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Asian markets rose on Monday, with Tokyo closing higher after Japanese Prime Minister Shigeru Ishiba’s decision to resign pushed down the value of the yen.Investors were also digesting weak US jobs data, while crude prices climbed after eight key members of the OPEC+ alliance said they had agreed to again boost oil production.Tokyo’s Nikkei index closed up 1.5 percent, with Japanese exporters benefiting from a slide in the yen’s value — one dollar bought 147.82 yen in afternoon trading, up from 147.07 on Friday.Japanese bond yields also climbed after Ishiba said Sunday he would step down after less than a year in power, heralding fresh uncertainty for the world’s fourth-largest economy.”I don’t think we can say that the resignation of PM Ishiba is a complete surprise as it’s been mooted for some time but the timing of the announcement is certainly unexpected,” said Michael Brown, senior research strategist at Pepperstone.”As for the market reaction, this obviously introduces significant downside risks for the (Japanese yen) and for long-end” Japanese government bonds (JGBs), he added.Last week, the yield on 30-year JGBs hit a record high, following rises in the United States and Europe on the back of concerns about political uncertainty and public finances. Potential candidates to lead Japan’s ruling party are “all likely to propose looser fiscal stances than Ishiba, hence further pressuring the long end of the curve, where demand for JGBs had already been waning quite significantly”, Brown said.Shanghai closed 0.4 percent higher. Hong Kong was up 0.8 percent, Taipei gained 0.2 percent and Seoul rose 0.5 percent.Jakarta gained 0.6 percent and Wellington rose 0.4 percent, but Bangkok and Singapore were flat and Sydney shed 0.2 percent.Last week’s US jobs data has cemented expectations of a Federal Reserve interest rate cut later this month.In Asia, “rising expectations of Fed rate cuts and with that lower US yields should be a welcome development to some extent providing some breathing space and policy room for Asian central banks”, Michael Wan, senior currency analyst at Japanese bank MUFG, said in a note.”Nonetheless, the key risk for Asian currencies would also lie in a sharp US slowdown and hard-landing recession through sharply slower exports to the US, which we stress is not our base case.”In early European trade, London was up 0.2 percent, Paris climbed 0.5 percent and Frankfurt jumped 0.7 percent.- Key figures at around 0700 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 43,643.81 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 25,618.79Shanghai – Composite: UP 0.4 percent at 3,826.84 (close)London – FTSE 100: UP 0.2 percent at 9,223.02Euro/dollar: FLAT from Friday at $1.1722Pound/dollar: UP at $1.3512 from $1.3508 on FridayDollar/yen: UP at 147.82 yen from 147.07 yenEuro/pound: DOWN at 86.75 pence from 86.77 penceWest Texas Intermediate: UP 1.9 percent at $63.03 per barrelBrent North Sea Crude: UP 1.9 percent at $66.72 per barrelNew York – Dow: DOWN 0.5 percent at 45,400.86 (close)

A former top diplomat dubbed the “Trump Whisperer” was the first candidate Monday to join the race to be Japan’s next leader, a day after premier Shigeru Ishiba announced his resignation.Former foreign minister Toshimitsu Motegi is angling to lead the world’s fourth-largest economy as it faces fresh turbulence stemming from rising food prices and fallout from US tariffs on its crucial auto sector.The long-dominant Liberal Democratic Party (LDP) will elect its new chief, reportedly in early October, after Ishiba said Sunday he would step down after his party faired terribly in two elections.”We have to move Japan forward, resolving difficult issues at home and abroad,” party heavyweight Motegi told reporters. “I have made up my mind to run.”During a turbulent 11 months at the helm, Ishiba — initially seen as a safe pair of hands — lost his majority in both houses of parliament, dealing a major blow to the LDP that has governed almost continuously since 1955.Repeated calls for him to take responsibility for the losses made his position untenable, reports said.Motegi, a 69-year-old former LDP secretary general who was also trade minister, is among a clutch of contenders likely to emerge in the coming days.With strong English, the Harvard-educated politician was dubbed the “Trump whisperer” for his deft handling of tricky US-Japan trade talks.Another candidate is Sanae Takaichi, a 64-year-old hardline nationalist and one-time heavy metal drummer who lost out to Ishiba in 2024. She would be Japan’s first woman premier.Shinjiro Koizumi, 44, the telegenic, surfing son of an ex-premier who was recently tasked with lowering rice prices as Ishiba’s farm minister, could also run.Other hopefuls could include Yoshimasa Hayashi, Ishiba’s top government spokesman, and Takayuki Kobayashi, former economic security minister.- Ageing population, national debt -The LDP will discuss when and how to elect its new president this week, a party official told AFP, but the new leader will still need approval from both chambers of parliament to become Japan’s prime minister.There’s a slim chance that the LDP president could lose the vote, with the ruling coalition — made up of the LDP and the Komeito party —  a minority in both houses of parliament.”The LDP needs to find someone who can unite the party, appeal to the public, but also someone who can gain support from other parties,” Kensuke Takayasu, politics professor of Waseda University, told AFP.Any new leader will have a host of complex issues to tackle including a rapidly ageing population, colossal national debt, and an economy teetering on the brink of recession as inflation pinches consumers.Despite a new trade deal with President Donald Trump, Japanese imports still face tariffs of 15 percent and Tokyo has promised $550 billion of investments into the US economy.The close US strategic ally is also under pressure to further hike defence spending and be more muscular in case of confrontation with China over Taiwan.

Japan’s Prime Minister Shigeru Ishiba said on Sunday he would step down after less than a year in power, during which he lost his majority in both houses of parliament.The announcement means fresh uncertainty for the world’s fourth-largest economy as it battles rising food prices and deals with the fallout of US tariffs on its vital auto sector.Ishiba told a news conference that the long-dominant Liberal Democratic Party (LDP) should prepare for a leadership election, and he would stay in position until then.”Now that negotiations on US tariff measures have reached a conclusion, I believe this is the appropriate moment,” he said.”I have decided to step aside and make way for the next generation,” said the 68-year-old.US President Donald Trump signed an order on Thursday to lower tariffs on Japanese autos, with Washington finally moving to implement a trade pact negotiated with Tokyo in July.However, although Japanese autos will now face a 15 percent tariff instead of the current 27.5 percent, the levy will still cause significant pain in the crucial industry. Seen as a safe pair of hands, Ishiba took the helm of the LDP in September 2024 and became the 10th man in the party to serve as prime minister since 2000. “We have switched prime ministers many times,” said 25-year-old Yuri Okubo, speaking from a Tokyo park on a hot afternoon. “I’m worried that no matter who the new prime minister will be, nothing will change.”- Mounting resignation calls -Opponents of Ishiba had been calling for him to step down to take responsibility for dire election results, following the party’s poor performance in an upper chamber vote in July.Lower house elections in October 2024 saw the LDP suffer its worst result in 15 years.Media reports said earlier that Ishiba wanted to avoid a split in the party and that he was unable to withstand the mounting calls for his resignation.The farm minister and a former prime minister reportedly met with Ishiba on Saturday night to urge him to resign voluntarily.Four senior LDP officials, including the party’s number two Hiroshi Moriyama, offered to resign last week.Ishiba’s term as party leader was supposed to end in September 2027.”While striving to accommodate many people and foster harmony, my sincere efforts resulted in losing my particular path,” Ishiba said, adding he would not run in the leadership race.His most prominent rival, hardline nationalist Sanae Takaichi, was the runner-up in the last leadership election and all but said on Tuesday that she would seek a contest.A Nikkei survey held at the end of August put Takaichi as the most “fitting” successor to Ishiba, followed by farm minister Shinjiro Koizumi, but 52 percent of respondents said a leadership contest was unnecessary.After the July election, social media users called for the moderate Ishiba to remain in power under the hashtag “#Ishiba Don’t quit”.The LDP has governed almost continuously since 1955, but voters have been deserting the party, including towards fringe groups such as the populist Sanseito.Factors include rising prices, notably for rice, falling living standards, and anger at corruption scandals within the LDP. Ishiba, a diligent career politician, was elected LDP leader last year on his fifth attempt, promising a “new Japan”. Both China and South Korea welcomed his appointment then, hoping for improved ties. 

Eight key members of the OPEC+ alliance said Sunday they have agreed to again boost oil production, in a strategy analysts saw as a bid to gain a bigger market share of crude sales.Oil ministers in the V8 grouping — comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — decided to increase production by 137,000 barrels a day (bpd) from next month, they said in a statement.Those countries had already increased production by 2.2 million bpd in recent months.In their statement issued after an online meeting on Sunday, they said that the new incoming cycle could see up to an extra 1.65 million bpd eventually coming onto the market.”OPEC+ caught the market off guard today — instead of pausing, the group signalled ambition with a production hike. The barrels may be small, but the message is big,” said Jorge Leon, an analyst at Rystad Energy.”OPEC+ is prioritising market share even if it risks softer prices,” he said.Oil prices are currently hovering around $65-70 per barrel, having tumbled 12 percent this year as global producers outside OPEC+ ramp up supply and tariffs curb demand.OPEC+ — which comprises the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies — had in recent years seen through several output cuts amounting to a total of almost six million bpd.Analysts, up to a week ago, had been saying the V8 was likely to maintain their current output levels in October.By raising them, even by a relatively modest 137,000 bpd, the V8 instead indicated that OPEC+ was willing to weather prices falling below $60 a barrel if it meant regaining market share.Leon said: “In reality, the actual production boost will be far smaller, given capacity limits and the compensation mechanism. But perception often matters more than physical barrels.”Still, he said, “the move raises questions about unity: countries like Russia depend on high prices to fund their war machine, while others are willing to test lower prices for market share”.- Geopolitical factors -The real test for OPEC+ will be the last three months of this year, a period when seasonal demand tends to be lower, he said.Oil specialists are keeping a close eye on Moscow’s war in Ukraine as well as developments regarding US-Russia relations — geopolitical factors that could impact oil prices.US President Donald Trump, whose efforts to mediate between Russia and Ukraine have failed to produce a breakthrough, has recently targeted Russian oil and those who buy it. In August, he imposed higher tariffs on India as punishment for its purchases of Russian oil. In a meeting with allies of Ukraine who gathered in Paris on Thursday, Trump told leaders via a video conference that he was frustrated with EU purchases of Russian oil, particularly by Hungary and Slovakia.Curbing Russian exports could free up market space for OPEC+ nations.

On the night he won Canada’s election, Prime Minister Mark Carney summarized his plan to jumpstart the country’s economy in response to President Donald Trump’s threats. “Build, baby, build!” Carney told a jubilant crowd of Liberal party supporters in April. In the early weeks of his first term, Carney’s plans to build have taken shape, headlined by the new “Major Projects Office”, launched last month to spearhead the construction of ports, highways, mines and perhaps a new oil pipeline — a contentious subject for groups concerned about the environment. The office, which is expected to announce its priorities in the coming days, was formed after Carney’s Liberals secured cross-party support to pass legislation empowering his government to fast-track “nation-building projects.””We are moving at a speed not seen in generations,” Carney said, a level of urgency he argues is required as Trump reshapes the global economy. Trump’s threats to annex Canada have eased, but his trade war is hurting the Canadian economy. US tariffs on autos, steel and aluminum have squeezed the three crucial sectors and led to job losses.The unemployment rate hit 7.1 percent in August, the highest level since 2016 outside of the pandemic.That “adds to evidence that the trade war is taking its toll on Canadian labor markets,” RBC senior economist Claire Fan said this week. – ‘Economy in peril’ -Since entering politics earlier this year, Carney has insisted Canada needs to break its decades-long reliance on US trade by revitalizing internal commerce while pursuing new markets in Europe and Asia. During a visit to Germany last month, Carney said his government was “unleashing half a trillion dollars of investment” in infrastructure for energy, ports and other sectors. Jay Khosla, an energy expert at the Public Policy Forum, said the momentum to build would not have been possible without Trump. “We know our economy is in peril,” he said, noting Canada was effectively “captured economically,” because of its closeness to the United States. – ‘Energy superpower’? -Canada is the world’s fourth largest oil exporter and its crude reserves are the world’s third largest. Most of its resources are in the western province of Alberta, which exports almost exclusively to the United States, as Canada lacks the infrastructure to efficiently get energy products to other foreign markets. Former prime minister Justin Trudeau, Carney’s predecessor, put climate change at the center of his political brand and faced criticism from some over his perceived lack of support for the energy sector. In a shift from the Trudeau era, Carney’s Liberals now support exporting liquefied natural gas (LNG) to Europe. “What we heard loud and clear from German LNG buyers and LNG users is they believe there is demand and they want to buy our products” Energy Minister Tim Hodgson said in Berlin last week. Carney has repeatedly said Canada “can be an energy superpower.”But not everyone is enthusiastic about that plan. Greenpeace has accused the prime minister of backing “climate-wrecking infrastructure” while ignoring clean energy. Carney could likely press ahead despite concerns from pro-climate NGOs, but support from Indigenous leaders — for whom safeguarding the environment is top priority — is seen as essential. Despite Carney’s efforts to secure Indigenous backing for his major projects push, their concern persists. “We know how it feels to have Trump at our border. Let’s not do that and have Trump-like policies,” said Cindy Woodhouse, the national chief of the Assembly of First Nations, in a swipe at Carney’s backing for energy infrastructure. “Let’s take the time and do things properly.”

More than 300 South Koreans were among 475 people arrested by US immigration officials in a raid on a Hyundai-LG battery plant being built in the southern US state of Georgia, the foreign minister in Seoul said on Saturday.Thursday’s operation in the town of Ellabell was the largest single site raid carried out so far under US President Donald Trump’s nationwide anti-migrant drive, a US official said.Footage of the raid released by US authorities showed detained workers, in handcuffs and with chains around their ankles, being loaded onto an inmate transportation bus.The raid stemmed from a probe into “allegations of unlawful employment practices and serious federal crimes” at the Hyundai Motor-LG Energy Solution joint venture plant, Steven Schrank, a Homeland Security Investigations special agent in Atlanta, told reporters on Friday.”This was not an immigration operation where agents went into the premises, rounded up folks and put them on buses,” he said. “This has been a multi-month criminal investigation.”South Korean Foreign Minister Cho Hyun said at an emergency meeting in Seoul that, of the 475 arrested, “more than 300 are believed to be our nationals.””We are deeply concerned and feel a heavy sense of responsibility over this matter,” Cho said, adding that he would go to Washington for talks if necessary.First Vice Foreign Minister Park Yoon-joo raised the issue in a telephone call with US Under Secretary of State for Political Affairs Allison Hooker, voicing regret over the crackdown and the release of footage showing the Korean workers’ arrest.Park said “the economic activities of Korean companies investing in the United States and the rights and interests of Korean citizens must not be unfairly infringed upon during US law enforcement operations,” his ministry said.Park “asked the State Department to actively work to ensure a fair and swift resolution to this matter,” the statement added.- ‘ICE was just doing its job’ -Schrank said that those arrested were “illegally present in the United States” and “working unlawfully.”He said those taken into custody have been turned over to Immigration and Customs Enforcement (ICE) for potential removal.When asked about the raid by reporters at the White House, Trump said: “I would say that they were illegal aliens, and ICE was just doing its job.”The plant where the raid took place is intended to supply batteries for electric vehicles.LG Energy Solution said Saturday that 47 of its employees had been arrested — 46 South Koreans and one Indonesian. The company also said about 250 of those arrested were believed to be employed by its contractor, and most of them were South Koreans. “Business trips to the US will be suspended for the time being unless they are absolutely necessary,” the firm’s spokeswoman told AFP. “Those currently on assignments in the US are going to either return home immediately or remain on standby at their accommodation, taking into account the specifics of their work situation.” Hyundai said Friday it understood that none of those detained was “directly employed” by the firm.Schrank said some of those detained had crossed the US border illegally, while others had arrived with visas that prohibited them from working or had overstayed their work visas. “This operation underscores our commitment to protecting jobs for Georgians and Americans, ensuring a level playing field for businesses that comply with the law, safeguarding the integrity of our economy and protecting workers from exploitation,” he said.South Korea, Asia’s fourth-biggest economy, is a key automaker and electronics producer with multiple plants in the United States.Its companies have invested billions of dollars to build factories in the United States in a bid to access the US market and avoid tariff threats from Trump.President Lee Jae Myung met Trump during a visit last month, and Seoul pledged $350 billion in US investment in July. Trump has promised to revive the manufacturing sector in the United States, while also vowing to deport millions of undocumented migrants.

Weak US jobs data cemented expectations of an interest rate cut later this month on Friday, but stocks slid on worries about the economic outlook and profit-taking.Wall Street’s three main indices opened in positive territory after official data showed the US economy added 22,000 jobs last month, down from July’s 79,000 figure. But then they quickly turned lower.Analysts had expected the figures to confirm a cooled labor market as companies pull back on hiring amid ongoing uncertainty over President Donald Trump’s tariffs.Ahead of the figures, the market had already largely priced in an interest rate cut of a quarter percentage point, or 25 basis points, when the US Federal Reserve holds its monetary policy meeting later this month.But the numbers were well below the 77,000 jobs analysts had expected.All three major US indices ended lower with the S&P 500 down 0.3 percent.”An initially positive reaction to today’s weak payrolls report has given way to some classic ‘buy the rumor, sell the fact’ action,” said Chris Beauchamp, chief market analyst at investing and trading platform IG.Oxford Economics moved up its projection for a Fed rate cut to September after previously predicting one in December. “We don’t know how much longer this slowing of hiring is going to last,” said Art Hogan of B. Riley Wealth Management.The jobs data also sent the dollar and US Treasury yields lower, while gold hit a new record high.Gold has benefitted as refuge for investors turning away from long-term bonds, which have recently been hit by concerns about debt sustainability.Gloomy economic data has recently supported stocks as investors see it as boosting chances the Fed will cut interest rates, which is positive for businesses.However, “as concerns about the economy grow, we could see stocks struggle,” warned Kathleen Brooks, research director at trading group XTB.European stocks ended the day lower.Tokyo also climbed after Trump signed an order to lower tariffs on Japanese autos to 15 percent from 27.5 percent.Oil prices extended losses in anticipation of excess supply in the coming months as OPEC+ nations, which include Saudi Arabia and Russia, are expected to further unwind production cuts this weekend.Oil has tumbled more than 12 percent this year as global producers outside OPEC+ ramp up supply and tariffs curb demand.Shares in Tesla climbed 3.6 percent after the board of the US electric vehicle maker proposed a pay package for CEO Elon Musk that could top $1 trillion if certain performance milestones are met.- Key figures at around 2130 GMT -New York – Dow: DOWN 0.5 percent at 45,400.86 (close)New York – S&P 500: DOWN 0.3 percent at 6,481.50 (close)New York – Nasdaq Composite: DOWN less than 0.1 percent at 21,700.39 (close)London – FTSE 100: DOWN 0.1 percent at 9,208.21 (close)Paris – CAC 40: DOWN 0.3 percent at 7,674.78 (close)Frankfurt – DAX: DOWN 0.7 percent at 23,596.98 (close)Tokyo – Nikkei 225: UP 1.0 percent at 43,018.75 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 25,417.98 (close)Shanghai – Composite: UP 1.2 percent at 3,812.51 (close) Euro/dollar: UP at $1.1722 from $1.1649 on ThursdayPound/dollar: UP at $1.3508 from $1.3434Dollar/yen: DOWN at 147.07 yen from 148.49 yenEuro/pound: UP at 86.77 from 86.71 penceWest Texas Intermediate: DOWN 2.5 percent at $61.87 per barrelBrent North Sea Crude: DOWN 2.2 percent at $65.50 per barrelburs-jmb/md

South Koreans suspected of working in the United States illegally were the majority of 475 people arrested in a raid on a Hyundai-LG battery plant being built in the southern state of Georgia, a US official said Friday.Steven Schrank, a Homeland Security Investigations special agent in Atlanta, said the operation was the largest single site raid carried out so far as part of President Donald Trump’s nationwide anti-migrant drive.Thursday’s raid stemmed from a “criminal investigation into allegations of unlawful employment practices and serious federal crimes” at the Hyundai Motor-LG Energy Solution joint venture plant in the town of Ellabell, Schrank told reporters.”This was not an immigration operation where agents went into the premises, rounded up folks and put them on buses,” he said. “This has been a multi-month criminal investigation.”Asked by reporters at the White House about the raid, Trump said: “I would say that they were illegal aliens, and ICE (Immigration and Customs Enforcement) was just doing its job.”South Korea expressed “concern and regret” over the raid, and urged Washington to respect the rights of its citizens.”The economic activities of our investors and the legitimate rights and interests of our nationals must not be unjustly infringed in the course of US law enforcement,” South Korean foreign ministry spokesperson Lee Jae-woong said.Schrank said the 475 arrested were “illegally present in the United States” and “working unlawfully.””There was a majority of Korean nationals,” he said, adding that it was the “largest single site enforcement operation in the history of Homeland Security Investigations.”In Seoul, a source familiar with the matter told AFP that around 300 South Korean nationals had been detained.Schrank said he could not give a breakdown of how many of those arrested at the plant, which is intended to supply batteries for electric vehicles, were employed by Hyundai, LG or subcontractors.Those taken into custody have been turned over to ICE for potential removal, he said.- Billions in investment -Schrank said some of those detained had illegally crossed the US border, others arrived with visas that prohibited them from working and others overstayed their work visas.”This operation underscores our commitment to protecting jobs for Georgians and Americans, ensuring a level playing field for businesses that comply with the law, safeguarding the integrity of our economy and protecting workers from exploitation,” he said.South Korea, Asia’s fourth biggest economy, is a key automaker and electronics producer with multiple plants in the United States.South Korean companies have invested billions of dollars to build factories in America in a bid to access the US market and avoid tariff threats from Trump.President Lee Jae Myung met Trump during a visit last month, and Seoul pledged $350 billion in US investment in July.Trump has pledged to revive the manufacturing sector in the United States, while also vowing to deport millions of undocumented migrants.In a statement, Hyundai said it was “closely monitoring” the situation at the Georgia construction site and “working to understand the specific circumstances.””As of today, it is our understanding that none of those detained is directly employed by Hyundai Motor Company,” the firm said.LG Energy Solution said it was “gathering all relevant details.””We will fully cooperate with the relevant authorities,” it added.

China said Friday it would impose temporary anti-dumping duties on European Union pork imports, delivering another blow to shaky ties between the economic powerhouses as Brussels vowed to protect its producers. The two sides have navigated a challenging relationship in recent years, complicated greatly by Russia’s 2022 invasion of Ukraine.Chinese authorities launched the probe into European pork imports last year during scrutiny by Brussels of Beijing’s state subsidies for the domestic electric vehicle industry.The investigation has “preliminarily determined that imports of relevant pork and pig by-products originating in the European Union are being dumped”, a statement from China’s commerce ministry said.Authorities have decided to implement “provisional anti-dumping measures in the form of deposits”, it added.The European Commission described the allegations as “questionable”.”We will take all the necessary steps to defend our producers,” commission spokesman Olof Gill told a press conference. The import duties range from 15.6 percent to 62.4 percent and will enter into force on September 10, the Chinese ministry of commerce said. The provisional measures are still subject to its investigation, which had already been extended until December.- ‘Pork sector sacrificed’ -China — the world’s leading consumer of pork — imported 4.3 billion yuan ($600 million) in pork products from major producer Spain alone last year, according to official Chinese customs data.France, meanwhile, exported 115,000 tonnes of pork to China in 2024, according to industry association Inaporc.”China is our top export market — we export parts not consumed in Europe, such as feet and ears,” Anne Richard, director of Inaporc, told AFP. Richard denied the dumping allegations, and said the probe was “retaliatory”. “In fact, the prices of our pork feet are higher than if we sold them in Europe,” she said.Spain’s Agriculture Minister Luis Planas said he supported “resolving any dispute that may exist through negotiation” and insisted that trade relations with China were “fluid and intense”.But Spanish producers were less sanguine. The farmers’ association of the eastern Valencia region accused the EU of “sacrificing the pork sector” to protect its car industry.- Testy relations -Beijing’s move comes on the heels of a diplomatic blitz that saw President Xi Jinping meet face-to-face with several prominent adversaries of Western governments, including Russia’s Vladimir Putin and North Korea’s Kim Jong Un.Top EU diplomat Kaja Kallas on Wednesday criticised the three leaders’ joint appearance at a parade marking the 80th anniversary of the end of World War II as “a direct challenge to the international system built on rules”.The statement by Kallas drew choice words from a spokesman for China’s foreign ministry, who said Thursday that “remarks made by a certain EU official are full of ideological bias”.Much to the chagrin of EU leaders, Beijing has never denounced Russia’s war nor called for it to withdraw its troops. Many of Ukraine’s allies believe that China has provided support to Moscow, repeatedly calling on Beijing to exert pressure on Putin to end the war. China insists it is a neutral party, regularly calling for an end to the fighting while also accusing Western countries of prolonging the conflict by arming Ukraine. Earlier on Friday, Beijing’s foreign ministry said it “strongly opposes” calls by US President Donald Trump for European leaders to put economic pressure on China over the war in Ukraine.Recent years have seen entrenched political disagreements between Beijing and Brussels threaten their strong economic relationship.The current trade spat erupted last summer when the European Union moved towards imposing hefty tariffs on EVs imported from China, arguing that Beijing’s subsidies were unfairly undercutting European competitors.Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products.

Asian and European stock markets advanced on Friday ahead of a key US jobs report that will give insight into the Federal Reserve’s path for interest rates.The global bond market was steady after yields jumped this week on concerns over mounting government debt.London, Paris and Frankfurt all gained in midday trading on Friday. Traders brushed off data showing German industrial orders unexpectedly fell in July. Investors are focused on US non-farm payrolls data (NFP) for August set to be released later on Friday.”There is a sense that the August report could be pivotal for financial markets,” said Kathleen Brooks, research director at trading group XTB.Figures are expected to confirm a cooled labour market as companies pull back on hiring amid ongoing uncertainty over President Donald Trump’s tariffs.”We think that the September cut is a done deal at this stage… however, a stronger NFP report for August could cast doubt on the potential for rate cuts further down the line,” Brooks added.The report is set to attract heightened scrutiny.A poor showing last month prompted Trump to fire the commissioner of labor statistics after the president claimed the numbers were “rigged”. In Asia, China’s blue-chip CSI 300 benchmark recovered on Friday after falling 2.1 percent the previous day — the largest drop since early April when Trump’s tariff threats caused the index to drop more than seven percent in one day.An August rally in Chinese stocks, fuelled by surging shares in semiconductor firms, ground to a halt this week, with Cambricon Technologies tumbling 14 percent Thursday on reports of a regulatory clampdown.Main indices in Hong Kong and Shanghai closed higher Friday. Tokyo also climbed after Trump signed an order to lower tariffs on Japanese autos to 15 percent from 27.5 percent.The price of gold rested near its all-time high, remaining a refuge for investors turning away from long-term bonds despite traditionally seen as safe assets.Oil prices extended losses in anticipation of excess supply in the coming months as OPEC+ nations, which include Saudi Arabia and Russia, are expected to further unwind production cuts.Oil has tumbled 12 percent this year as global producers outside OPEC+ ramp up and tariffs curb demand.- Key figures at around 1050 GMT -London – FTSE 100: UP 0.3 percent at 9,241.54 pointsParis – CAC 40: UP 0.1 percent at 7,704.85Frankfurt – DAX: UP 0.2 percent at 23,807.91Tokyo – Nikkei 225: UP 1.0 percent at 43,018.75 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 25,417.98 (close)Shanghai – Composite: UP 1.2 percent at 3,812.51 (close) New York – Dow: UP 0.8 percent at 45,621.29 (close)Euro/dollar: UP at $1.1696 from $1.1649 on ThursdayPound/dollar: UP at $1.3483 from $1.3437Dollar/yen: DOWN at 148.14 yen from 148.45 yenEuro/pound: UP at 86.76 from 86.72 penceWest Texas Intermediate: DOWN 0.7 percent at $63.02 per barrelBrent North Sea Crude: DOWN 0.6 percent at $66.63 per barrel