent cyberattack on cryptocurrency exchange Upbit, which led to the unauthorised withdrawal of 44.5 billion won in digital assets.

China executed a former executive of a top state-controlled asset management firm for corruption on Tuesday, state media reported.Bai Tianhui, the ex-general manager of China Huarong International Holdings (CHIH), was found guilty of accepting more than $156 million while offering favourable treatment in the acquisition and financing of projects between 2014 and 2018, state broadcaster CCTV said.CHIH is a subsidiary of China Huarong Asset Management, which focuses on bad-debt management as one of the country’s largest asset management funds.Huarong has been a major target of President Xi Jinping’s years-long graft crackdown, with its former chairman Lai Xiaomin executed in January 2021 for receiving bribes worth $253 million.Several other Huarong executives have also been snared in anti-corruption investigations.Death sentences for corruption in China are often issued with a two-year reprieve and then commuted to life in prison.But Bai’s sentence, first handed down in May 2024 by a court in the northern city of Tianjin, was not suspended.He appealed against his conviction but the original verdict was upheld in February.The Supreme People’s Court, China’s highest court, confirmed the decision after review, stating that Bai’s crimes were “extremely serious”, CCTV reported.”(Bai) accepted bribes of an exceptionally large amount, the circumstances of his crimes were exceptionally serious, the social impact was especially egregious, and the interests of the state and the people suffered exceptionally significant losses”, CCTV quoted the SPC as saying.Bai was put to death in Tianjin on Tuesday morning after meeting with close relatives, the broadcaster said, without specifying how he was executed.China classifies death penalty statistics as a state secret, though Amnesty and other rights groups believe thousands of people are executed in the country every year.Bai is the latest high-ranking figure to face punishment in a long-running crackdown on corruption in China’s finance industry.Yi Huiman, former chief of China’s top securities regulator, was placed under investigation for corruption in September.In March, Li Xiaopeng, the former head of state-owned banking giant Everbright Group, received 15 years in prison for taking bribes worth 60 million yuan.Liu Liange, former chairman of the Bank of China, was sentenced to death with a two-year reprieve in November 2024 for accepting bribes totalling 121 million yuan.Supporters say the anti-corruption campaign promotes clean governance, but critics say it also provides Xi with the power to purge political rivals.

Global stock markets were mostly soft on Monday as investors avoided risks ahead of this week’s Federal Reserve meeting, which may yield clues to the direction of interest rates in coming months.A bid by Paramount for Warner Bros. Discovery, meanwhile, brought the tech and entertainment sectors to life, as the market braced for a bidding war with Netflix.A monetary easing at Wednesday’s Fed meeting is fully priced into stock prices, analysts said, but investors will scour the central bank’s statement and news conference for insights into how many rate reductions might be on the cards next year, against a backdrop of stubborn inflationary pressures.”Investors have priced in that rate cut already and now are anxiously waiting for the tone of the Fed,” said Art Hogan of B. Riley Wealth Management, who noted “a divide” among Fed policy makers that adds to uncertainty about 2026 monetary policy.Analysts said stocks could pull back if Powell seems to close the door to further cuts next year.”Investors want Fed Chair (Jerome) Powell to at least imply that they are still open to an additional cut in January,” said Sam Stovall of CFRA Research. “They don’t want it to just be one and done.”Frankfurt outperformed other European markets after German industrial production unexpectedly jumped in October — another sign that Europe’s crisis-wracked top economy may be turning a corner.In New York, Warner Bros. Discovery shares jumped 4.4 percent after Paramount countered last week’s Netflix bid for the company with an all-cash offer worth $108.4 billion.Netflix fell 3.4 percent faced with the big-gun competitive bid.Paramount Skydance surged by 9.0 percent in what was seen as a relief rally after analysts had predicted last week that a Netflix/Warner linkup could pose a major threat to Paramount’s business.The hostile offer sets up a bidding war between Paramount — whose CEO is David Ellison, the son of Larry Ellison, an ally of Donald Trump — and streaming behemoth Netflix.Stock in Walt Disney — also seen in the crosshairs of a future Netflix/Warner behemoth — rose by more than two percent. Meanwhile, Boeing advanced 2.2 percent after announcing that it completed the takeover of supplier Spirit AeroSystems, saying the move will allow for more seamless operations and enhance quality control.The deal is worth $8.3 billion, including Spirit debt assumed by Boeing.IBM climbed 0.4 percent as it unveiled a deal to purchase US data management company Confluent for $11 billion, seeking to expand its footprint into the increasingly important field of real-time data for AI.- Key figures at around 2115 GMT -New York – Dow: DOWN 0.5 percent at 47,739.32 (close)New York – S&P 500 – DOWN 0.4 percent at 6,846.51 (close)New York – Nasdaq – DOWN 0.1 percent at 23,545.90 (close)London – FTSE 100: DOWN 0.2 percent at 9,645.09 (close)Paris – CAC 40: DOWN 0.1 percent at 8,108.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,046.01 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)Euro/dollar: DOWN at $1.1640 from $1.1642 on FridayPound/dollar: FLAT at $1.3328 Dollar/yen: UP at 155.86 yen from 155.33 yenEuro/pound: DOWN at 87.34 pence from 87.35 penceBrent North Sea Crude: DOWN 2.0 percent at $62.49 per barrelWest Texas Intermediate: DOWN 2.0 percent at $58.88 per barrelburs-jmb/msp

Global stock markets were mostly soft on Monday as investors avoided risks ahead of this week’s Federal Reserve meeting, which may yield clues to the direction of interest rates in coming months.A surprise bid by Paramount for Warner Bros. Discovery brought the tech and entertainment sectors to life, however, as the market braced for a bidding war with Netflix.A monetary easing at Wednesday’s Fed meeting is fully priced into stock prices, analysts said, but investors will scour the central bank’s statement and news conference for insights into how many rate reductions might be on the cards next year, against a backdrop of stubborn inflationary pressures.”A rate cut (Wednesday) when inflation remains well above target, should be a one-off,” predicted Kathleen Brooks, research director at traders XTB.The “market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the appetite for more cuts”, she added.This meant that investors would be on the lookout for any signs that further US monetary easing is not off the table, to justify their current exposure.”Investors want Fed Chair (Jerome) Powell to at least imply that they are still open to an additional cut in January,” said Sam Stovall of CFRA Research. “They don’t want it to just be one and done.”Frankfurt outperformed other European markets after German industrial production unexpectedly jumped in October — another sign that Europe’s crisis-wracked top economy may be turning a corner.In New York, Warner Bros Discovery shares were about five percent higher on the Nasdaq at $27.34, while short of an early high of over $28, after Paramount countered last week’s Netflix bid for the company with an all-cash offer worth $108.4 billion.Netflix stock slumped more than four percent, faced with the big-gun competitive bid.Paramount Skydance rose by over seven percent in what was seen as a relief rally after analysts had predicted last week that a Netflix/Warner linkup could pose a major threat to Paramount’s business.Stock in Walt Disney — also seen in the crosshairs of a future Netflix/Warner behemoth — rose by more than one percent. – Key figures at around 1645 GMT -New York – Dow: DOWN 0.3 percent at 47,792.25New York – S&P 500 – DOWN 0.4 percent at 6,844.55New York – Nasdaq – DOWN 0.2 percent at 23,527.68London – FTSE 100: DOWN 0.2 percent at 9,645.09 (close)Paris – CAC 40: DOWN 0.1 percent at 8,108.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,046.01 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)Euro/dollar: DOWN at $1.1623 from $1.1642 on FridayPound/dollar: DOWN at $1.3315 from $1.3329Dollar/yen: UP at 155.91 yen from 155.32 yenEuro/pound: DOWN at 87.30 pence from 87.35 penceBrent North Sea Crude: DOWN 1.5 percent at $62.76 per barrelWest Texas Intermediate: DOWN 1.6 percent at $59.12 per barrelburs-jh/sbk

Major stock markets mostly rose Monday as investors geared up for an expected cut to US interest rates and clues over how many more reductions, if any, could happen next year as inflation stays high.A cut to American borrowing costs Wednesday is almost certain following comments from key decision-makers and data pointing to a weak US labour market.However, after US inflation data Friday suggested prices remain elevated, chances of several more reductions to rates in 2026 have subsided.”A rate cut (Wednesday) when inflation remains well above target, should be a one-off,” predicted Kathleen Brooks, research director at traders XTB.The “market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the appetite for more cuts”, she added.The London and Paris stock markets dipped in late morning deals on Monday, while most other European indices gained.Frankfurt won 0.2 percent after official data showed German industrial production unexpectedly jumped in October — the latest sign that Europe’s crisis-wracked top economy may be turning a corner.On the corporate front, shares in The Magnum Ice Cream Company — whose demerger from Unilever was completed at the weekend — rose nearly one percent as its main listing began trading in Amsterdam.In Asia on Monday, Shanghai closed up 0.5 percent after official figures showed Chinese exports rose in November at a forecast-beating pace, pushing the country’s trade surplus past $1 trillion for the first time.The surge came despite a plunge in shipments to the United States last month, with below-par imports highlighting the battle Beijing faces in trying to kickstart consumer activity and economic growth.Traders are keeping an eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have cooled since Japan’s Prime Minister Sanae Takaichi last month suggested that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft in international waters near Okinawa over the weekend.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.All three main indices on Wall Street ended last week on a positive note.- Key figures at around 1045 GMT -London – FTSE 100: DOWN 0.1 percent at 9,659.44 pointsParis – CAC 40: DOWN 0.1 percent at 8,102.20Frankfurt – DAX: UP 0.2 percent at 24,068.79Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)New York – Dow: UP 0.2 percent at 47,954.99 (close)Euro/dollar: UP at $1.1651 from $1.1642 on FridayPound/dollar: DOWN at $1.3322 from $1.3329Dollar/yen: UP at 155.46 yen from 155.32 yenEuro/pound: UP at 87.45 pence from 87.35 penceBrent North Sea Crude: DOWN 0.8 percent at $63.22 per barrelWest Texas Intermediate: DOWN 0.9 percent at $59.55 per barrelburs-bcp/ajb/sbk