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The dollar held around three-year lows Friday as traders ramp up bets on US interest rate cuts, while most stock markets rose on hopes Donald Trump will further delay imposing tough tariffs.With the Israel-Iran ceasefire holding for now, investors were able to turn their attention back to the economy and the US president’s trade war.Bets on a Federal Reserve rate cut jumped this week after Trump said he had candidates in mind to succeed boss Jerome Powell when he leaves next year, with reports saying he would make an announcement as early as September.That was followed Thursday by data showing the world’s top economy contracted more than previously estimated in the first quarter and consumer spending grew less than expected.Traders are now fully expecting two rate cuts this year, while there was a pick-up in bets on a third, according to Bloomberg News.Powell, who has faced pressure from Trump to move sooner, appeared to take a dovish turn in a deposition to lawmakers this week, while several other Fed officials have also hinted at a softer approach.The prospect of lower borrowing costs sent the Dollar Index, which compares the greenback to a basket of major currencies, to its lowest level since March 2022. And while it edged slightly higher Friday it remained under pressure, with the pound and euro at levels last seen in 2021 and the Taiwan dollar hitting its strongest point since April 2022.”For the dollar to see a sustained counter-rally, I would argue we’d need US growth to pick up and implied Fed rate cuts to be repriced — perhaps with growth data in Europe and China also slowing,” said Pepperstone’s Chris Weston.”That doesn’t seem likely in the near term, and as such, rallies in the dollar are likely to be quickly sold off, with the downtrend set to continue.”All three main equity indexes on Wall Street rallied, with the Nasdaq hitting a record high and the S&P 500 within a whisker of a new closing peak.In Asia, Tokyo rallied more than one percent to break 40,000 for the first time since January, while Singapore, Wellington, Taipei, Manila and Mumbai were also up, along with London, Paris and Frankfurt.Hong Kong, Shanghai, Sydney, Seoul and Bangkok fell.Trade war worries were tempered slightly Thursday after the White House said Trump could extend his deadline for agreeing deals to avert painful tariffs.The president announced a swathe of levies on trading partners at the start of April but quickly said he would pause them until July 9 to allow for talks but few agreements have been reached so far.When asked if there would be another delay, press secretary Karoline Leavitt told reporters: “Perhaps it could be extended, but that’s a decision for the president to make.”The deadline is not critical.”The president can simply provide these countries with a deal if they refuse to make us one by the deadline.”This means Trump can “pick a reciprocal tariff rate that he believes is advantageous for the United States”, she added.The administration also signalled progress on trade with China, with US Commerce Secretary Howard Lutnick saying they had “signed and sealed” an understanding reached in Geneva last month.Those talks saw the two slash eye-watering tit-for-tat tariffs and address other key issues including China’s export of rare earths used in smartphones and electric vehicles, while Beijing was keen to see an easing of restrictions on its access to tech goods.Beijing “confirmed details” of the deal on Friday, adding that Washington would lift “restrictive measures” while Beijing would “review and approve” items under export controls.In company news, Chinese smartphone maker Xiaomi jumped more than three percent to a record high in Hong Kong as it enjoyed strong early orders for its YU7 sports utility vehicle, its second foray into the competitive electric vehicle market.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.4 percent at 40,150.79 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 24,284.15 (close)Shanghai – Composite: DOWN 0.7 percent at 3,424.23 (close)London – FTSE 100: UP 0.4 percent at 8,772.42 Euro/dollar: UP at $1.1715 from $1.1701 on ThursdayPound/dollar: UP at $1.3734 from $1.3725Dollar/yen: DOWN at 144.36 yen from 144.44 yenEuro/pound: UP at 85.29 pence from 85.22 penceWest Texas Intermediate: UP 0.5 percent at $65.58 per barrelBrent North Sea Crude: UP 0.5 percent at $68.06 per barrelNew York – Dow: UP 0.9 percent at 43,386.84 (close)

Asian markets rose Friday on fresh trade hopes and the dollar held around three-year lows amid bets of cuts to US interest rate cuts. Easing concerns about Middle East tensions also added to the upbeat mood.With the Israel-Iran ceasefire holding for now, investors were able to turn their attention back to the economy and Donald Trump’s tariffs as a deadline for countries to strike deals with Washington approaches.Bets on a Federal Reserve rate cut jumped this week after the US president said he had candidates in mind to succeed boss Jerome Powell when he leaves next year, with reports saying he would make an announcement as early as September.That was followed Thursday by data showing the world’s top economy contracted more than previously estimated in the first quarter and consumer spending grew less than expected.Traders are now fully expecting two rate cuts this year, while there was a pick-up in bets on a third, according to Bloomberg News.Powell, who has faced pressure from Trump to move sooner, appeared to take a dovish turn in a deposition to lawmakers this week, while several other Fed officials have also hinted at a softer approach.All three main indexes on Wall Street rallied, with the Nasdaq hitting a record high and the S&P 500 within a whisker of a new closing peak.The buying continued into Asia, with Tokyo rallying more than one percent to break 40,000 for the first time since January, while Hong Kong, Shanghai, Sydney and Singapore were also well up.The prospect of lower borrowing costs sent the Dollar Index, which compares the greenback to a basket of major currencies, to its lowest level since March 2022. And while it edged slightly higher Friday it remained under pressure.Trade war worries were also soothed slightly Thursday after the White House said Trump could extend his deadline for agreeing deals to avert painful tariffs.The president announced a swathe of levies on trading partners at the start of April but quickly said he would pause them until July 9 to allow for talks but few agreements have been reached so far.When asked if there would be another delay, press secretary Karoline Leavitt told reporters: “Perhaps it could be extended, but that’s a decision for the president to make.”The deadline is not critical.”The president can simply provide these countries with a deal if they refuse to make us one by the deadline.”This means Trump can “pick a reciprocal tariff rate that he believes is advantageous for the United States”, she added.The administration also signalled progress on trade with China, with US Commerce Secretary Howard Lutnick saying they had “signed and sealed” an understanding reached in Geneva last month.Those talks saw the two slash eye-watering tit-for-tat tariffs and address other key issues including China’s export of rare earths used in smartphones and electric vehicles, while Beijing was keen to see an easing of restrictions on its access to tech goods.In company news, Chinese smartphone maker Xiaomi soared eight percent to a record high in Hong Kong as it enjoyed strong early orders for its latest sports utility vehicle, its second foray into the competitive electric vehicle market.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.6 percent at 40,215.36 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 24,393.49Shanghai – Composite: UP 0.1 percent at 3,452.71Euro/dollar: UP at $1.1702 from $1.1701 on ThursdayPound/dollar: UP at $1.3738 from $1.3725Dollar/yen: DOWN at 144.34 yen from 144.44 yenEuro/pound: DOWN at 85.18 pence from 85.22 penceWest Texas Intermediate: UP 0.5 percent at $65.57 per barrelBrent North Sea Crude: UP 0.5 percent at $68.08 per barrelNew York – Dow: UP 0.9 percent at 43,386.84 (close)London – FTSE 100: UP 0.2 percent at 8,735.60 (close)

US Treasury Secretary Scott Bessent signaled Thursday that a deal is forthcoming among G7 nations allowing US firms to be excluded from certain taxes imposed by other countries.”After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests,” he said in a series of social media posts.Nearly 140 countries struck a deal in 2021 to tax multinational companies, an agreement negotiated under the auspices of the Organisation for Economic Co-operation and Development (OECD).This deal has two “pillars,” the second of which sets a minimum global tax rate of 15 percent.”OECD Pillar 2 taxes will not apply to US companies,” he wrote, adding that officials will work to implement the agreement across the OECD-G20 Inclusive Framework in the coming months.US President Donald Trump has pushed back on the global tax agreement, with Bessent on Thursday pointing to advances on that front.”Based on this progress and understanding, I have asked the Senate and House to remove the Section 899 protective measure from consideration in the One, Big, Beautiful Bill,” Bessent added, referring to a bill currently before US lawmakers that would slash social program spending for tax cuts.Section 899 has been dubbed a “revenge tax,” allowing the government to impose levies on firms with foreign owners and on investors from countries deemed to impose unfair taxes on US businesses.The clause sparked concern that it would inhibit foreign companies from investing in the United States.

The dollar hit a three-year low on Thursday as President Donald Trump eyed candidates to succeed Federal Reserve boss Jerome Powell, fueling bets of cuts to US interest rates.But Wall Street rose handsomely, lifting the S&P 500 to near a closing record, following solid earnings from chip company Micron and a signal that the White House could extend an upcoming tariff deadline on trading partners.Trump had suggested Wednesday that he was lining up Powell’s replacement ahead of an expected departure next year.”No decisions are imminent, although the president has the right to change his mind,” a White House official told AFP.The Dollar Index, which compares the greenback to a basket of major currencies, hit its lowest level since March 2022 at 96,997 points.The pound meanwhile reached its highest level against the dollar since October 2021.”Concerns over the Federal Reserve’s independence and growing expectations for monetary easing weighed on the currency,” said George Pavel, general manager at Naga.com Middle East, a trading platform.”The move, if confirmed, would raise serious questions about the central bank’s autonomy at a time of heightened policy uncertainty, painting a bearish scenario for the greenback,” Pavel said.Since returning to the White House, Trump has constantly hit out at Powell for not cutting US interest rates and questioned his intelligence, stoking worries about the bank’s independence.”I know within three or four people who I’m going to pick,” Trump told reporters after a NATO summit.The Wall Street Journal reported that Trump could announce a replacement as early as September, with Treasury Secretary Scott Bessent, economic adviser Kevin Hassett and former Fed governor Kevin Warsh among the contenders.Earlier this week, Powell told lawmakers the bank would assess the impact of Trump’s tariffs on the economy before making any rate move.Data meanwhile showed that the US economy decreased at an annual rate of 0.5 percent in the first quarter, lower than previously estimated.However, markets tend to take such data in stride because it is backward looking and the calendar is now approaching the end of the second quarter.On the positive side, US durable goods orders for May topped estimates while labor market data was mixed. European and Asian stock markets diverged and oil prices were steadier as Middle East tensions eased and focus turned back to US trade negotiations.Shares in European defense companies rose after NATO countries on Wednesday agreed to ramp up military spending. Rheinmetall finished more than seven percent higher in Frankfurt while France’s Thales gained about three percent and Britain’s BAE systems added 3.8 percent.Asia’s main stock market closed mixed. – Key figures at around 2030 GMT -New York – Dow: UP 0.9 percent at 43,386.84 (close)New York – S&P 500: UP 0.8 percent at 6,141.02 (close)New York – Nasdaq Composite: UP 1.0 percent at 20,167.91 (close) London – FTSE 100: UP 0.2 percent at 8,735.60 (close)Paris – CAC 40: FLAT at 7,557.31 (close)Frankfurt – DAX: UP 0.6 percent at 23,649.30 (close)Tokyo – Nikkei 225: UP 1.7 percent at 39,584.58 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,325.40 (close)Shanghai – Composite: DOWN 0.2 percent at 3,448.45 (close)New York – Dow: DOWN 0.3 percent at 42,982.43 (close)Euro/dollar: UP at $1.1701 from $1.1659 on WednesdayPound/dollar: UP at $1.3725 from $1.3664Dollar/yen: DOWN at 144.44 yen from 145.24 yenEuro/pound: DOWN at 85.22 pence from 85.31 penceWest Texas Intermediate: UP 0.5 percent at $65.24 per barrelBrent North Sea Crude: UP 0.1 percent at $67.73 per barrel

US stock markets rose and the dollar slid Thursday as President Donald Trump lined up candidates to succeed Federal Reserve boss Jerome Powell, fuelling bets of cuts to US interest rates.Wall Street opened in the green after Trump suggested he was lining up Powell’s replacement ahead of an expected departure next year.The Dollar Index, which compares the greenback to a basket of major currencies, hit its lowest level since March 2022 at 96,997 points.The pound meanwhile reached its highest level against the greenback since October 2021.”Concerns over the Federal Reserve’s independence and growing expectations for monetary easing weighed on the currency,” said George Pavel, general manager at Naga.com Middle East, a trading platform.”The move, if confirmed, would raise serious questions about the central bank’s autonomy at a time of heightened policy uncertainty, painting a bearish scenario for the greenback,” Pavel said.Since returning to the White House, Trump has constantly hit out at Powell for not cutting US interest rates and questioned his intelligence, stoking worries about the bank’s independence.”I know within three or four people who I’m going to pick,” Trump told reporters after a NATO summit.The Wall Street Journal reported that Trump could announce a replacement as early as September, with Treasury Secretary Scott Bessent, economic adviser Kevin Hassett and former Fed governor Kevin Warsh among the contenders.Earlier this week, Powell told lawmakers the bank would assess the impact of Trump’s tariffs on the economy before making any rate move.European and Asian stock markets diverged and oil prices were a lot steadier as Middle East tensions eased and focus turned back to US trade negotiations.Shares in European defence companies rose after NATO countries on Wednesday agreed to ramp up military spending. Rheinmetall jumped five percent in Frankfurt while France’s Thales gained 2.8 percent and Britain’s BAE systems added more than three percent in afternoon deals.Asia’s main stock market closed mixed. “Easing tensions in the Middle East, the potential for rate cuts coming later this year, and stabilising oil prices are helping support a relatively positive outlook for equities,” noted Matt Britzman, senior equity analyst at Hargreaves Lansdown.Trade uncertainty resurfaced as most countries have yet to reach deals with Washington to avoid steep tariffs ahead of a July 9 deadline.The shaky ceasefire between Iran and Israel still held Thursday and Trump said that he would hold nuclear talks with Tehran next week. Oil prices extended a mild rebound after tumbling at the start of the week on the ceasefire announcement. – Key figures at around 1335 GMT -New York – Dow: UP 0.5 percent at 43,195.65 pointsNew York – S&P 500: UP 0.3 percent at 6,112.50New York – Nasdaq Composite: UP 0.2 percent at 20,016.74 London – FTSE 100: UP 0.3 percent at 8,747.29Paris – CAC 40: DOWN 0.1 percent at 7,551.98 Frankfurt – DAX: UP 0.4 percent at 23,595.58Tokyo – Nikkei 225: UP 1.7 percent at 39,584.58 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,325.40 (close)Shanghai – Composite: DOWN 0.2 percent at 3,448.45 (close)New York – Dow: DOWN 0.3 percent at 42,982.43 (close)Euro/dollar: UP at $1.1711 from $1.1656 on WednesdayPound/dollar: UP at $1.3726 from $1.3664Dollar/yen: DOWN at 144.35 yen from 145.32 yenEuro/pound: UP at 85.30 pence from 85.26 penceWest Texas Intermediate: UP 0.8 percent at $65.50 per barrelBrent North Sea Crude: UP 0.9 percent at $66.94 per barrel

Stocks were mixed Thursday and oil rose as traders kept a nervous eye on the Iran-Israel ceasefire, while the dollar dropped after Donald Trump said he had a handful of candidates to succeed Federal Reserve boss Jerome Powell, fuelling rate cut bets.Uncertainty over the US president’s trade war was also keeping sentiment subdued, with most countries still not reaching deals with Washington to avert the reimposition of steep tariffs ahead of a July 9 deadline.With a shaky ceasefire between Iran and Israel holding for now, Trump said he would hold nuclear talks with Tehran next week, even after insisting that US strikes had set its atomic programme back “decades”.”We may sign an agreement. I don’t know,” he told reporters.Iranian President Masoud Pezeshkian had said Tuesday his country was willing to return to negotiations but that it would continue to “assert its legitimate rights” to the peaceful use of nuclear energy.Crude prices, which tanked Monday and Tuesday after the ceasefire was announced, climbed for a second day, though gains were capped by the possibility that OPEC and other key producers will lift output.”While the Israel-Iran conflict is now de-escalating, we still believe that geopolitical risks remain where the ceasefire could easily fall apart,” wrote Kai Wang, Asia equity market strategist at Morningstar.”While this possibility remains elevated, we do not believe that there would be a restriction on oil supply even under a re-escalating scenario. Given that oil has retreated to preconflict price levels, we believe that any future increase in oil price is likely to be short-lived.”Equity markets were mixed, with Hong Kong, Shanghai, Sydney, Seoul and Manila in the red, while Tokyo, Singapore, Taipei, Mumbai, Bangkok, Jakarta and Wellington were in positive territory.London, Paris and Frankfurt all advanced in the morning.That came after a tepid lead from Wall Street, where the Nasdaq was the standout after chip titan Nvidia shot up more than four percent to a record high, giving it a market valuation of around $3.76 trillion. That makes it more valuable than Microsoft, Apple and other tech giants.The dollar extended losses after Trump’s latest salvo against Powell and suggestion that he was already lining up his replacement.Since returning to the White House the president has constantly hit out at the Fed boss for not cutting rates, questioning his intelligence and stoking worries about the bank’s independence.”I know within three or four people who I’m going to pick,” he told reporters after a NATO summit.”I mean he goes out pretty soon fortunately because I think he’s terrible,” Trump said of Powell, whose term ends in May next year.Trump added that Powell was “average mentally” and had “low IQ for what he does”.The Wall Street Journal reported that the Republican was considering making an announcement in September or October, with Treasury Secretary Scott Bessent, economic adviser Kevin Hassett and former Fed governor Kevin Warsh among the contenders.Trump’s remarks came days after Powell told lawmakers the bank needed to see the impact of the president’s tariffs on the economy before making a move.”Trump will seek yes man who will cut — he’s already been calling for rates to be 2-3 points lower,” said Neil Wilson at Saxo Markets.”The Fed is staying cautious on rates right now, but if we get a shadow Fed chair in the autumn saying he will slash rates as soon as possible (ie May 2026), you will see inflation fears rise and markets will sell long-dated bonds and push the dollar lower.”- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.7 percent at 39,584.58 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,325.40 (close)Shanghai – Composite: DOWN 0.2 percent at 3,448.45 (close)London – FTSE 100: UP 0.1 percent at 8,722.71Euro/dollar: UP at $1.1703 from $1.1656 on WednesdayPound/dollar: UP at $1.3733 from $1.3664Dollar/yen: DOWN at 144.05 yen from 145.32 yenEuro/pound: DOWN at 85.23 pence from 85.26 penceWest Texas Intermediate: UP 0.2 percent at $65.03 per barrelBrent North Sea Crude: UP 0.2 percent at $67.82 per barrelNew York – Dow: DOWN 0.3 percent at 42,982.43 (close)

Environmental groups raised concerns Thursday over a $6 billion Indonesian EV battery megaproject backed by Chinese giant CATL which is set to open on a once-pristine island, as Jakarta exploits its huge supply of nickel.Indonesia is both the world’s largest nickel producer and home to the biggest-known reserves, and a 2020 export ban has spurred a domestic industrial boom.Indonesian President Prabowo Subianto will inaugurate the project — also backed by China’s Zhejiang Huayou Cobalt and Indonesia’s state-owned Antam — in the east of Halmahera in Indonesia’s Maluku islands on Sunday. The complex will encompass a process from nickel mining to production of cathodes, state news agency Antara reported.But NGOs say Indonesia and the Chinese firms involved have not given assurances about environmental protections at the site, located just kilometres from a huge industrial park where spikes in pollution and deforestation have been reported.”CATL, Huayou Cobalt, PT Antam… must commit to respecting the rights of local communities and the environment before breaking ground,” said Brad Adams, executive director at Climate Rights International, in a statement.”Communities are repressed, forests are cleared, and pollution goes unaddressed with impunity. This is a chance for the Prabowo government to show that it has learned from those failures.”The presidential office did not immediately respond to an AFP request for comment.Halmahera hosts the world’s largest nickel mine by production Weda Bay, where operations have grown and sparked reports of widespread environmental damage.Greenpeace Indonesia said the new project carried “great responsibilities” and the environment and locals “must not take a back seat” to powering electric vehicles.”If the environment and the rights of our most vulnerable people are not prioritised now… we will all pay a high price through worsening biodiversity and climate crises,” Arie Rompas, forest campaign team leader at Greenpeace, told AFP.A CRI report this month warned the Indonesian government was allowing environmental damage to go unchecked around Weda Bay.An AFP report last month detailed how the home of the nomadic Hongana Manyawa tribe was being eaten away by the mine.

At a minimalist Los Angeles matcha bar, powdered Japanese tea is prepared with precision, despite a global shortage driven by the bright green drink’s social media stardom.Of the 25 types of matcha on the menu at Kettl Tea, which opened on Hollywood Boulevard this year, all but four were out of stock, the shop’s founder Zach Mangan told AFP.”One of the things we struggle with is telling customers that, unfortunately, we don’t have” what they want, he said.With its deep grassy aroma, intense color and pick-me-up effects, the popularity of matcha “has grown just exponentially over the last decade, but much more so in the last two to three years,” the 40-year-old explained.It is now “a cultural touchpoint in the Western world” — found everywhere from ice-cream flavor boards to Starbucks. This has caused matcha’s market to nearly double over a year, Mangan said.”No matter what we try, there’s just not more to buy.”Thousands of miles (kilometers) away in Sayama, northwest of Tokyo, Masahiro Okutomi — the 15th generation to run his family’s tea business — is overwhelmed by demand.”I had to put on our website that we are not accepting any more matcha orders,” he said.Producing the powder is an intensive process: the leaves, called “tencha,” are shaded for several weeks before harvest, to concentrate the taste and nutrients.They are then carefully deveined by hand, dried and finely ground in a machine.- ‘Long-term endeavor’ -“It takes years of training” to make matcha properly, Okutomi said. “It’s a long-term endeavor requiring equipment, labor and investment.””I’m glad the world is taking an interest in our matcha… but in the short term, it’s almost a threat — we just can’t keep up,” he said.The matcha boom has been fuelled by online influencers like Andie Ella, who has more than 600,000 subscribers on YouTube and started her own brand of matcha products.At the pastel-pink pop-up shop she opened in Tokyo’s hip Harajuku district, dozens of fans were excitedly waiting to take a photo with the 23-year-old Frenchwoman or buy her cans of strawberry or white chocolate flavored matcha.”Matcha is visually very appealing,” Ella told AFP.To date, her matcha brand, produced in Japan’s rural Mie region, has sold 133,000 cans. Launched in November 2023, it now has eight employees.”Demand has not stopped growing,” she said.In 2024, matcha accounted for over half of the 8,798 tonnes of green tea exported from Japan, according to agriculture ministry data — twice as much as a decade ago.Tokyo tea shop Jugetsudo, in the touristy former fish market area of Tsukiji, is trying to control its stock levels given the escalating demand.”We don’t strictly impose purchase limits, but we sometimes refuse to sell large quantities to customers suspected of reselling,” said store manager Shigehito Nishikida.”In the past two or three years, the craze has intensified: customers now want to make matcha themselves, like they see on social media,” he added.- Tariff threat -Anita Jordan, a 49-year-old Australian tourist in Japan, said her “kids are obsessed with matcha.””They sent me on a mission to find the best one,” she laughed.The global matcha market is estimated to be worth billions of dollars, but it could be hit by US President Donald Trump’s tariffs on Japanese products — currently 10 percent, with a hike to 24 percent in the cards.Shortages and tariffs mean “we do have to raise prices. We don’t take it lightly,” said Mangan at Kettl Tea, though it hasn’t dampened demand so far.”Customers are saying: ‘I want matcha, before it runs out’.”At Kettl Tea, matcha can be mixed with milk in a latte or enjoyed straight, hand-whisked with hot water in a ceramic bowl to better appreciate its subtle taste.It’s not a cheap treat: the latter option costs at least $10 per glass, while 20 grams (0.7 ounces) of powder to make the drink at home is priced between $25 and $150.Japan’s government is encouraging tea producers to farm on a larger scale to reduce costs.But that risks sacrificing quality, and “in small rural areas, it’s almost impossible,” grower Okutomi said.The number of tea plantations in Japan has fallen to a quarter of what it was 20 years ago, as farmers age and find it difficult to secure successors, he added.”Training a new generation takes time… It can’t be improvised,” Okutomi said.

Thailand’s government has announced a plan to tighten the rules on selling cannabis, the kingdom’s latest attempt to restrict the drug, three years after it was decriminalised.The kingdom was the first country in Southeast Asia to decriminalise the drug when it removed cannabis from the list of banned narcotics in June 2022.The intention was to allow sales for medical rather than recreational use, but the move led to hundreds of cannabis “dispensaries” springing up around the country, particularly in Bangkok.While the relaxation has proved popular with some tourists, there are concerns that the trade is under-regulated.Health Minister Somsak Thepsuthin signed an order late on Tuesday banning sales for recreational purposes.The rule would only come into force once it is published in the official Royal Gazette. It is not clear when this would happen.The government has made several previous announcements of plans to restrict cannabis, including legislation moved in February last year, but none have come to fruition.The cannabis move comes as the government led by Prime Minister Paetongtarn Shinawatra’s Pheu Thai party is hanging by a thread after losing its main coalition partner, Bhumjaithai.Though conservative, the Bhumjaithai party has long supported more liberal laws on cannabis.The party quit the coalition this month in a row over a leaked phone call between Paetongtarn and former Cambodian leader Hun Sen. 

Global stocks were mixed Wednesday as markets weighed lingering worries about the Iran-Israel conflict while Nvidia surged to a fresh all-time high on bullishness over artificial intelligence.Analysts cited not only concerns that the ceasefire between Iran and Israel could break down, but leaked US intelligence that said strikes had set back Tehran’s nuclear program by just a few months.”Maybe the US bombardment didn’t destroy the Iran nuclear program,” said Jack Ablin of Cresset Capital Management, adding that that revelations about the Iran nuclear program suggested the Iran story is not a “new chapter.”The S&P 500 finished a choppy day flat, while the Dow edged lower and the Nasdaq advanced.”Investors are sort of catching their breath, since we had a very strong move on Monday and Tuesday,” said Sam Stovall, chief investment officer at CFRA Research. “Nvidia’s on everyone lips today.”The chip company shot up 4.3 percent to $154.31, giving it a market valuation of around $3.76 trillion — more valuable than Microsoft, Apple and other tech giants.The rise came as CEO Jensen Huang presented the company’s latest technologies at Nvidia’s annual meeting.Asian stock markets had closed higher earlier on Wednesday following rallies on Wall Street and in Europe the day before. But European stocks fell in Wednesday’s session.Oil prices, meanwhile advanced after two days of heavy losses following a US crude inventory report that showed a bigger than expected drawdown in inventory.The dollar continued to slide against the euro, with fewer benefits from the flight to safety due to unrest in the Middle East.While the Israel-Iran conflict has dominated global attention in recent days, markets are also shifting attention back to trade. Shares of FedEx fell 3.3 percent after the shipping company did not provide a full-year forecast, citing uncertainty about the global trade outlook and tariffs.Dozens of countries are locked in negotiations with Washington to clinch some sort of trade deal to mitigate the impact of US tariffs. Only Britain has been reached a deal, although Beijing and Washington have agreed to lower tariffs from the highest rates they imposed upon one another.- Key figures at around 2040 GMT -Brent North Sea Crude: UP 0.8 percent at $67.68 per barrelWest Texas Intermediate: UP 0.9 percent at $64.92 per barrelNew York – Dow: DOWN 0.3 percent at 42,982.43 (close)New York – S&P 500: FLAT at 6,092.16 (close)New York – Nasdaq Composite: UP 0.3 percent at 19,973.55 (close)London – FTSE 100: DOWN 0.5 percent at 8,718.75 (close)Paris – CAC 40: DOWN 0.8 percent at 7,558.16 (close) Frankfurt – DAX: DOWN 0.6 percent at 23,498.33 (close)Tokyo – Nikkei 225: UP 0.4 percent at 38,942.07 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 24,474.67 (close)Shanghai – Composite: UP 1.0 percent at 3,455.97 (close)Euro/dollar: UP at $1.1656 from $1.1609 on TuesdayPound/dollar: UP at $1.3664 from $1.3615Dollar/yen: UP at 145.32 yen from 144.94 yenEuro/pound: DOWN at 85.26 from 85.27 penceburs-jmb/des