Afp Business Asia

Paris stocks wavered and the euro fell Monday as a budget standoff in France fuelled concern about the eurozone’s second-biggest economy.Positive data from China helped boost equity markets elsewhere, with Germany’s DAX index hitting a record above 19,700 points. Oil prices jumped more than one percent on hopes of higher Chinese demand.The euro sat near 14-month lows as opposition to France’s belt-tightening draft budget threatens to topple the government.Prime Minister Michel Barnier faces the risk of being deposed by a hostile National Assembly as his government presents a social security financing plan Monday that has the opposition up in arms.Lacking a majority, Barnier used executive powers to force through the legislation without a vote. The move exposes him to a possible no-confidence vote within days, with the left wing and the far-right National Rally of Marine Le Pen willing to back that motion bringing down the government.Le Pen “has the power to destroy Barnier and his mission to get France on a sustainable fiscal track”, said Kathleen Brooks, research director at traders XTB. Paris stocks, which spent much of the day lower, edged higher in afternoon trading.Paris was also weighed down by Stellantis, the multi-brand auto giant, whose shares slid more than seven percent after chief executive Carlos Tavares abruptly resigned.Wall Street stocks opened higher after the Dow and S&P 500 both ended at record highs in a holiday-shortened session Friday. Shares in Intel rose 3.6 percent after the chipmaker, which has struggled to tap into the growth of artificial intelligence that has fuelled the rise of rival Nvidia, after it announced that chief executive Pat Gelsinger has retired.Asian traders began the month on the front foot after a rollercoaster ride since Donald Trump’s re-election warning that he would hit China, Canada and Mexico with hefty tariffs on his first day in office as US president.Hong Kong and Shanghai were among the best performers after data showed that Chinese manufacturing activity expanded at a faster clip than expected in November.The purchasing managers index figures provided some hope that the world’s number-two economy was turning a corner after a long-running slowdown, with analysts pointing to a raft of support measures unveiled at the end of September.”The big unknown is whether the stimulus efforts will have a long-lasting effect or just a short-term boost,” said Dan Coatsworth, investment analyst at AJ Bell. Tokyo rose and the yen held recent gains at around 150 per dollar on increasing bets of another Bank of Japan interest-rate increase after last week’s forecast-topping Tokyo inflation report.BoJ Governor Kazuo Ueda said in an interview with the Nikkei published Sunday that increases were “nearing in the sense that economic data are on track”.- Key figures around 1430 GMT -New York – Dow: UP 0.2 percent at 44,986.75 pointsNew York – S&P 500: UP 0.2 percent at 6,045.45New York – Nasdaq Composite: UP 0.4 percent at 19,297.07 London – FTSE 100: UP 0.4 at 8,317.99 Paris – CAC 40: UP 0.2 percent at 7,250.22 Frankfurt – DAX: UP 1.3 percent at 19,886.87Tokyo – Nikkei 225: UP 0.8 percent at 38,513.02 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 19,550.29 (close)Shanghai – Composite: UP 1.1 percent at 3,363.98 (close)Euro/dollar: DOWN at $1.0494 from $1.0580Pound/dollar: DOWN at $1.2699 from $1.2739Dollar/yen: UP at 150.09 yen from 149.60 yen on FridayEuro/pound: DOWN at 82.83 from 83.04 penceBrent North Sea Crude: UP 1.1 percent at $72.60 per barrelWest Texas Intermediate: UP 1.2 percent at $68.83 per barrelburs-rl/lth

Paris stocks and the euro fell Monday as a budget standoff in France fuelled concern about the eurozone’s second-biggest economy.Positive data from China helped boost equity markets elsewhere, with Germany’s DAX index hitting a record above 19,700 points. Oil prices jumped on hopes of higher Chinese demand.That followed a strong lead from Asian markets and the United States, where the Dow and S&P 500 both ended at record highs in a holiday-shortened session Friday. The euro sat near 14-month lows as opposition to France’s belt-tightening draft budget threatens to topple the government.Prime Minister Michel Barnier faces the risk of being deposed by a hostile National Assembly as his government presents a social security financing plan Monday that has the opposition up in arms.Lacking a majority, Barnier could use executive powers to force through the legislation. Such a move would likely expose him to a no-confidence vote within days, with the left wing and the far-right National Rally of Marine Le Pen willing to back that motion bringing down the government.Le Pen “has the power to destroy Barnier and his mission to get France on a sustainable fiscal track”, said Kathleen Brooks, research director at traders XTB. Paris was weighed down also by Stellantis, the multi-brand auto giant, whose shares slid more than seven percent after chief executive Carlos Tavares abruptly resigned.Asian traders began the month on the front foot after a rollercoaster ride since Donald Trump’s re-election warning that he would hit China, Canada and Mexico with hefty tariffs on his first day in office as US president.Hong Kong and Shanghai were among the best performers after data showed that Chinese manufacturing activity expanded at a faster clip than expected in November.The purchasing managers index figures provided some hope that the world’s number-two economy was turning a corner after a long-running slowdown, with analysts pointing to a raft of support measures unveiled at the end of September.”The big unknown is whether the stimulus efforts will have a long-lasting effect or just a short-term boost,” said Dan Coatsworth, investment analyst at AJ Bell. Tokyo rose and the yen held recent gains at around 150 per dollar on increasing bets of another Bank of Japan interest-rate increase after last week’s forecast-topping Tokyo inflation report.BoJ Governor Kazuo Ueda said in an interview with the Nikkei published Sunday that increases were “nearing in the sense that economic data are on track”.- Key figures around 1050 GMT -London – FTSE 100: FLAT at 8,286.86 pointsParis – CAC 40: DOWN 0.5 percent at 7,199.79 Frankfurt – DAX: UP 0.4 percent at 19,711.63Tokyo – Nikkei 225: UP 0.8 percent at 38,513.02 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 19,550.29 (close)Shanghai – Composite: UP 1.1 percent at 3,363.98 (close)New York – Dow: UP 0.4 percent at 44,910.65 (close)Euro/dollar: DOWN at $1.0517 from $1.0580Pound/dollar: DOWN at $1.2706 from $1.2739Dollar/yen: UP at 150.30 yen from 149.60 yen on FridayEuro/pound: DOWN at 82.80 from 83.04 penceBrent North Sea Crude: UP 0.9 percent at $72.50 per barrelWest Texas Intermediate: UP 0.9 percent at $68.61 per barrel

Markets rose across Asia on Monday with traders cheered by healthy Chinese data, while the euro and Paris stocks tumbled as a budget standoff in France fuelled concerns about the eurozone’s second-biggest economy.Traders began the month on the front foot after a rollercoaster ride since Donald Trump’s re-election and warning that he will hit China, Canada and Mexico with hefty tariffs.They took their cue from New York, where the Dow and S&P 500 both ended at record highs in a holiday-shortened session.Hong Kong and Shanghai were among the best performers after data showed Chinese manufacturing activity expanded at a faster clip than expected in November.The purchasing managers index figures provided some hope that the world’s number-two economy was turning a corner after a long-running slowdown, with analysts pointing to a raft of support measures unveiled at the end of September.”The last two months of PMI data offered early signs of green shoots following the recent policy pivot and subsequent stimulus programmes,” said Anna Zhou and Helen Qiao at Bank of America Global Research.”We expect policymakers to step up easing measures next year, including the continuation of the equipment upgrade and consumer goods subsidy programmes, which should help support the manufacturing sector amid deteriorating external demand.”Some commentators also pointed to optimism that Trump could take a more pragmatic approach to tariffs, with Mexican President Claudia Sheinbaum saying after a phone call with the Republican: “There will not be a potential tariff war.”Still, investors were keeping a wary eye on developments as the US president-elect puts his cabinet together.”Advanced Northeast Asian economies consistently run merchandise trade surpluses with the US,” said analysts at Moody’s Analytics. “While falling short of China’s $280 billion surplus with the US, or the EU’s $207 billion surplus, Japan, South Korea and Taiwan each run surpluses large enough to notice, putting them in the firing line of new tariffs.”There were also gains on Monday in Sydney, Mumbai, Singapore, Taipei, Manila and Bangkok.Tokyo rose as the yen held recent gains around 150 per dollar, as bets increase on a Bank of Japan interest rate hike after last week’s forecast-topping Tokyo inflation report.BoJ Governor Kazuo Ueda said in an interview with the Nikkei published Sunday that increases were “nearing in the sense that economic data are on track”.Paris stocks shed more than one percent and the euro sat around 14-month lows on concerns about France’s budget standoff.Prime Minister Michel Barnier faces the risk of being deposed by a hostile National Assembly as his government presents a social security financing plan Monday that has the opposition up in arms.Far-right leader Marine Le Pen said in a Sunday newspaper that her party would not necessarily vote to topple Barnier’s government — so long as he agreed to negotiate.Le Pen’s parliamentary bloc holds the key to the survival of the minority centre-right administration and in an interview with La Tribune Dimanche, she insisted her position was to “remain constructive”.But if Barnier refused to negotiate with her party, he would have taken the “decision to trigger the vote of no confidence” himself, she said.Shares in London and Frankfurt opened slightly lower.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 38,513.02 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 19,550.29 (close)Shanghai – Composite: UP 1.1 percent at 3,363.98 (close)London – FTSE 100: DOWN 0.1 percent at 8,281.22Dollar/yen: UP at 150.10 yen from 149.60 yen on FridayEuro/dollar: DOWN at $1.0505 from $1.0580Pound/dollar: DOWN at $1.2685 from $1.2739Euro/pound: DOWN at 82.82 from 83.04 penceWest Texas Intermediate: UP 0.9 percent at $68.62 per barrelBrent North Sea Crude: UP 0.9 percent at $72.48 per barrelNew York – Dow: UP 0.4 percent at 44,910.65 (close)

Equities rose across Asia on Monday following another record day on Wall Street, with traders also cheered by data suggesting China’s economic malaise is showing signs of easing.The positive start to the week was not felt in the euro, however, as a budget standoff in France fuelled concerns about the fragile government of the eurozone’s second-biggest economy.Traders began the month on the front foot after a rollercoaster ride since Donald Trump’s re-election and warning that he will hit China, Canada and Mexico with hefty tariffs.They took their cue from New York, where the Dow and S&P 500 both ended at record highs in a holiday-shortened session.Hong Kong and Shanghai were among the best performers after data showed Chinese manufacturing activity expanded at a faster clip than expected in November.The purchasing managers index figures provided some hope that the world’s number-two economy was turning a corner after a long-running slowdown, with analysts pointing to a raft of support measures unveiled at the end of September.”The last two months of PMI data offered early signs of green shoots following the recent policy pivot and subsequent stimulus programmes,” said Anna Zhou and Helen Qiao at Bank of America Global Research.”We expect policymakers to step up easing measures next year, including the continuation of the equipment upgrade and consumer goods subsidy programmes, which should help support the manufacturing sector amid deteriorating external demand.”Some commentators also pointed to optimism that Trump could take a more pragmatic approach to tariffs, with Mexican President Claudia Sheinbaum saying after a phone call with the Republican: “There will not be a potential tariff war.”Still, investors were keeping a wary eye on developments as the US president-elect puts his cabinet together.”Advanced Northeast Asian economies consistently run merchandise trade surpluses with the US,” said analysts at Moody’s Analytics. “While falling short of China’s $280 billion surplus with the US, or the EU’s $207 billion surplus, Japan, South Korea and Taiwan each run surpluses large enough to notice, putting them in the firing line of new tariffs.”There were also gains on Monday in Sydney, Seoul, Singapore, Taipei, Manila and Jakarta.Japan was flat as the yen held recent gains around 150 per dollar, as bets on a Bank of Japan interest rate hike increase after last week’s forecast-topping Tokyo inflation report.BoJ Governor Kazuo Ueda said in an interview with the Nikkei published Sunday that increases were “nearing in the sense that economic data are on track”.The euro remained stuck around 14-month lows on concerns about the budget standoff in Paris.Far-right leader Marine Le Pen said in a Sunday newspaper that her party would not necessarily vote to topple Prime Minister Michel Barnier’s government — so long as he agreed to negotiate.Le Pen’s far-right parliamentary bloc holds the key to the survival of Barnier’s minority centre-right administration, appointed by President Emmanuel Macron in the wake of snap parliamentary elections.In an interview with La Tribune Dimanche, National Rally chief Le Pen insisted that her position was to “remain constructive” with a flashpoint budget vote looming on Monday.But if Barnier refused to negotiate with her party, he would have taken the “decision to trigger the vote of no confidence” himself, she said.- Key figures around 0230 GMT -Tokyo – Nikkei 225: FLAT at 38,220.01 (break)Hong Kong – Hang Seng Index: UP 0.7 percent at 19,559.00Shanghai – Composite: UP 0.9 percent at 3,355.15Dollar/yen: UP at 150.53 yen from 149.60 yen on FridayEuro/dollar: DOWN at $1.0530 from $1.0580Pound/dollar: DOWN at $1.2690 from $1.2739Euro/pound: DOWN at 82.98 from 83.04 penceWest Texas Intermediate: UP 0.2 percent at $68.14 per barrelBrent North Sea Crude: UP 0.1 percent at $71.94 per barrelNew York – Dow: UP 0.4 percent at 44,910.65 (close)London – FTSE 100: UP 0.1 percent at 8,287.30 (close)

Blazing flames light the sky as Indian farmer Ali Sher burns his fields to clear them for new crops, a common but illegal practice that is fuelling deadly pollution killing millions.Burning strips the fertility of fields, has a ruinous impact on India’s economy and sends plumes of acrid smoke packed with dangerous cancer-causing particles drifting over a densely-populated belt of northern India, including capital New Delhi’s 30 million people.But it is cheap — for farmers at least — to carry out.Small-scale growers like Sher with less than two hectares (five acres) of land — who make up 86 percent of Indian farms, according to the World Economic Forum — say alternatives to burning simply do not allow them to make the profit they need to survive.The 55-year-old farmer is just one of the many thousands who torch the stubble left after their rice harvest to prepare the fields to plant a winter crop of wheat.”I am scared of the authorities finding out, but I can’t help it,” said Sher, from Haryana’s Jind district, as black plumes rose from his fields some 115 kilometres (70 miles) from the capital.He faces a hefty fine and loss of critical government farming subsidies if caught.But he said that burning provided the only way to clear the land in time to ensure wheat seeds are planted in the narrow weather window.”If I don’t plant the wheat now, it will be too late,” he said.Several studies indicate that farm fires turn the air in Delhi — a city already choked by too many polluting vehicles and regularly ranked as the worst capital city in the world for air quality  –- even more lethal.- Toxic smog -Those fires form a key part of the toxic smog impacting the health of millions, which, along with vehicle and factory emissions, create choking air that surges to more than 50 times the World Health Organization recommended limit of hazardous PM2.5 pollutants.A study in the Lancet medical journal attributed 1.67 million premature deaths in India to air pollution in 2019.India’s federal government has pumped in millions of dollars of subsidies to encourage modern machinery to stop the burning.That includes baling machines that gather the straw into blocks, as well as combined ploughing and planting tools, which return the stubble back into the soil while sowing the next crop.It makes economic sense on paper for the longterm, but the wider cost of burning is vast.One study by global consultancy firm Dalberg estimates air pollution overall drives losses to the tune of $95 billion annually, or roughly three percent of the country’s GDP.Burning fields also “reduces water retention and soil fertility by 25 to 30 percent”, according to the UN Environment Programme, thus requiring farmers to pay more in expensive fertilisers and irrigation systems.But small-scale farmers say the numbers do not add up for them.They cannot afford to buy the tractors needed, so they must rely on costly contractors to clear their fields.Rice and wheat farmer Ajay Saini said that slices into his already limited profits.”We spend money from our pockets in paying the contractor,” he said, adding that the straw bales collected had tumbled in value too.In a farming economy shifting from animal husbandry to tractors, straw bales once used for animal bedding and winter fodder are needed far less.”A small farmer burns his field out of necessity,” he said.Saini said he waited for two weeks for a contractor to clear his land, but they focused on big farms, and he could not afford to delay planting.”I called several times, but he just would not come to a small farm like mine,” he said. “If the moisture in the field is all gone, how will the wheat grow?” – ‘Land will become barren’ -Some farmers are slowly shifting to better practices.Farm fires have reduced by as much as half since 2017, according to some government estimates.Naresh, a farmer in his 60s who uses only one name, said he had stopped burning his fields.”It will only hurt us,” he said. “The microorganisms in the soil die, and our land will become barren.”The switch was aided by the Spanish rice exporting company Ebro, which buys his rice.In a bid to reduce its carbon footprint, Ebro supported several farmers in Naresh’s village to form a cooperative, providing them with a free seeder machine.Farmers had to promise not to set fire to their fields, and instead spray stubble with a natural fungal spray speeding up decomposition, developed by the Indian Agricultural Research Institute.That also reduces the need for fertilisers as it “recycles nutrients back into the soil”, said Ebro official Surendra Pal, working to ensure the company’s rice meets tougher European standards.  But for now, many farmers say burning is the only real option.”We know that it is bad for our fields,” said farmer Balkar Singh, from Haryana’s Panipat district. “We only do it because we have no other choice.” 

Indian billionaire Gautam Adani on Saturday said “attacks” on his company made it “stronger”, days after US prosecutors accused him and other officials of fraud.The November 20 bombshell indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a multi-million-dollar bribery scheme. Addressing the allegations for the first time, the 62-year-old tycoon said his conglomerate was committed to “world-class regulatory compliance”. “What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” he said at an awards ceremony in the northern Indian city of Jaipur.  Adani is suspected of having participated in a $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts.The billionaire, however, said nobody from his company had been charged with any violation of corruption laws or “any conspiracy to obstruct justice”. The US Justice Department said Adani, his nephew Sagar Adani, and one other official were charged “with conspiracies to commit securities and wire fraud and substantive securities fraud”. Five others were charged “with conspiracy to violate the Foreign Corrupt Practices Act,” the department said.On Thursday, Adani’s company said it had suffered a loss of nearly $55 billion in market capitalisation across its 11 listed companies since the US indictment was filed. With a business empire spanning coal, airports, cement and media, Adani Group has weathered previous corporate fraud allegations, suffering a similar stock rout last year.The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of “brazen” corporate fraud.Adani is a close ally of Hindu nationalist Prime Minister Narendra Modi and was at one point the world’s second-richest man, and critics have long accused him of improperly benefitting from their relationship.

Greenpeace activists boarded a tanker off South Korea on Saturday in an action intended to draw attention to calls for a treaty to curb plastic pollution, the environmental group said.Nearly 200 countries are in Busan to negotiate the deal, but there is little sign of agreement with just a day left before talks are due to end.Greenpeace said the tanker Buena Alba, anchored off the Hanwha TotalEnergies complex, was scheduled to pick up propylene, which is used to manufacture plastic.”The activists boarded the vessel peacefully and met no reaction from the vessel crew,” said Greenpeace spokeswoman Angelica Pago.”We painted ‘PLASTIC KILLS’ on the side of the vessel and the climbers successfully set up a camp,” she told AFP.”They intend to stay in order to continue putting pressure on the negotiators to resist fossil fuel and petrochemical industry interference in the talks and to deliver a treaty that firmly cuts plastic production.”A spokesman for South Korea’s coast guard said police had been “deployed on the ship, and we are making warning announcements to facilitate a safe disembarkation”.He said a “thorough investigation” would be carried out to determine if there were any “illegal elements” to the protest.Attempts to reach an agreement on curbing plastic pollution have stalled over several key sticking points, including whether to cut new plastic production.Dozens of countries, backed by environmental groups, insist a treaty without production cuts will fail to solve the problem, but a group of largely oil-producing states is fiercely opposed.”The brave activists that boarded that vessel today show the courage and should inspire governments here to hold the line and do what everyone knows is obvious,” Greenpeace delegation head Graham Forbes told reporters in Busan.The negotiations have reached a “pivotal moment”, he said, but “a handful of governments… are looking backwards and refusing to take the steps necessary for us all to advance”.”I think we are at a very risky moment right now of being sold out, and that would be an absolute catastrophe,” Forbes said.Local police and Wooil Shipping, the Korean company that manages the vessel, told AFP later on Saturday that the ship was Japanese-owned.”It is private property, but activists are occupying it without permission,” a Wooil Shipping spokesman said. “As a result, we haven’t been able to load any cargo all day.”A spokesman from Hanwha TotalEnergies Petrochemical, contacted by AFP, was not able to comment directly on the incident.

Wall Street shares rose in a holiday-shortened session as the US Black Friday shopping spree got under way and traders speculated whether President-elect Donald Trump may temper his trade tariff threats.The yen rallied against the dollar as higher inflation in Japan fueled expectations that the central bank will hike interest rates again.Traders are closing out a rollercoaster month for assets caused largely by Trump winning a second US presidential election — and also a result of the wars in Ukraine and Gaza.Markets are tracking developments surrounding Trump’s pledge to hammer China, Canada and Mexico with hefty tariffs on his first day in office in January.US stock markets closed higher on a shortened trading day, with the Dow and S&P 500 hitting fresh records following Thursday’s Thanksgiving break.Chip companies notched gains after a news report that President Joe Biden’s administration was mulling further curbs on semiconductor equipment sales to China that were less severe than anticipated.Shares in Nvidia closed 2.2 percent up.The market appears to be “cruising along here without any interference,” said Patrick O’Hare of Briefing.com.The Paris and Frankfurt stock markets closed in the green, and London finished with more modest gains.”With many US investors still out after being off for Thanksgiving yesterday, the key theme that has emerged in the last few days is the easing of tariff fears,” said Fawad Razaqzada, market analyst at City Index and Forex.com.This came after a phone call between Trump and Mexican President Claudia Sheinbaum, who afterwards said: “There will not be a potential tariff war.”The focus was also on shoppers seeking bargains on Black Friday, a crucial day for retailers around the world.O’Hare noted that Black Friday has become less of a “frenetic rush” given the popularity of online shopping now — although there is still a lot of attention on the retail space.- Eurozone inflation rises -Investors in Europe digested data showing eurozone inflation accelerated again in November, as well as France’s ongoing political turmoil.Year-on-year consumer price increases reached 2.3 percent, the EU’s official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September.Analysts said the latest reading was not expected to deter the European Central Bank from cutting interest rates next month as it focuses on addressing Europe’s sluggish growth.Investors have monitored uncertainty over budget cuts to reduce France’s huge deficit, as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.In Asia on Friday, forecast-busting consumer prices out of Tokyo boosted talk of another Japanese interest rate hike next month, in turn sending the yen strengthening one percent against the dollar.Consumer prices in Tokyo — seen as a bellwether for Japan as a whole — jumped 2.6 percent in the 12 months through November, well up from October’s rate and much more than expected.The Bank of Japan has hiked interest rates twice this year, while the yen was being supported also by forecasts that the Federal Reserve will lower US rates at its December meeting.The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China as they look to kickstart the world’s number two economy.- Key figures around 2010 GMT -New York – Dow: UP 0.4 percent at 44,910.65 points (close)New York – S&P 500: UP 0.6 percent at 6,032.38 (close)New York – Nasdaq: UP 0.8 percent at 19,218.17 (close)London – FTSE 100: UP 0.1 percent at 8,287.30 (close)Paris – CAC 40: UP 0.8 percent at 7,235.11 (close)Frankfurt – DAX: UP 1.0 percent at 19,626.45 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)Dollar/yen: DOWN at 149.60 yen from 151.51 yen on ThursdayEuro/dollar: UP at $1.0580 from $1.0552Pound/dollar: UP at $1.2739 from $1.2687Euro/pound: DOWN at 83.04 from 83.18 penceWest Texas Intermediate: DOWN 1.1 percent at $68.00 per barrelBrent North Sea Crude: DOWN 0.5 percent at $72.94 per barrel

Wall Street shares rose in a holiday-shortened session as the Black Friday shopping spree got under way and traders speculated whether Donald Trump may temper his trade tariff threats.The yen rallied against the dollar as higher inflation in Japan fuelled expectations that the central bank will hike interest rates again.Traders are closing out a rollercoaster month for assets caused largely by Trump winning a second US presidential election — and also a result of the wars in Ukraine and Gaza.Markets are tracking developments surrounding Trump’s pledge to hammer China, Canada and Mexico with hefty tariffs on his first day in office in January.US stock markets were up nearing midday deals following Thursday’s Thanksgiving break, with investors set to go home early on Friday.The euro fell slightly against the dollar but the Paris and Frankfurt stock markets closed in the green. London finished with more modest gains.”With many US investors still out after being off for Thanksgiving yesterday, the key theme that has emerged in the last few days is the easing of tariff fears,” said Fawad Razaqzada, market analyst at City Index and Forex.com.This came after a phone call between Trump and Mexican President Claudia Sheinbaum, who afterwards said: “There will not be a potential tariff war.”The focus was also on shoppers seeking bargains on Black Friday, a crucial day for retailers around the world.- Eurozone inflation rises -Investors in Europe digested data showing eurozone inflation accelerated again in November, as well as France’s ongoing political turmoil.Year-on-year consumer price increases reached 2.3 percent, the EU’s official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September.Analysts said the latest reading was not expected to deter the European Central Bank from cutting interest rates next month as it focuses on addressing Europe’s sluggish growth.Investors have monitored uncertainty over budget cuts to reduce France’s huge deficit, as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.- Yen rally -In Asia on Friday, forecast-busting consumer prices out of Tokyo boosted talk of another Japanese interest-rate hike next month, in turn sending the yen strengthening one percent against the dollar.Consumer prices in Tokyo — seen as a bellwether for Japan as a whole — jumped 2.6 percent in the 12 months through November, well up from October’s rate and much more than expected.The Bank of Japan has hiked interest rates twice this year, while the yen was being supported also by forecasts that the Federal Reserve will lower US rates at its December meeting.The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China as they look to kickstart the world’s number two economy.- Key figures around 1640 GMT -New York – Dow: UP 0.6 percent at 44,974.40 pointsNew York – S&P 500: UP 0.6 percent at 6,033.83New York – Nasdaq: UP 0.8 percent at 19,206.34London – FTSE 100: UP 0.1 percent at 8,287.30 (close)Paris – CAC 40: UP 0.8 percent at 7,235.11 (close)Frankfurt – DAX: UP 1.0 percent at 19,626.45 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)Dollar/yen: DOWN at 150.45 yen from 151.51 yen on ThursdayEuro/dollar: DOWN at $1.0548 from $1.0552Pound/dollar: UP at $1.2692 from $1.2687Euro/pound: DOWN at 83.05 from 83.18 penceWest Texas Intermediate: UP 0.8 percent at $69.30 per barrelBrent North Sea Crude: UP 0.2 percent at $72.93 per barrel

The yen rallied against the dollar and the euro also advanced versus the US unit Friday as traders reacted to news of higher inflation in Japan and the eurozone.European and Asian stock markets traded mixed before Wall Street reopens from a break Thursday for the Thanksgiving holiday, and as consumers in the United States and elsewhere sought Black Friday bargains.Traders closed out a rollercoaster month for assets caused largely by Donald Trump winning a second US presidential election — and also a result of the wars in Ukraine and Gaza. Markets are tracking in particular developments surrounding Trump’s pledge to hammer China, Canada and Mexico with hefty tariffs on his first day in office in January.In Asia on Friday, “expectations for a rate hike by the Bank of Japan firmed up after a hotter than expected inflation print”, noted Derren Nathan, head of equity research at Hargreaves Lansdown.Forecast-busting consumer prices out of Tokyo boosted talk of another Japanese interest-rate hike next month, in turn sending the yen strengthening one percent against the dollar.Consumer prices in Tokyo — seen as a bellwether for Japan as a whole — jumped to 2.6 percent in November, well up from October and much more than expected.The Bank of Japan has hiked interest rates twice this year, while the yen was being supported also by forecasts that the Federal Reserve will lower US rates at its December meeting.The BoJ lifted rates in March for the first time in 17 years followed by a second increase in July.The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China — a key goal for Beijing as it looks to kickstart the world’s number two economy.- Eurozone inflation -In Europe, the euro firmed against the dollar as official data showed the eurozone’s annual inflation rate rebounded further in November on resilient energy prices.Year-on-year consumer price increases reached 2.3 percent, the EU’s official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September.Analysts said the latest reading was not expected to deter the European Central Bank from cutting interest rates next month as it focuses on addressing Europe’s sluggish growth.Eurozone assets remained under pressure owing to uncertainty over budget cuts to reduce France’s huge deficit, and as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.Economic weakness in Germany in particular has also dampened enthusiasm for the euro. London’s stock market and pound were little changed heading into the weekend.The Bank of England on Friday warned that growing geopolitical tensions pose a “significant” risk to banks and broader financial stability.A half-yearly report from the BoE on risks to the financial system did not mention Trump, but noted the potential for “increased global fragmentation” of trade amid a broad range of geopolitical issues.In commodities trading, oil prices slipped Friday with the OPEC+ alliance having postponed a meeting planned for this weekend until Thursday, with analysts saying there were signs of disagreement among the group over plans to increase output.Bitcoin was sitting at about $97,500, having suffered a big drop at the start of the week. – Key figures around 1230 GMT -London – FTSE 100: UP 0.1 percent at 8,284.40 pointsParis – CAC 40: UP 0.4 percent at 7,205.93Frankfurt – DAX: UP 0.4 percent at 19,503.03Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)Dollar/yen: DOWN at 150.08 yen from 151.51 yen on ThursdayEuro/dollar: UP at $1.0559 from $1.0552 Pound/dollar: UP at $1.2690 from $1.2687Euro/pound: FLAT at 83.18 pence West Texas Intermediate: DOWN 0.1 percent at $68.63 per barrelBrent North Sea Crude: DOWN 0.5 percent at $72.91 per barrel