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Billionaire Indian industrialist Gautam Adani, whose business empire has been rocked by US bribery charges against him, is one of the corporate world’s great survivors.The tycoon — a close ally of Hindu nationalist Prime Minister Narendra Modi — oversees a vast conglomerate encompassing coal, airports, cement and media operations.The US court charges that he paid hundreds of millions of dollars in bribes sent his companies’ shares plunging. But Adani has seen off big threats before.On New Year’s Day in 1998, Adani and an associate were reportedly kidnapped by gunmen demanding a $1.5 million ransom, before being later released at an unknown location.A decade later, he was dining at Mumbai’s Taj Mahal Palace hotel when it was besieged by militants, who killed 160 people in one of India’s worst terror attacks.Trapped with hundreds of others, Adani reportedly hid in the basement all night before he was rescued by security personnel early the next morning.”I saw death at a distance of just 15 feet,” he said of the experience after his private aircraft landed in his hometown Ahmedabad later that day.Adani, 62, differs from his peers among India’s mega-rich, many of whom are known for throwing lavish birthday and wedding celebrations that are later splashed across newspaper gossip pages. A self-described introvert, he keeps a low profile and rarely speaks to the media, often sending lieutenants to front corporate events. “I’m not a social person that wants to go to parties,” he told the Financial Times in a 2013 interview.- ‘Stop Adani’ -Adani was born in Ahmedabad, Gujarat state, to a middle-class family but dropped out of school at 16 and moved to financial capital Mumbai to find work in the lucrative gems trade. After a short stint in his brother’s plastics business, he launched the flagship family conglomerate that bears his name in 1988 by branching out into the export trade. His big break came seven years later with a contract to build and operate a commercial shipping port in Gujarat.It grew to become India’s largest at a time when most ports were government-owned — the legacy of a sclerotic economic planning system that impeded growth for decades and was in the process of being dismantled.Adani in 2009 expanded into coal, a lucrative sector for a country still almost totally dependent on fossil fuels to meet its energy needs, but a decision that brought greater international scrutiny as he rose rapidly up India’s rich list. His purchase the following year of an untapped coal basin sparked years of “Stop Adani” protests in Australia after dismay at the project’s monumental environmental impact. Similar controversies plagued his coal projects in central India, where forests home to tribal communities were cut down for mining operations.- ‘Extraordinary growth’ -Adani is considered to be close to Prime Minister Modi, a fellow Gujarat native, and offered the leader the use of a private company jet during the 2014 election campaign that swept him to power. The tycoon has invested in the government’s strategic priorities, in recent years inaugurating a green energy business with ambitious targets.In 2022, he completed a hostile takeover of broadcaster NDTV, a television news service considered one of the few media outlets willing to outwardly criticise Modi.Adani batted away press freedom fears, but told the Financial Times that journalists should have the “courage” to say “when the government is doing the right thing every day”.Last year a bombshell report from US investment firm Hindenburg Research claimed the conglomerate had engaged in a “brazen stock manipulation and accounting fraud scheme over the course of decades”.Hindenburg said a pattern of “government leniency towards the group” stretching back decades had left investors, journalists, citizens and politicians unwilling to challenge its conduct “for fear of reprisal”. Adani Group denied wrongdoing and characterised the report as a “calculated attack on India” but lost $150 billion in market capitalisation in the weeks after the report’s release.Its founder saw his own net worth plunge by $60 billion over the same period, and he is now ranked by Forbes as the 25th-richest person globally.US prosecutors on Wednesday charged the tycoon and two other board members with paying hundreds of millions of dollars in bribes and hiding the payments from investors.The indictment accuses Adani Group’s leadership of bribing Indian government officials to secure lucrative government contracts. The conglomerate and its founder have yet to respond to the charges.

Shares in India’s Adani Enterprises slumped 20 percent at Thursday’s open after US prosecutors charged billionaire industrialist founder Gautam Adani with paying hundreds of millions of dollars in bribes and hiding the payments from investors.The steep losses in the Adani group’s main listed entity were matched by abrupt sell-offs and trading halts in its other publicly traded businesses, with Adani Power losing 11 percent and Adani Energy Solutions tanking 20 percent.The conglomerate’s founder, a close ally of Hindu nationalist Prime Minister Narendra Modi who was at one point the world’s second-richest man, is alleged to have agreed to pay more than $250 million in bribes to Indian officials for lucrative solar energy supply contracts.The deals were projected to generate more than $2 billion in profits after tax over roughly 20 years.None of the multiple defendants in the case, including Adani, are in custody.A statement from Adani Group’s renewable energy subsidiary acknowledged the charges against Adani and two other board members in a brief statement. Adani Green Energy said it had decided to halt a planned bond sale “in light of these developments”, but did not offer further comment on the allegations. Founder Gautam and two other board members are accused in the indictment of orchestrating “an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars”, US attorney Breon Peace said in a statement.The trio “lied about the bribery scheme as they sought to raise capital from US and international investors”, he added.With a business empire spanning coal, airports, cement and media, the Adani Group has weathered previous corporate fraud allegations and suffered a similar stock crash last year.The conglomerate saw $150 billion wiped from its market value in 2023 after a bombshell report by short-seller Hindenburg Research accused it of “brazen” corporate fraud.It claimed Adani Group had engaged in a “stock manipulation and accounting fraud scheme over the course of decades”.The report also said a pattern of “government leniency towards the group” stretching back decades, had left investors, journalists, citizens and politicians unwilling to challenge its conduct “for fear of reprisal”.Gautam Adani, the family-run conglomerate’s founder, denied Hindenburg’s original allegations and called its report a “deliberate attempt” to damage its image for the benefit of short-sellers.He saw his net worth shrink by around $60 billion in the two weeks following the release of the report and he is currently ranked by Forbes as the world’s 25th-richest person.- ‘Abject failure’ -Adani is considered a close associate of Prime Minister Modi, and opposition parties and other critics have long claimed their relationship helped him to unfairly win business and avoid proper oversight.Adani Group’s rapid expansion into capital-intensive businesses has also raised alarms in the past, with Fitch subsidiary and market researcher CreditSights warning in 2022 that it was “deeply over-leveraged.”Jairam Ramesh, of India’s key opposition Congress Party, said Thursday that the indictment “vindicates” their demand for a parliamentary inquiry into Adani.Ramesh condemned what he called the “abject failure” of the Securities and Exchange Board of India (SEBI) to hold the Adani Group “to account for the source of its investments”.Adani, born to a middle-class family in Ahmedabad, Gujarat state, dropped out of school at 16 and moved to the financial capital Mumbai to find work in the city’s lucrative gem trade. After a short stint in his brother’s plastics business, he launched the flagship family conglomerate that bears his name in 1988 by branching out into the export trade. 

Deep in South Korea’s hinterlands lies a perfect replica of 1900s Seoul: welcome to Sunshine Land, the latest K-drama theme park to cash in on booming K-culture tourism.Fans of K-pop mega group BTS have long flocked to the South to see sites associated with the boy band, from the dorms where they slept as trainees to recent music video shoot locations.But as the popularity of South Korean drama has soared overseas — it is the most-viewed non-English content on Netflix, the platform’s data shows — more and more tourists are planning trips around their favourite shows.The idea that foreign tourists would pay good money and drive hundreds of miles out of the capital Seoul to see a K-drama set seemed “crazy” to tour guide Sophy Yoon — until she saw one of her guests break down in tears at Sunshine Land.”At that moment, it hit me: For me, it was just a studio, but for them, it was something much more,” she said.Preserved from the set of popular 2018 historical series “Mr Sunshine”, the location in Nonsan, 170 kilometres (106 miles) from Seoul, is replete with painstaking replicas of everything from a turn-of-the-century tram to South Korea’s most famous Buddhist bell.”It’s like when we go to the Spanish steps in Rome where Audrey Hepburn had ice cream,” Yoon said, referring to the 1953 classic movie “Roman Holiday”.For South Korea’s growing number of K-drama tourists, “every door, every wall has a meaning from a drama that impacted their lives”.”I get a lot more requests for specific ‘K-drama tours’ now,” she said.- ‘Felt right’ -The rise of South Korea as a global cultural powerhouse “has contributed to the appeal of Korean tourism,” said Kwak Jae-yeon, the Hallyu content team director at the Korea Tourism Organization (KTO).South Korea welcomed 1.4 million tourists in September, up 33 percent year-on-year and the highest since the pandemic, with more than a third saying they had decided to come “after being exposed to Korean Wave content”, according to a 2023 KTO poll.In Seoul’s central Jongno district, tourists like Sookariyapa Kakij are typical. Wearing a hanbok, traditional Korean dress, the 40-year-old had travelled from Thailand specifically to see where her favourite dramas were filmed. “I want to find locations where ‘Itaewon Class’ was shot,” she told AFP, referring to the popular 2020 drama, filmed largely on location in its namesake district of Seoul.Jennifer Zelinski told AFP she had never left the United States before, but after she discovered K-drama — through the 2019 series “Crash Landing on You” — while stuck at home during the pandemic, she decided to visit South Korea.”I binged the whole show in a week. I barely slept and went through two whole boxes of tissues,” she said. This “snowballed” into her watching more and more K-drama, Korean variety shows and listening to K-pop, she said, until finally she “felt like I really wanted to see it in person”.”My family and friends were shocked when I said I was travelling to Korea and on my own,” said Zelinski, but for her “it just felt right.”- Beyond Seoul -The travel industry is racing to catch up: one South Korean tour company on the travel platform Klook said interest in its BTS day tour has “skyrocketed” recently, and they were “completely booked until next February.” “We are planning to add additional tours for other K-pop idol groups, including Seventeen and NCT 127,” they said.But most of this new type of tourism is concentrated in Seoul, Jeong Ji-youn, a Kyungpook National University professor, told AFP.Tourism in rural areas has tended to focus on more traditional Korean experiences, which is not interesting to younger travellers eager to explore the land of K-pop and K-drama.”There is a need to develop more tourism resources related to contemporary culture that allow people to experience hallyu outside of Seoul,” she said.The port city of Pohang is better known for shipbuilding and steel plants than tourism, but Emma Brown, 30, from Scotland, travelled more than 8,800 kilometres (5,468 miles) to see it because of “When the Camellia Blooms”.The 2019 romance series “changed my life”, she told AFP, adding that she felt she “had to feel the drama in person.””I just couldn’t miss the opportunity to visit Pohang when I was already in South Korea,” she added.

Asian markets were mixed Thursday as another blockbuster earnings from chip titan Nvidia smashed forecasts but still left investors disappointed, while sentiment was also being swayed by geopolitical concerns.Bitcoin reached an all-time peak above $95,000 as it continued its run towards $100,000 on optimism that the incoming US president will usher in an era of deregulation for cryptocurrencies.All eyes had been on the release from Nvidia, which has been at the forefront of a global tech surge that has helped push some markets to multiple records owing to voracious demand for all things linked to artificial intelligence.And once again, the firm topped expectations, announcing Wednesday that it made a $19 billion profit on record high revenue in the July-September quarter, while sales reached $35.1 billion — about $2 billion more than estimated.However, its shares fell in after-hours trade, even as chief executive Jensen Huang declared that the “age of AI is in full steam, propelling a global shift to Nvidia computing” and that its keenly anticipated Blackwell processing platform is in full production.Observers said investors had been hoping for an even bigger blowout report, with Bloomberg saying some had been hoping for sales of as much as $41 billion.Its shares — which have soared more than 200 percent year to date — dropped four percent at one point after-hours.With Nvidia now the world’s most expensive listed company, its results have become a bellwether of the tech industry.”I have a feeling we’ve reached peak Nvidia,” said Pendal Group’s Amy Xie Patrick on Bloomberg Television. “This is a stock that beat analyst estimates but didn’t beat enough.”And SPI Asset Management’s Stephen Innes added: “The bigger question remains: where exactly is the bar for Nvidia now? With expectations veiled in sky-high optimism, even seasoned analysts struggle to get a clear read.”With so many portfolios already brimming with Nvidia stock, some investors might see this quarter’s results as a minor letdown.” But he added: “Still, the strength of the numbers, paired with the pipeline of Blackwell chip orders, is enough to keep the dream alive.”Markets in Asia were mixed in early trade, with Tokyo, Hong Kong, Shanghai, Sydney, Taipei and Manila in negative territory, while Singapore, Seoul, Wellington and Jakarta slipped.Bitcoin topped out at more than $95,004 as it continued its march to the $100,000 mark on expectations Donald Trump will push through measures to ease regulations on cryptocurrencies. It has surged almost 40 percent since the US election at the start of the month.Investors have also been spooked by developments in the Ukraine war after Russia said Kyiv had fired US-supplied missiles into the country. That was followed by reports that UK-supplied rockets had also been used.After Russian Foreign Minister Sergei Lavrov said earlier that the use of US missiles showed Western countries wanted to “escalate” the conflict, adding that “we will be taking this as a qualitatively new phase of the Western war against Russia”.Russian President Vladimir Putin signed a decree Tuesday lowering the threshold for using nuclear weapons.Investors are also keeping watch on Trump’s picks for his cabinet, with the fingering of China hawk Howard Lutnick for commerce secretary fuelling worries of another painful trade war.Lutnick has expressed support for a tariff level of 60 percent on Chinese goods, alongside a 10 percent tariff on all other imports.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.8 percent at 38,033.22 (break)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 19,691.54Shanghai – Composite: DOWN 0.2 percent at 3,361.09Euro/dollar: UP at $1.0547 from $1.0545 on WednesdayPound/dollar: UP at $1.2654 from $1.2652Dollar/yen: DOWN at 154.95 yen from 155.45 yenEuro/pound: UP at 83.35 pence from 83.33 penceWest Texas Intermediate: UP 0.5 percent at $69.11 per barrelBrent North Sea Crude: UP 0.5 percent at $73.14 per barrelNew York – Dow: DOWN 0.3 percent at 43,408.47 (close)London – FTSE 100: DOWN 0.2 percent at 8,085.07 (close)

As civil war pounds Myanmar’s economy and drives up prices, garment worker Wai Wai often starts her shift making clothes for international brands on an empty stomach.The orders she and thousands of others churn out for big names including Adidas, H&M and others bring in billions of dollars in export earnings for Myanmar.It is a rare bright spot in an economy crippled by the military’s 2021 coup and subsequent slide into civil war.But for 12 hours of sewing clothes for export to China and Europe in a bleak industrial suburb of Yangon, Wai Wai earns just over $3 a day, which has to cover rent, food and clothes. It must also stretch to supporting her parents in Rakhine state at the other end of the country, where conflict between the military and ethnic rebels has wrecked the economy and driven food prices up.With times so hard, Wai Wai “decided to mostly skip breakfast” to save extra money, she told AFP, asking to use a pseudonym.”Sometimes we just have leftover rice from the night before and save money, because if we use money for breakfast, there will be less money to transfer to our family.”In a nearby factory, Thin Thin Khine and her two sisters work 12 hours a day sewing uniforms for a Myanmar company and earn a monthly salary of around 350,000 Myanmar kyat.That’s about $165 according to the official exchange rate set by the junta of just over 2,000 kyat to the dollar.On the open market, a greenback can fetch around 4,500 kyat.”All my sisters are working, but there is no extra money at all,” she said.”In the past, we could buy two or three new items of clothing every month, but now we can’t afford to buy new clothes, cosmetics or things for our personal care.” – Lights out -Since the coup, Zara owner Inditex, Marks and Spencer and others have left Myanmar, citing the difficulties of operating amid the turmoil.Others such as Adidas, H&M and Danish company Bestseller have stayed, for now. Adidas told AFP it worked closely with its suppliers in Myanmar to safeguard workers’ rights, while H&M said it was gradually phasing out its operations in the country.Estimates of the apparel industry’s export earnings vary.Myanmar’s commerce ministry said exports were worth more than $3 billion in the past financial year.But the European Chamber of Commerce in Myanmar said export earnings were higher, surging from $5.7 billion in 2019 to $7.6 billion in 2022 — with more than half of exports going to the bloc.The European body said the rise in Myanmar exports was helped by low labour costs compared to Cambodia and China, along with trade preferences granted by the EU and United States.Keeping the factories running is a challenge.In May, the junta said the national electricity grid was meeting about half of the country’s daily electricity needs.To keep the lights on and the machines spinning, factory owners rely on expensive generators — themselves vulnerable to the regular diesel shortages that plague Yangon. “The working situation right now is like we invest more money and get less profits,” said small factory owner Khin Khin Wai.Cotton spindles have more than doubled in price from 18 cents to 50 cents, she said.”Our lives here are not progressing year by year, they are falling apart,” she said. Wai Wai’s factory supplies Danish clothing brand Bestseller.A Bestseller spokesman told AFP that sourcing from Myanmar was “complex” and the company “continuously assessed” the situation, publishing regular reports on its operations in the country.According to its September report, “on average” workers at Myanmar factories supplying it were paid a daily wage of 10,000-13,000 kyat ($5-6.50 at the official rate), including bonuses and overtime.- Crackdown -Abuses in the sector have spiked since the military took power, rights groups say.This month, Swiss-based union federation IndustriALL Global Union said the junta had banned unions and arrested union leaders.”There are widespread, comprehensive reports on the extensive violations of workers’ rights,” IndustriALL general secretary Atle Hoie said in a statement.AFP has sought comment from the junta about conditions in the industry.The latest concern is a conscription law enforced from February to shore up the military’s depleted ranks.In its most recent report on Myanmar, Bestseller said two workers at factories that supply it had been drafted between March and September of this year.Women are included in the draft, although the junta has said it will not recruit them for now.For migrant workers like Wai Wai who do not have the means to pay bribes to avoid any draft, it is a huge worry.”I am full of fear about how I will face it if I am called up for conscription,” Wai Wai said.

Billionaire Indian industrialist Gautam Adani has been charged with paying hundreds of millions of dollars of bribes and hiding the payments from investors, US prosecutors said on Wednesday.With a business empire spanning coal, airports, cement and media, the chairman of Adani Group has been rocked in recent years by corporate fraud allegations and a stock crash.The close acolyte of Hindu nationalist Prime Minister Narendra Modi, a fellow Gujarat native, is alleged to have agreed to pay more than $250 million in bribes to Indian officials for lucrative solar energy supply contracts.The deals were projected to generate more than $2 billion in profits after tax, over roughly 20 years.None of the multiple defendants in the case, including Adani, are in custody, the prosecutor’s office told AFP.Prosecutors say one of Adani’s alleged accomplices meticulously tracked bribe payments, using his phone to log the bungs offered to officials.”This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,” said Deputy Assistant Attorney General Lisa Miller.- ‘Fear of reprisal’ -“Gautam Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses… while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation,” said the FBI’s James Dennehy.A self-described introvert, Adani keeps a low profile and rarely speaks to the media, often sending lieutenants to front corporate events.Adani was born in Ahmedabad, Gujarat state, to a middle-class family but dropped out of school at 16 and moved to financial capital Mumbai to find work in the city’s lucrative gem trade. After a short stint in his brother’s plastics business, he launched the flagship family conglomerate that bears his name in 1988 by branching out into the export trade. His big break came seven years later with a contract to build and operate a commercial shipping port in Gujarat.Adani Group’s rapid expansion into capital-intensive businesses previously raised alarms, with Fitch subsidiary and market researcher CreditSights warning in 2022 it was “deeply over-leveraged.”In 2023 a bombshell report from US investment firm Hindenburg Research claimed the conglomerate had engaged in a “brazen stock manipulation and accounting fraud scheme over the course of decades.”Hindenburg said a pattern of “government leniency towards the group” stretching back decades had left investors, journalists, citizens and politicians unwilling to challenge its conduct “for fear of reprisal.”

Global stocks were mostly flat or lower Wednesday while the dollar strengthened ahead of an eagerly anticipated report from artificial intelligence giant Nvidia that showed it crushed its earnings expectations.Following a down day in Tokyo and on European bourses, equities had a choppy session in New York, with the S&P 500 finishing flat.”Now that the initial post-election euphoria has faded, it is clear that markets are struggling for a catalyst to provoke a new rally,” said market analyst Chris Beauchamp at online trading platform IG, referring to the US presidential poll.One day after Walmart impressed investors with a bullish report ahead of the US holiday shopping season, Target lost more than one-fifth of its market value as the retailer projected flat comparable sales in the coming quarter.The war in Ukraine has also burst back into the thoughts of traders this week after the outgoing administration of US President Joe Biden allowed Ukraine to use deep-strike weapons against targets in Russia, ramping up tensions.The Nvidia earnings were released after US markets closed on Wednesday.The chip company made a $19 billion profit on record high revenue in the last quarter as demand continued for its hardware to power artificial intelligence. Shares fell 1.4 percent in after-hours trading, despite the strong earnings, with some analysts fretting about an ebbing in profit margins compared to the prior quarter.The US dollar firmed against rivals as futures markets slash the odds of a Federal Reserve interest rate cut next month.On Tuesday, US President-elect Donald Trump named China hawk Howard Lutnick as commerce secretary, bolstering expectations that the Republican’s administration will make good on a pledge to enact tough tariffs on Beijing and other countries.Lutnick has expressed support for a tariff level of 60 percent on Chinese goods, alongside a 10-percent tariff on all other imports.With Lutnick’s appointment, “we’re all set for another tit-for-tat trade war between the two superpowers,” said a note from Forex.com analyst Matt Simpson.Surveyed economists now see a greater risk of a resurgence in US inflation next year, said Simpson, adding “odds of Fed cuts next year continued to diminish.”- Key figures around 2145 GMT -New York – Dow Jones Industrial Average: DOWN 0.3 percent at 43,408.47 (close)New York – S&P 500: FLAT at 5,917.11 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 18,966.14 (close) London – FTSE 100: DOWN 0.2 percent at 8,085.07 (close)Paris – CAC 40: DOWN 0.4 percent at 7,198.45 (close)Frankfurt – DAX: DOWN 0.3 percent at 19,004.78 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 38,352.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 19,705.01 (close)Shanghai – Composite: UP 0.7 percent at 3,367.99 (close)Euro/dollar: DOWN at $1.0545 from $1.0596 on TuesdayPound/dollar: DOWN at $1.2652 from $1.2682Dollar/yen: UP at 155.45 yen from 154.66 yenEuro/pound: DOWN at 83.33 pence from 83.54 penceBrent North Sea Crude: DOWN 0.7 percent at $72.81 per barrelWest Texas Intermediate: DOWN 0.8 percent at $68.87 per barrelburs-jmb/aha

US and European stock markets retreated on Wednesday as investors eagerly awaited results from artificial intelligence giant Nvidia.The dollar firmed against rivals as US president-elect Donald Trump works on completing his cabinet picks, the outlook for US interest rates and the prospect of an escalation in the Russia-Ukraine war.”One of the most highly anticipated days of the earnings season, if not the most, the Nvidia earnings day, is finally here,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.The US chip behemoth releases its third-quarter earnings after US markets close.Shares in Nvidia fell as much as 2.9 percent in morning trading, but cut losses to stand 1.8 percent lower as European markets closed. Many investors see the company as a bellwether for the tech sector and artificial intelligence demand that have helped power Wall Street to multiple record highs this year.”It is rare that a single stock dominates the global financial space, however, tonight’s earnings report from Nvidia seems like a pivotal moment for global financial markets,” said Kathleen Brooks, research director at XTB.”A stunning earnings report could reenergize the AI trade and the entire US stock market rally, however, a disappointing report could trigger risk-off sentiment,” she added.Shares in Target plunged more than 20 percent after the major retailer issued lacklustre results and disappointing guidance.”Target’s results went down like a lead balloon,” said AJ Bell investment analyst Dan Coatsworth.”The discount department store operator has suffered from cost-conscious shoppers going the extra mile to find the best deals,” he noted, while its larger rival Walmart has benefitted from an influx of middle-class shoppers.The results of the two retailers are scrutinised for signals about consumer spending, a key driver of the US economy.Investors are also treading carefully this week amid uncertainty after Trump’s re-election and as he picks his cabinet, with several China hawks up for key positions fanning worries of another trade war between the economic superpowers.On Tuesday he named China hawk Howard Lutnick as commerce secretary and Wall Street is waiting on tenterhooks for news of his pick for treasury chief. Trump has pledged to ramp up tariffs on imports, with China particularly in his sights, but observers warn that such a move — along with planned tax cuts — could relight still stubborn inflation.That has dampened hopes for several interest rate cuts next year from the US Federal Reserve.Wall Street shot to record highs following Trump’s election victory, primarily on hopes he will follow through on pledges to cut taxes and government regulations.”Now that the initial post-election euphoria has faded, it is clear that markets are struggling for a catalyst to provoke a new rally,” said market analyst Chris Beauchamp at online trading platform IG.The war in Ukraine has also burst back into the thoughts of traders this week as the outgoing administration of President Joe Biden allowed Ukraine to use deep-strike weapons against targets in Russia, ramping up tensions.Markets briefly slumped on Tuesday after President Vladimir Putin signed a decree lowering Russia’s threshold for using nuclear weapons.- Key figures around 1630 GMT -New York – Dow: DOWN 0.3 percent at 43,131.47 pointsNew York – S&P 500: DOWN 0.8 percent at 5,872.52New York – Nasdaq Composite: DOWN 1.0 percent at 18,801.69 London – FTSE 100: DOWN 0.2 percent at 8,085.07 (close)Paris – CAC 40: DOWN 0.4 percent at 7,198.45 (close)Frankfurt – DAX: DOWN 0.3 percent at 19,004.78 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 38,352.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 19,705.01 (close)Shanghai – Composite: UP 0.7 percent at 3,367.99 (close)Euro/dollar: DOWN at $1.0514 from $1.0599 on TuesdayPound/dollar: DOWN at $1.2638 from $1.2682Dollar/yen: UP at 155.33 yen from 154.67 yenEuro/pound: DOWN at 83.20 pence from 83.54 penceBrent North Sea Crude: UP 0.2 percent at $73.42 per barrelWest Texas Intermediate: UP 0.3 percent at $69.46 per barrelburs-rl/sbk

Major European and Asian stock markets mostly gained and the dollar firmed against main rivals Wednesday following a positive lead from Wall Street, as all eyes turned to upcoming results from artificial-intelligence giant Nvidia.London was up 0.2 percent in late morning deals as a 20-percent surge in the share price of accounting-software group Sage following strong earnings and outlook helped offset news of a fresh jump to UK inflation.Traders were keenly awaiting Wednesday’s release of earnings from US chip behemoth Nvidia, which many see as a bellwether of the tech sector and artificial-intelligence demand that have helped power Wall Street to multiple record-highs this year.They were assessing also the prospect of an escalation in the Russia-Ukraine war, Donald Trump’s second presidency and the outlook for US interest rates.”One of the most highly anticipated days of the earnings season, if not the most, the Nvidia earnings day, is finally here,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”It’s hard to say that good results will lead to a good market reaction. Last quarter, the blowout results and solid outlook weren’t necessarily enough to boost the share price after the earnings announcement,” she added.Investors are treading carefully this week amid uncertainty after Trump’s re-election and as he picks his cabinet, with several China hawks up for key positions fanning worries of another trade war between the economic superpowers.The tycoon has pledged to ramp up tariffs on imports, with China particularly in his sights, but observers warn that such a move — along with planned tax cuts — could relight still stubborn inflation.That has dampened hopes for several interest-rate cuts next year from the US Federal Reserve.Meanwhile, the war in Ukraine has burst back into the thoughts of traders as Moscow vowed to react “accordingly” after saying Kyiv had fired its first US-made long-range missile into Russian territory.Washington this week said it had cleared Kyiv to use the US-supplied Army Tactical Missile System against military targets inside Russia — a long-standing Ukrainian request.Russian Foreign Minister Sergei Lavrov said the attack showed Western countries wanted to “escalate” the conflict, adding that “we will be taking this as a qualitatively new phase of the Western war against Russia”.President Vladimir Putin signed a decree Tuesday lowering the threshold for using nuclear weapons, which the White House, Britain and the European Union called “irresponsible”.Despite worries over the conflict, the S&P 500 and Nasdaq rose for a second straight session in New York on Tuesday.- Key figures around 1045 GMT -London – FTSE 100: UP 0.2 percent at 8,110.52 pointsParis – CAC 40: UP 0.2 percent at 7,246.75Frankfurt – DAX: UP 0.3 percent at 19,121.09Tokyo – Nikkei 225: DOWN 0.2 percent at 38,352.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 19,705.01 (close)Shanghai – Composite: UP 0.7 percent at 3,367.99 (close)New York – Dow: DOWN 0.3 percent at 43,268.94 (close)Euro/dollar: DOWN at $1.0549 from $1.0599 on TuesdayPound/dollar: DOWN at $1.2661 from $1.2682Dollar/yen: UP at 155.81 yen from 154.67 yenEuro/pound: DOWN at 83.33 pence from 83.54 penceBrent North Sea Crude: UP 0.3 percent at $73.53 per barrelWest Texas Intermediate: UP 0.4 percent at $69.50 per barrel

Stocks fluctuated Wednesday following a positive lead from Wall Street as traders assessed the prospect of an escalation in the Russia-Ukraine war, Donald Trump’s second presidency and the outlook for US interest rates.They were also keenly awaiting the release of earnings from chip behemoth Nvidia later in the day, which many see as a bellwether of the tech sector and AI demand that have helped power markets to multiple record highs this year.Investors are treading carefully this week amid uncertainty after Trump’s re-election and as he picks his cabinet, with several China hawks up for key positions fanning worries of another trade war between the economic superpowers.The tycoon has pledged to ramp up tariffs on imports, with China particularly in his sights, but observers warn that such a move — along with planned tax cuts — could relight still stubborn inflation.That has dampened hopes for several Federal Reserve interest rate cuts next year.Meanwhile, the war in Ukraine has burst back into the thoughts of traders as Moscow vowed to react “accordingly” after saying Kyiv had fired its first US-made long-range missile into Russian territory.Washington this week said it had cleared Kyiv to use the US-supplied Army Tactical Missile System against military targets inside Russia — a long-standing Ukrainian request.Russian Foreign Minister Sergei Lavrov said the attack showed Western countries wanted to “escalate” the conflict, adding that “we will be taking this as a qualitatively new phase of the Western war against Russia”.President Vladimir Putin signed a decree Tuesday lowering the threshold for using nuclear weapons, which the White House, Britain and the European Union called “irresponsible”.Growing worries that the war will ramp up to another, more dangerous level weighed on sentiment in Europe but the S&P 500 and Nasdaq rose for a second straight day in New York.Asia began in the red but some markets managed to turn things around as the day wore on.Tokyo, Sydney, Singapore, Wellington, Taipei, Bangkok and Jakarta were in retreat but Hong Kong, Shanghai, Seoul and Manila rose.London edged up as data showed UK inflation rose more than expected in October. Paris and Frankfurt also advanced.The main focus of attention Wednesday is the upcoming earnings from Nvidia, the world’s most expensive listed company and market darling.The company has rocketed 200 percent this year — and an eye-watering 2,670 in the past five years — on the back of an unprecedented surge in demand for all things linked to artificial intelligence.There are hopes it will live up to expectations and provide some insight into its new chips. The firm’s shares rose nearly five percent on Tuesday.”Nvidia’s earnings will serve as a major test, given its status as the largest company by market cap and a cornerstone of the AI revolution,” said Charu Chanana, chief investment strategist at Saxo Markets.”The central question: Is the AI theme robust enough to sustain investor enthusiasm, or is it on shaky ground.”Finalto.com’s Neil Wilson said investors will be “hungry for guidance on the new chips”. “Nvidia’s Blackwell chip should become available in the first quarter of next year and could bring in between $5 billion and $8 billion, according to (investment bank) Piper Sandler,” he said.Bitcoin was sitting just below $93,000 after hitting a new all-time peak above 94,031 on Tuesday.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.2 percent at 38,352.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 19,705.01 (close)Shanghai – Composite: UP 0.7 percent at 3,367.99 (close)London – FTSE 100: UP 0.2 percent at 8,111.66Euro/dollar: DOWN at $1.0574 from $1.0599 on TuesdayPound/dollar: UP at $1.2696 from $1.2682Dollar/yen: UP at 155.72 yen from 154.67 yenEuro/pound: DOWN at 83.29 pence from 83.54 penceWest Texas Intermediate: UP 0.5 percent at $69.73 per barrelBrent North Sea Crude: UP 0.3 percent at $73.50 per barrelNew York – Dow: DOWN 0.3 percent at 43,268.94 (close)