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Wall Street stocks overcame early weakness Friday to push higher for a fourth straight positive session, following gains in most overseas equity markets.The upbeat session reflected a continuation of the market’s constructive trend after President Donald Trump said Tuesday he has no intention of firing Federal Reserve Chair Jerome Powell.The administration has also adopted a more conciliatory tone on trade talks with China, although the state of play between Washington and Beijing remains murky.Beijing has said there are no active negotiations with the United States, while Trump claimed to have spoken with Chinese leader Xi Jinping.TIME Magazine wrote Friday that Trump said in an interview he was still convinced tariffs were necessary and that he would “consider it a ‘total victory’ if the US still has tariffs as high as 50 percent on foreign imports a year from now.”City Index and FOREX.com analyst Fawad Razaqzada called the comments “an aggressive reminder that underscores his protectionist trade agenda, even if he has promised to reduce tariffs on Beijing significantly.”He added that the comments “probably caused the mild selling” trend.But US stocks recovered from early losses and two of the three major indices posted solid gains, with the S&P 500 finishing up 0.7 percent.Europe’s main markets ended higher as did most Asian markets.Sentiment was boosted by reports on Friday that China may exempt some US goods from its hefty retaliatory tariffs. “While tariffs are unlikely to go away completely, any easing of the trade war will be lapped up by financial markets,” said Russ Mould, investment director at AJ Bell.Equity markets “are also benefitting from strong earnings reports,” said Kathleen Brooks, research director at trading group XTB.”Google reported earnings that smashed expectations last night,” she added.Google-parent Alphabet posted earnings that exceeded expectations for the recently ended quarter, driven by its cloud computing and artificial intelligence operations.In Asia, Tokyo jumped almost two percent by the close following Japanese media reports that a second round of trade talks in Washington was set for May 1.The discussions will be closely watched as a barometer for efforts by other countries seeking tariff relief.Chinese stock indices ended the week fairly steady, as China’s top leaders urged more support for the economy and opposed “unilateral bullying” in global trade, according to a readout of a meeting published by state media Friday.Seoul jumped one percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next week.Analysts are beginning to look ahead to next week’s heavy calendar of earnings and US economic data.The “soft data has been showing very negative signs for the economy, but it hasn’t really gone through to the hard data,” said Victoria Fernandez of Crossmark Global Investments.Reports next week on the labor market and other key indicators will show if “we are truly weakening or not,” Fernandez said.- Key figures at 2030 GMT -New York – Dow: UP 0.1 percent at 40,113.50 (close)New York – S&P 500: UP 0.7 percent at 5,525.21 (close)New York – Nasdaq Composite: UP 1.3 percent at 17,382.94 (close)London – FTSE 100: UP 0.1 percent at 8,415.25 (close)Paris – CAC 40: UP 0.5 percent at 7,536.26 (close)Frankfurt – DAX: UP 0.8 percent at 22,242.45 (close)Tokyo – Nikkei 225: UP 1.9 percent at 35,705.74 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 21,980.74 (close)Shanghai – Composite: DOWN 0.1 percent at 3,295.06 (close)Euro/dollar: DOWN at $1.1359 from $1.1390 on ThursdayPound/dollar: DOWN at $1.3314 from $1.3342 Dollar/yen: UP at 143.69 yen from 142.63 yenEuro/pound: DOWN at 85.31 pence from 85.37 penceWest Texas Intermediate: UP 0.4 percent at $63.02 per barrelBrent North Sea Crude: UP 0.5 percent at $66.87 per barrelburs-jmb/des

Wall Street stock markets wobbled Friday after President Donald Trump indicated he envisages stiff US tariffs even after reaching trade deals.The pullback came after a three-day rally based in large part on hopes that the United States would reach trade deals with its major partners.TIME Magazine wrote Friday that Trump said in an interview he was still convinced tariffs were necessary and that he would “consider it a ‘total victory’ if the US still has tariffs as high as 50 percent on foreign imports a year from now.”City Index and FOREX.com analyst Fawad Razaqzada called the comments “an aggressive reminder that underscores his protectionist trade agenda, even if he has promised to reduce tariffs on Beijing significantly”. He added that the comments “probably caused the mild selling” trend.While the Trump administration has gone forward with 145-percent tariffs on most goods from China, it suspended high tariffs on other countries for three months as it pursues trade deals.Europe’s main markets ended higher as did most Asian markets.Sentiment was boosted by reports on Friday that China may exempt some US goods from its hefty retaliatory tariffs. “While tariffs are unlikely to go away completely, any easing of the trade war will be lapped up by financial markets,” said Russ Mould, investment director at AJ Bell.Equity markets “are also benefitting from strong earnings reports,” said Kathleen Brooks, research director at trading group XTB.”Google reported earnings that smashed expectations last night,” she added.Google-parent Alphabet posted earnings that exceeded expectations for the recently ended quarter, driven by its cloud computing and artificial intelligence operations.Its shares were up 1.8 percent in midday trading.Paris and Frankfurt stocks closed the day with gains as investors brushed off comments from France’s economy minister Eric Lombard that a trade deal between the United States and the European Union was a way off.London’s stock market edged higher following positive UK retail data.In Asia, Tokyo jumped almost two percent by the close following Japanese media reports that a second round of trade talks in Washington was set for May 1.The discussions will be closely watched as a barometer for efforts by other countries seeking tariff relief.Chinese stock indices ended the week fairly steady, as China’s top leaders urged more support for the economy and opposed “unilateral bullying” in global trade, according to a readout of a meeting published by state media Friday.Seoul jumped one percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next week.Investors are optimistic also that the US Federal Reserve may cut interest rates sooner than expected.Fed Governor Christopher Waller said during an interview with Bloomberg Television that he would support interest rate cuts if harsh tariffs hurt the jobs market.The dollar made solid gains versus main rivals Friday, while crude prices were kept on the back foot by fears that the OPEC oil cartel and its allies will step up production further.- Key figures at 1530 GMT -New York – Dow: DOWN 0.6 percent at 39,859.00 pointsNew York – S&P 500: FLAT at 5,482.79 New York – Nasdaq Composite: UP 0.3 percent at 17,223.58London – FTSE 100: UP less than 0.1 percent at 8,415.25 (close)Paris – CAC 40: UP 0.5 percent at 7,536.26 (close)Frankfurt – DAX: UP 0.8 percent at 22,242.45 (close)Tokyo – Nikkei 225: UP 1.9 percent at 35,705.74 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 21,980.74 (close)Shanghai – Composite: DOWN 0.1 percent at 3,295.06 (close)Euro/dollar: DOWN at $1.1369 from $1.1392 on ThursdayPound/dollar: DOWN at $1.3311 from $1.3339 Dollar/yen: UP at 143.95 yen from 142.62 yenEuro/pound: UP at 85.41 pence from 85.35 penceWest Texas Intermediate: FLAT at $62.77 per barrelBrent North Sea Crude: DOWN 0.1 percent at $65.58 per barrelburs-rl/db

Chinese companies such as BYD made their name producing some of the world’s best electric vehicles ahead of the curve but they have turned to an old-school solution to extend the range of some of their newest models — the petrol generator. At the huge industry show Auto Shanghai this week, BYD’s luxury Yangwang U8 SUV and other electric models such as Chery’s Exeed ET promised an unusually long range of more than 1,000 kilometres (620 miles).The secret is a small petrol generator, known as a range extender, which is connected to the cars’ batteries and feeds them only when needed.Because the range extender is not connected to the wheels, the vehicles, known as EREVs, always run in 100 percent electric mode even though they consume petrol and emit toxic gases.This technology grew faster in China last year than any other type of powertrain, the system that propels a vehicle forward. More than one million EREVs were sold, representing a total market share of six percent, according to the McKinsey consultancy.Range extenders are rare elsewhere at the moment but that could soon change.In the United States, Stellantis plans to offer an EREV version of its star pick-up, the Ram 1500, while its Chinese partner Leapmotor has already launched its C10 SUV in Europe. Volkswagen has plans to launch an EREV Scout pickup in the United States after unveiling an EREV SUV at Auto Shanghai as part of its renewed push into China. Horse Powertrain, a joint venture between France’s Renault and China’s Geely, also presented an engine that can be installed in an electric model.- Global expansion? -EREVs fall into the category of rechargeable hybrids, which are seen by manufacturers as a good bet in Europe and North America where electrification has been slower than expected. They pollute less than petrol cars if they are properly charged, while also assuaging driver concerns about range. According to a survey published by McKinsey on Tuesday, once the concept has been explained, almost a quarter of customers questioned in Europe and the United States said they would consider choosing an EREV as their next car. “This is a real use identified for the United States, for very American needs,” said Stellantis’ Sebastien Jacquet.They are suitable for long journeys but also work well for “pick-ups for towing boats, for example”. While an electric vehicle has towing capacity, its battery only lasts 100 kilometres, Jacquet said.The road ahead is less clear in Europe.Unlike in the United States, there is a planned transition to a 100 percent electric car market, warned Alexandre Marian of AlixPartners, “the cut-off point of 2035”.Some, notably Germany, want exceptions for non-electric but less polluting motors. “Who would now invest into new capacities if you know that there’s a natural end to it in 2035?” asked Holger Klein, head of German equipment manufacturer ZF. “That’s why we need to solve this very soon,” he said.Range extenders are a “very good opportunity to reduce the entry cost for people to come to electric mobility”, said Volkswagen boss Oliver Blume on Tuesday.However, “in the long term I see the electric mobility as superior”, he said.In a few years, Blume said, battery development will have progressed to the point where those longer ranges will be achievable by pure electric vehicles.

US President Donald Trump has insisted Chinese leader Xi Jinping called him despite Beijing denials of any contact between the two countries over their bitter trade dispute.In an interview conducted on April 22 with TIME Magazine and published Friday, the US president did not say when the call took place or specify what was discussed.”He’s called,” Trump said. “And I don’t think that’s a sign of weakness on his behalf.”Chinese Commerce Ministry spokesman He Yadong told reporters Thursday that “I would like to emphasize that there are currently no economic and trade negotiations between China and the United States.”The world’s two biggest economies are locked in an escalating tit-for-tat trade battle triggered by Trump’s levies on Chinese goods, which have reached 145 percent on many products.Trump suggested he will announce deals with US trading partners in the next few weeks.”I would say, over the next three to four weeks, and we’re finished, by the way,” he said.”There’s a number at which they will feel comfortable,” Trump told the magazine, referring to China. “But you can’t let them make a trillion dollars on us.”The tariff blitz — which Trump says is retaliation for unfair trade practices, as well as a bid to restore US manufacturing prowess — has rattled markets and raised fears of a global recession.

TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices.But while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs.Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump.They say this Chinese decision, of which AFP has found no trace, authorises them to reveal the hidden underbelly of luxury goods manufacturing in China.They encourage Western consumers to buy directly from the websites selling these goods, which bear no logos or labels but are said to be of the same quality and design as the expensive originals.The prices are alluring too, dropping from $38,000 for a luxury bag to $1,400.Brands targeted — which include Hermes, Chanel and Louis Vuitton, whose goods are produced in Europe and the United States according to their websites — declined to respond to AFP questions about the claims made in these viral videos.But for Jacques Carles, head of the French Luxury and Design Centre, a management consultancy, the notion that luxury brands would manufacture goods in China is simply “absurd”.”It would be suicidal. If there was evidence — and there isn’t — it would be the end. These brands aren’t stupid,” he told AFP.While the TikTokers point to the skill of the Chinese workers, presented as the little hands behind the big luxury names, “these counterfeit workshops absolutely do not respect all the required stages in the manufacturing process”, he said.- ‘Creating doubt’ -Carles cited the example of Hermes’s Birkin bag, which requires “hundreds of hours of work” to produce.He said the internet clip makers were, “by creating doubt”, actually looking to “open up an opportunity… to shift their stocks” of counterfeit goods.”It’s a viral campaign that’s spread on social networks (and) is difficult to counter,” he said.Luxury brands chose to remain silent and “treat the phenomenon with scorn”, which was a mistake in his view, he added.The accusation that luxury goods officially manufactured in Europe were in reality being secretly made in China “does not make any sense”, concurred Michel Phan, professor of luxury marketing at emlyon business school in France.He rejected the argument made on TikTok that this was a Chinese retort to US trade tariffs.”Hurting European luxury brands will not change anything (for) the US government because they are not related to those brands,” he said.”All the videos online mentioning that luxury brands manufactured their products in China and then put the ‘Made in France’ label before selling them are nonsense.”It is illegal to do so and no brand will take the risk to get caught (sic) doing it.”The e-commerce department at China’s trade ministry said in a statement: “Any misleading marketing, infringement, or counterfeit activities” by entities posing as subconstractors for established brands “will be promptly referred to law enforcement agencies for investigation and action.”- ‘I’m such a sucker’ -Comments on the viral clips, portrayed as coming from internet users rather than the video creators themselves, seem to show that the message resonates.”I’m so annoyed. I paid top price!” said one in a video comment.”I’m such a sucker,” said another.Some leave comments asking for the names of “suppliers of luxury goods” in China from whom they can buy the coveted items on the cheap.Meanwhile, Chinese vendors are also selling counterfeit luxury goods directly on TikTok, with links to their websites. These TikTok live reels garner hundreds of views each.They show row upon row of shelves full of luxury items, all numbered.”DHL delivery. Products identical to those in stores. The only difference is the price,” says one, using an AI-generated voice in French.Internet users are invited to scan a QR code or click on a link to complete their purchase via WhatsApp or PayPal.AFP has found a score of similar live feeds, released simultaneously in English and French, suggesting that the main targets are internet users in Europe and the United States.China is regularly accused of being the world’s top producer of counterfeit goods.Some estimates suggest 70 to 80 percent of all fakes are manufactured there.In European Union states and a number of other countries there are hefty penalties for purchasing counterfeits.In France, that could mean a three-year prison term and a fine of 300,000 euros ($340,600).Customs authorities may also confiscate counterfeit goods and fine the purchaser the equivalent of the items’ true value.The European Union Intellectual Property Office (EUIPO) says counterfeiting costs European industry 16 billion euros a year, with the clothes, cosmetics and toy sectors being the worst affected.

Asian and European stocks climbed on Friday, buoyed by a rally on Wall Street, strong earnings from Google parent Alphabet, and hopes of diffusing tensions in US President Donald Trump’s trade war.US stocks rallied for a third straight session Thursday, shrugging off signs that US trade deals with China and the European Union aren’t imminent despite promising signs elsewhere.The dollar made solid gains versus main rivals Friday, while oil prices dropped nearly one percent.”Stock markets are riding a wave of hope that US tariffs will be scaled back, and the White House will provide certainty around future economic policy,” said Kathleen Brooks, research director at trading group XTB.European and Asian markets had halted their rally the previous day after Beijing refuted claims of ongoing trade talks with Washington following Trump playing up the prospects of a deal to lower the 145 percent tariffs imposed on most Chinese exports.But reports on Friday that China may exempt some US goods from its hefty retaliatory tariffs helped lift equities out of the red. “While tariffs are unlikely to go away completely, any easing of the trade war will be lapped up by financial markets,” said Russ Mould, investment director at AJ Bell.Brooks added that markets are benefitting also from strong earnings reports. Alphabet posted earnings that exceeded expectations for the recently ended quarter, driven by its cloud computing and artificial intelligence operations. In Europe, Paris and Frankfurt stocks rose in midday deals, as investors brushed off comments from France’s economy minister Eric Lombard that a trade deal between the United States and the European Union was a way off.London’s stock market edged down despite positive UK retail data.Tokyo jumped almost two percent by the close following Japanese media reports that a second round of trade talks in Washington was set for May 1.The discussions will be closely watched as a barometer for efforts by other countries seeking tariff relief.Chinese stock indices ended the week fairly steady, as China’s top leaders urged more support for the economy and opposed “unilateral bullying” in global trade, according to a readout of a meeting published by state media Friday.Seoul jumped one percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next week.Investors are optimistic also that the US Federal Reserve may cut interest rates sooner than expected.Fed Governor Christopher Waller said during an interview with Bloomberg Television that he would support interest rate cuts if harsh tariffs hurt the jobs market.- Key figures at 1045 GMT -London – FTSE 100: DOWN 0.1 percent at 8,401.30 pointsParis – CAC 40: UP 0.4 percent at 7,532.06Frankfurt – DAX: UP 0.5 percent at 22,169.14Tokyo – Nikkei 225: UP 1.9 percent at 35,705.74 (close)Hong Kong – Hang Seng Index: UP 0.3 percent 21,980.74 (close)Shanghai – Composite: DOWN 0.1 percent at 3,295.06 (close)New York – Dow: UP 1.2 percent at 40,093.40 (close)Euro/dollar: DOWN at $1.1357 from $1.1392 on ThursdayPound/dollar: DOWN at $1.3309 from $1.3339 Dollar/yen: UP at 143.36 from 142.62 yenEuro/pound: FLAT at 85.35 penceWest Texas Intermediate: DOWN 0.9 percent at $62.22 per barrelBrent North Sea Crude: DOWN 0.9 percent at $65.08 per barrelburs-ajb/bcp/rl

China’s top leaders pledged on Friday to step up support for the economy and oppose “unilateral bullying” in global trade in a veiled rebuke of hefty tariffs imposed by US President Donald Trump.The world’s two largest economies are engaged in a high-stakes trade war that has spooked markets and spurred major manufacturers to reconsider supply chains.Leaders at a gathering of the Chinese Communist Party’s top decision-making body focused on economic work, which was attended by President Xi Jinping, acknowledged that “the impact of external shocks is increasing”, state news agency Xinhua reported.They also said they would seek to “work with the international community to actively uphold multilateralism and oppose unilateral bullying practices”, it said.The brutal trade war comes as China’s economy strains under the weight of longstanding woes in the property sector and reluctance by consumers to pull out their wallets.Leaders at the Politburo meeting discussed a range of domestic economic issues, emphasising the need to “enhance the role of consumption in stimulating economic growth”, according to Xinhua.They also called for action to increase incomes and “vigorously develop service consumption”, as well as the implementation of key rate cuts at “appropriate times”.The readout of the meeting “shows the government is ready to launch new policies when the economy is affected by the external shock”, Zhiwei Zhang, President and Chief Economist of Pinpoint Asset Management, wrote in a note.However, Zhang noted “it seems Beijing is not in a rush to launch a large stimulus at this stage”.”It takes time to monitor and evaluate the timing and the size of the trade shock,” he added.Experts say the Chinese economy will need to depend more on domestic consumption in order to sustain growth through coming years.Beijing is targeting annual growth this year of five percent, although economists consider that goal to be ambitious.- ‘Extreme scenario’ -China achieved record exports last year, providing a key source of economic activity as domestic challenges in the property sector and deflationary pressure persisted.But the global trading system is now under great pressure, with Trump having hit most trading partners with 10 percent tariffs since reclaiming office in January.China has received the worst of Trump’s trade blitz, with many of its products now facing a 145 percent tariff. Beijing has responded with new 125 percent tariffs of its own on US goods.There have been competing claims in recent days about potential trade talks that could see an easing of the sky-high tariffs that have unleashed chaos on the global economy.A spokesman for Beijing’s commerce ministry said on Thursday that “there are currently no economic and trade negotiations between China and the United States”.But hours later, asked about the state of negotiations with Beijing, Trump maintained: “We’ve been meeting with China.”Chinese financial news outlet Caijing reported on Friday that Beijing was considering the exemption of certain US semiconductor products from recent additional tariffs, citing sources familiar with the matter.Beijing’s commerce ministry did not immediately respond to an AFP request to confirm the reports.China also said on Friday it was necessary to enhance “extreme scenario thinking” as the trade war deepens.”It is essential to… enhance both bottom-line thinking and extreme scenario thinking, with a strong focus on preventing and defusing trade risks,” a commerce ministry statement said.The Politburo meeting’s emphasis on innovation shows that China is preparing for a “deepening decoupling with the United States”, Yue Su, Principal Economist at the Economist Intelligence Unit, told AFP.The tone of the meeting “reflects growing concern over downside risks, as the government appears increasingly willing to factor potential negative shocks into its policy planning”, Su said.

Asian and European stocks climbed on Friday, buoyed by a rally on Wall Street and the prospect of trade deals progressing between the United States and some of its economic partners.US stocks rallied for a third straight session on Thursday, shrugging off signs that US trade deals with China and the European Union aren’t imminent despite promising signs elsewhere.Beijing said on Thursday any claims of ongoing trade talks with Washington were “groundless” after US President Donald Trump played up the prospects of a deal to lower the 145 percent tariffs he imposed on most Chinese exports.France’s economy minister Eric Lombard said a trade deal between the United States and the European Union was also a way off.However, global markets appear to have brushed aside the lack of progress.”There are mixed signals about whether there have been some talks about trade between the US and China,” said Lloyd Chan, a senior currency analyst at MUFG.”Nonetheless, the trade war and US policy-related uncertainty have persisted. Asian economies still face the risk of higher reciprocal tariffs.”China’s top leaders urged more support for the economy and opposed “unilateral bullying” in global trade, according to a readout of a meeting published by state media on Friday.Tokyo jumped 1.9 percent and Hong Kong was up 0.3 percent, while Shanghai was flat.The Nikkei rise came despite struggling Japanese auto giant Nissan issuing a stark profit warning on Thursday, forecasting a huge loss of up to $5.3 billion in the 2024-25 financial year.The markets see that the company “is moving ahead toward turnaround”, said Bloomberg Intelligence analyst Tatsuo Yoshida, as Nissan shares climbed more than 1.6 percent on Friday. “Booking significant impairment losses and restructuring charges is a necessary step toward Nissan Motor’s turnaround.”Japanese media reported on Thursday that a second round of trade talks in Washington was set for May 1, which will be closely watched as a barometer for efforts by other countries seeking tariff relief.Seoul jumped one percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next week.Taipei, Wellington, Singapore, Manila, Bangkok and Jakarta also climbed.   Markets were also responding to strong earnings from Google parent Alphabet, which reported on Thursday a profit of $34.5 billion in the recently ended quarter.Overall revenue at Alphabet grew 12 percent to $90.2 billion compared with the same period a year earlier, while revenue for its cloud unit grew 28 percent to $12.3 billion, according to the tech giant.London, Paris and Frankfurt were all up at the open.MUFG’s Chan also pointed to the Federal Reserve possibly cutting interest rates sooner than expected.Fed Governor Christopher Waller said during an interview with Bloomberg Television that he would support interest rate cuts if harsh tariffs hurt the jobs market.”In terms of the latest Fed speak, Fed’s Waller has said he would support rate cuts should there be a significant deterioration in the labour market,” Chan said.- Key figures at 0800 GMT -Tokyo – Nikkei 225: UP 1.9 percent at 35,705.74 (close)Hong Kong – Hang Seng Index: UP 0.3 percent 21,980.74 (close)Shanghai – Composite: DOWN 0.1 percent at 3,295.06 (close)London – FTSE 100: UP 0.1 percent at 8,418.12  Euro/dollar: DOWN at $1.1361 from $1.1392 on ThursdayPound/dollar: DOWN at $1.3302 from $1.3339 Dollar/yen: UP at 143.36 from 142.62 yenEuro/pound: UP at 85.40 from 85.35 penceWest Texas Intermediate: UP 0.29 percent at $62.97 per barrelBrent North Sea Crude: UP 0.17 percent at $66.66 per barrelNew York – Dow: UP 1.2 percent at 40,093.40 (close)burs-tc/pbt

Asian stocks climbed on Friday, buoyed by a rally on Wall Street, strong earnings from Google parent company Alphabet, and the prospect of diffusing tensions in US President Donald Trump’s trade war.US stocks rallied for a third straight session Thursday, shrugging off signs US trade deals with China and the European Union aren’t imminent.Beijing had said on Thursday any claims of ongoing trade talks with Washington were “groundless” after Trump played up the prospects of a deal to lower hefty tariffs he imposed on China.France’s economy minister Eric Lombard said a trade deal between the United States and the European Union was also a way off.But global markets appear to have brushed aside the lack of progress.”There are mixed signals about whether there have been some talks about trade between US and China,” said Lloyd Chan, a senior currency analyst at MUFG.”Nonetheless, the trade war and US policy-related uncertainty have persisted. Asian economies still face the risk of higher reciprocal tariffs.”Tokyo climbed one percent, while Hong Kong, Shanghai were also up.The Nikkei rise came despite struggling Japanese auto giant Nissan issuing a stark profit warning on Thursday, forecasting a huge loss of up to $5.3 billion in the 2024-25 financial year.The markets see that the company “is moving ahead toward turnaround”, said Bloomberg Intelligence analyst Tatsuo Yoshida, as Nissan shares climbed more than three percent on Friday. “Booking significant impairment losses and restructuring charges is a necessary step toward Nissan Motor’s turnaround.”Seoul jumped 0.5 percent after US Treasury Secretary Scott Bessent said a trade “understanding” between South Korea and the United States could be reached by next weekTaipei, Sydney, Singapore, Manila and Wellington also climbed.Markets were responding to strong earnings from Google parent Alphabet, which reported on Thursday a profit of $34.5 billion in the recently ended quarter.Overall revenue at Alphabet grew 12 percent to $90.2 billion compared to the same period a year earlier, while revenue for the cloud unit grew 28 percent to $12.3 billion, according to the tech giant.MUFG’s Chan also pointed to the Federal Reserve possibly cutting interest rates sooner than expected.Fed Governor Christopher Waller said during an interview with Bloomberg Television that he would support interest rate cuts if harsh tariffs hurt the jobs market.”In terms of the latest Fed speak, Fed’s Waller has said he would support rate cuts should there be a significant deterioration in the labour market,” Chan said.- Key figures at 0300 GMT -Tokyo – Nikkei 225: UP 1.4 percent at 35,527.39 (break)Hong Kong – Hang Seng Index: UP 1.29 percent 22,191.59Shanghai – Composite: UP 0.1 percent at 33,00.061 Euro/dollar: DOWN at $1.1349 from $1.1392 on ThursdayPound/dollar: DOWN at $1.3304 from $1.3339 Dollar/yen: UP at 142.97 from 142.62 yenEuro/pound: DOWN at 85.30 from 85.35 penceWest Texas Intermediate: UP 0.24 percent at $62.94 per barrelBrent North Sea Crude: UP 0.2 percent at $66.68 per barrelNew York – Dow: UP 1.2 percent at 40,093.40 (close)London – FTSE 100: UP 0.5 percent at 8,407.44 (close)burs-tc/fox 

Wall Street stocks pushed higher for a third day on Thursday but the rally fizzled elsewhere as China poured cold water on US President Donald Trump’s comments talking up prospects of a deal to end their trade war.US stocks tanked on Monday after comments by Trump sparked fears he would try to remove Federal Reserve chief Jerome Powell.But global markets rebounded on Tuesday after Trump indicated he had no intention to oust Powell, also signaling that tariffs on China could be substantially lowered and that the United States would have a “fair deal” on trade with Beijing.But China on Thursday denied that any “economic and trade negotiations” are taking place with Washington.Treasury Secretary Scott Bessent also tempered optimism, saying the two countries were “not yet” talking when it comes to lowering tariffs.Those comments led to a mostly lower session in Asia and early losses in Europe, which nevertheless ended the day with small gains.However, Wall Street pushed higher after a mixed open, finishing solidly higher for a third straight day. Thursday’s gains are part of a “relief rally” that is persisting, said Adam Sarhan of 50 Park Investments.”The last few times the market has gone down a lot, Trump has changed his stance and he’s done so quickly,” said Sarhan. “When the markets move, Trump listens.”The dollar weakened as White House uncertainty boosted demand for the Swiss franc, the yen and gold, seen as safe-haven assets.Meanwhile investors were also looking to a series of company results for signs of how tariffs may weigh on the outlook for the year ahead.”Comments about tariffs from business leaders are omnipresent and investors want to know how companies plan to deal with potential cost pressures,” said Russ Mould, investment director at AJ Bell.Shares in consumer goods manufacturer Procter & Gamble slumped 3.7 percent after it cut its sales and profit forecasts, citing a pullback by consumers amid the tariff and economic uncertainty.Shares in its British rival Unilever shed 0.3 percent although it said the impact of US tariffs on its products would be “limited”, as it reported a dip in first-quarter revenue.Shares in Pepsi slid nearly five percent after it too cut its 2025 sales and profit forecasts.Japanese auto giant Nissan predicted an enormous loss of around five billion dollars this year as US President Donald Trump’s tariffs on car imports hit the industry.In Paris, shares in luxury group Kering fell 1.6 percent after it reported a further sales slump at its flagship Gucci brand.In Frankfurt, German sportswear giant Adidas gained 2.9 percent as its profit almost doubled in the first quarter, beating expectations.Meanwhile Nintendo shares gained as much as 5.5 percent after the gaming giant boasted of higher-than-expected demand in Japan for pre-orders of its Switch 2 game console.- Key figures at 2030 GMT -New York – Dow: UP 1.2 percent at 40,093.40 (close)New York – S&P 500: UP 2.0 percent at 5,484.77 (close)New York – Nasdaq Composite: UP 2.7 percent at 17,166.04 (close)London – FTSE 100: UP 0.1 percent at 8,407.44 (close)Paris – CAC 40: UP 0.3 percent at 7,502.78 (close)Frankfurt – DAX: UP 0.5 percent at 22,064.51 (close)Tokyo – Nikkei 225: UP 0.5 percent at 35,039.15 (close)Hong Kong – Hang Seng Index: DOWN 0.7 percent at 21,909.76 (close)Shanghai – Composite: FLAT at 3,297.29 (close)Euro/dollar: UP at $1.1392 from $1.1316 on WednesdayPound/dollar: UP at $1.3339 from $1.3254Dollar/yen: DOWN at 142.62 from 143.45 yenEuro/pound: DOWN at 85.35 from 85.37 penceWest Texas Intermediate: UP 0.8 percent at $62.79 per barrelBrent North Sea Crude: UP 0.7 percent at $66.55 per barrelburs-jmb/md