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South Korean police raided the Seoul headquarters of e-commerce giant Coupang on Tuesday over a recent data leak believed to have affected almost two-thirds of the country’s population.Coupang is South Korea’s most popular online shopping platform, serving millions of customers with lightning-fast deliveries of products from groceries to gadgets.But the company suffered a massive data leak this year and was forced to alert customers that their names, email addresses, phone numbers, shipping addresses and some order histories had been exposed.Payment details and login credentials were not affected, it said.Coupang had told authorities the personal information of 33.7 million customers had been leaked — almost two-thirds of the population of the country.On Tuesday police in Seoul conducted a “search and seizure” operation at Coupang’s South Korean headquarters, describing it as a “necessary measure” in its investigation into the leak.Seventeen officers from the force’s cyber investigation unit were deployed, with law enforcement vowing to “comprehensively investigate” based on the evidence obtained.President Lee Jae Myung last week called for swift action to penalise those responsible for the debacle.Seoul has said the leak took place through Coupang’s overseas servers from June 24 to November 8.The company only became aware of it last month, according to police and local media, when it issued a complaint against the alleged culprit — a former employee who is a Chinese national.The suspect is yet to be apprehended.Coupang is now facing a class action lawsuit in the United States, where its global headquarters is based, over the leak.- Exposed -And Seoul’s presidential office said Monday that the firm needed to provide answers over how it would compensate users who have had data stolen.”Coupang must present clear measures outlining how it will take responsibility if damages occur,” presidential chief of staff Kang Hoon-sik said, according to Yonhap.The case follows a major breach at South Korea’s largest mobile carrier SK Telecom, which was fined 134 billion won ($91 million) in August after a cyberattack exposed data on nearly 27 million users.South Korea, among the world’s most wired countries, has also been a target of hacking by arch-rival North Korea.Police announced last year that North Korean hackers were behind the theft of sensitive data from a South Korean court computer network — including individuals’ financial records — over a two-year period.Yonhap reported last month that South Korean authorities suspected a North Korean hacking group may be behind the recent cyberattack on cryptocurrency exchange Upbit, which led to the unauthorised withdrawal of 44.5 billion won in digital assets.

China executed a former executive of a top state-controlled asset management firm for corruption on Tuesday, state media reported.Bai Tianhui, the ex-general manager of China Huarong International Holdings (CHIH), was found guilty of accepting more than $156 million while offering favourable treatment in the acquisition and financing of projects between 2014 and 2018, state broadcaster CCTV said.CHIH is a subsidiary of China Huarong Asset Management, which focuses on bad-debt management as one of the country’s largest asset management funds.Huarong has been a major target of President Xi Jinping’s years-long graft crackdown, with its former chairman Lai Xiaomin executed in January 2021 for receiving bribes worth $253 million.Several other Huarong executives have also been snared in anti-corruption investigations.Death sentences for corruption in China are often issued with a two-year reprieve and then commuted to life in prison.But Bai’s sentence, first handed down in May 2024 by a court in the northern city of Tianjin, was not suspended.He appealed against his conviction but the original verdict was upheld in February.The Supreme People’s Court, China’s highest court, confirmed the decision after review, stating that Bai’s crimes were “extremely serious”, CCTV reported.”(Bai) accepted bribes of an exceptionally large amount, the circumstances of his crimes were exceptionally serious, the social impact was especially egregious, and the interests of the state and the people suffered exceptionally significant losses”, CCTV quoted the SPC as saying.Bai was put to death in Tianjin on Tuesday morning after meeting with close relatives, the broadcaster said, without specifying how he was executed.China classifies death penalty statistics as a state secret, though Amnesty and other rights groups believe thousands of people are executed in the country every year.Bai is the latest high-ranking figure to face punishment in a long-running crackdown on corruption in China’s finance industry.Yi Huiman, former chief of China’s top securities regulator, was placed under investigation for corruption in September.In March, Li Xiaopeng, the former head of state-owned banking giant Everbright Group, received 15 years in prison for taking bribes worth 60 million yuan.Liu Liange, former chairman of the Bank of China, was sentenced to death with a two-year reprieve in November 2024 for accepting bribes totalling 121 million yuan.Supporters say the anti-corruption campaign promotes clean governance, but critics say it also provides Xi with the power to purge political rivals.

Global stock markets were mostly soft on Monday as investors avoided risks ahead of this week’s Federal Reserve meeting, which may yield clues to the direction of interest rates in coming months.A bid by Paramount for Warner Bros. Discovery, meanwhile, brought the tech and entertainment sectors to life, as the market braced for a bidding war with Netflix.A monetary easing at Wednesday’s Fed meeting is fully priced into stock prices, analysts said, but investors will scour the central bank’s statement and news conference for insights into how many rate reductions might be on the cards next year, against a backdrop of stubborn inflationary pressures.”Investors have priced in that rate cut already and now are anxiously waiting for the tone of the Fed,” said Art Hogan of B. Riley Wealth Management, who noted “a divide” among Fed policy makers that adds to uncertainty about 2026 monetary policy.Analysts said stocks could pull back if Powell seems to close the door to further cuts next year.”Investors want Fed Chair (Jerome) Powell to at least imply that they are still open to an additional cut in January,” said Sam Stovall of CFRA Research. “They don’t want it to just be one and done.”Frankfurt outperformed other European markets after German industrial production unexpectedly jumped in October — another sign that Europe’s crisis-wracked top economy may be turning a corner.In New York, Warner Bros. Discovery shares jumped 4.4 percent after Paramount countered last week’s Netflix bid for the company with an all-cash offer worth $108.4 billion.Netflix fell 3.4 percent faced with the big-gun competitive bid.Paramount Skydance surged by 9.0 percent in what was seen as a relief rally after analysts had predicted last week that a Netflix/Warner linkup could pose a major threat to Paramount’s business.The hostile offer sets up a bidding war between Paramount — whose CEO is David Ellison, the son of Larry Ellison, an ally of Donald Trump — and streaming behemoth Netflix.Stock in Walt Disney — also seen in the crosshairs of a future Netflix/Warner behemoth — rose by more than two percent. Meanwhile, Boeing advanced 2.2 percent after announcing that it completed the takeover of supplier Spirit AeroSystems, saying the move will allow for more seamless operations and enhance quality control.The deal is worth $8.3 billion, including Spirit debt assumed by Boeing.IBM climbed 0.4 percent as it unveiled a deal to purchase US data management company Confluent for $11 billion, seeking to expand its footprint into the increasingly important field of real-time data for AI.- Key figures at around 2115 GMT -New York – Dow: DOWN 0.5 percent at 47,739.32 (close)New York – S&P 500 – DOWN 0.4 percent at 6,846.51 (close)New York – Nasdaq – DOWN 0.1 percent at 23,545.90 (close)London – FTSE 100: DOWN 0.2 percent at 9,645.09 (close)Paris – CAC 40: DOWN 0.1 percent at 8,108.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,046.01 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)Euro/dollar: DOWN at $1.1640 from $1.1642 on FridayPound/dollar: FLAT at $1.3328 Dollar/yen: UP at 155.86 yen from 155.33 yenEuro/pound: DOWN at 87.34 pence from 87.35 penceBrent North Sea Crude: DOWN 2.0 percent at $62.49 per barrelWest Texas Intermediate: DOWN 2.0 percent at $58.88 per barrelburs-jmb/msp

Global stock markets were mostly soft on Monday as investors avoided risks ahead of this week’s Federal Reserve meeting, which may yield clues to the direction of interest rates in coming months.A surprise bid by Paramount for Warner Bros. Discovery brought the tech and entertainment sectors to life, however, as the market braced for a bidding war with Netflix.A monetary easing at Wednesday’s Fed meeting is fully priced into stock prices, analysts said, but investors will scour the central bank’s statement and news conference for insights into how many rate reductions might be on the cards next year, against a backdrop of stubborn inflationary pressures.”A rate cut (Wednesday) when inflation remains well above target, should be a one-off,” predicted Kathleen Brooks, research director at traders XTB.The “market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the appetite for more cuts”, she added.This meant that investors would be on the lookout for any signs that further US monetary easing is not off the table, to justify their current exposure.”Investors want Fed Chair (Jerome) Powell to at least imply that they are still open to an additional cut in January,” said Sam Stovall of CFRA Research. “They don’t want it to just be one and done.”Frankfurt outperformed other European markets after German industrial production unexpectedly jumped in October — another sign that Europe’s crisis-wracked top economy may be turning a corner.In New York, Warner Bros Discovery shares were about five percent higher on the Nasdaq at $27.34, while short of an early high of over $28, after Paramount countered last week’s Netflix bid for the company with an all-cash offer worth $108.4 billion.Netflix stock slumped more than four percent, faced with the big-gun competitive bid.Paramount Skydance rose by over seven percent in what was seen as a relief rally after analysts had predicted last week that a Netflix/Warner linkup could pose a major threat to Paramount’s business.Stock in Walt Disney — also seen in the crosshairs of a future Netflix/Warner behemoth — rose by more than one percent. – Key figures at around 1645 GMT -New York – Dow: DOWN 0.3 percent at 47,792.25New York – S&P 500 – DOWN 0.4 percent at 6,844.55New York – Nasdaq – DOWN 0.2 percent at 23,527.68London – FTSE 100: DOWN 0.2 percent at 9,645.09 (close)Paris – CAC 40: DOWN 0.1 percent at 8,108.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,046.01 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)Euro/dollar: DOWN at $1.1623 from $1.1642 on FridayPound/dollar: DOWN at $1.3315 from $1.3329Dollar/yen: UP at 155.91 yen from 155.32 yenEuro/pound: DOWN at 87.30 pence from 87.35 penceBrent North Sea Crude: DOWN 1.5 percent at $62.76 per barrelWest Texas Intermediate: DOWN 1.6 percent at $59.12 per barrelburs-jh/sbk

Major stock markets mostly rose Monday as investors geared up for an expected cut to US interest rates and clues over how many more reductions, if any, could happen next year as inflation stays high.A cut to American borrowing costs Wednesday is almost certain following comments from key decision-makers and data pointing to a weak US labour market.However, after US inflation data Friday suggested prices remain elevated, chances of several more reductions to rates in 2026 have subsided.”A rate cut (Wednesday) when inflation remains well above target, should be a one-off,” predicted Kathleen Brooks, research director at traders XTB.The “market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the appetite for more cuts”, she added.The London and Paris stock markets dipped in late morning deals on Monday, while most other European indices gained.Frankfurt won 0.2 percent after official data showed German industrial production unexpectedly jumped in October — the latest sign that Europe’s crisis-wracked top economy may be turning a corner.On the corporate front, shares in The Magnum Ice Cream Company — whose demerger from Unilever was completed at the weekend — rose nearly one percent as its main listing began trading in Amsterdam.In Asia on Monday, Shanghai closed up 0.5 percent after official figures showed Chinese exports rose in November at a forecast-beating pace, pushing the country’s trade surplus past $1 trillion for the first time.The surge came despite a plunge in shipments to the United States last month, with below-par imports highlighting the battle Beijing faces in trying to kickstart consumer activity and economic growth.Traders are keeping an eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have cooled since Japan’s Prime Minister Sanae Takaichi last month suggested that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft in international waters near Okinawa over the weekend.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.All three main indices on Wall Street ended last week on a positive note.- Key figures at around 1045 GMT -London – FTSE 100: DOWN 0.1 percent at 9,659.44 pointsParis – CAC 40: DOWN 0.1 percent at 8,102.20Frankfurt – DAX: UP 0.2 percent at 24,068.79Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)New York – Dow: UP 0.2 percent at 47,954.99 (close)Euro/dollar: UP at $1.1651 from $1.1642 on FridayPound/dollar: DOWN at $1.3322 from $1.3329Dollar/yen: UP at 155.46 yen from 155.32 yenEuro/pound: UP at 87.45 pence from 87.35 penceBrent North Sea Crude: DOWN 0.8 percent at $63.22 per barrelWest Texas Intermediate: DOWN 0.9 percent at $59.55 per barrelburs-bcp/ajb/sbk

Most markets rose Monday as investors gear up for an expected US interest rate cut this week, with debate centring on the likelihood the Federal Reserve will continue easing monetary policy further into the new year.The reduction has been well baked into traders’ plans following a string of comments from key decision-makers since last month and data indicating the labour market continues to deteriorate.However, with the latest round of inflation figures suggesting there is plenty of work to do to get prices under control, and confidence among consumers softening, there are worries the central bank might not have room to keep cutting.The latest, and delayed, reading on September personal consumption expenditure (PCE) — the Fed’s preferred gauge of inflation — came in slightly above August, though the core reading was unchanged.The data did little to move the needle on rate expectations but showed that it remains stubbornly above officials’ target.Economists at Bank of America said that a blackout period for Fed members commenting on policy would end on Thursday and “we’ll be on the lookout for what potential dissenters have to say”.With the backlog from the government shutdown being cleared, the BoA team pointed out that there were several key releases between Wednesday’s decision and the next meeting in January.That includes three non-farm payrolls prints, two unemployment reports, two inflation releases and retail sales for October, November and maybe December. “We look for two or three substantive changes in the (policy board) statement. The description of labour market conditions is likely to omit the language that the unemployment rate ‘remained low’, to reflect the 32-basis-point uptick over the last three months,” they wrote.  “The forward guidance language might also be tweaked to indicate that the bar for additional cuts has risen. This would be a nod to the hawks.”Markets are looking for a hawkish cut, in the sense that they’re pricing under eight basis points of cuts in January and less than a full 25 points in the first three meetings of 2026 (after which Jerome Powell’s term as Chair ends).”All three main indexes on Wall Street ended last week on a positive note, but Asia struggled to match.Tokyo rose with Shanghai, Seoul and Taipei, while Hong Kong, Sydney, Singapore, Mumbai and Bangkok were in the red. Wellington was flat. London advanced at the open, but Frankfurt and Paris fell.There was little major reaction to data showing Chinese exports rose in November at a forecast-beating pace to push the country’s trade surplus past $1 trillion for the first time.The surge came despite a plunge in shipments to the United States last month, with below-par imports highlighting the battle Beijing faces in trying to kickstart consumer activity and economic growth.Traders are also keeping a wary eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have chilled since Japan’s Prime Minister Sanae Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier on Saturday twice locked radar on Japanese aircraft in international waters near Okinawa.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)London – FTSE 100: UP 0.2 percent at 9,688.54Dollar/yen: DOWN at 155.34 yen from 155.32 yen on FridayEuro/dollar: UP at $1.1660 from $1.1642Pound/dollar: DOWN at $1.3326 from $1.3329Euro/pound: UP at 87.49 pence from 87.35 penceWest Texas Intermediate: UP 0.2 percent at $60.17 per barrelBrent North Sea Crude: UP 0.2 percent at $63.86 per barrelNew York – Dow: UP 0.2 percent at 47,954.99 (close)

China’s towering annual trade surplus surpassed $1 trillion for the first time last month, data showed Monday, as a sharp drop in shipments to the United States was offset by surging exports to other major markets.Presidents Xi Jinping and Donald Trump reached a tentative truce to their fierce trade war when they met in late October, agreeing a pause to painful measures that included lofty tit-for-tat tariffs.Exports have served as a key economic lifeline for China as trade and relations with the United States and others have fluctuated in recent years.That has helped temper a prolonged debt crisis in the country’s vast property sector and sluggish domestic spending, which have weighed on growth and are among the most pressing issues facing Beijing.Exports climbed 5.9 percent year-on-year in November, reversing the slight decline recorded in October, the General Administration of Customs said.The reading was also above a Bloomberg forecast of four percent growth.The jump came despite a continued downturn in shipments to the United States, which sank 28.6 percent to $33.8 billion in November, the data showed.”Weakness in exports to the United States was more than offset by shipments to other markets,” Zichun Huang of Capital Economics wrote in a note.”Exports are likely to remain resilient, thanks to trade rerouting and rising price competitiveness as deflation pushes down China’s real effective exchange rate,” Huang said.The surge in shipments last month added to the country’s ballooning annual trade surplus for the first 11 months of the year, which the Customs data showed hit $1.08 trillion in November.”China’s trade surplus this year has already surpassed last year’s level, and we expect it to widen further next year,” Huang wrote.But the imbalance has long been a sticking point for major Western trading partners.French President Emmanuel Macron threatened in remarks published Sunday to impose tariffs on China if Beijing fails to reduce its massive trade surplus with the European Union.Macron — who concluded a state visit to China last week — warned in business daily Les Echos that “Europeans will be forced to take strong measures in the coming months”.In a further sign of China’s weak domestic consumption, the data showed Monday that imports rose 1.9 percent on-year in November — slower than the three percent increase predicted by Bloomberg.”The rebound of export growth in November helps to mitigate the weak domestic demand,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, wrote in a note.”The economic momentum slowed in the fourth quarter partly driven by the continued weakness in the property sector,” he said.Xi and Trump agreed at the October meeting in South Korea to scale back sky-high tariffs on each other’s goods and blistering export controls that had sent shockwaves across global industries.The detente is due to expire late next year, allowing time for officials to reach a permanent deal — though experts warn such a breakthrough will be challenging.”There’s no guarantee this uneasy truce will last that long,” Lynn Song, ING chief economist for Greater China, said last week.”A lot needs to go right for the agreement to hold for the full year,” he wrote, adding that “it seems prudent to expect a softer external demand backdrop for next year.”China’s leaders — who are targeting overall growth this year of five percent — are expected to convene a key meeting this week focused on economic planning.

Hong Kong’s leader said Monday that the fresh crop of lawmakers who will take office after the “patriots only” legislative election will drive institutional reform, following the city’s deadliest fire in decades.The Chinese finance hub on Sunday held its second contest under electoral rules that Beijing imposed in 2021, which slashed directly elected seats and tightened political vetting for candidates.Some 1.32 million of the 4.14 million registered voters cast ballots, slightly fewer than in the 2021 race. However, the turnout rate edged up from last time’s record-low 30.2 percent to 31.9 percent thanks to a smaller population of voters.A government publicity blitz for the election was halted in late November after a blaze tore through the housing blocks of Wang Fuk Court in northern Hong Kong, killing at least 159 people and displacing thousands.City leader John Lee said Monday those who voted had shown “support for the government’s commitment to recovery and reform following the tragedy, and for electing capable and committed (lawmakers) to drive institutional reform”.The new legislators, expected to start work early next year, will “join hands with the (government) to undertake support and recovery work following the tragedy”, Lee added.A spokesperson for Beijing’s office overseeing Hong Kong affairs hailed the outcome and said the turnout “significantly exceeded” the previous iteration.”The successful conclusion of this election fully reflects the collaborative, determined and united ‘Lion Rock’ spirit of Hong Kong society,” the Hong Kong and Macao Work Office said in a statement.Newcomers make up just over 40 percent of the winners, which included Olympic champion fencer-turned-tourism sector representative Vivian Kong.- Beijing-imposed overhaul -Legislature elections in Hong Kong used to feature boisterous clashes between pro-Beijing and pro-democracy camps, with the latter often winning around 60 percent of the popular vote.But Beijing overhauled Hong Kong’s electoral system in 2021 after the city saw huge and sometimes violent pro-democracy protests two years before.Sunday’s race featured 161 government-vetted candidates and was once again devoid of the two largest pro-democracy parties: the Civic Party disbanded in 2023 and the Democratic Party, which is winding down.Political scientist John Burns said the vote reflects “continuing polarisation” and “the disappointment and anger of citizens on seeing the alleged negligence of the government” over the fire.”The election raises questions about the legitimacy of the post-2021 political system and the stability of Hong Kong,” said Burns, an emeritus professor at the University of Hong Kong.As of Sunday, Hong Kong’s anti-corruption watchdog had arrested a total of 11 people for telling others not to vote or to cast invalid ballots.Authorities have also warned against crimes that “exploit the tragedy” and arrested a 71-year-old man for sedition, following earlier reports of three fire-related sedition arrests.China’s national security agency in Hong Kong summoned representatives from international media, including AFP, for a meeting on Saturday to warn them “not cross the legal red line” during their coverage of the fire and the election.

Asian equities drifted Monday as investors gear up for an expected US interest rate cut this week, with debate centring on the likelihood the Federal Reserve will continue easing monetary policy further into the new year.The reduction has been well baked into traders’ plans following a string of comments from key decision-makers since last month and data indicating the labour market continues to deteriorate.However, with the latest round of inflation figures suggesting there is plenty of work to do to get prices under control, and confidence among consumers softening, there are worries the central bank might not have room to keep cutting.The latest, and delayed, reading on September personal consumption expenditure (PCE) — the Fed’s preferred gauge of inflation — came in slightly above August, though the core reading was unchanged.The data did little to move the needle on rate expectations but showed that it remains stubbornly above officials’ target.Economists at Bank of America said that a blackout period for Fed members commenting on policy would end on Thursday and “we’ll be on the lookout for what potential dissenters have to say”.With the backlog from the government shutdown being cleared, the BoA team pointed out that there were several key releases between Wednesday’s decision and the next meeting in January.That includes three non-farm payrolls prints, two unemployment reports, two inflation releases and retail sales for October, November and maybe December. “We look for two or three substantive changes in the (policy board) statement. The description of labour market conditions is likely to omit the language that the unemployment rate ‘remained low’, to reflect the 32-basis-point uptick over the last three months,” they wrote.  “The forward guidance language might also be tweaked to indicate that the bar for additional cuts has risen. This would be a nod to the hawks.”Markets are looking for a hawkish cut, in the sense that they’re pricing under eight basis points of cuts in January and less than a full 25 points in the first three meetings of 2026 (after which Jerome Powell’s term as Chair ends).”All three main indexes on Wall Street ended last week on a positive note, but Asia struggled to match.Tokyo was marginally lower while Hong Kong, Sydney and Singapore were in the red. Shanghai, Seoul, Wellington and Taipei rose.Traders are also keeping a wary eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have chilled since Japan’s Prime Minister Sanae Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier on Saturday twice locked radar on Japanese aircraft in international waters near Okinawa.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: FLAT at 50,473.84 (break) Hong Kong – Hang Seng Index: DOWN 0.6 percent at 25,919.77Shanghai – Composite: UP 0.6 percent at 3,925.12Dollar/yen: DOWN at 154.96 yen from 155.32 yen on FridayEuro/dollar: UP at $1.1653 from $1.1642Pound/dollar: UP at $1.3333 from $1.3329Euro/pound: UP at 87.38 pence from 87.35 penceWest Texas Intermediate: FLAT at $60.07 per barrelBrent North Sea Crude: FLAT at $63.74 per barrelNew York – Dow: UP 0.2 percent at 47,954.99 (close)London – FTSE 100: DOWN 0.5 percent at 9,667.01 (close)

French President Emmanuel Macron said he has threatened China with tariffs if Beijing fails to take steps to reduce its massive trade surplus with the EU, in remarks published Sunday.”I told them that if they don’t react, we Europeans will be forced to take strong measures in the coming months,” Macron told business daily Les Echos after returning from a state visit to China.Such measures could be modelled on steps taken by the United States, he said, “such as tariffs on Chinese products, for example”.The EU’s trade deficit with China — the world’s second-largest economy after the United States — exceeded 300 billion euros ($350 billion) in 2024, Les Echos said.The 27 European Union members cannot set trade policy, including tariffs, individually, instead being represented by the EU Commission.Macron, whose country is the EU’s second-largest economy after Germany, acknowledged that it was a challenge to get consensus on the China tariff question across the bloc.Germany, with its strong presence in China, he said, “is not yet entirely aligned with our position”.US President Donald Trump’s administration slapped tariffs of 57 percent on Chinese products this year, although this was cut to 47 percent as part of a deal between both countries reached in October.”China wants to pierce the heart of the European industrial and innovation model, which has been historically based on machine tools and the automobile,” Macron said.US protectionism had aggravated the problem for the EU, Macron said, since China was “massively” re-directing products initially earmarked for America towards Europe.”We are caught in the middle today,” Macron said. “This is a question of life and death for European industry.”During his visit to China, Macron said the EU needed to accept more Chinese direct investment as part of efforts to reduce the trade deficit.”We cannot always be importing, Chinese companies must come to Europe,” he told Les Echos, adding, however, that Chinese businesses could not be allowed to act like “predators” with “hegemonic objectives”.The EU needed to combine protection for its most vulnerable sectors, such as the car industry, with a boost to competitiveness, he urged.