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From “flying cars” to robots and self-driving buses, here are some of the innovations spotted at this week’s Munich auto fair, IAA Mobility, one of the world’s biggest:’Give cars wings’Chinese brands showcased their efforts to create “flying cars”, small electric aircraft powered by multiple rotors designed for short journeys.”We want to give the car wings,” said Wang Tan, co-founder of carmaker Xpeng’s aeronautical unit.Xpeng’s Land Aircraft Carrier, an electric car that contains a fold-out, two-seat electric aircraft, should go into mass production in 2026 and be on sale in China for less than 2 million yuan ($281,000).Uses include rescue from locations where access is difficult, such as in heavy traffic or from tall buildings, Wang said.GAC’s flying car unit Govy meanwhile showed off its AirCab, a two-seater self-driving electric aircraft with a top-speed of 120 km/h and a range of up to 30 kilometres.”It is quieter than a helicopter and better meets people’s needs,” Govy spokeswoman Li Shuhan said. “It’s also cheaper.”About 1,500 AirCabs are on order at 1.68 million yuan each.Robot dogs (and their batteries)Covered in yellow fur, and with big googly eyes and a red felt tongue, the Go2 robotic dog looks cute and cuddly — but it is more than just a gimmick.”For dangerous work you need robots”, said Todd Zhang from Eve Energy, the Chinese company that makes batteries for the Go2, which is built by another Chinese outfit, Unitree Robotics.”In the future we’ll send robotic dogs into dangerous environments rather than human beings.”Eve Energy also supplies German carmakers like BMW and Porsche, highlighting China’s grip on the supply chain for electric cars.Wolf on wheelsEager to show that Europeans can innovate too, Austrian Wolfgang Podleiszek is working on a funky two-wheeled electric car that steers like a segway and needs the driver to lean into corners.”We’ve tried to send a signal for Europe, that we can once again dream and do something new and innovative,” he said.Podleiszek founded Wolf eMobility last year, and was on the hunt for investors at the motor show to build a prototype.”Once people can try it out and see just how fun it is, I think the rest will follow,” he said.But his small firm is in the sights of German giant Volkswagen, who have taken the company to court on the grounds that “Wolf” in German sounds too similar to Volkswagen’s Golf car.But Podleiszek says “our chances are not bad” in the dispute.New buses for older peopleCompanies including Germany’s Holon and Estonia’s Auve Tech displayed small self-driving buses, designed for routes where larger buses with drivers could be too expensive.Auve Tech has 25 vehicles on the road, 20 of which are in Japan, co-founder Johannes Mossov told AFP, helped by a “strong push” from the government there.”It’s logical because of the ageing population,” he said. “People need public transport to be more accessible for people who might not want to drive their personal car or walk long distances.””Europe will be similar in 10 to 15 years,” he added.Robot people Chinese electric-vehicle maker Xpeng was showcasing its humanoid robot, called Iron, at the fair.Over 30 Irons are currently in training, mostly on the carmaker’s production line, although some also help out with showroom sales.”We hope we can let robots work on the production line by the end of this year,” Shi Xiaoxin, Xpeng’s head of robotics, told AFP.And by the end of next year, they will likely be meeting and greeting customers, he said.Iron is trained using motion sensors worn by employees, which gather data on human movement. 

European and Asian stock markets rose Thursday as traders awaited more US inflation data and the European Central Bank’s latest decision on interest rates.The dollar gained versus the euro and other main rivals.An update on the US consumer price index is due Thursday, one day after official figures showed producer prices falling in the world’s biggest economy.Together with recent weak US jobs numbers, analysts expect the Federal Reserve to cut interest rates before the end of the year. Thursday’s data should provide further clues over by how much the Fed intends to reduce borrowing costs at its September meeting.”A softer-than-expected set of numbers could fuel bets of a jumbo Fed cut next week to support a weakening jobs market,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.Ahead of the US inflation report, the European Central Bank is expected to hold its key interest rate steady at two percent for its second straight meeting, with eurozone inflation under control and trade tensions having eased.Wall Street’s S&P 500 hit a fresh record high Wednesday thanks to a surge in the share price of Oracle.The software giant projected huge revenue growth as it prospers from an investment boom in artificial intelligence.In Asia, the Tokyo stock market hit a record high, helped by a 10-percent surge in the share price of tech investment titan SoftBank. Oil prices fell Thursday as ample supply of crude helps to offset this week’s escalation of tensions in the Middle East and over the Russia-Ukraine war.The International Energy Agency on Thursday said global oil supply hit a record high in August as OPEC+ and other countries ramped up production, with a looming surplus keeping prices in check.- Key figures at around 1050 GMT -London – FTSE 100: UP 0.5 percent at 9,274.16 pointsParis – CAC 40: UP 0.8 percent at 7,825.89Frankfurt – DAX: UP 0.2 percent at 23,674.47Tokyo – Nikkei 225: UP 1.2 percent at 44,372.50 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 26,086.32 (close)Shanghai – Composite: UP 1.7 percent at 3,875.31 (close)New York – Dow: DOWN 0.5 percent at 45,490.92 (close)Euro/dollar: DOWN at $1.1681 from $1.1696 on WednesdayPound/dollar: DOWN at $1.3504 from $1.3528 Dollar/yen: UP at 147.96 from 147.40 yen Euro/pound: UP at 86.47 pence from 86.46 penceBrent North Sea Crude: DOWN 0.7 percent at $67.02 per barrelWest Texas Intermediate: DOWN 0.8 percent at $63.14 per barrelburs-bcp/rl

Checking out an electric vehicle made by China’s BYD at the Munich auto show, German designer Tayo Osobu was impressed by the interior and said she would consider buying one.”And why not?,” said the 59-year-old from Frankfurt, in a country where domestic titans Volkswagen, BMW and Mercedes-Benz have long dominated.”If they are sold here, it means they meet European standards.”At the IAA auto fair in the German city this week, Chinese electric vehicle (EV) makers were out in force, highlighting the determination of the country’s fast-growing car giants to make inroads into Europe.Some 100 Chinese auto companies flocked to Munich, out of a total 700 exhibitors at the biennial show, ranging from big-name manufacturers to smaller suppliers and start-ups.While they still lag far behind Europe’s long-established carmakers in terms of market share on the continent, firms from the world’s number two economy have been gaining ground with their technology-packed EVs.Leading the pack is giant BYD, whose sales in Europe surged by 250 percent in the first half of the year. In Munich, the manufacturer was showcasing flagship models like the Dolphin Surf, a small EV with a starting price of around 20,000 euros ($23,400) — cheaper than many offerings from European carmakers.Volkswagen, Europe’s biggest automaker, in contrast has seen sales and profits fall in the face of fierce competition and weak demand, prompting it to announce plans for mass layoffs in Germany. And American EV pioneer Tesla, which was not present at the show in Munich, has also seen its market share drop — in part because many consumers have been put off by its boss Elon Musk’s support for far-right political parties.- EU tariffs – Chinese carmakers have grown rapidly as they have benefited from lower labour costs, generous government support and strong consumer demand for their high-tech models in the world’s biggest auto market, according to experts. “What has changed in five years is that, at a lower price, the Chinese are now on par in terms of technology and quality in many respects,” said Stefan Bratzel, director of the Center of Automotive Management in Germany. To combat the influx of Chinese cars and protect European manufacturers, the EU last year slapped hefty new tariffs on Chinese-made EVs over what the bloc said were unfair state subsidies.But sales of Chinese electric cars have continued to grow, and BYD looks set to skirt the levies — its first European factory, in Hungary, will start production later this year.Bratzel however said it was “too early” to talk about an invasion. Chinese carmakers still need to establish “a relationship of trust” with European consumers and build up networks of dealerships and after-sales services, he said.There was scepticism about Chinese cars among some of those attending the Munich fair.”If you drive a Chinese car, which garage would you go to if there are problems?” said Pamina Lohrmann, a 22-year-old German woman, at the Volkswagen stand where an old model of the popular Polo was on display.”I grew up with German brands, they appeal to me more.” – European ‘heritage, legacy’ -Despite such concerns, some Chinese carmakers, such as Xpeng, are hoping to attract a tech-savvy, younger demographic.President Brian Gu said the manufacturer was aiming for “the first wave of tech enthusiasts”.Europe’s storied carmakers are fighting back, hoping their trustworthy reputations, built over many decades, will stand them in good stead.Among a series of more affordable EVs unveiled by Volkswagen in Munich this week was one named “ID.Polo”, aiming to capitalise on the popularity of its classic small car.European carmakers are also adopting new battery technology and looking at using more Chinese components in their vehicles, according to industry expert Matthias Schmidt.They aim to focus on their “heritage, legacy and DNA,” said Schmidt, adding that these are characteristics that “Chinese new market entrants simply don’t have”. 

Mexico, under pressure not to serve as a back door for Chinese goods entering the United States, has proposed a 50 percent duty on car imports from the Asian giant — up from 15-20 percent.The initiative, contained in a bill submitted by the government to Congress, seeks to assuage US President Donald Trump — who has repeatedly urged trading partners to increase duties on China — while also bolstering Mexico’s industrial sector.The White House has said Chinese producers are abusing a free-trade deal between the United States, Mexico and Canada to send goods northward over the Mexican border tariff-free.Beijing criticised the proposed tariffs on Thursday, with a foreign ministry spokesman saying, without mentioning the United States, that China “firmly opposes any coercion.”Mexican President Claudia Sheinbaum has also complained of the impact of Chinese imports on domestic manufacturing, and the bill says the increased tariff will seek to protect 19 industrial sectors considered “strategic.”It also proposes raising tariffs on other countries with which Mexico has no trade agreement.Mexico replaced China in 2023 as the United States’ largest trading partner, with the Latin American country’s northern neighbor buying more than 80 percent of its exports.It sends nearly three million automobiles to the United States a year, including cars and trucks assembled by US auto companies in Mexico.China said it opposed any restriction that “undermines China’s legitimate rights and interests.””China attaches great importance to the development of China-Mexico relations, and hopes that Mexico will move forward in the same direction with China,” Lin told a regular news briefing in Beijing on Thursday.- Improve trade balance -Light vehicle imports from China would be subject to a 50 percent tariff, and auto parts between 10 and 50 percent, if the bill is approved.The bill, announced by the economy ministry Wednesday, said the changes sought to “protect the national industry in strategic sectors, replace imports from Asia with domestic production” and “improve Mexico’s trade balance.”The initiative should protect 325,000 jobs in strategic industries and create thousands more, the ministry said.Two out of every 10 light vehicles sold in Mexico are Chinese, according to official data. Sales in the sector grew by 10 percent last year.Several auto giants, including America’s General Motors and Ford, Germany’s Volkswagen and Japan’s Nissan, Honda, and Toyota, have factories in Mexico.According to the wording of the bill, South Korea, India, Indonesia, Russia, Thailand and Turkey would also be affected by the tariff increases.Trump has imposed a 25 percent tariff on car imports, with exemptions for vehicles with US content assembled in Mexico. Sheinbaum’s ruling party holds a majority in Congress, and the bill is likely to pass.

Asian and European equities mostly rose Thursday as investors built on this week’s rally after US data ramped up expectations for a string of interest rate cuts.Markets have enjoyed a healthy run in recent months — with some hitting record highs — on growth optimism that the Federal Reserve will resume its monetary easing process as figures indicate the world’s top economy is slowing.Those bets ramped up Friday on a report showing jobs creation was well below forecasts, while another this week revealed there were more than 900,000 fewer new posts than thought in the 12 months through March.On Wednesday, the Department of Labor said the producer price index (PPI) fell on-month in August for the first time since April, confounding forecasts for a rise. July’s figure was also revised down.The data soothed worries that US President Donald Trump’s tariff war would reignite inflation — as many have warned — and gave the Fed room to cut rates and address weakness in the jobs market.Focus is now on the more crucial consumer price index report due Thursday, which could play a major role in how many cuts the Fed makes, and how big they are.The PPI reading was “a red carpet unfurled straight to the September Federal Open Market Committee, with (boss Jerome) Powell cast as the reluctant guest of honour”, wrote SPI Asset Management’s Stephen Innes.”What markets heard wasn’t just a tick lower in input prices; it was confirmation that the worst inflation ghost stories aren’t materialising. Producers aren’t shoving tariffs straight onto consumers; they’re eating some of it to stay competitive.”He added that if the consumer price figure “comes in tame, the conversation tilts from a careful quarter-point shuffle to the possibility of a half-point swing”.Vincenzo Vedda, global chief investment officer at DWS, predicted five rate cuts by September 2026.Wednesday’s figures helped push the S&P 500 to another record high on Wall Street, and most of Asia followed suit.Tokyo piled on more than one percent to a second successive record, helped by a 10 percent surge in tech investment titan SoftBank to its own record. The firm’s gains came after its subsidiary Arm announced a new AI platform. Seoul also hit another fresh peak, while Shanghai, Singapore, Taipei, Mumbai and Bangkok also rose.Jakarta jumped after Indonesia’s government said it plans to inject around $12 billion into the economy. The gains briefly pushed it back above Monday’s close, having tumbled Tuesday after President Prabowo Subianto removed finance minister Sri Mulyani Indrawati following anti-government protests.London and Paris rose while Frankfurt was flat but there were losses in Hong Kong, Sydney, Wellington and Manila.- Key figures at around 0715 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 44,372.50 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 26,086.32 (close)Shanghai – Composite: UP 1.7 percent at 3,875.31 (close)London – FTSE 100: UP 0.5 percent at 9,270.32 Euro/dollar: DOWN at $1.1693 from $1.1696 on WednesdayPound/dollar: DOWN at $1.3517 from $1.3528 Dollar/yen: UP at 147.78 from 147.40 yen Euro/pound: UP at 86.50 pence from 86.46 penceWest Texas Intermediate: DOWN 0.2 percent at $63.52 per barrelBrent North Sea Crude: DOWN 0.2 percent at $67.36 per barrelNew York – Dow: DOWN 0.5 percent at 45,490.92 (close)

Back-to-back talks between the United States and China’s top diplomats and defence chiefs could mark “a small step” towards a meeting between the leaders of the two countries, analysts said, but cautioned against expecting an imminent summit.The last time US President Donald Trump and Chinese leader Xi Jinping met was in 2019 so all eyes would be on any discussions of flashpoint issues like Taiwan, the South China Sea and US tariffs.Tensions between the world’s two biggest economies simmered this year, but have significantly cooled since April, when both countries slapped escalating tariffs on each others’ exports.Trump and Xi last spoke in June over the phone.The US leader said in August that he expects to visit China this year or shortly afterwards, noting that economic ties between the two countries have improved.While Xi has not publicly commented on a potential Trump visit, Wednesday’s talks between the countries’ defence and foreign affairs heads have raised hopes of a face-to-face meeting between the two leaders.US Secretary of State Marco Rubio told his Chinese counterpart Wang Yi in a telephone call on Wednesday that he wanted constructive and open dialogue with China.Wang described the call with Rubio as fruitful but warned that “recent negative words and deeds from the US side have undermined China’s legitimate rights and interests”, according to a Chinese foreign ministry statement. The talks were “a continuance of previous conversations and gestures made by both leaders and negotiations on the trade deal”, said Dylan Loh, an associate professor at Singapore’s Nanyang Technological University.”It is, to me, a positive small step but there are many more steps to make,” Loh told AFP.- Uncertainty ahead -In a separate video call the same day, China’s defence minister warned Pentagon chief Pete Hegseth that “containing, deterring, or interfering with China will be futile”, state broadcaster CCTV reported.The two conversations could “pave the way for a Trump-Xi meeting”, said Chong Ja Ian, an associate professor of political science at the National University of Singapore.”But none of that is clear at this point,” Chong told AFP.”The president is known to make and change decisions quickly, so it may be premature to predict that some leaders’ meeting is imminent,” he cautioned, referring to Trump.The calls came days after Xi presided over a major parade to mark the end of World War II, bringing together leaders including Russia’s Vladimir Putin and North Korea’s Kim Jong Un.Trump accused the three leaders of conspiring against the United States.Xi is unlikely to confirm the date and possibility of a meet with Trump until there is an “agreed scripted list of items to talk about” with his counterpart, said Lim Tai Wei, a professor and East Asia expert at Japan’s Soka University.”China’s unique political system does not allow any surprises to spring up during any summit with Trump,” Lim told AFP. NTU’s Loh said that there was always an expectation that the two leaders may meet during an upcoming APEC summit between late October and early November, which is being held in Korea’s southern city of Gyeongju.”However, given the rapid changes internally and externally, you never really quite know,” Loh added. 

Asian equities mostly rose Thursday as investors built on this week’s rally after US data ramped up expectations for a string of interest rate cuts.Markets have enjoyed a healthy run in recent months — with some hitting record highs — on growth optimism that the Federal Reserve will resume its monetary easing process as figures indicate the world’s top economy is slowing.Those bets ramped up Friday on a report showing jobs creation was well below forecasts, while another this week revealed there were more than 900,000 fewer new posts than thought in the 12 months through March.And on Wednesday, the Department of Labor said the producer price index (PPI) fell on-month in August for the first time since April, confounding forecasts for a rise. July’s figure was also revised down.The data soothed worries that US President Donald Trump’s tariff war would reignite inflation — as many have warned — and gave the Fed room to cut rates and address weakness in the jobs market.Focus is now on the more crucial consumer price index report due Thursday, which could play a major role in how many cuts the Fed makes, and how big they are.The PPI reading was “a red carpet unfurled straight to the September Federal Open Market Committee, with (boss Jerome) Powell cast as the reluctant guest of honour”, wrote SPI Asset Management’s Stephen Innes.”What markets heard wasn’t just a tick lower in input prices; it was confirmation that the worst inflation ghost stories aren’t materialising. Producers aren’t shoving tariffs straight onto consumers; they’re eating some of it to stay competitive.”He added that if the consumer price figure “comes in tame, the conversation tilts from a careful quarter-point shuffle to the possibility of a half-point swing”.Vincenzo Vedda, global chief investment officer at DWS, predicted five rate cuts by September 2026.Wednesday’s figures helped push the S&P 500 to another record high on Wall Street, and most of Asia followed suit.Tokyo and Seoul hit their own fresh peaks, while Shanghai, Singapore, Taipei and Manila also rose.Jakarta jumped after Indonesia’s government said it plans to inject around $12 billion into the economy. The gains pushed it back above Monday’s close, having tumbled Tuesday after President Prabowo Subianto removed finance minister Sri Mulyani Indrawati following anti-government protests.There were losses in Hong Kong, which retreated from a four-year high and was weighed by selling in the tech sector, while Sydney, Wellington and Manila also fell.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 44,271.92 (break)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 25,983.91Shanghai – Composite: UP 0.3 percent at 3,824.10Euro/dollar: UP at $1.1701 from $1.1696 on WednesdayPound/dollar: UP at $1.3531 from $1.3528 Dollar/yen: DOWN at 147.37 from 147.40 yen Euro/pound: UP at 86.47 pence from 86.46 penceWest Texas Intermediate: FLAT at $63.67 per barrelBrent North Sea Crude: FLAT at $67.49 per barrelNew York – Dow: DOWN 0.5 percent at 45,490.92 (close)London – FTSE 100: DOWN 0.2 percent at 9,225.39 (close)

The S&P 500 rose to a fresh record Wednesday behind a surge in Oracle shares as markets looked ahead to key consumer pricing data expected to influence US interest rate decisions.The Federal Reserve has been widely expected to cut interest rates at its meeting next week, but there is debate about whether the central bank will signal likely additional cuts in 2025.The US producer price index (PPI) dipped 0.1 percent on a month-on-month basis, according to Department of Labor data — when analysts had expected a 0.3-percent increase.The producer data suggests “muted” inflation impact from tariffs and that “businesses are absorbing at least part of tariff costs,” said a note from FHN Financial’s Will Compernolle. “Nothing in today’s data should sway the Fed from cutting rates next week.”Markets are also currently betting on additional Fed rate cuts in October and December. But those moves are considered less certain and could be influenced by Thursday’s consumer price data. Fed policy makers have lately described the state of the job market as more pressing than inflation.Elsewhere, Tokyo’s stock market ended at an all-time high, as did Seoul where South Korean traders were hopeful the government will not implement plans to lower the capital gains tax threshold for stocks.In Europe, the Paris CAC 40 ended the day with a slight gain as a new prime minister took office in France.President Emmanuel Macron on Tuesday appointed Sebastien Lecornu as prime minister, one day after his predecessor Francois Bayrou lost a confidence vote in parliament over planned austerity measures to reduce France’s debt.”The failure of… (the) austerity push signals that compromise will be needed, but for now, investors are focusing on the near-term boost to sentiment rather than the longer-term fiscal risks,” noted Joshua Mahony, chief market analyst at Scope Markets.Oil prices rose moderately as markets eye increased geopolitical risk following Israel’s strike on Qatar targeting Hamas.Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani told CNN that an unprecedented Israeli strike in Doha targeting Hamas killed hope for Gaza hostages, calling for Israeli leader Benjamin Netanyahu to be “brought to justice”.Software giant Oracle surged 36 percent after projecting huge revenue growth in the next few years as it prospers from the artificial intelligence investment boom.Oracle projected that its cloud business revenues would grow 77 percent in the current fiscal year to $18 billion. In subsequent years, revenues are expected to rise to $32 billion, $73 billion, $114 billion, and $144 billion.- Key figures at around 2030 GMT -New York – Dow: DOWN 0.5 percent at 45,490.92 (close)New York – S&P 500: UP 0.3 percent at 6,532.04 (close)New York – Nasdaq Composite: UP less than 0.1 percent at 21,886.06 (close) London – FTSE 100: DOWN 0.2 percent at 9,225.39 (close)Paris – CAC 40: UP 0.2 percent at 7,761.32 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,632.95 (close)Tokyo – Nikkei 225: UP 0.9 percent at 43,837.67 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 26,200.26 (close)Shanghai – Composite: UP 0.1 percent at 3,812.22 (close)Euro/dollar: DOWN at $1.1696 from $1.1708 on TuesdayPound/dollar: FLAT at $1.3528 Dollar/yen: DOWN at 147.40 from 147.41 yen Euro/pound: DOWN at 86.46 pence from 86.56 penceBrent North Sea Crude: UP 1.7 percent at $67.49 per barrelWest Texas Intermediate: UP 1.7 percent at $63.67 per barrelburs-jmb/sla

Global stock markets struck fresh record highs on Tuesday as expectations of more cuts to US interest rates offset escalating geopolitical tensions.Data showing US producer prices unexpectedly fell in August helped push the S&P 500 and Nasdaq Composite into record territory.The US producer price index (PPI) dipped 0.1 percent on a month-on-month basis, according to Department of Labor data — when analysts had expected a 0.3-percent increase.Briefing.com analyst Patrick O’Hare said the data will ease the market’s angst about the effect of tariffs fuelling inflation in consumer prices.”This report will keep the market locked on its view that there will be at least 75 basis points of rate cuts by the Fed before the end of the year,” he said. Wall Street had notched fresh highs Tuesday as markets digested weak US jobs data that added to expectations that the Federal Reserve will lower US interest rates at its meeting next week.Investors also see it cutting rates at the other two meetings remaining in 2025.The dollar drifted lower against its main rival currencies.Wall Street also got a boost from a more than 40-percent jump in Oracle shares after the software company projected huge revenue growth based on contracts connected to artificial intelligence.Tokyo’s stock market ended at an all-time high, as did Seoul where South Korean traders were hopeful the government will not implement plans to lower the capital gains tax threshold for stocks.In Europe, the Paris CAC 40 ended the day with a slight gain as a new prime minister took office in France.President Emmanuel Macron on Tuesday appointed Sebastien Lecornu as prime minister, one day after his predecessor Francois Bayrou lost a confidence vote in parliament over planned austerity measures to reduce France’s debt.”The failure of… (the) austerity push signals that compromise will be needed, but for now, investors are focusing on the near-term boost to sentiment rather than the longer-term fiscal risks,” noted Joshua Mahony, chief market analyst at Scope Markets.Kathleen Brooks, research director at XTB trading group, said “financial markets are once again defying gravity as we move through September, which is seasonally a weak month for stocks.”Traders appeared also to look past Russia’s overnight violation of Polish airspace.Gains for oil prices were relatively modest, while gas futures were unmoved after Israel’s strikes Tuesday against Hamas in gas-rich Qatar.Gold, a traditional safe haven investment, traded close to its recent record highs. Elsewhere, Jakarta’s stock market clawed back a large part of Tuesday’s heavy losses that came after President Prabowo Subianto removed finance minister Sri Mulyani Indrawati following deadly anti-government protests.London ended lower, pulled down by a nearly 13-percent plunge in the share price of Primark owner ABF following a poorly-received trading update regarding its clothing and food businesses.- Key figures at around 1530 GMT -New York – Dow: DOWN 0.6 percent at 45,454.46 pointsNew York – S&P 500: UP 0.4 percent at 6,538.15New York – Nasdaq Composite: UP 0.4 percent at 21,957.35 London – FTSE 100: DOWN 0.2 percent at 9,225.39 (close)Paris – CAC 40: UP 0.2 percent at 7,761.32 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,632.95 (close)Tokyo – Nikkei 225: UP 0.9 percent at 43,837.67 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 26,200.26 (close)Shanghai – Composite: UP 0.1 percent at 3,812.22 (close)Euro/dollar: UP at $1.1723 from $1.1707 on TuesdayPound/dollar: UP at $1.3547 from $1.3527 Dollar/yen: DOWN at 147.40 from 147.42 yen Euro/pound: DOWN at 86.54 pence from 86.57 penceBrent North Sea Crude: UP 1.5 percent at $67.36 per barrelWest Texas Intermediate: UP 1.6 percent at $63.62 per barrelburs/rl/rlp

Global stock markets rose Wednesday, with some Asian indices reaching record heights, as expectations of more cuts to US interest rates offset escalating geopolitical tensions.The dollar steadied ahead of US inflation figures Wednesday that are set to play a part in guiding Federal Reserve decision-making on rates for the rest of the year.Tokyo’s stock market ended at an all-time high, as did Seoul where South Korean traders were hopeful the government will not implement plans to lower the capital gains tax threshold for stocks.Wall Street indices had rocketed to fresh highs Tuesday as markets digested weak US jobs data that added to expectations of lower American borrowing costs. In Europe, the Paris CAC 40 gained in early afternoon trading as France welcomed a new prime minister.President Emmanuel Macron on Tuesday appointed Sebastien Lecornu as prime minister, one day after his predecessor Francois Bayrou lost a confidence vote in parliament over planned austerity measures to reduce France’s debt.”The failure of… (the) austerity push signals that compromise will be needed, but for now, investors are focusing on the near-term boost to sentiment rather than the longer-term fiscal risks,” noted Joshua Mahony, chief market analyst at Scope Markets.Kathleen Brooks, research director at XTB trading group, said “financial markets are once again defying gravity as we move through September, which is seasonally a weak month for stocks”. Wall Street’s “S&P 500 hit a record on Tuesday and brushed off concerns about an Israeli attack on Qatar”, she added.Traders appeared also to look past Russia’s overnight violation of Polish airspace. Gains for oil prices were relatively modest, while gas futures were unmoved after Israel’s strikes Tuesday against Hamas in gas-rich Qatar.Gold, a traditional safe haven investment, traded close to its recent record highs. Elsewhere, Jakarta’s stock market clawed back a large part of Tuesday’s heavy losses that came after President Prabowo Subianto removed finance minister Sri Mulyani Indrawati following deadly anti-government protests.While London was up overall, gains were capped slightly by a 10-percent plunge in the share price of Primark owner ABF following a poorly-received trading update regarding its clothing and food businesses.- Key figures at around 1045 GMT -London – FTSE 100: UP 0.4 percent at 9,280.75 pointsParis – CAC 40: UP 0.5 percent at 7,791.46Frankfurt – DAX: UP 0.2 percent at 23,774.00Tokyo – Nikkei 225: UP 0.9 percent at 43,837.67 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 26,200.26 (close)Shanghai – Composite: UP 0.1 percent at 3,812.22 (close)New York – Dow: UP 0.4 percent at 45,711.34 (close)Euro/dollar: DOWN at $1.1700 from $1.1707 on TuesdayPound/dollar: UP at $1.3538 from $1.3527 Dollar/yen: UP at 147.46 from 147.42 yen Euro/pound: DOWN at 86.44 pence from 86.57 penceBrent North Sea Crude: UP 0.8 percent at $66.94 per barrelWest Texas Intermediate: UP 0.9 percent at $63.17 per barrel