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Three workers died at a Hyundai car plant on Tuesday, the South Korean automaker told AFP, with local reports suggesting it was an accident during a vehicle performance test.Along with its affiliate Kia, Hyundai is the world’s third-largest automaker, recording more than 4.2 million units in global sales in 2023.”Three research workers have died at an Ulsan assembly line,” a Hyundai representative told AFP.”We are trying to determine the cause of the incident,” the representative said, without giving any further details.Hyundai’s Ulsan plant is 370 kilometres (229 miles) southeast of Seoul, and the assembly line there has been described by the company as the “world’s largest single automobile plant” with an export shipping dock.According to South Korea’s Yonhap news agency, the incident occurred during a vehicle performance test inside a chamber.Unventilated exhaust gases inside the chamber might have been responsible for the fatal accident, Yonhap said.”The three — two Hyundai researchers and the other affiliated with a subcontractor — were found collapsed at a test chamber of the plant where they were conducting a car performance test,” Yonhap reported.”They were taken to nearby hospitals but were pronounced dead,” it said. “The victims were presumed to have been suffocated due to toxic gas in the enclosed space, and a police investigation is under way to find the exact cause of the accident.”In a statement to AFP, Hyundai said it was “deeply saddened by the incident that occurred” at the plant, and pledged full cooperation with investigators.”We will cooperate fully with all relevant authorities to determine the cause of this incident as more information becomes available,” the automaker said. It added that it “will work tirelessly to implement measures to prevent any future incidents”, said the statement which did not include details of the incident. Hyundai and Kia together account for around 80 percent of all new vehicle sales in the South Korean domestic market, according to 2023 data.One worker died at the same Hyundai Motor factory in Ulsan in 2023 after his head was caught in a heat treatment machine during an inspection, local media reported at the time.The 2023 incident prompted Hyundai to issue an apology, saying they would “do our best to come up with follow-up measures” to prevent such incidents.

European stock markets slid Tuesday on fears of escalation in the Russia-Ukraine war after President Vladimir Putin broadened rules on his country’s use of nuclear arms, analysts said. On the 1,000th day of Russia’s offensive on Ukraine, Moscow said it will consider using the weapons against a non-nuclear state if they are supported by nuclear powers.Russia vowed also to defeat its neighbour.”Investors are once again turning cautious on fears of further escalation,” said Chris Beauchamp, chief market analyst at trading platform IG. The Paris and Frankfurt stock markets were down nearly 1.5 percent in midday deals. London fared better, with a drop of 0.4 percent.The dollar was mixed against main rivals, while there were gains for other investments seen as havens, notably gold and the yen.Russia’s move comes days after the United States granted permission for Ukraine to strike Russian territory with American-supplied long-range missiles.In Asia on Tuesday, Hong Kong and Shanghai stock markets closed higher on hopes China will unveil more stimulus aimed at kickstarting its economy and property sector in particular.On the corporate front, shares in German industrial giant Thyssenkrupp rose about six percent after the group said it expected a return to profit in its next fiscal year. It comes after the group reported a massive annual loss for 2023-2024.Nestle dropped 1.5 percent after new chief executive Laurent Freixe announced a plan to slash costs and have a standalone water and beverages business.Equities have seen big swings since Donald Trump was elected US president earlier this month, as markets weigh renewed inflation risks from his pledge to cut taxes and impose import tariffs.That has also given a headache to policymakers at the US Federal Reserve who are still fighting to bring prices under control.Traders are scaling back their bets on how many more interest-rate cuts the Fed will announce in the coming year.There is also a fear that Trump’s second term will see another debilitating trade war with China as the country battles against slowing growth.US stocks finished mixed Monday, with traders bracing for Nvidia earnings this week, and piling into Tesla on press reports that Trump could ease regulation on self-driving vehicles.- Key figures around 1115 GMT -London – FTSE 100: DOWN 0.4 percent at 8,079.48 pointsParis – CAC 40: DOWN 1.4 percent at 7,197.49Frankfurt – DAX: DOWN 1.3 percent at 18,986.54Tokyo – Nikkei 225: UP 0.5 percent at 38,414.43 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 19,663.67 (close)Shanghai – Composite: UP 0.7 percent at 3,346.01 (close)New York – Dow: DOWN 0.1 percent at 43,389. points (close) Euro/dollar: DOWN at $1.0563 from $1.0600 on MondayPound/dollar: DOWN at $1.2641 from $1.2678Dollar/yen: DOWN at 153.83 yen from 155.04 yenEuro/pound: DOWN at 83.54 pence from 83.57 penceWest Texas Intermediate: DOWN 0.5 percent at $68.81 per barrelBrent North Sea Crude: DOWN 0.4 percent at $72.98 per barrel

Markets rose Tuesday after a broadly positive day on Wall Street, with focus turning to the upcoming release of tech giant Nvidia’s earnings, while traders also kept tabs on Donald Trump’s picks for his new administration.Hong Kong and Shanghai were among the better performers in early action on hopes that China will unveil more stimulus after a raft of measures at the end of September aimed at kickstarting the economy, with an eye on the property sector.Equities have seen big swings since Trump’s election at the start of the month, with optimism over pledged tax cuts and deregulation offset by worries they could also reignite inflation, along with threatened import tariffs.That has also given a headache to policymakers at the Federal Reserve who are still fighting to bring prices under control, with market-watchers saying investors are scaling back their bets on how many more interest rate cuts they will announce.There is also a fear that his second term will see another debilitating trade war with China just as Beijing battles against slowing growth, persistently low inflation or deflation, and stunted consumer confidence.Still, an advance for the S&P 500 and Nasdaq, helped by an easing of US Treasury yields, provided a boost after a tough run last week.Hong Kong extended Monday’s gains and Shanghai bounced back on hopes China will push more support for the economy.Tokyo also recovered from a soft start to the week, while Sydney, Seoul, Singapore, Mumbai, Bangkok, Jakarta, Taipei, Wellington and Manila also gained.London and Paris opened higher, though Frankfurt slipped.With few macroeconomic catalysts to drive business this week, the main story is Nvidia’s earnings, which is being seen as a key guide to the health of an AI-fuelled surge in tech firms this year that has helped push markets to record highs.”With its towering presence in both market cap and artificial intelligence, Nvidia has become the ultimate market heavyweight,” said independent analyst Stephen Innes.After surging almost 800 percent over the past year “its results are set to either crown AI as the undisputed king or trigger a dramatic rethinking of the sector’s sky-high valuations”.”Nvidia’s results will likely steer broader tech market sentiment, underscoring its pivotal role as a bellwether for tech and AI-related stocks.”- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 0.5 percent at 38,414.43 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 19,663.67 (close)Shanghai – Composite: UP 0.7 percent at 3,346.01 (close)London – FTSE 100: UP 0.1 percent at 8,117.77Euro/dollar: DOWN at $1.0586 from $1.0600 on MondayPound/dollar: DOWN at $1.2673 from $1.2678Dollar/yen: DOWN at 154.57 yen from 155.04 yenEuro/pound: DOWN at 83.51 pence from 83.57 penceWest Texas Intermediate: DOWN 0.2 percent at $69.02 per barrelBrent North Sea Crude: DOWN 0.2 percent at $73.19 per barrelNew York – Dow: DOWN 0.1 percent at 43,389. points (close) 

German industrial giant Thyssenkrupp reported Tuesday a massive annual loss for the second year running, as it battles challenges including a crisis in its historic steel division.The conglomerate, whose products range from steel to submarines, booked a loss of 1.5 billion euros ($1.6 billion) for the 2023-24 financial year, after a loss of over two billion euros the previous year.Once a symbol of German industrial might, Thyssenkrupp has suffered as high manufacturing costs at home, falling prices for its products and fierce competition from Asian rivals hammered its traditional steel business.Chief executive Miguel Lopez said “very challenging market conditions” had weighed on the Essen-based group but insisted that it had made “key progress” in pushing through a major restructuring. The group, which runs its financial year from October to September, is predicting a return to profit in the next fiscal year of 100 million to 500 million euros.Several key units — including steel, automotive, and materials — saw falling orders and sales in 2023/24, with Thyssenkrupp pointing to “significantly weaker demand” from major industries. Total sales for the year fell seven percent to 35 billion euros.The troubled steel division, Steel Europe, reported an 18 percent fall in operating profits.The group has been seeking to spin off the unit but the process is proving difficult. Earlier this year, it completed a key step by selling a stake to a group owned by Czech billionaire Daniel Kretinsky.But the crisis at the division deepened in August when its boss and the head of its supervisory board quit afer clashing with Lopez about the best way forward. Thyssenkrupp has previously said it plans to cut jobs and reduce production at its key steel plant in Duisburg, though the exact number of losses has not yet been announced. 

Asian markets rose Tuesday after a broadly positive day on Wall Street, with focus turning to the upcoming release of tech giant Nvidia’s earnings, while traders also kept tabs on Donald Trump’s picks for his new administration.Hong Kong and Shanghai were among the better performers in early action on hopes that China will unveil more stimulus after a raft of measures at the end of September aimed at kickstarting the economy, with an eye on the property sector.Equities have seen big swings since Trump’s election at the start of the month, with optimism over pledged tax cuts and deregulation offset by worries that they and threatened import tariffs will reignite inflation.That has also given a headache to policymakers at the Federal Reserve who are still fighting to bring prices under control, with market-watchers saying investors are scaling back their bets on how many more interest rate cuts they will announce.There is also a fear that his second term will see another debilitating trade war with China just as Beijing battles against slowing growth, persistently low inflation or deflation, and stunted consumer confidence.Still, an advance for the S&P 500 and Nasdaq, helped by an easing of US Treasury yields, provided a boost after a tough run last week.Hong Kong extended Monday’s gains and Shanghai bounced back on hopes China will push more support for the economy.Tokyo also recovered from a soft start to the week, while Sydney, Seoul, Singapore, Taipei, Wellington and Manila also gained.With few macroeconomic catalysts to drive business this week, the main story is Nvidia’s earnings, which is being seen as a key guide to the health of an AI-fuelled surge in tech firms this year that has helped push markets to record highs.”With its towering presence in both market cap and artificial intelligence, Nvidia has become the ultimate market heavyweight,” said independent analyst Stephen Innes.After surging almost 800 percent over the past year “its results are set to either crown AI as the undisputed king or trigger a dramatic rethinking of the sector’s sky-high valuations”.”Nvidia’s results will likely steer broader tech market sentiment, underscoring its pivotal role as a bellwether for tech and AI-related stocks.”- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 38,429.37 (break)Hong Kong – Hang Seng Index: UP 0.6 percent at 19,691.17Shanghai – Composite: UP 0.2 percent at 3,331.85Euro/dollar: DOWN at $1.0596 from $1.0600 on MondayPound/dollar: DOWN at $1.2675 from $1.2678Dollar/yen: DOWN at 154.12 yen from 155.04 yenEuro/pound: UP at 83.59 pence from 83.57 penceWest Texas Intermediate: FLAT at $69.16 per barrelBrent North Sea Crude: UP 0.1 percent at $73.38 per barrelNew York – Dow: DOWN 0.1 percent at 43,389. points (close) London – FTSE 100: UP 0.6 percent at 8,109.32 (close)

Japan and Britain have agreed to hold regular high-level talks on economic security, Tokyo said Tuesday after the two countries’ leaders met on the sidelines of the G20 summit.The move comes ahead of the second White House stint for Donald Trump, who has promised to levy massive tariffs on China and to raise import duties for others.The United States and its Group of Seven (G7) allies, including Japan and Britain, have warned of a “disturbing rise in incidents of economic coercion” in a veiled reference to China.Japan’s Prime Minister Shigeru Ishiba and his UK counterpart Keir Starmer held a bilateral meeting on Monday in Rio de Janeiro. Both are members of the G20 — the world’s biggest economies, including the United States, China and Russia.Ishiba and Starmer agreed to launch the so-called “economic 2+2” talks between their foreign and economic ministers “to further advance bilateral cooperation, in the field of economy including trade and economic security.””The two leaders shared the view that achieving strong economic growth is a common priority,” said a Japanese foreign ministry statement issued after the meeting.While the statement did not mention Trump, Japan’s Nikkei business daily said the countries would use their new forum to explore strategies to dissuade Washington from tariffs.Ishiba and Starmer also agreed to promote defense cooperation and “to continue to work closely together on various issues in the international community, such as the situation in East Asia and Ukraine.”The pair, along with Italy, are developing a new fighter jet set to be airborne by 2035.

Chinese President Xi Jinping urged G20 leaders Monday to support efforts to de-escalate the war in Ukraine and reach a “political solution,” state media reported.His remarks at the G20 summit in Brazil come shortly after Ukraine received a US green light to launch long-range missiles provided by Washington against targets inside Russia.”The G20 should support the United Nations and its Security Council in playing a greater role, and support all efforts conducive to the peaceful settlement of crises,” Xi said, according to Chinese state broadcaster CCTV.He called for leaders to avoid “spillovers” from battlefields and escalation of fighting, and to help “cool the Ukraine crisis and seek a political solution.”War in Ukraine continues to rage since Russia’s invasion in 2022.China presents itself as a neutral party in the war and says it is not sending lethal assistance to either side, unlike the United States and other Western nations.But it remains a close political and economic ally of Russia. NATO members have branded Beijing a “decisive enabler” of the war, which it has never condemned.Following the long-range missile policy shift by US President Joe Biden, who leaves office in January, German Chancellor Olaf Scholz said Monday his country was sending Ukraine 4,000 AI-guided drones.Xi, in his speech Monday, also called for efforts to shore up multilateral trade systems and warned against “politicizing economic issues” without naming any specific countries.His comments come before US President-elect Donald Trump reenters the White House in January, after campaigning on pledges to enact sweeping tariffs on China and others.Washington also unveiled sharp tariff hikes this year on Chinese goods, notably on products like electric vehicle batteries and solar cells, as the United States tries to grow its domestic clean energy sectors.”We must avoid politicizing economic issues, artificially dividing the global market, and avoid practicing protectionism in the name of green and low-carbon development,” Xi said.In seeking cooperation on artificial intelligence, he added that this should not become “a game of rich countries and the wealthy.”Xi called for “all sides to stop fighting” in Gaza as well, saying the war between Israel and Hamas has “brought heavy suffering,” CCTV reported.

Global markets were mixed on Monday as traders largely treaded water after a busy period that saw a post-election “explosion” in enthusiasm in the United States, followed by a pullback last week. Focus also turned to chip behemoth Nvidia ahead of its quarterly earnings on Wednesday, which could indicate prospects for the entire tech sector. Wall Street’s three major indices finished mixed, with the Dow edging lower, and the S&P and the Nasdaq closing slightly higher, as few investors were willing to take new positions ahead of Nvidia’s results.It was “a relatively unremarkable day, in terms of magnitude of move,” Art Hogan from B. Riley Wealth Management told AFP. This was “not surprising,” he added, pointing to the post-election market “explosion,” and the subsequent drawback last week. “We kind of entered the new week at a midpoint with very little economic data,” he said. European markets tracked their losses on Monday, while Asian markets were mixed. – Rising trade tensions -Expectations that a second Trump administration will impose painful fresh tariffs on Chinese goods have added to the unease and ramped up fears of another trade war between the economic powerhouses.”It is likely that if Trump does proceed with tariffs on Chinese goods, they will respond aggressively,” said Kathleen Brooks, research director at traders XTB.In Europe, the vice president of the European Central Bank said Monday that Trump’s spending plans risked inflating the US government’s budgetary deficit and spreading worries on markets. “Trade tensions could rise further,” with resulting risks for economic activity, Luis de Guindos noted.Investor focus this week will also be on the release of purchasing managers’ index data for signals about the health of business activity in the eurozone, Britain and the United States.Friday’s PMI data “may capture some of the initial sentiment impact from around the world regarding Trump’s victory,” said Jim Reid, economist at Deutsche Bank.”Europe will be especially interesting on this front as the continent awaits their trade fate,” he added.In Asia on Monday, Tokyo and Shanghai stock markets closed lower while Hong Kong rose, helped by hopes of more Chinese stimulus after a recent raft of measures.Bitcoin sat at around $91,000, having hit another record high of $93,462 last week on hopes Trump will push for more deregulation of the crypto market. And crude oil prices jumped after production stopped at a key Norwegian field in the North Sea, Sverdrup, due to an electrical supply disruption.- Key figures around 2130 GMT -New York – Dow: DOWN 0.1 percent at 43,389. points (close) New York – S&P 500: UP 0.4 percent at 5,893.62 (close) New York – Nasdaq: UP 0.6 percent at 18,791.81 (close) London – FTSE 100: UP 0.6 percent at 8,109.32 (close)Paris – CAC 40: UP 0.1 percent at 7,278.23 (close)Frankfurt – DAX: DOWN 0.1 percent at 19,189.19 (close)Tokyo – Nikkei 225: DOWN 1.1 percent at 38,220.85 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,576.61 (close)Shanghai – Composite: DOWN 0.2 percent at 3,323.85 (close)Euro/dollar: UP at $1.0600 from $1.0536 on FridayPound/dollar: UP at $1.2678 from $1.2611Dollar/yen: UP at 155.04 yen from 154.32 yenEuro/pound: UP at 83.57 pence from 83.52 penceBrent North Sea Crude: UP 3.2 percent at $73.30 per barrelWest Texas Intermediate: UP 3.2 percent at $69.16 per barrel

Stock markets were mixed from Asia to the United States on Monday as cautious traders reassessed the outlook for interest rates ahead of Donald Trump’s return to the White House, with policies that could reignite inflation after months of cooling prices.Focus also turned to chip behemoth Nvidia ahead of its quarterly earnings on Wednesday, which could indicate prospects for the entire tech sector. Global equity markets have cooled since Trump’s US election win this month, while investors waiting in particular for his coming pick for Treasury secretary.All three main indices on Wall Street ended deep in the red on Friday, with the Nasdaq down more than two percent, after Federal Reserve boss Jerome Powell signalled a slower pace of interest rate cuts.”There is concern that a reckless spending policy could fuel inflation again, forcing the Fed to raise interest rates again at some point,” said Konstantin Oldenburger, an analyst at CMC Markets.European markets tracked those losses Monday and US stocks opened mixed before recovering some ground, with few investors willing to take new positions ahead of Nvidia’s results. “The generative AI chip giant… has the potential to influence markets substantially” given its outsize weight in all US indices, said David Morrison, senior analyst at Trade Nation.He added that data showing US inflation is proving sticky even before any potential uplift to prices if Trump follows through on tariff threats and other policies once he re-enters the White House in January. The Fed’s next policy decision in December will be closely followed for an idea about officials’ plans.Expectations that a second Trump administration will impose painful fresh tariffs on Chinese goods have added to the unease and ramped up fears of another trade war between the economic powerhouses.”It is likely that if Trump does proceed with tariffs on Chinese goods, they will respond aggressively,” said Kathleen Brooks, research director at traders XTB.In Europe, the vice president of the European Central Bank said Monday that Trump’s spending plans risked inflating the US government’s budgetary deficit and spreading worries on markets. “Trade tensions could rise further,” with resulting risks for economic activity, Luis de Guindos noted.Investor focus this week will be on also the release of purchasing managers’ index data for signals about the health of business activity in the eurozone, Britain and the United States.Friday’s PMI data “may capture some of the initial sentiment impact from around the world regarding Trump’s victory,” said Jim Reid, economist at Deutsche Bank.”Europe will be especially interesting on this front as the continent awaits their trade fate,” he added.In Asia on Monday, Tokyo and Shanghai stock markets closed lower while Hong Kong rose, helped by hopes of more Chinese stimulus after a recent raft of measures.Bitcoin sat at around $90,000, having hit another record high of $93,462 last week on hopes Trump will push for more deregulation of the crypto market. Crude oil prices jumped after production stopped at a key Norwegian field in the North Sea, Sverdrup, due to an electrical supply disruption.- Key figures around 1650 GMT -New York – Dow: UP 0.1 percent at 43,501.07New York – S&P 500: UP 0.6 percent at 5,907.77New York – Nasdaq: UP 1.0 percent at 18,863.89London – FTSE 100: UP 0.6 percent at 8,109.32 (close)Paris – CAC 40: UP 0.1 percent at 7,278.23 (close)Frankfurt – DAX: DOWN 0.1 percent at 19,189.19 (close)Tokyo – Nikkei 225: DOWN 1.1 percent at 38,220.85 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,576.61 (close)Shanghai – Composite: DOWN 0.2 percent at 3,323.85 (close)Euro/dollar: UP at $1.0574 from $1.0536 on FridayPound/dollar: UP at $1.2649 from $1.2611Dollar/yen: UP at 155.04 yen from 154.32 yenEuro/pound: UP at 83.59 pence from 83.52 penceBrent North Sea Crude: UP 2.9 percent at $73.09 per barrelWest Texas Intermediate: UP 3.0 percent at $68.92 per barrel

European and Asian stock markets moved mostly lower Monday after a pre-weekend retreat on Wall Street as investors scaled back bets for US interest-rate cuts, fearing Donald Trump’s policies could reignite inflation.Global equity markets have cooled since Trump’s US election win this month, while investor attention has turned to his coming pick for Treasury secretary.All three main indices on Wall Street ended deep in the red Friday, with the Nasdaq down more than two percent, after Federal Reserve boss Jerome Powell signalled a slower pace of interest rate cuts.European markets tracked those losses Monday while US stocks opened mixed, with most eyes fixed on quarterly earnings from chip behemoth Nvidia on Wednesday.”The generative AI chip giant… has the potential to influence markets substantially” given its outsize weight in all US indices, said David Morrison, senior analyst at Trade Nation.He added that data showing US inflation is proving sticky even before any potential uplift to prices if Trump follows through on tariff threats and other policies once he re-enters the White House in January. The Fed’s next policy decision in December will be closely followed for an idea about officials’ plans.”Although the markets are still pricing in a cut for December, the rate of reductions for next year has now slowed significantly,” said Richard Hunter, head of markets at Interactive Investor. Expectations that a second Trump administration will impose painful fresh tariffs on Chinese goods has added to the unease and ramped up fears of another trade war between the economic powerhouses.”It is likely that if Trump does proceed with tariffs on Chinese goods, they will respond aggressively,” said Kathleen Brooks, research director at traders XTB.In Europe, the vice president of the European Central Bank said Monday that Trump’s spending plans risked inflating the US government’s budgetary deficit and spreading worries on markets. “Trade tensions could rise further,” with resulting risks for economic activity, Luis de Guindos noted.Investor focus this week will be on also the release of purchasing managers’ index data for signals about the health of business activity in the eurozone, Britain and United States.Friday’s PMI data “may capture some of the initial sentiment impact from around the world regarding Trump’s victory,” said Jim Reid, economist at Deutsche Bank.”Europe will be especially interesting on this front as the continent awaits their trade fate,” he added.In Asia on Monday, Tokyo and Shanghai stock markets closed lower and Hong Kong rose.Shares in Hong Kong were helped by hopes for more Chinese stimulus after a recent raft of measures, while a call by authorities for firms to step up efforts to boost shareholder returns also provided support.Bitcoin sat around $91,900, having hit another record high of $93,462 last week on hopes Trump would push for more deregulation of the crypto market. – Key figures around 1440 GMT -New York – Dow: DOWN 0.1 percent at 43, 395.72New York – S&P 500: FLAT at 5,871.67New York – Nasdaq: UP 0.1 percent at 18,702.03London – FTSE 100: UP 0.3 percent at 8,086.94Paris – CAC 40: DOWN 0.2 percent at 7,257.74Frankfurt – DAX: DOWN 0.4 percent at 19,141.86Tokyo – Nikkei 225: DOWN 1.1 percent at 38,220.85 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,576.61 (close)Shanghai – Composite: DOWN 0.2 percent at 3,323.85 (close)Euro/dollar: UP at $1.0571 from $1.0536 on FridayPound/dollar: UP at $1.2630 from $1.2611Dollar/yen: UP at 154.92 yen from 154.32 yenEuro/pound: UP at 83.71 pence from 83.52 penceBrent North Sea Crude: UP 1.2 percent at $72.21 per barrelWest Texas Intermediate: UP 1.1 percent at $68.05 per barrel