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China said on Friday it would take “all necessary measures” in response to the United States announcing it was considering restrictions on commercial Chinese drones for national security reasons.On Thursday, the United States Commerce Department said it was considering new rules to address risks posed by drones made with technology from foreign adversaries such as China and Russia.The efforts could lead to regulations or bans on Chinese drones, which dominate the global market.Responding to a question about the potential restrictions on Friday, Chinese foreign ministry spokeswoman Mao Ning accused the US of “generalising the concept of national security, interfering and restricting normal economic and trade exchanges, and undermining the security and stability of global production and supply chains”.”We will take all necessary measures to firmly safeguard our legitimate rights and interests,” she added. The US Commerce Department is seeking public feedback on the potential new rules until March 4, meaning the decision will fall to the incoming administration of President-elect Donald Trump.The department suggested the technology designed by China may give it “the ability to remotely access and manipulate” the drones, which could “present undue or unacceptable risks to US national security”. In October last year, Chinese drone maker DJI, the world’s largest drone manufacturer, said it was suing the US Department of Defense after Washington designated it a “Chinese Military Company” in 2022.”DJI is not owned or controlled by the Chinese military… is a private company and should not be misclassified as a military company,” the firm said at the time.DJI has attracted Washington’s scrutiny in recent years, including for its alleged role in surveilling ethnic minorities in China.In September, Washington moved to ban the sale of connected vehicles incorporating Chinese and Russian technology, citing national security risks.

US President Joe Biden has decided to block the proposed $14.9 billion purchase of US Steel by Japan’s Nippon Steel and will announce the move as soon as Friday, according to US media.A White House announcement of the presidential finding is being planned unless Biden has a last-minute change of heart, according to the Washington Post and the New York Times.Biden decided to block the deal despite intense efforts to sway him in recent days by some of his senior advisors, who warned that rejecting a sizable investment from a top Japanese corporation could damage Washington’s relations with Tokyo, the Post reported.There was no immediate comment on the reports from the White House late Thursday evening and Nippon Steel declined to comment when contacted by AFP.The decision was left with Biden after a US government panel failed to reach a consensus in late December on whether US Steel’s acquisition by Nippon Steel threatens Washington’s national security.The controversial transaction was referred to Biden, who was legally required to act within a 15-day deadline, after the deadlock by the Committee on Foreign Investment in the United States (CFIUS).Biden has criticized the deal for months, joining a loud consensus of US power players who have slammed the transaction.They include President-elect Donald Trump and the incoming vice president, JD Vance.The deal became caught up in the 2024 US presidential campaign when Pennsylvania emerged as a critical swing state and leaders of the United Steelworkers union loudly opposed the transaction.Nippon Steel has described the transaction as a lifeline to Pennsylvania’s much-diminished steel industry.The Japanese company and US Steel have vowed to pursue legal action against the government, claiming it failed to follow proper procedures during its consideration of the acquisition.

China is “determined” to continue opening up its economy to the world in 2025, a top economic planning official said Friday, as Beijing steels itself for potential trade turmoil when US President-elect Donald Trump takes office.The world’s second-largest economy has struggled to revive growth following the Covid-19 pandemic and remains beset by a debt crisis in the crucial housing sector, chronically low consumption and high youth unemployment.Prospects may darken further after Trump’s inauguration on January 20 — the mercurial US leader hiked tariffs on Chinese imports during a wide-ranging trade war in his first term in office, and has promised more of the same. But on Friday officials from China’s top planning body, the National Development and Reform Commission (NDRC), said that “no matter how the external environment changes, full of uncertainty, China’s determination and actions to open up to the outside world will remain unchanged”. “In the new year we will certainly take many new measures… to steadily expand systemic openness and further build a business environment that is marketised, under rule of law, and internationalised,” NDRC deputy director Zhao Chenxin said at a press conference on Friday.He said China plans to encourage greater foreign investment in “advanced manufacturing, modern services, high-tech, energy saving and environmental protection”.Authorities have been clear they want to reorientate the economy around such areas of high-tech innovation, for example in the green energy sector — leaving behind the double-digit “growth at all costs” of the past.The country’s installed capacity of wind and solar power reached a combined 1.31 billion kilowatts, accounting for 40.5 percent of total power generation capacity last year — up from 36 percent in 2023, Zhao said Friday. But some figures hinted at more long-term challenges for the economy, chief among them an ageing population. The country’s total childcare providers reached the 100,000 mark in 2024, while the number of elder care facilities hit 410,000, Zhao said.

Asian markets gained on Friday, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday.Hong Kong, Sydney and Taipei stocks climbed, while South Korea’s Kospi Index surged nearly two percent higher despite the ongoing political uncertainty in Asia’s fourth-largest economy.South Korean investigators attempted to arrest impeached President Yoon Suk Yeol at his residence Friday morning over his failed martial law bid, but security forces were reportedly blocking their efforts.After the New Year’s Day break, US stocks opened higher on Thursday but tumbled into the red mid-session before concluding the day modestly lower.The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 percent after fourth-quarter auto sales lagged expectations.The dollar index on Thursday hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. “There’s still no flagging of the US dollar’s vigour, despite US equities struggling on the first trading day of the year,” Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said in a note on Friday.”The very negative performance of China equities (Thursday) provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,” Tan added.After slumping more than two percent on Thursday, Shanghai stocks were still down in Friday morning trade, while Hong Kong was up, reversing the previous day’s trend.Tokyo remains closed until Monday.Investors are gearing up for big changes in the coming weeks, especially with the January 20 inauguration of Donald Trump, who has threatened deep tariffs, especially on China, that could rattle international trade.Trump’s “policies especially on tariffs are inflationary in their very nature”, Jung In Yun, CEO of Fibonacci Asset Management Global, said on Bloomberg Television.”Inflation being very sticky and refusing to come down means we could have the current state of mid-level interest rates for a prolonged period of time.”US jobless claims released Thursday fell more than expected, highlighting a robust labor market, and leaving the Federal Reserve with less reason to support fresh rate cuts.Other significant economic releases ahead include data on inflation and retail sales during the holiday shopping season.- Key figures around 0220 GMT -Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.4 percent at 19,705.29Shanghai – Composite: DOWN 0.7 percent at 3,240.03Euro/dollar: DOWN at $1.0268 from $1.0269 on ThursdayPound/dollar: UP at $1.2388 from $1.2382Dollar/yen: DOWN at 157.32 yen from 157.52 yenEuro/pound: DOWN at 82.89 pence from 82.92 penceBrent North Sea Crude: UP 0.2 percent at $76.09 per barrelWest Texas Intermediate: UP 0.3 percent at $73.32 per barrelNew York – Dow: DOWN 0.4 percent at 42,392.27 (close)

Global stocks began 2025 in muted fashion while the dollar advanced Thursday as markets gird for a much heavier news flow later in January with the inauguration of President-elect Donald Trump.US stocks opened the day higher but tumbled into the red mid-session before concluding the day modestly lower.”It feels like we won’t have all of the players back until Monday,” said Art Hogan of B. Riley Wealth Management. “We’re stuck in holiday mode.”London, bolstered by rising commodity shares to offset banks going in the opposite direction, closed with a one percent gain, while Frankfurt ended 0.6 up and Paris eked out a narrow gain.The Hong Kong and Shanghai stock markets had set a negative tone earlier, slumping more than two percent while Tokyo was closed.Investors are gearing up for big changes in the weeks ahead, especially the January 20 presidential inauguration of Trump, who has threatened deep tariffs that could rattle international trade.There are also significant economic releases in the coming period relating to the job market, inflation and retail sales during the holiday shopping season.”We know that part of the policy mix that the incoming president is recommending is pro-growth and part could cause some market volatility like the policies around trade and immigration,” said Angelo Kourkafas of Edward Jones. The dollar index hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. Both the euro and the pound fell sharply against the US currency.”Optimism about the strength of the mighty US economy remains buoyant for 2025,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Thursday. “Already growth has kept outpacing forecasts as consumers and companies have shrugged off the impact of high interest rates.”Oil and natural gas prices also pushed higher, boosted by forecasts for a cold wave in parts of the United States in the coming period.Among individual companies, Tesla slumped 6.1 percent after fourth-quarter auto sales lagged expectations. While the result was disappointing, analysts noted that Tesla shares have rocketed higher since the US election.Constellation shot up 8.4 percent after announcing it won more than $1 billion in US contracts to supply power to government agencies.- Key figures around 2150 GMT -New York – Dow: DOWN 0.4 percent at 42,392.27 (close)New York – S&P 500: DOWN 0.2 percent at 5,868.55 (close)New York – Nasdaq Composite: DOWN 0.2 percent at 19,280.79 (close)London – FTSE 100: UP 1.1 percent at 8,260.09 (close)Paris – CAC 40: UP 0.2 percent at 7,393.76 (close)Frankfurt – DAX: UP 0.6 percent at 20,024.66 (close)Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: DOWN 2.2 percent at 19,623.32 (close)Shanghai – Composite: DOWN 2.7 percent at 3,262.56 (close)Euro/dollar: DOWN at $1.0269 from $1.0356 on WednesdayPound/dollar: DOWN at $1.2382 from $1.2517Dollar/yen: UP at 157.52 yen from 157.24 yenEuro/pound: UP at 82.92 from 82.74 penceBrent North Sea Crude: UP 1.7 percent at $75.93 per barrelWest Texas Intermediate: UP 2.0 percent at $73.13 per barrelburs-jmb/md

Wall Street made a positive start to the year Monday, shrugging off falls in Asia as investors await planned tariffs from US president-elect Donald Trump, adding to China’s economic struggles.Midway through 2025’s first session, while the Dow was just 0.2 percent in the green the tech-heavy Nasdaq Composite Index had added around 0.6 percent.That was despite EV maker Tesla, facing rising electric vehicle competition in China and other major markets, slipping around five percent after posting its first annual drop in electric vehicle deliveries.”The stock market ended 2024 with a whimper, but it is poised to begin 2025 with a bang,” Briefing.com’s Patrick O’Hare wrote in a note before markets opened on Wall Street. Axel Rudolph, senior analyst with IG, saw European indices as “being dragged higher by their US counterparts”, helping lift Paris, currently mired in political uncertainty, to a positive finnish.London, bolstered by rising commodity shares to offset banks going in the opposite direction, closed with a one percent gain, while Frankfurt ended 0.6 up.The euro fell to its lowest level against the dollar since November 2022 while sterling lost similar ground to an eight-month low on weak UK factory data.Oil prices jumped on hopes of rebounding demand.”January can be a testing time for markets and that’s already proved the case as investors fret about the impact of Donald Trump’s trade policies,” said Russ Mould, investment director at AJ Bell.”Technology and industrial stocks were among the areas worst hit, dragged down by weak Chinese manufacturing data and the fact Trump will be back in power in just over a fortnight. “Tariffs are expected to be at the top of the new president’s agenda and China is expected to be the biggest loser,” Mould added.The Hong Kong and Shanghai stock markets had set a negative tone earlier, slumping more than two percent by day end.Tokyo was closed.While the US Federal Reserve is seen cutting interest rates less than forecast this year, the European Central Bank is expected to keep reducing amid weakness for Europe’s biggest economy Germany.”Optimism about the strength of the mighty US economy remains buoyant for 2025,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Thursday. “Already growth has kept outpacing forecasts as consumers and companies have shrugged off the impact of high interest rates.”Following a largely successful 2024 for equity markets, as inflation reduced further and investors scooped up technology stocks, sentiment soured towards the end of the year.Nevertheless, Wall Street’s Dow index ended the year up around 13 percent, while the S&P 500 and the Nasdaq — which have more tech stocks — climbed more than 23 percent and around 29 percent respectively on the artificial intelligence boom.Frankfurt’s DAX added almost 20 percent, as did Japan’s Nikkei. The FTSE 100 gained nearly six percent, but France’s CAC 40 was the outlier with a drop of 2.2 percent.- Key figures around 1650 GMT -New York – Dow: UP 0.2 percent at 42,617.28 pointsNew York – S&P 500: UP 0.4 percent at 5,902.14New York – Nasdaq Composite: UP 0.6 percent at 19,406.76London – FTSE 100: UP 1.0 percent at 8,260.09 (close)Paris – CAC 40: UP 0.2 percent at 7,393.76 (close)Frankfurt – DAX: UP 0.6 percent at 20,024.66 (close)Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: DOWN 2.2 percent at 19,623.32 (close)Shanghai – Composite: DOWN 2.7 percent at 3,262.56 (close)Euro/dollar: DOWN at $1.0247 from $1.0360 on TuesdayPound/dollar: DOWN at $1.2368 from $1.2520Dollar/yen: UP at 157.63 yen from 157.32 yenEuro/pound: UP at 82.87 at 82.74 penceBrent North Sea Crude: UP 2.4 percent at $76.40 per barrelWest Texas Intermediate: UP 2.6 percent at $73.58 per barrelburs-bcp/cw/jj

Wall Street made a positive start to the year Monday, shrugging off falls on Asian markets as investors await planned tariffs from US president-elect Donald Trump, adding to China’s economic struggles.Around half an hour into trading, the Dow and the tech-heavy Nasdaq Composite Index had added around three quarters of one percent, in 2025’s first session — though EV maker Tesla slipped after posting its first annual drop in electric vehicle deliveries.Tesla lost 6.9 percent in early trading after missing a company forecast, a sign of rising electric vehicle competition in China and other major markets.”The stock market ended 2024 with a whimper, but it is poised to begin 2025 with a bang,” Briefing.com’s Patrick O’Hare wrote in a note before markets opened on Wall Street. Main European indices were seeking direction some two hours out from the close, Frankfurt and London just in the green.The euro fell to its lowest level against the dollar since November 2022 while sterling lost similar ground to an eight-month low on weak UK factory data.Oil prices jumped on hopes of rebounding demand.”January can be a testing time for markets and that’s already proved the case as investors fret about the impact of Donald Trump’s trade policies,” said Russ Mould, investment director at AJ Bell.”Technology and industrial stocks were among the areas worst hit, dragged down by weak Chinese manufacturing data and the fact Trump will be back in power in just over a fortnight. “Tariffs are expected to be at the top of the new president’s agenda and China is expected to be the biggest loser,” Mould added.The Hong Kong and Shanghai stock markets had set a negative tone earlier, slumping more than two percent by their close.While the US Federal Reserve is seen cutting interest rates less than forecast this year, the European Central Bank is expected to keep reducing amid weakness for Europe’s biggest economy Germany.”Optimism about the strength of the mighty US economy remains buoyant for 2025,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Thursday. “Already growth has kept outpacing forecasts as consumers and companies have shrugged off the impact of high interest rates.”Following a largely successful 2024 for equity markets as inflation reduced further and investors scooped up technology stocks, sentiment soured towards the end of the year.Nevertheless, Wall Street’s Dow index ended the year up around 13 percent, while the S&P 500 and the Nasdaq — which have more tech stocks — climbed more than 23 percent and around 29 percent respectively on the artificial intelligence boom.Frankfurt’s DAX added almost 20 percent, as did Japan’s Nikkei. The FTSE 100 gained nearly six percent, while France’s CAC 40 was the outlier with a drop of 2.2 percent.- Key figures around 1350 GMT -New York – Dow: UP 0.7 percent at 42,829.28 pointsNew York – S&P 500: UP 0.4percent at 5,907.00New York – Nasdaq Composite: UP 0.8 percent at 19,473.63London – FTSE 100: UP 0.7 percent at 8,237.08 points Paris – CAC 40: DOWN 0.3 percent at 7,389.83 Frankfurt – DAX: UP 0.1 percent at 19,926.09Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: DOWN 2.2 percent at 19,623.32 (close)Shanghai – Composite: DOWN 2.7 percent at 3,262.56 (close)Euro/dollar: DOWN at $1.0316 from $1.0360 on TuesdayPound/dollar: DOWN at $1.2401 from $1.2520Dollar/yen: DOWN at 156.72 yen from 157.32 yenEuro/pound: UP at 83.19 at 82.74 penceBrent North Sea Crude: UP 1.6 percent at $75.84 per barrelWest Texas Intermediate: UP 1.7 percent at $72.97 per barrelburs-bcp/cw/jj

Leading Chinese electric car maker BYD’s vehicle sales surged in 2024, the company said in a statement, as the firm grows its overseas presence.The EV and battery giant is the most prominent of Chinese automotive firms expanding abroad — plans that are increasingly threatened by thorny trade disputes between Beijing and the West.BYD sold 4,272,145 vehicles last year, up 41.3 percent from 2023’s 3,024,417 units, the company said Wednesday.In December alone, BYD sold 57,154 vehicles outside of China — a 58.3 percent jump from the same period in 2023But BYD still sold almost 90 percent of its cars in its home market in December 2024.The majority of the company’s 2024 sales were for plug-in hybrid models — 58 percent of total units sold.BYD — which adopts the English slogan “Build Your Dreams” — is the biggest EV manufacturer in China, the world’s largest automotive market.The company’s quarterly revenue surpassed global rival Tesla’s for the first time during the third quarter last year.The initial rapid sales growth of BYD and its industry peers in their home market was facilitated in part by generous subsidies from Beijing.The European Union has said that extensive state support has led to unfair competition, with an investigation by the bloc finding that Beijing’s subsidies were undercutting local competitors.The EU announced in October that it would levy extra tariffs of up to 35.3 percent on Chinese EVs, prompting Beijing to say it would “take all necessary measures” to protect firms’ interests. Earlier in 2024, the United States and Canada raised customs duties on Chinese EVs to 100 percent.BYD’s figures come after global EV sales hit a record 1.8 million units in November, according to industry research company Rho Motion.”This quarter has picked up significantly for EV sales globally as we see record-breaking month after record-breaking month,” Rho Motion expert Charles Lester said in a press release last month.”However, the regional picture is somewhat uneven with Europe shrinking three percent this year so far and once more China accounts for over two thirds of the electric vehicles sold in November.”

Major European and Asian stock markets began 2025 in the red as investors await planned tariffs from US president-elect Donald Trump, adding to China’s economic struggles.The dollar was up against the euro and pound but down versus the yen. Oil prices jumped on hopes of rebounding demand.“January can be a testing time for markets and that’s already proved the case as investors fret about the impact of Donald Trump’s trade policies,” noted Russ Mould, investment director at AJ Bell.”Technology and industrial stocks were among the areas worst hit, dragged down by weak Chinese manufacturing data and the fact Trump will be back in power in just over a fortnight. “Tariffs are expected to be at the top of the new president’s agenda and China is expected to be the biggest loser,” Mould added.The Hong Kong and Shanghai stock markets slumped more than two percent by their close Thursday.Nearing the half-way stage in Europe, Paris along with Madrid and Milan had shed around 1 percent.The euro fell to its lowest level against the dollar since November 2022. While the US Federal Reserve is seen cutting interest rates less than forecast this year, the European Central Bank is expected to keep reducing amid weakness for Europe’s biggest economy Germany.”Optimism about the strength of the mighty US economy remains buoyant for 2025,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Thursday. “Already growth has kept outpacing forecasts as consumers and companies have shrugged off the impact of high interest rates.”Following a largely successful 2024 for equity markets as inflation reduced further and investors scooped up technology stocks, sentiment soured towards the end of the year. Still, Wall Street’s Dow index ended the year up around 13 percent, while the S&P 500 and the Nasdaq — which have more tech stocks — climbed more than 23 percent and around 29 percent respectively on the artificial intelligence boom.Frankfurt’s DAX added almost 20 percent, as did Japan’s Nikkei. The FTSE 100 gained nearly six percent, while France’s CAC 40 was the outlier with a drop of 2.2 percent.- Key figures around 1115 GMT -London – FTSE 100: FLAT at 8,172.25 points Paris – CAC 40: DOWN 1.2 percent at 7,294.11 Frankfurt – DAX: DOWN 0.3 percent at 19,854.45Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: DOWN 2.2 percent at 19,623.32 (close)Shanghai – Composite: DOWN 2.7 percent at 3,262.56 (close)Euro/dollar: DOWN at $1.0324 from $1.0360 on TuesdayPound/dollar: DOWN at $1.2451 from $1.2520Dollar/yen: DOWN at 157.09 yen from 157.32 yenEuro/pound: UP at 82.93 at 82.74 penceBrent North Sea Crude: UP 1.4 percent at $75.66 per barrelWest Texas Intermediate: UP 1.4 percent at $72.73 per barrelburs-bcp/ajb/gv

Asian stocks began 2025 mostly in the red on Thursday after worries about US interest rates, tariffs, and China’s economy gave Wall Street the holiday blues for a fourth straight session.Equities mostly had a bumper 2024 on the back of enthusiasm about artificial intelligence (AI), cuts in borrowing costs by central banks, and Donald Trump’s presidential election win.The Dow ended the year up around 13 percent, while the S&P 500 and the Nasdaq — which have more tech stocks — climbed over 23 percent and around 29 percent respectively.Germany’s DAX added almost 20 percent, as did Japan’s Nikkei. The FTSE 100 gained nearly six percent, and France’s CAC 40 was the outlier, falling 2.2 percent.Bitcoin exploded more than 120 percent to break $100,000 while fellow cryptocurrency Ethereum rose over 40 percent. Gold, coffee and cocoa set new records.”It was an exceptional year,” said Christopher Dembik, senior investment adviser at Pictet Asset Management.But ahead of the New Year’s Day holiday, US stocks sank Tuesday, although European equities advanced.The Dow Jones lost 0.1 percent, the S&P 500 declined 0.4 percent and the Nasdaq gave up 0.9 percent. On Thursday, shares in Hong Kong and Shanghai fell more than two percent. Tokyo remains closed until Monday.Shares in Sydney edged up, helped by US equity futures pointing higher.KOSPI ended largely unmoved with political uncertainty continuing to grip South Korea, as impeached President Yoon Suk Yeol remained defiantly inside his residence, resisting arrest for a third day.”The Republic of Korea is currently in danger due to internal and external forces threatening its sovereignty, and the activities of anti-state elements,” Yoon said in a statement.In Japan, Nippon Steel was not available for comment after it reportedly sent new proposals to the White House to try to save its takeover of US Steel.US Steel shares soared as much as 14 percent on Tuesday in New York after reports in the Washington Post and elsewhere. London, Paris and Frankfurt were up in early Thursday trade.- Key figures around 0830 GMT -Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: DOWN 2.2 percent at 19,623.32 (close)Shanghai – Composite: DOWN 2.7 percent at 3,262.56 (close)London – FTSE 100: UP 0.3 percent at 8,193.98Euro/dollar: DOWN at $1.0348 from $1.0360 on TuesdayPound/dollar: DOWN at $1.2493 from $1.2520Dollar/yen: DOWN at 156.58 yen from 157.32 yenEuro/pound: UP at 82.84 at 82.74 penceWest Texas Intermediate: UP 0.3 percent at $71.96 per barrelBrent North Sea Crude: UP 0.3 percent at $74.89 per barrelburs-stu/sco/sn