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Wall Street stocks slipped Thursday after the US Federal Reserve sought to calm fears over President Donald Trump’s tariffs, while eurozone equities slumped.Meanwhile, oil prices jumped and gold hit a new record high on continued geopolitical tensions — particularly concerning Gaza and Yemen — and fresh US sanctions on Iranian oil.All three major indices on Wall Street closed lower, giving up some of their gains from Wednesday after Fed chair Jerome Powell suggested that any increase to consumer prices caused by tariffs would likely be short-lived.”We started off in the red, went solidly into the green, only to go back into the red, then back into the green and now we’re kind of flatlining,” CFRA’s Sam Stovall told AFP, shortly before US markets slipped further to close in the red. The major eurozone markets of Frankfurt, Milan and Paris gave up around one percent or more after European Central Bank chief Christine Lagarde warned a trade war between the United States and Europe could shave half a percentage point off eurozone growth and push up inflation.Lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,057.49 an ounce.The price of copper reached a five-month high above $10,000 a tonne as US companies stock up on the metal targeted by Trump’s tariffs.- Oil ‘in the spotlight’ -Oil prices jumped amid a fresh upsurge in Gaza hostilities and worries about Iran-backed Huthi rebels.”The prospect of an extended US campaign against the Huthis combines with Israel’s renewed Gaza offensive to put oil squarely back in the spotlight,” said Chris Beauchamp, chief market analyst at online trading platform IG.In other central bank action, the Bank of England and Sweden’s Riksbank held interest rates steady Thursday, following in the footsteps of the Fed and the Bank of Japan a day earlier.Meanwhile, the Swiss central bank cut its rates on Thursday, citing “high uncertainty” in the global economy.Nevertheless, most markets had their focus Thursday on the United States, the world’s biggest economy.”Great uncertainty remains over the direction of travel for the US economy, with business activity likely to remain subdued until we see greater clarity over the trade relationships and potential pricing for US imports and exports,” noted Scope Markets analyst Joshua Mahony.Trump’s painful duties on imports into the United States and threats of further tariffs have stoked recession fears.But the Fed only trimmed its forecast for US growth this year to 1.7 percent from a previous estimate of 2.1 percent in December, suggesting it does not think a recession is likely at this moment. Policymakers expect inflation — excluding volatile food and energy prices — to hit 2.8 percent this year, up from 2.5 percent in its last forecast in December. But Fed Chair Jerome Powell continued to insist that any increase in inflation would be “transitory.”- Key figures around 2045 GMT -New York – Dow: DOWN less than 0.1 percent at 41,953.32 points (close)New York – S&P: DOWN 0.2 percent 5,662.89 (close)New York – Nasdaq: DOWN 0.2 percent at 17,691.63 (close)London – FTSE 100: DOWN less than 0.1 percent at 8,701.99 (close) Paris – CAC 40: DOWN 1.0 percent at 8,094.20 (close)Frankfurt – DAX: DOWN 1.2 percent at 22,999.15 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0856 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2967 from $1.3002Dollar/yen: UP at 148.76 yen from 148.71 yenEuro/pound: DOWN at 83.72 pence from 83.82 penceWest Texas Intermediate: UP 1.6 percent at $68.26 per barrelBrent North Sea Crude: UP 1.7 percent at $72.00 per barrelburs-da-ni/gv

Wall Street stocks wobbled Thursday after the US Federal Reserve sought to calm fears over President Donald Trump’s tariffs, while eurozone equities slumped.Meanwhile, continued geopolitical tensions, particularly concerning Gaza and Yemen, saw oil prices jump and gold set a new record high.Wall Street stocks opened lower, giving up some of the gains it made on Wednesday after Fed boss Jerome Powell suggested that any increase to consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Fed experts reaffirmed their expectations of two rate cuts even while indicating they expected higher rates this year.But Wall Street’s main indices bounced higher during morning trading, with US existing home sales beating expectations.”It has been a choppy 24 hours for equity markets,” said Chris Beauchamp, chief market analyst at online trading platform IG.”For the moment it looks like bargain hunting continues to underpin Wall Street’s rebound, at least in the short term.”The short term ended in early afternoon trading after the White House vowed to impose “big tariffs” on April 2 when US President Donald Trump is to unveil reciprocal levies in a major escalation of his trade war.The major eurozone markets of Frankfurt, Milan and Paris gave up around one percent or more after European Central Bank chief Christine Lagarde warned a trade war between the United States and Europe could shave half a percentage point off eurozone growth and push up inflation.Lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,057.49 an ounce.The price of copper reached a five-month high above $10,000 a tonne as US companies stock up on the metal targeted by Trump’s tariffs.Oil prices jumped amid a fresh upsurge in Gaza hostilities and worries about Iran-backed Huthi rebels.”The prospect of an extended US campaign against the Huthis combines with Israel’s renewed Gaza offensive to put oil squarely back in the spotlight,” said IG’s Beauchamp.In other central bank action the Bank of England and Sweden’s Riksbank held interest rates steady Thursday, as did the Bank of Japan on Wednesday.Meanwhile, the Swiss central bank cut its rates on Thursday, citing “high uncertainty” in the global economy.Nevertheless, the main markets focus was on the United States, the world’s biggest economy.”Great uncertainty remains over the direction of travel for the US economy, with business activity likely to remain subdued until we see greater clarity over the trade relationships and potential pricing for US imports and exports,” noted Joshua Mahony, analyst at Scope Markets.Trump’s painful duties on imports into the United States and threats of further tariffs have stoked recession fears.Some observers have warned also that the president’s pledges to slash tax, regulation and immigration will reignite inflation could force the Fed to hike rates rather than cutting further.The Fed on Wednesday said “uncertainty around the economic outlook has increased”, cutting its forecast for US growth this year to 1.7 percent from 2.1 percent estimated in December.It tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen, but Fed Chair Jerome Powell said the increase would be “transitory”.- Key figures around 1630 GMT -New York – Dow: UP 0.2 percent at 42,040.54 pointsNew York – S&P: DOWN 0.1 percent 5,669.70New York – Nasdaq: DOWN 0.2 percent at 17,712.76London – FTSE 100: DOWN less than 0.1 percent at 8,701.99 (close) Paris – CAC 40: DOWN 1.0 percent at 8,701.99 (close)Frankfurt – DAX: DOWN 1.2 percent at 22,999.15 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0851 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2966 from $1.3002Dollar/yen: DOWN at 148.79 yen from 148.71 yenEuro/pound: DOWN at 83.69 pence from 83.82 penceWest Texas Intermediate: UP 1.5 percent at $67.93 per barrelBrent North Sea Crude: UP 1.5 percent at $71.83 per barrelburs-rl/yad

Major global stock markets retreated Thursday following a weaker-than-forecast US economic outlook and despite the Federal Reserve trying to calm fears over President Donald Trump’s tariffs.After keeping rates on hold, Fed boss Jerome Powell on Wednesday suggested that any increase to consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Wall Street rallied on his message Wednesday, but turned lower in after-hours trading and fell at the start of trading on Thursday.The fall in Wall Street in pre-market trading dragged European indices even further lower, with Frankfurt’s DAX falling two percent at one moment.”The move shows that yesterday’s sharp rally across US markets in the wake of the FOMC’s Summary of Economic Projections and Fed Chair Jerome Powell’s press conference, was not a signal that all is well and that buyers can safely return to the markets,” said Trade Nation analyst David Morrison.The retreat by equity markets “appears to be an indication of the uncertainty overlaying the market as investors struggle with a variety of major geopolitical factors, along with the apparent random behaviour of the Trump administration,” he added.Lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,057.49 an ounce.European Central Bank chief Christine Lagarde warned Thursday a trade war between the United States and Europe could shave half a percentage point off eurozone growth and push up inflation.In other central bank action the Bank of England and Sweden’s Riksbank held interest rates steady Thursday, as did the Bank of Japan on Wednesday.Meanwhile, the Swiss central bank cut its rates on Thursday, citing “high uncertainty” in the global economy.The price of copper reached a five-month high above $10,000 a tonne as US companies stock up on the metal targeted by Trump’s tariffs.Oil prices wobbled as investors weighed weak demand and a fresh upsurge in Gaza hostilities.Traders kept tabs also on eastern Europe after Trump told Ukraine’s President Volodymyr Zelensky that the United States could own and run his country’s nuclear power plants as part of his bid to secure a ceasefire with Russia.Nevertheless, the main markets focus was on the United States, the world’s biggest economy.”Great uncertainty remains over the direction of travel for the US economy, with business activity likely to remain subdued until we see greater clarity over the trade relationships and potential pricing for US imports and exports,” noted Joshua Mahony, analyst at Scope Markets.Trump’s painful duties on imports into the United States and threats of further tariffs have stoked recession fears.Some observers have warned also that the president’s pledges to slash tax, regulation and immigration will reignite inflation could force the Fed to hike rates rather than cutting further.The Fed on Wednesday said “uncertainty around the economic outlook has increased”, cutting its forecast for US growth this year to 1.7 percent from 2.1 percent estimated in December.It tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen, but Powell said the increase would be “transitory”.However, Fed officials still see two rate cuts this year.- Key figures around 1330 GMT -New York – Dow: DOWN 0.6 percent at 41,712.97 pointsNew York – S&P: DOWN 0.7 percent 5,635.47New York – Nasdaq: DOWN 1.0 percent at 17,576.82London – FTSE 100: DOWN 0.2 percent at 8,685.71 Paris – CAC 40: DOWN 1.2 percent at 8,076.88Frankfurt – DAX: DOWN 1.7 percent at 22,895.23Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0825 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2944 from $1.3002Dollar/yen: DOWN at 148.53 yen from 148.71 yenEuro/pound: DOWN at 83.62 pence from 83.82 penceWest Texas Intermediate: FLAT at $66.89 per barrelBrent North Sea Crude: FLAT at $70.79 per barrelburs-rl/jj

Embattled Hong Kong conglomerate CK Hutchison Holdings, caught in a US-China spat over control of the Panama Canal, said on Thursday that profits fell 27 percent in 2024.CK Hutchison offloaded its global ports business outside China — including operations in the vital Central American canal — this month to a group led by giant asset manager BlackRock for $19 billion in cash.The parties expect to sign a “definitive agreement” by April 2 concerning the Panama Ports Company, which has operated two of the five ports at the canal since 1997 via a government concession. The deal came after weeks of pressure from US President Donald Trump, who refused to rule out a military invasion of Panama to “take back” the crucial waterway from alleged Chinese control.Thursday’s results announcement made no mention of the BlackRock deal.”On the whole, the Group’s underlying operating results were relatively stable” last year despite a one-time loss related to its Vietnam telecommunications business, chairman Victor Li, son of billionaire founder Li Ka-shing, said in a filing with the Hong Kong Stock Exchange.Li said the operating environment for CK Hutchison businesses is “expected to be both volatile and unpredictable” this year, and that the group will “constrain capital spending and new investment and focus on stringent cash flow management”.The conglomerate said its “ports and related services” division saw an 11 percent jump in revenue to $5.8 billion.Earnings before interest, taxes, depreciation, and amortisation soared 19 percent year-on-year to $2.1 billion, the firm said.”There may be headwinds with supply chain disruptions anticipated in the early part of the year due to shipping lines transitioning into their new alliances, as well as ongoing geopolitical risk impacting global trade,” Li said as part of the ports division’s 2025 outlook.- Beijing scrutiny -Shares in CK Hutchison jumped more than 20 percent in Hong Kong after the ports deal was first announced on March 4.However, Beijing made its displeasure known last week through two government offices overseeing Hong Kong affairs that republished newspaper articles criticising the deal as “spineless” and “betraying and selling out all Chinese people”.Hong Kong leader John Lee also said on Tuesday that concerns about the sale “deserve serious attention”, adding that the city will “handle it in accordance with the law and regulations”.CK Hutchison cancelled its post-earnings news conference on Thursday and has not responded to AFP enquiries.Bloomberg News, citing unidentified sources, has reported that senior Chinese leaders have ordered government agencies, including the State Administration for Market Regulation, to scrutinise the deal.The conglomerate is registered in the Cayman Islands and the assets being sold are all outside China.Following years of diversification, operations in mainland China and Hong Kong made up just 12 percent of CK Hutchison revenue last year, according to Thursday’s results.Net income last year stood at $2.20 billion after the group recognised a one-time loss of $476 million related to its Vietnam telecommunication business “as the operating conditions continue to be under significant pressure”.CK Hutchison announced a full-year dividend of HK$2.20 per share on Thursday.The conglomerate had claimed to have “the world’s leading port network”, spanning 53 ports in 24 countries.However, in revenue terms, CK Hutchison’s ports division pales in comparison to its worldwide business interests in finance, retail, infrastructure and telecoms.Sister company CK Asset — the property developer arm in Li’s empire — said in a separate filing on Thursday that profit attributable to shareholders fell 20 percent last year.In Hong Kong, CK Hutchison is known for its founder, Li Ka-shing, the city’s wealthiest man nicknamed “Superman” for his business savvy.The 96-year-old enjoyed close ties with three generations of Chinese leaders but that bonhomie faded after Xi Jinping took power.Chinese state media has criticised Li over the past decade for his apparent decision to divest from some Chinese markets and for supposedly showing sympathy to Hong Kong pro-democracy protesters in 2019.

Stocks mostly rose Thursday after US Federal Reserve boss Jerome Powell suggested any increase in consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Markets have been seized by volatility recently as US President Donald Trump embarks on his hardball trade policy that has seen him impose painful duties on imports from major partners, stoking recession fears.Some observers have also warned his pledges to slash taxes, regulations and immigration will reignite inflation and force the Fed to reassess its monetary policy, with some even fearing rate hikes.After a closely watched meeting on Wednesday, the US central bank stood pat on borrowing costs for the second time in a row and said “uncertainty around the economic outlook has increased”. It also predicted the economy would expand 1.7 percent this year, compared with 2.1 percent estimated in December, and tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen. However, its dot plot estimate for rate cuts still showed officials saw two this year.Powell said: “We do understand that sentiment has fallen off pretty sharply, but economic activity has not yet and so we are watching carefully.”I would tell people the economy seems to be healthy.”He added that inflation had “started to move up” and officials think that is “partly in response to tariffs. And there may be a delay in further progress over the course of this year”.Any increase would be “transitory”, Powell said, but warned it would be hard to determine how much of a factor the levies — as opposed to other factors — would play in lifting prices. The remarks were taken as market-supportive and 10-year US Treasury yields, a proxy of monetary policy, dropped. That was also helped by news the Fed would slow its pace of balance sheet reduction — the bank ramped up bond-buying during the pandemic to keep rates low and has been offloading them in recent months to normalise monetary policy.- ‘Do the right thing’ -Trump called on decision-makers late Wednesday to cut rates now, urging on his Truth Social platform to “do the right thing”.Kerry Craig, global market strategist at JP Morgan Asset Management, said: “The Fed doesn’t have all the answers but faces plenty of questions about how it is interpreting the shift in the US economy and policy impacts.”For now, the market seems reassured that the Fed is ready to act if needed.”But he added: “Overall, the outlook remains uncertain.”All three main indexes on Wall Street rallied.And most of Asia followed suit, with Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok, Wellington and Manila all up. Jakarta gained more than one percent to extend Wednesday’s gains, but the index remains under pressure — it has dropped 10 percent in 2025 — on concerns about Indonesia’s economy, Southeast Asia’s biggest.Hong Kong, however, retreated after a breathtaking run-up this year that has seen the Hang Seng Index pile on more than 20 percent. Shanghai also dropped.London and Frankfurt rose at the open, but Paris fell.Tokyo was closed for a holiday.The yen extended Wednesday’s gains after Powell’s dovish comments.But lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,056.Oil rose again following a fresh upsurge in Middle East hostilities after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Traders are also keeping tabs on eastern Europe after Trump told Ukraine’s President Volodymyr Zelensky that the United States could own and run his country’s nuclear power plants as part of his bid to secure a ceasefire with Russia.Zelensky said he was ready to pause attacks on Russia’s energy network and infrastructure, a day after Vladimir Putin agreed to halt similar strikes on Ukraine.- Key figures around 0815 GMT -Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)London – FTSE 100: UP 0.3 percent at 8,729.38Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0877 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2971 from $1.3002Dollar/yen: DOWN at 148.50 yen from 148.71 yenEuro/pound: UP at 83.86 pence from 83.82 penceWest Texas Intermediate: UP 0.6 percent at $67.58 per barrelBrent North Sea Crude: UP 0.5 percent at $71.11 per barrelNew York – Dow: UP 0.9 percent at 41,964.63 points (close)

Rafayel’s girlfriends went all out to celebrate their lover’s birthday, renting malls across China for parties, decorating high-speed trains with his photos, and even staging a dazzling drone show.But the birthday boy was absent from every event — he’s a virtual character in the romantic mobile game “Love and Deepspace” that has won over millions of young women in China and beyond.Launched last year, the game blends monster-hunting action with sometimes-raunchy cutscenes in a futuristic world where “love knows no bounds”, according to Shanghai-based developer Papergames.And players are hooked on its realistic 3D character modelling, immersive narratives and the chance to build relationships with five distinct virtual boyfriends.Since its release in January 2024, the game has earned more than $500 million worldwide on the Google Play store and Apple’s App Store.About 40 percent of its revenue comes from overseas, market research firm Sensor Tower told AFP.For many, these virtual companions offer more than entertainment — they provide emotional fulfilment.Liu Xue, a 25-year-old office worker, likens her connection with Rafayel to a real-life romantic relationship.”To myself, or to my inner circle of close friends, I would say that we are lovers,” she told AFP at a birthday event in Beijing.”I don’t think I need company in real life.”He accompanies Liu daily, comforts her when she’s down — and even keeps her up-to-date on her menstrual cycle.”It’s like emotional sustenance,” she said.This attachment, however, comes with a price tag.While “Love and Deepspace” is free to download, players often spend heavily on in-game purchases to unlock additional storylines and interactions with their favourite characters.The game does not offer women partners, though there are similar games that do — but few with the same reach and popularity.Third-party surveys suggest that about five to 10 percent of those playing “Love and Deepspace” are male.- ‘Better than real life’ -Wang Yaya, a 23-year-old university student, has spent over 70,000 yuan ($10,000) on the game and related merchandise.”I’m happy to pay for the emotional value,” she told AFP.Fans pool their money to organise events — such as those to celebrate Rafayel’s birthday — where they pose for photos with cardboard cutouts of the heartthrob and exchange homemade merchandise.A seven-year veteran of games like “Love and Deepspace”, Wang attributes the willingness of her and her peers to spend to a lack of emotional support from their parents as children.”Many of my friends are the same,” she explained.And for some players, the virtual romances are much more enticing than real-life dating. Since discovering games like “Love and Deepspace”, Liu said she has lost interest in dating real men. “Playing otome games is an especially nice experience and even better than real life,” she said, referring to the wider genre of romantic games, originally developed in Japan.Student Liu Yuxuan, 22, sees her bond with Rafayel as a central part of her life. “Because everyone can have their secrets, some of which you cannot tell others. When you open the game, you can talk to him,” she said.”I can reveal myself to him without reservation, and he will show me his love without reservation,” she said.Rafayel’s love is firm and faithful — something she says is rare in real life.Another player, who goes by Zaylia, summed up the game’s appeal for her peers: “It fulfils our fantasy of being in a relationship.””Isn’t the greatest use of a relationship itself to provide emotional value?”

Most Asian equities rose Thursday after US Federal Reserve boss Jerome Powell suggested any increase in consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Markets have been seized by volatility recently as US President Donald Trump embarks on his hardball trade policy that has seen him impose painful duties on imports from major partners, stoking recession fears.Some observers have also warned his pledges to slash taxes, regulations and immigration will reignite inflation and force the Fed to reassess its monetary policy, with some even fearing rate hikes.After a closely watched meeting on Wednesday, the US central bank stood pat on borrowing costs for the second time in a row and said “uncertainty around the economic outlook has increased”. It also predicted the economy would expand 1.7 percent this year, compared with 2.1 percent estimated in December, and tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen. However, its dot plot estimate for rate cuts still showed officials saw two this year.Powell said: “We do understand that sentiment has fallen off pretty sharply, but economic activity has not yet and so we are watching carefully.”I would tell people the economy seems to be healthy.”He added that inflation had “started to move up” and officials think that is “partly in response to tariffs. And there may be a delay in further progress over the course of this year”.Any increase would be “transitory”, Powell said, but warned it would be hard to determine how much of a factor the levies — as opposed to other factors — would play in lifting prices. The remarks were taken as market-supportive and 10-year US Treasury yields, a proxy of monetary policy, dropped. That was also helped by news the Fed would slow its pace of balance sheet reduction — the bank ramped up bond-buying during the pandemic to keep rates low and has been offloading them in recent months to normalise monetary policy.- ‘Do the right thing’ -Trump late Wednesday called on decision-makers to cut rates now, urging on his Truth Social platform to “do the right thing”.Kerry Craig, global market strategist at JP Morgan Asset Management, said: “The Fed doesn’t have all the answers but faces plenty of questions about how it is interpreting the shift in the US economy and policy impacts.”For now, the market seems reassured that the Fed is ready to act if needed.”But he added: “Overall, the outlook remains uncertain.”All three main indexes on Wall Street rallied.And most of Asia followed suit, with Sydney, Seoul, Singapore, Taipei, Wellington and Manila all up. Jakarta gained almost two percent to extend Wednesday’s gains, but the index remains under pressure — it has dropped 10 percent in 2025 — on concerns about Indonesia’s economy, Southeast Asia’s biggest.Hong Kong, however, retreated after a breathtaking run-up this year that has seen the Hang Seng Index pile on more than 20 percent. Shanghai also dropped.Tokyo was closed for a holiday.The yen extended Wednesday’s gains after Powell’s dovish comments, while the dollar was also softer against the pound and euro.But lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,056.Oil rose again following a fresh upsurge in Middle East hostilities after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Traders are also keeping tabs on eastern Europe after Trump told Ukraine’s President Volodymyr Zelensky that the United States could own and run his country’s nuclear power plants as part of his bid to secure a ceasefire with Russia.Zelensky said he was ready to pause attacks on Russia’s energy network and infrastructure, a day after Vladimir Putin agreed to halt similar strikes on Ukraine.- Key figures around 0250 GMT -Hong Kong – Hang Seng Index: DOWN 1.0 percent at 24,525.12Shanghai – Composite: DOWN 0.2 percent at 3,419.55Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.0912 from $1.0903 on WednesdayPound/dollar: UP at $1.3010 from $1.3002Dollar/yen: DOWN at 148.27 yen from 148.71 yenEuro/pound: UP at 83.88 pence from 83.82 penceWest Texas Intermediate: UP 0.5 percent at $67.50 per barrelBrent North Sea Crude: UP 0.4 percent at $71.06 per barrelNew York – Dow: UP 0.9 percent at 41,964.63 points (close)London – FTSE 100: FLAT at 8,706.66 (close)

To sow or not to sow? Canola farmers in Canada’s vast western Prairies region have found themselves in the crossfire of trade wars with both the United States and China.”We have two economic superpowers of the world having a trade war with us at the same time,” Rick White, head of the Canadian Canola Growers Association, told AFP.”We’ve had our challenges but nothing of this magnitude. This is the worst of all scenarios,” he said, weeks before planting is to begin.Canada, a major agricultural economy, is among the world’s top producers of canola — an oilseed crop that is used to make cooking oil, animal meal and biodiesel fuel.But the bulk of canola exports go to just two customers, the United States and China, two countries with which Ottawa is now in standoffs over tariffs.A few days ago, Beijing announced 100 percent tariffs on canola oil and meal in response to Ottawa’s levies on Chinese electric vehicles, which align with those imposed on China by the United States under former president Joe Biden.Meanwhile, since coming to office in January, US President Donald Trump has threatened widespread tariffs on imports of Canadian goods into the United States.The price of canola has plunged as a result of the Chinese tariffs, dragging the price of European rapeseed down with it.- Seeding soon -All of this must be sorted out in the coming weeks, fumes Jason Johnson, a farmer from Manitoba province in Canada’s agricultural heartland.”We’re going to be seeding in about a month and once we do, we can’t change crops,” he said, while waiting for a call from a seed dealer about possible alternative crops.China accounts for nearly one third of Canadian canola exports, mainly canola seeds, while the United States is the largest market for canola oil and meal.Johnson believes it was wrong for Canada to impose tariffs on China.”We should go back to China and say, ‘We’ll lift our tariffs if you lift yours,’ basically doing a Trump by threatening tariffs and then retracting them,” he told AFP.On his 2,500-acre farm just north of the Canada-US border, he grows canola each year on about 1,000 acres, and feels certain the United States will ramp up tariffs against Canada that will be widespread and hit hard.Those tariff threats have already sent shockwaves through Canada, as more than 75 percent of its exports go to the United States. A trade war between the two neighbors, with Canada retaliating, would cause significant damage to the Canadian economy.- ‘Engage with China’ -Canola Council of Canada chief executive Chris Davison is urging the Canadian government “to immediately engage with China, with a view to resolving this issue.”Ottawa and Beijing have been at loggerheads for several years, relations having soured after Canada detained a senior Huawei executive on a US warrant in December 2018 and Beijing retaliated by holding two Canadians. A deal was reached that saw all three detainees released in September 2021, but bad blood remains, with Beijing criticizing Ottawa for aligning itself with Washington’s China policies and Canadian authorities regularly accusing China of interference.As this goes on Canadians wonder if bright yellow fields of canola will be seen in the Prairies this spring.Johnson says switching from canola to alternative crops at the last minute wouldn’t be easy. Markets for other crops are mostly smaller and if canola farmers switch to cultivating them it would lead to an oversupply and a drop in prices for those agricultural commodities too.He noted also that Canada has “invested a lot in the last 20 years in infrastructure” to crush canola into oil and meal.

Nvidia boss Jensen Huang expressed confidence Wednesday that the artificial intelligence (AI) chip giant can handle US President Donald Trump’s trade war.”We have a really agile network of suppliers; they are not just in Taiwan or Mexico or Vietnam,” Huang said while meeting with journalists at Nvidia’s annual developers conference in San Jose, California.”If we add onshore manufacturing by the end of this year, we should be quite good.”Nvidia is not expecting tariffs to significantly affect its financial performance in the short term, according to Huang.He noted that the tariff situation is evolving, and that what it does to Nvidia costs will depend on which countries are targeted by Trump.Trump has threatened to slap extra tariffs on imports of computer chips to the United States, which will heap pressure on Nvidia’s business, which depends on imported components mainly from Taiwan.Since returning to power in January, Trump has imposed tariffs on Washington’s three main trading partners, Mexico, Canada, and China.Trump has talked of imposing “reciprocal tariffs” against other countries in early April, creating uncertainty for businesses and financial markets.The White House recently put out a release saying Trump is intent on making the US a “manufacturing superpower,” ramping up pressure to shift production back to this country.However, chip fabrication facilities can take years to build.Since its founding in 1993, Nvidia has specialized in graphics processing units (GPUs) coveted by video game enthusiasts.GPUs are also ideally suited for AI and the rise of that technology has catapulted the Silicon Valley-based chip maker into the spotlight.”We’re not making chips anymore; those were the good old days,” Huang quipped. “What we do now is build AI infrastructure.”High-end versions of Nvidia’s chips face US export restrictions to the major market of China, part of Washington’s efforts to slow its Asian adversary’s advancement in the strategic technology.Asked about this, Huang replied that his company is not alone in needing to respect each country’s laws.

US stocks jumped while European indexes were mixed Wednesday as the Federal Reserve held interest rates steady after a policy meeting — and gold hit a new record as geopolitical concerns returned to the fore.The US central bank’s rate decision was widely expected, although it also cut its growth forecast for 2025 and hiked its inflation outlook.The Fed has nonetheless penciled in two rate cuts this year.But yields on the 10-year US Treasury note, a closely watched proxy of monetary policy, dropped sharply as the Fed slowed the rate at which it will shrink the size of its balance sheet.”I think the market liked hearing the Fed Chair sound reasonably upbeat about the economy,” said Briefing.com analyst Patrick O’Hare.He noted that the drop in Treasury yields boosts expectations that mortgage rates will also fall.On Wednesday, Fed Chair Jerome Powell said “uncertainty today is unusually elevated” and noted that at least part of a recent inflation uptick was related to US President Donald Trump’s tariff policies.He also signaled some confidence about the US economic outlook, noting that key indicators have stayed solid despite surveys showing weakening consumer confidence.Investors have been eagerly awaiting Powell’s comments about how the bank seeks to chart a path through the economic turbulence unleashed by Trump’s ever-changing tariffs approach.Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.Wall Street stocks closed notably higher.In Europe, Paris rose, London was flat and Frankfurt succumbed to profit-taking.Official data showed eurozone inflation eased more than previously estimated in February, driven by a slowdown in consumer price increases in Germany.Inflation in the single currency area slowed to 2.3 percent last month, a slight change from the 2.4 percent figure published on March 3. Meanwhile, the price of gold, seen as a safe-haven investment, struck a record high above $3,045 an ounce.That came on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Oil prices edged higher, even as Hamas said it remained open to negotiations while calling for pressure on Israel to implement a Gaza truce.Separately, Trump told Ukrainian President Volodymyr Zelensky that the United States could own and run Ukraine’s nuclear power plants as part of his latest bid to secure a ceasefire in Russia’s invasion of its neighbor.Zelensky said following their call that Kyiv was ready to pause attacks on Russia’s energy network and infrastructure, a day after Vladimir Putin agreed to halt similar strikes on Ukraine.Elsewhere, the Turkish lira plunged to an all-time low against the dollar, after police raided the home of Istanbul’s powerful opposition mayor, Ekrem Imamoglu.The currency hit a low of more than 40 liras per dollar after the mayor, a key opponent of President Recep Tayyip Erdogan, was detained over a corruption probe — a move denounced by his opposition CHP party as a “coup.”Trading on the Istanbul stock exchange was temporarily halted and it finished the day 8.7 percent lower.The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about “high uncertainties” including over trade.- Key figures around 2125 GMT -New York – Dow: UP 0.9 percent at 41,964.63 points (close)New York – S&P 500: UP 1.1 percent at 5,675.29 (close)New York – Nasdaq Composite: UP 1.4 percent at 17,750.79 (close)London – FTSE 100: FLAT at 8,706.66 (close)Paris – CAC 40: UP 0.7 percent at 8,171.47 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,288.06 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 37,751.88 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,771.14 (close)Shanghai – Composite: DOWN 0.1 percent at 3,426.43 (close)Euro/dollar: DOWN at $1.0903 from $1.0944 on TuesdayPound/dollar: DOWN at 1.3002 from 1.3003Dollar/yen: DOWN at 148.71 yen from 149.36 yenEuro/pound: DOWN at 83.82 pence from 84.16 penceWest Texas Intermediate: UP 0.4 percent at $67.16 per barrelBrent North Sea Crude: UP 0.3 percent at $70.78 per barrelburs-rl/jj/bys/jgc