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Stock markets mostly rose Tuesday, with Tokyo hitting a record, as investors welcomed the extension of a China-US tariff truce but looked ahead apprehensively to the release of key US inflation data later in the day.Donald Trump’s widely expected trade announcement avoids the reimposition of sky-high levies and allows officials from Washington and Beijing to continue talking into November to settle their standoff.In an executive order, the White House reiterated its position that there are “large and persistent annual US goods trade deficits” and they “constitute an unusual and extraordinary threat to the national security and economy of the United States”.However, William Yang, an analyst at the International Crisis Group, said: “Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions.”With the president’s tariffs set and talks with various trading partners ongoing, markets are now turning their focus back towards the possible economic outlook and the impact of Trump’s trade war.First up is the US consumer price index (CPI) later in the day, which could play a major role in the Federal Reserve’s decision-making with regard to interest rates.Bets on a cut have ramped up in recent weeks owing to signs that the world’s number one economy is showing signs of slowing, with figures indicating that the labour market softened considerably in the past three months.Expectations are for CPI to come slightly above June’s reading, but analysts warned investors were walking a fine line with a forecast-topping print likely to dent rate cut hopes and a too-weak read stoking economic fears.”I’d imagine, for equities at least, given the comfort blanket that the surge in September cut expectations has provided recently, that a hotter-than-expected figure could see some fairly sizeable downside,” said Pepperstone’s Michael Brown.While there have been warnings that the tariffs will stoke inflation, National Australia Bank’s Ray Attrill said: “The larger tariff impacts… probably will not be felt until August/September, with firms now only gaining some clarity on the degree of reciprocal tariffs.”The current profit reporting season has noted firms on the whole were waiting for greater clarity on final tariff rates before adjusting prices.”Also on the agenda this week are wholesale prices and retail sales, with the Fed’s favoured gauge of inflation at the end of the month. Bank officials are then set to make their decision in the middle of September.Forecasts are for a reduction at that gathering and one more before the end of the year.Asia’s markets rally was led by Tokyo’s Nikkei 225, which briefly soared almost three percent to hit a record high of 42,999.71 on renewed optimism over the Japanese economy after officials reached a deal to avert the worst of Trump’s tariffs.IwaiCosmo Securities said in a market commentary that “easing tensions over US-China trade talks, as well as speculation about the US’s imminent lowering of (interest) rates” had helped boost investors’ hopes about the recovery of Japanese companies.The gains came as traders returned to work after a long weekend.Hong Kong, Shanghai, Taipei, Mumbai, Jakarta and Manila also advanced with London, Paris and Frankfurt.Sydney was also given a lift by news that the Australian central bank had cut interest rates.Seoul, Singapore and Wellington dropped.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 2.2 percent at 42,718.17 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 24,968.68 (close)Shanghai – Composite: UP 0.5 percent at 3,665.92 (close)London – FTSE 100: UP 0.3 percent at 9,153.20Euro/dollar: UP at $1.1621 from $1.1617 on MondayPound/dollar: UP at $1.3458 from $1.3435 Dollar/yen: UP at 148.25 yen from 148.12 yenEuro/pound: DOWN at 86.35 pence from 86.47 penceWest Texas Intermediate: UP 0.3 percent at $64.14 per barrelBrent North Sea Crude: UP 0.4 percent at $66.89 per barrelNew York – Dow: DOWN 0.5 percent at 43,975.09 (close)

Asian markets mostly rose Tuesday, with Tokyo hitting a record, as investors welcomed the extension of a China-US tariff truce but looked ahead apprehensively to the release of key US inflation data later in the day.Donald Trump’s widely expected trade announcement avoids the reimposition of sky-high levies and allows officials from Washington and Beijing to continue talking into November to settle their standoff.In an executive order, the White House reiterated its position that there are “large and persistent annual US goods trade deficits” and they “constitute an unusual and extraordinary threat to the national security and economy of the United States”. However, William Yang, an analyst at the International Crisis Group, said: “Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions.”With the president’s tariffs set and talks with various trading partners ongoing, markets are now turning their focus back towards the possible economic outlook and the impact of Trump’s trade war.First up is the US consumer price index (CPI) later in the day, which could play a major role in the Federal Reserve’s decision-making with regard to interest rates.Bets on a cut have ramped up in recent weeks owing to signs that the world’s number one economy is showing signs of slowing, with figures indicating that the labour market softened considerably in the past three months.Expectations are for CPI to come slightly above June’s reading, but analysts warned investors were walking a fine line.”CPI is the storm front straight ahead. A soft number, and the market exhales. A hot number, and the stagflation whisper becomes the only language anyone speaks,” said SPI Asset Management’s Stephen Innes.While there have been warnings that the tariffs will stoke inflation National Australia Bank’s Ray Attrill said: “The larger tariff impacts… probably will not be felt until August/September, with firms now only gaining some clarity on the degree of reciprocal tariffs.”The current profit reporting season has noted firms on the whole were waiting for greater clarity on final tariff rates before adjusting prices.”Also on the agenda this week are wholesale prices and retail sales, with the Fed’s favoured gauge of inflation at the end of the month. Bank officials are then set to make their decision in the middle of September.Forecasts are for a reduction at that gathering and one more before the end of the year.Asia’s rally was led by Tokyo’s Nikkei 225, which soared around 2.8 percent to hit a record high of 42,983.34 on renewed optimism over the Japanese economy after officials reached a deal to avert the worst of Trump’s tariffs.The gains came as traders returned to work after a long weekend.Hong Kong, Shanghai, Sydney, Seoul, Taipei, Mumbai, Jakarta and Manila also advanced.Singapore and Wellington dropped.- Key figures at around 0430 GMT -Tokyo – Nikkei 225: UP 2.7 percent at 42,952.94Hong Kong – Hang Seng Index: UP 0.1 percent at 24,929.34 (break)Shanghai – Composite: UP 0.5 percent at 3,666.33 (break)Euro/dollar: UP at $1.1619 from $1.1617 on MondayPound/dollar: DOWN at $1.3430 from $1.3435 Dollar/yen: UP at 148.43 yen from 148.12 yenEuro/pound: UP at 86.51 pence from 86.47 penceWest Texas Intermediate: UP 0.2 percent at $64.11 per barrelBrent North Sea Crude: UP 0.3 percent at $66.83 per barrelNew York – Dow: DOWN 0.5 percent at 43,975.09 (close)London – FTSE 100: UP 0.4 percent at 9,129.71 (close)

US President Donald Trump on Monday ordered a delay in the reimposition of higher tariffs on Chinese goods, hours before a trade truce between Washington and Beijing was due to expire.The White House’s halt on steeper tariffs will be in place until November 10. “I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days,” Trump wrote on his Truth Social platform. The truce on steeper levies had been due to expire Tuesday.While the United States and China slapped escalating tariffs on each other’s products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them.As part of their May truce, fresh US tariffs targeting China were reduced to 30 percent and the corresponding level from China was cut to 10 percent. Those rates will now hold until November — or whenever a deal is cut before then.Around the same time that Trump confirmed the new extension, Chinese state media Xinhua news agency published a joint statement from US-China talks in Stockholm saying it would also extend its side of the truce.China will continue suspending its earlier tariff hike for 90 days starting August 12 while retaining a 10-percent duty, the report said.It would also “take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration,” Xinhua reported.In the executive order posted Monday to its website, the White House reiterated its position that there are “large and persistent annual US goods trade deficits” and they “constitute an unusual and extraordinary threat to the national security and economy of the United States.” The order acknowledged Washington’s ongoing discussions with Beijing “to address the lack of trade reciprocity in our economic relationship” and noted that China has continued to “take significant steps toward remedying” the US complaints.- Trump-Xi summit? -“Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions,” warned William Yang, an analyst at the International Crisis Group.He believes China sees its leverage over rare earth exports as a strong one, and that Beijing will likely use it to pressure Washington.US-China Business Council president Sean Stein said the current extension is “critical to give the two governments time to negotiate an agreement” providing much-needed certainty for companies to make plans.A trade deal, in turn, would “pave the way for a Trump-Xi summit this fall,” said Asia Society Policy Institute senior vice president Wendy Cutler.But Cutler, herself a former US trade official, said: “This will be far from a walk in the park.”Since Trump took office, China’s tariffs have essentially boomeranged, from the initially modest 10 percent hike in February, followed by repeated surges as Beijing and Washington clashed, until it hit a high of 145 percent in April. Now the tariff has been pulled back to 30 percent, a negotiated truce rate.Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky.Key economic officials convened in London in June as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month.Trump said in a social media post Sunday that he hoped China will “quickly quadruple its soybean orders,” adding this would be a way to balance trade with the United States.China’s exports reached record highs in 2024, and Beijing reported that their exports exceeded expectations in June, climbing 5.8 percent year-on-year, as the economic superpower works to sustain growth amid Trump’s trade war.Separately, since returning to the presidency in January, Trump has slapped a 10-percent “reciprocal” tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair.This surged to varying steeper levels last Thursday for dozens of economies.Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria.The “reciprocal” tariffs exclude sectors that have been targeted individually, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors.They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted.Trump said Monday that gold imports will not face additional tariffs, without providing further details.The president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil.Canada and Mexico come under a different tariff regime.

Global equity markets were mixed Monday as investors await key US inflation data this week that could offer guidance on interest rate cuts long sought by President Donald Trump.Reports that semiconductor giants Nvidia and AMD would give Washington a 15-percent cut of the revenue from certain chip sales to China also bolstered expectations of a further pause on higher US tariffs against Beijing.On Monday afternoon, US media reported that Trump had signed an order to delay the reimposition of steeper tariffs on Chinese products by another 90 days, citing Trump administration officials.The White House did not respond to queries on the matter.For now, it appears that investors are awaiting new US consumer price index figures. Adam Sarhan of 50 Park Investments warned that a cooler than expected reading could still be “a double-edged sword.”While a lower inflation reading would give the Fed room to cut rates, on the other hand, “it’s not bullish because that means the economy’s slowing,” he added.Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and ease tough Western sanctions against Moscow.London’s FTSE 100 index edged higher but Paris and Frankfurt closed lower, pulled down in particular by defense stocks as investors calculated the chances of an end to the Ukraine war.Major Wall Street indices closed lower.”Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank.  Investors have ramped up their bets the Fed will lower borrowing costs at its next policy meeting in September following a series of reports — particularly on jobs — indicating weakening in the world’s biggest economy.Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.Gold futures retreated after hitting a record high Friday, when a letter released by US customs authorities signaled the precious metal should also be subject to new US duties.But Trump said Monday that gold would not face additional tariffs.In company news, Nvidia and AMD shared both closed lower.Elsewhere, shares in Danish renewable energy firm Orsted plunged 30 percent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.The company added that it dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.- Key figures at around 2030 GMT -New York – Dow: DOWN 0.5 percent at 43,975.09 points (close)New York – S&P 500: DOWN 0.3 percent at 6,373.45 (close)New York – Nasdaq: DOWN 0.3 percent at 21,385.40 (close)London – FTSE 100: UP 0.4 percent at 9,129.71 (close)Paris – CAC 40: DOWN 0.6 percent at 7,698.52 (close)Frankfurt – DAX: DOWN 0.3 percent at 24,081.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1617 from $1.1643Pound/dollar: DOWN at $1.3435 from $1.3451 on FridayDollar/yen: UP at 148.12 yen from 147.79 yenEuro/pound: DOWN at 86.47 pence from 86.54 penceBrent North Sea Crude: UP 0.1 percent at $66.63 per barrelWest Texas Intermediate: UP 0.1 percent at $63.96 per barrelburs-ajb-bys/sla

US President Donald Trump reportedly signed an order delaying the reimposition of higher tariffs on Chinese goods on Monday, hours before a trade truce between Washington and Beijing was due to expire.The halt on steeper tariffs will be in place for another 90 days, the Wall Street Journal and CNBC reported, citing Trump administration officials. The White House did not respond to queries on the matter.While the United States and China slapped escalating tariffs on each other’s products this year, reaching prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them.But their 90-day halt of steeper levies was due to expire Tuesday.Asked about the deadline earlier Monday, Trump said: “We’ll see what happens. They’ve been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.”Trump also touted the tariff revenue his country has collected since his return to the White House, saying “we’ve been dealing very nicely with China.””We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state,” Chinese foreign ministry spokesman Lin Jian said in a statement.He added that Beijing also hopes Washington will “strive for positive outcomes on the basis of equality, respect and mutual benefit.”The full text of Trump’s latest order has yet to be released. The 90-day extension means the truce is set to expire in early November, according to the Wall Street Journal.- Shaky truce -Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky.In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month.US trade envoy Jamieson Greer said last month that Trump will have the “final call” on any such extension.Trump said in a social media post late Sunday that he hoped China will “quickly quadruple its soybean orders,” adding that this would be a way to balance trade with the United States.For now, the extension of a truce means that US tariffs on Chinese goods this year stand at 30 percent.Under their de-escalation, Beijing’s corresponding levy on US products stood at 10 percent.Since returning to the presidency in January, Trump has slapped a 10-percent “reciprocal” tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies.Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria.The “reciprocal” tariffs exclude sectors that have been separately targeted, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors.They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted.Trump on Monday said that gold imports will not face additional tariffs, without providing further details.The US president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil.Canada and Mexico come under a different tariff regime.

President Donald Trump said Monday that the United States has been “dealing very nicely with China” — while Beijing said it was seeking positive outcomes — hours before a tariff truce between both countries was due to expire.While the United States and China slapped escalating tariffs on each other’s products this year, reaching prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them.But their 90-day halt in steeper levies is due to expire Tuesday, and all eyes are now on a path forward.Asked about the deadline on Monday, Trump said: “We’ll see what happens. They’ve been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.”Trump also touted the tariff revenue his country has collected this year, saying “we’ve been dealing very nicely with China.””We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state,” said Chinese foreign ministry spokesman Lin Jian in a statement.He added that Beijing also hopes Washington will “strive for positive outcomes on the basis of equality, respect and mutual benefit.”- Shaky truce -Although both sides reached a pact to de-escalate tensions after high level talks in Geneva in May, their truce has been shaky.In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers again met in Stockholm last month.Even as both countries appeared to be seeking to push back the reinstatement of duties, US trade envoy Jamieson Greer said last month that Trump will have the “final call” on any such extension.Last week, US Commerce Secretary Howard Lutnick said in an interview that it is likely Trump will further the pause by another 90 days.The White House did not respond to queries about the matter on Monday.Trump said in a social media post late Sunday that he hoped China will “quickly quadruple its soybean orders,” adding that this would be a way to balance trade with the United States.For now, fresh US tariffs on Chinese goods this year stand at 30 percent, while Beijing’s corresponding levy on US products is at 10 percent.Since returning to the presidency in January, Trump has slapped a 10-percent “reciprocal” tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying, steeper levels last Thursday for dozens of economies.Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria.The “reciprocal” tariffs exclude sectors that have been separately targeted, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors.Trump has also taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil.Canada and Mexico come under a different tariff regime.

President Donald Trump on Monday confirmed reports that semiconductor giant Nvidia would pay the United States 15 percent of its revenues from sales of certain artificial intelligence chips to China.Speaking to reporters at the White House, Trump argued that Nvidia’s “H20” chips are “obsolete,” despite previously being targeted for export restrictions.He said that to lift the restrictions, he had agreed to a 15-percent cut from Nvidia: “If I’m going to do that, I want you to pay us as a country something, because I’m giving you a release. I released them only from the H20.”The California-based company produces some of the world’s most advanced semiconductors but cannot ship its most cutting-edge chips to China due to concerns that Beijing could use them to enhance military capabilities.Nvidia developed the H20 — a less powerful version of its AI processing units — specifically for export to China. That plan stalled when the Trump administration tightened export licensing requirements in April.Nvidia CEO Jensen Huang met with Trump at the White House last week and agreed to give the federal government the cut from its revenues, a highly unusual arrangement in the international tech trade, according to reports in the Financial Times, Bloomberg and New York Times.”While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide,” a Nvidia spokesperson told AFP.The company spokesperson added: “America cannot repeat 5G and lose telecommunication leadership. America’s AI tech stack can be the world’s standard if we race.” Investors are betting that AI will transform the global economy, and last month Nvidia — the world’s most valuable company and a leading designer of high-end AI chips — became the first company ever to hit $4 trillion in market value.The firm has, however, become entangled in trade tensions between China and the United States, which are waging a heated battle for dominance to produce the chips that power AI.’Political tariff’The United States has been restricting which chips Nvidia can export to China on national security grounds.After Huang’s meeting with Trump, the Commerce Department on Friday started granting the licenses for chip sales, according to media reports.Silicon Valley-based AMD will also pay 15 percent of revenue on Chinese sales of its MI308 chips, which it was previously barred from exporting to the country.AMD did not respond to requests for comment.The move comes as the Trump administration has been imposing stiff tariffs, with goals varying from addressing US trade imbalances, wanting to reshore manufacturing, and pressuring foreign governments to change policies.A 100 percent tariff on many semiconductor imports came into effect last week, with exceptions for tech companies that announce major investments in the United States.”It’s a political tariff in everything but name, brokered in the shadow of heightened US-China tech tensions,” Stephen Innes of SPI Asset Management said. 

Equity markets moved little in cautious European and US trading Monday as investors await key US inflation data this week that could offer guidance on rate cuts long sought by President Donald Trump.Reports that chip giants Nvidia and AMD would give Washington a 15-percent cut of the revenue from AI sales to China also bolstered expectations of a new pause on Washington’s tariffs against China.”The market seems very relaxed ahead of tomorrow’s deadline on US-China trade talks, reflecting the assumption an extension is in the offing and a deal will eventually be reached,” said AJ Bell investment director Russ Mould.Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and ease tough Western sanctions against Moscow.London’s FTSE 100 index edged higher but Paris and Frankfurt closed lower, pulled down in particular by defence stocks as investors calculated the chances of an end to the Ukraine war.The key Wall Street indices came under moderate pressure after the Nasdaq climbed to another record high on Friday, bolstered by solid earnings from tech giants in particular.”Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank.  The US consumer price index on Tuesday could provide grist for Trump’s campaign against Federal Reserve chief Jerome Powell.Powell has been in the president’s crosshairs over his refusal to cut interest rates while awaiting the impact of Trump’s tariffs blitz on the economy.But investors have ramped up their bets the Fed will lower borrowing costs at its September meeting following a series of reports — particularly on jobs — indicating the world’s biggest economy was slowing.Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.Gold futures retreated after hitting a record high Friday following reports of an unexpected US tariff on gold bars from Switzerland.In company news, Nvidia and AMD advanced on the reports they had agreed to pay Washington 15 percent of AI chip sales to China.US officials had blocked the sale of the cutting-edge chips citing security concerns, which both companies had warned would deprive them of massive profits.Investors are betting that AI will transform the global economy, and last month Nvidia, the world’s largest semiconductor producer, became the first company to hit $4 trillion in market value.Elsewhere, shares in Danish renewable energy firm Orsted plunged 30 percent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.The company added that it dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.- Key figures at around 1600 GMT -New York – Dow: DOWN 0.3 percent at 44,052.71 pointsNew York – S&P 500: FLAT at 6,392.60New York – Nasdaq: UP 0.2 percent at 21,496.75London – FTSE 100: UP 0.4 percent at 9,129.71 (close)Paris – CAC 40: DOWN 0.6 percent at 7,698.52 (close)Frankfurt – DAX: DOWN 0.3 percent at 24,081.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1608 from $1.1643Pound/dollar: DOWN at $1.3417 from $1.3451 on FridayDollar/yen: UP at 147.97 yen from 147.79 yenEuro/pound: DOWN at 86.52 pence from 86.54 penceBrent North Sea Crude: FLAT at $66.57 per barrelWest Texas Intermediate: FLAT percent at $63.88 per barrelburs-ajb/js/kjm

Equity markets moved little in cautious European and US trading Monday as investors braced for key US inflation data this week that could offer guidance on rate cuts long sought by President Donald Trump.Reports that chip giants Nvidia and AMD would give Washington a 15 percent cut of the revenue from AI sales to China also bolstered expectations of a new pause on Washington’s tariffs against China.”The market seems very relaxed ahead of tomorrow’s deadline on US-China trade talks, reflecting the assumption an extension is in the offing and a deal will eventually be reached,” said AJ Bell investment director Russ Mould.Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and potentially ease tough Western sanctions against Moscow.London’s FTSE 100 index edged up in afternoon trading but Paris and Frankfurt were lower, pulled down in particular by defence stocks as investors calculated the chances of an end to the Ukraine war.The key Wall Street indices were flat after the Nasdaq climbed to another record high on Friday, bolstered by solid earnings from tech giants in particular.”Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank.  The US consumer price index on Tuesday could provide grist for Trump’s campaign against Federal Reserve chief Jerome Powell.Powell has been in the president’s crosshairs over his refusal to cut interest rates while awaiting the impact of Trump’s tariffs blitz on the economy.Investors have ramped up their bets the Fed will lower borrowing costs at its September meeting following a series of reports — particularly on jobs — indicating the world’s biggest economy was slowing.Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.Gold futures edged down after hitting a record high Friday following reports of an unexpected US tariff on gold bars from Switzerland.In company news, Nvidia and AMD retreated from recent gains on the reports they will had agreed to pay Washington 15 percent of AI chip sales to China.US officials had blocked the sale of the cutting-edge chips citing security concerns, which both companies had warned would deprive them of millions in profit.Investors are betting that AI will transform the global economy, and last month Nvidia, the world’s largst semiconductor producer, became the first company to hit $4 trillion in market value.Elsewhere, shares in Danish renewable energy firm Orsted plunged 31 percent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.The company dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.- Key figures at around 1400 GMT -New York – Dow: FLAT at 44,193.36 pointsNew York – S&P 500: UP 0.1 percent at 6,394.84New York – Nasdaq: FLAT at 21.463.17London – FTSE 100: UP 0.4 percent at 9,128.88Paris – CAC 40: DOWN 0.4 percent at 7,715.00Frankfurt – DAX: DOWN 0.4 percent at 24,073.10Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1617 from $1.1643Pound/dollar: DOWN at $1.3419 from $1.3451 on FridayDollar/yen: UP at 147.94 yen from 147.79 yenEuro/pound: UP at 86.57 pence from 86.54 penceBrent North Sea Crude: UP 0.3 percent at $66.86 per barrelWest Texas Intermediate: UP 0.3 percent at $64.18 per barrelburs-ajb/bcp/js/lth