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Stock markets fluctuated Wednesday as investors braced for a key earnings update from AI giant Nvidia, whose robust growth has largely driven strong gains for tech stocks in recent months.The tech-heavy Nasdaq index and the broader S&P 500 edged slightly higher after soft openings, ahead of the second-quarter results from Nvidia due out after Wall Street closes.The California firm then reported profits of $26.4 billion on $46.7 billion in revenue in the recently ended quarter, driven by demand for chips to power computing in datacenters.”The company has outgrown the tech sector and become the market’s lodestar,” said Stephen Innes of SPI Asset Management.”The crowd wants reassurance that the AI revolution isn’t just smoke and mirrors.”In Europe, the Paris stock market bucked the downward trend by rebounding from Tuesday’s tumble, caused by fears that France’s minority government could be toppled after Prime Minister Francois Bayrou proposed a confidence vote over his proposed budget cuts.France’s borrowing costs have soared since the vote was called Monday, as the government wrestles with how to find around 44 billion euros ($51 billion) in savings.”Opposition parties have signalled they will not support Bayrou’s proposals, raising doubts about the government’s ability to pass its 2026 budget,” said David Morrison, an analyst at Trade Nation.In Asia, Shanghai’s market slid despite a surge by Cambricon — a leading Chinese chipmaker and a Nvidia competitor — on the heels of a record first-half profit posted Tuesday.Also heavily impacting markets this week has been a highly unusual move by Trump to fire a US Federal Reserve governor, Lisa Cook.He cited allegations of false statements on her mortgage applications, but Cook said Trump had no authority or legal cause to fire her and her lawyer announced a planned legal challenge on Tuesday.The step adds to fears about the independence of the central bank, fueled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested last Friday that more cuts to US interest rates were on the horizon, causing stock markets to surge.Investors are now awaiting updates to US economic growth data due Thursday and a key inflation gauge Friday for clues on how far interest rates might fall in the coming months.- Key figures at around 2020 GMT -New York – Dow: UP 0.3 percent at 45,565.23 points (close)New York – S&P 500: UP 0.2 percent at 6,481.40 (close)New York – Nasdaq: UP 0.1 percent at 21,590.14 (close)Paris – CAC 40: UP 0.4 percent at 7,743.93 (close)London – FTSE 100: DOWN 0.1 percent at 9,255.50 (close)Frankfurt – DAX: DOWN 0.4 percent at 24,046.21 (close)Tokyo – Nikkei 225: UP 0.3 percent at 42,520.27 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,201.76 (close)Shanghai – Composite: DOWN 1.8 percent at 3,800.35 (close)Euro/dollar: DOWN at $1.1633 from $1.1637 on TuesdayPound/dollar: UP at $1.3496 from $1.3475Dollar/yen: UP at 147.51 yen from 147.45 yenEuro/pound: DOWN at 86.20 pence from 86.36 penceWest Texas Intermediate: UP 1.4 percent at $64.15 per barrelBrent North Sea Crude: UP 1.2 percent at $68.05 per barrelpfc-bcp-js-bys/bgs

Stock markets fluctuated Wednesday as investors braced for a key earnings update from AI giant Nvidia, whose robust growth has largely driven strong gains for tech stocks in recent months.The tech-heavy Nasdaq index and the broader S&P 500 edged slightly higher after soft openings, ahead of the second-quarter results from Nvidia due out after Wall Street closes.”The company has outgrown the tech sector and become the market’s lodestar,” said Stephen Innes of SPI Asset Management.”Analysts expect revenue to soar 53 percent to $46 billion, but this is about more than revenue beats,” he added. “The crowd wants reassurance that the AI revolution isn’t just smoke and mirrors.”In Europe, the Paris stock market bucked the downward trend by rebounding from Tuesday’s tumble, caused by fears that France’s minority government could be toppled after Prime Minister Francois Bayrou proposed a confidence vote over his proposed budget cuts.France’s borrowing costs have soared since the vote was called Monday, as the government wrestles with how to find around 44 billion euros ($51 billion) in savings.”Opposition parties have signalled they will not support Bayrou’s proposals, raising doubts about the government’s ability to pass its 2026 budget,” said David Morrison, an analyst at Trade Nation.In Asia, Shanghai’s market slid despite a surge by Cambricon — a leading Chinese chipmaker and a Nvidia competitor — on the heels of a record first-half profit posted Tuesday.Also heavily impacting markets this week has been a highly unusual move by Trump to fire a Federal Reserve governor, Lisa Cook.He cited allegations of false statements on her mortgage applications, but Cook said Trump had no authority or legal cause to fire her and her lawyer announced a planned legal challenge on Tuesday.The step adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested last Friday that more cuts to US interest rates were on the horizon, causing stock markets to surge.Investors are now awaiting US economic growth data due Thursday and a key inflation gauge Friday for clues on how far interest rates might fall in the coming months.- Key figures at around 1540 GMT -New York – Dow: UP 0.3 percent at 45,529.62 pointsNew York – S&P 500: UP 0.2 percent at 6,477.08New York – Nasdaq: UP 0.1 percent at 21,572.99Paris – CAC 40: UP 0.4 percent at 7,743.93 (close)London – FTSE 100: DOWN 0.1 percent at 9,255.50 (close)Frankfurt – DAX: DOWN 0.4 percent at 24,046.21 (close)Tokyo – Nikkei 225: UP 0.3 percent at 42,520.27 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,201.76 (close)Shanghai – Composite: DOWN 1.8 percent at 3,800.35 (close)Euro/dollar: DOWN at $1.1608 from $1.1637 on TuesdayPound/dollar: DOWN at $1.3466 from $1.3475Dollar/yen: UP at 147.74 yen from 147.45 yenEuro/pound: DOWN at 86.20 pence from 86.36 penceWest Texas Intermediate: UP 0.6 percent at $63.61 per barrelBrent North Sea Crude: UP 0.4 percent at $66.95 per barrel

When zombie-blasting survival game “Resident Evil” launched on the very first PlayStation console in 1996, Japanese publishers Capcom never thought the series would reach tens of millions of people or endure for three decades.The franchise has become Capcom’s biggest, spawning a string of sequels as well as film and TV spinoffs and competing over the years with the more psychological “Silent Hill” to give horror fans goosebumps.”I think it’s a miracle that we’ve made it this far” since the first episode, producer Masato Kumazawa told AFP through an interpreter at the vast Gamescom trade fair in Cologne, Germany, last week.”Requiem” — the ninth “Resident Evil” game — will land on February 27, although the opening minutes were available for fright-hungry gamers in Cologne.Protagonist Grace is seen being chased by a terrifying blind creature through the halls of a manor house.Where previous instalments have swept players off to Louisiana and eastern Europe, the new game follows an investigation by a young American woman into her mother’s death.It’s a return to a classic formula and the fictional Raccoon City setting of the first few games in the near-30-year-old series from publisher Capcom.”It was time after those two (previous) games to go back to a very well-known setting,” the game’s director Koshi Nakanishi said.More than 170 million copies of “Resident Evil” games have been sold over the franchise’s lifetime, with Capcom alternating between original instalments and remakes since 2017.That makes the series by far the Japanese publisher’s most valuable, ahead of well-loved properties like “Street Fighter” and “Monster Hunter”.- ‘Universal horror’ -“Surprise and freshness is what keeps the game selling even after 30 years,” Kumazawa said.Each instalment plays with locations, characters and gameplay styles — from high-octane third-person action to first-person survival adventures like “Requiem” in which players constantly feel hunted.Kumazawa added that while it’s made in Japan, the series is “culturally designed to be universal horror for all fans” worldwide.While the popularity of “Resident Evil” has inspired film and TV adaptations, it is not the only Japanese-made saga in the survival horror market.Three years younger than “Resident Evil”, the rival game “Silent Hill” has had a less linear journey.With it Stephen King-influenced atmosphere, the first two instalments scored moderate success before declining in the 2000s, prompting a 10-year hiatus.But all along “Silent Hill” producer Motoi Okamoto of publisher Konami was sniffing around the indie horror scene for the right developer.He ultimately landed on Polish studio Bloober Team — makers of games like “The Medium” and “Blair Witch” — to remake “Silent Hill 2”.With more than two million copies sold in the months after its October 2024 launch, that release reignited passion for the series and set up the upcoming “Silent Hill f”.- One ‘Silent Hill’ per year? -Set to appear on September 25, “f” tells the grisly story of a 1960s-era Japanese high school student, in an original scenario cooked up by Taiwanese studio NeoBards.The team moved on from the American setting of previous iterations as “that became very tiring on players, it became a very samey experience,” Okamoto said, also speaking through an interpreter.”To make Silent Hill stand out, we needed to partner up with these teams” who bring “a varied background of experience and… individuality,” he added.Bloober Team are already working on a remake of the original “Silent Hill”, while US studio Annapurna Interactive are co-developing another title — feeding Okamoto’s ambition to release one game per year in future.”Resident Evil” producer Kumazawa believes that the “two major Japanese survival horror franchises have stimulated each other” over the almost 30 years they’ve co-existed.But Okamoto sees two games offering “very different experiences”.His “Silent Hill” is “a psychological horror game, where you must face up to your own traumas,” he outlines.”Resident Evil” director Nakanishi, by contrast, highlights that in each game in the series “you always beat your enemy in the end.””It’s a very satisfying liberation from the tension that builds up throughout the game”.

US tariffs of 50 percent took effect Wednesday on many Indian products, doubling an existing duty as President Donald Trump sought to punish New Delhi for buying Russian oil.India has criticized the levies as “unfair, unjustified and unreasonable,” with its export body calling on Wednesday for government intervention to assuage fears of heavy job cuts.Trump has raised pressure on India over the energy transactions, a key source of revenue for Moscow’s war in Ukraine, as part of a campaign to end the conflict.The latest salvo strains US-India ties, giving New Delhi fresh incentive to improve relations with Beijing.But US Treasury Secretary Scott Bessent told Fox Business on Wednesday that Trump had good ties with Indian Prime Minister Narendra Modi.”I think at the end of the day, we will come together,” he said.While Trump has slapped fresh duties on allies and competitors alike since returning to the presidency in January, this 50-percent level is among the highest that US trading partners face.Crucially, however, exemptions remain for sectors that could be hit with separate levies — such as pharmaceuticals, computer chips and smartphones.Industries that have already been singled out, such as steel, aluminum and automobiles, are similarly spared these countrywide duties.The United States was India’s top export destination in 2024, with shipments worth $87.3 billion.But analysts have cautioned that a 50-percent duty is akin to a trade embargo and is likely to harm smaller firms.Exporters of textiles, seafood and jewelry were already reporting cancelled US orders and losses to rivals such as Bangladesh and Vietnam, raising fears of heavy job cuts.Ajay Sahai, director general of the Federation of Indian Export Organisations, called for “liquidity support from the government.””We want to ensure that even if business stops, we are able to keep workers on the payroll”, he told AFP, saying they were “still optimistic” for  trade negotiations.- ‘Eroded trust’ -The world’s fifth-largest economy is looking to cushion the blow, with Modi promising to lower the tax burden on citizens during an annual speech to mark India’s independence.Modi earlier vowed self-reliance, pledging to defend his country’s interests.The foreign ministry previously said India had begun importing oil from Russia as traditional supplies were diverted to Europe over Russia’s invasion of Ukraine.It noted that Washington actively encouraged such imports at the time to strengthen stability in the global energy market.Russia accounted for nearly 36 percent of India’s total crude oil imports in 2024. Buying Russian oil saved India billions of dollars on import costs, keeping domestic fuel prices relatively stable.But the Trump administration held firm on its tariff plans in the lead-up to Wednesday’s deadline.Trump’s trade adviser Peter Navarro told reporters last week that “India doesn’t appear to want to recognize its role in the bloodshed.””It’s cozying up to Xi Jinping,” Navarro added, referring to the Chinese president.Wendy Cutler, from the Asia Society Policy Institute, said India had moved from being “a promising candidate for an early trade deal to a nation facing among the highest tariffs.”Cutler, a former US trade official, told AFP that the “high tariffs have quickly eroded trust between the two countries, which could take years to rebuild.”Trump has used tariffs as a tool for addressing everything from what Washington deems as unfair trade practices to trade imbalances.US trade deficits were a key justification behind his higher duties on dozens of economies taking effect in early August — hitting partners from the European Union to Indonesia.But the 79-year-old Republican has also taken aim at specific countries such as Brazil over the trial of its former president Jair Bolsonaro, who is accused of plotting a coup.US tariffs on many Brazilian goods surged to 50 percent this month, but with broad exemptions.

Stock markets diverged Wednesday following broad losses in the previous session, as attention turned to a key earnings update from AI giant Nvidia.Chinese stocks slid following modest gains Tuesday on Wall Street as investors sought to look beyond President Donald Trump’s move to oust a US Federal Reserve governor.The Paris stock market rebounded slightly after Tuesday’s tumble caused by fears that France’s minority government could be toppled after Prime Minister Francois Bayrou proposed a confidence vote over his proposed budget cuts.A slide for Shanghai’s market came despite a surging share price for Cambricon — a leading Chinese chipmaker and a Nvidia competitor — on the heels of a record first-half profit posted Tuesday.Nvidia will report second-quarter financial results on Wednesday, closely watched as a bellwether for the industry as worries about a tech bubble rise.”The company has outgrown the tech sector and become the market’s lodestar,” said Stephen Innes of SPI Asset Management.”Analysts expect revenue to soar 53 percent to $46 billion, but this is about more than revenue beats,” he added. “The crowd wants reassurance that the AI revolution isn’t just smoke and mirrors.”Also heavily impacting markets this week has been a highly unusual move by Trump to fire Federal Reserve governor Lisa Cook.He cited allegations of false statements on her mortgage agreements, but Cook said Trump had no authority or legal cause to fire her and her lawyer announced a planned legal challenge on Tuesday.The step adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested last Friday that more cuts to US interest rates were on the horizon, causing stocks markets to surge.The dollar firmed against main rivals Wednesday despite expectations of lower US borrowing costs.Investors were also awaiting US economic growth data due Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices extended Tuesday’s fall, paring back recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 1045 GMT -Paris – CAC 40: UP 0.4 percent at 7,737.12 pointsLondon – FTSE 100: FLAT at 9,262.90Frankfurt – DAX: DOWN 0.2 percent at 24,106.32Tokyo – Nikkei 225: UP 0.3 percent at 42,520.27 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,201.76 (close)Shanghai – Composite: DOWN 1.8 percent at 3,800.35 (close)New York – Dow: UP 0.3 percent at 45,418.07 (close)Euro/dollar: DOWN at $1.1584 from $1.1637 on TuesdayPound/dollar: DOWN at $1.3431 from $1.3475Dollar/yen: UP at 148.09 yen from 147.45 yenEuro/pound: DOWN at 86.24 pence from 86.36 penceWest Texas Intermediate: DOWN 0.3 percent at $63.08 per barrelBrent North Sea Crude: DOWN 0.3 percent at $66.48 per barrel

Asian markets diverged Wednesday following broad losses the previous day, as attention turns from political pressure on the US central bank to a key earnings report by AI giant Nvidia.Tuesday’s declines in Tokyo, Hong Kong, Seoul and across the continent were followed by modest gains on Wall Street as investors tried to look past US President Donald Trump’s move to oust a Federal Reserve governor.In Europe, shares fell and the Paris stock market tumbled over fears that France’s minority government could be toppled, after Prime Minister Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.During Wednesday trading in Asia, Tokyo, Seoul and Sydney finished slightly up, while Taipei jumped 0.9 percent.Hong Kong lost 1.3 percent on the day and Shanghai plunged 1.8 percent.Shanghai’s slide came despite the surging share price for Cambricon — a leading Chinese chipmaker and local Nvidia competitor — on the heels of a record first-half profit posted Tuesday.Nvidia will report second-quarter financial results on Wednesday, closely watched as a bellwether for the industry as worries about a tech bubble rise.”The company has outgrown the tech sector and become the market’s lodestar,” wrote Stephen Innes of SPI Asset Management in a note.”Analysts expect revenue to soar 53 percent to $46 billion, but this is about more than revenue beats,” he added.”The crowd wants reassurance that the AI revolution isn’t just smoke and mirrors.”London and Paris ticked up in early trade in Europe while Frankfurt was slightly down.Heavily impacting markets this week has been a highly unusual move by Trump to fire Federal Reserve governor Lisa Cook.The US leader cited allegations of false statements on her mortgage agreements, but Cook said Trump had no authority or legal cause to fire her while her lawyer announced a planned legal challenge on Tuesday.The step adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday that more cuts to US interest rates were on the horizon, causing markets to surge.Investors are also awaiting a US economic growth update on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices continued Tuesday’s slow fall, paring back recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 0830 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 42,520.27 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,201.76 (close)Shanghai – Composite: DOWN 1.8 percent at 3,800.35 (close)London – FTSE 100: UP 0.2 percent at 9,282.52Euro/dollar: DOWN at $1.1588 from $1.1637 on TuesdayPound/dollar: DOWN at $1.3437 from $1.3475Dollar/yen: UP at 147.97 yen from 147.45 yenEuro/pound: DOWN at 86.23 pence from 86.36 penceWest Texas Intermediate: FLAT at $63.24 per barrelBrent North Sea Crude: FLAT at $67.20 per barrelNew York – Dow: UP 0.3 percent at 45,418.07 (close)

When traders kicked off another week of action at the Hong Kong Stock Exchange, data on the shares of one previously high-soaring firm was nowhere to be seen.China Evergrande Group — once the country’s top property developer but now mired in debt as the industry struggles to regain its footing — had seen its shares unceremoniously removed from the city’s bourse.For most observers, Monday’s delisting was a foregone conclusion.Here, AFP recaps the Evergrande saga and considers what it says about China’s economy:Why did Evergrande collapse?Evergrande was once China’s leading property developer, propelled by decades of rapid urbanisation and rising living standards across the country.Listed in Hong Kong in 2009, the firm surged to a peak market value of more than $50 billion under the stewardship of founder Xu Jiayin, also known as Hui Ka Yan.But fortunes reversed in 2020, when new regulations from Beijing seeking to limit excessive borrowing in the real estate sector complicated Evergrande’s ability to make payments.Subsequent years saw a drawn-out struggle across the industry to complete construction projects as shares plunged and cash flows choked.Evergrande’s 2021 default and 2024 liquidation order by a Hong Kong court have become particularly emblematic of the broader downturn in China’s once-mighty property sector.Why was it delisted?A committee at the Hong Kong stock exchange had decided earlier this month to give Evergrande’s shares the boot after it failed to meet a July deadline to resume trading — suspended since early last year.”The delisting of Evergrande was absolutely inevitable,” Dan Wang, China director at Eurasia Group, told AFP.The firm’s stock market value had almost entirely evaporated and a statement by its liquidators earlier this month said the debt load had risen to $45 billion.”The surprising part is actually how late (the delisting) is,” said Wang, noting that Evergrande’s initial default was nearly four years ago.”Now the expectation and consensus… is that the Chinese housing market has still not reached the bottom.”But it will never bounce back to the historical high.”How is China’s economy impacted?Woes in the Chinese real estate market — long a key driver of national growth — have heavily impacted the country’s economy.Protracted debt struggles of Evergrande and industry peers including Country Garden, Vanke and Kaisa have also had a severe impact on consumer confidence, dissuading many would-be homebuyers from making purchases.Complicating matters further, the slump in sentiment comes just as many economists argue that China must shift towards a growth model powered more by domestic consumption than investment in real estate and infrastructure.Property prices continued to decline in July, official data showed, despite a raft of measures introduced over the past year to encourage purchases, including cancellations of certain restrictions.”Given the high exposure of Chinese households to real estate, establishing a trough on prices is one of the most important factors to restoring confidence and generating a sustained consumption recovery,” wrote Lynn Song, chief economist for Greater China for ING, in a note.”It’s difficult to expect consumers to spend with greater confidence if their biggest asset continues to decline in value every month,” he added.What happens next?Beijing has said it is targeting national growth this year of around five percent — the same as last year and a goal considered ambitious by many economists.Clouding the outlook is another term for US President Donald Trump, who unleashed stinging tariffs on China — then paused them to allow time for ongoing negotiations.Chinese President Xi Jinping has frequently stressed in recent years the need for the country to achieve technological independence in certain strategic sectors including computer chips and artificial intelligence.The drive is viewed by leaders as vital for ensuring economic and national security, as headwinds facing the property sector and trade mount.The Evergrande collapse can serve as a “good lesson” for policymakers and market participants on “the changing nature of China’s economy”, said Wang of Eurasia Group.”Now it’s time to find an alternative engine for growth,” she added.”If we are still betting on housing, that will be a mistake.”

European stock markets and shares in French banks fell Tuesday as investors fretted over fresh political turmoil in France.The Paris stock market tumbled and French borrowing costs rose over fears that France’s minority government could be toppled, after Prime Minister Francois Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.”Delaying or ditching (fiscal) reforms will make the debt situation more untenable and weigh on the economy,” said Neil Wilson, UK investor strategist at Saxo Markets. Shares in French banks sank, with BNP Paribas down around four percent while rival Societe Generale shed more than six percent — both major lenders that hold French government debt.”The question now is whether this develops into a broader drag on European assets or remains a distinctly French affair,” said Fawad Razaqzada, market analyst at StoneX.Paris, London and Frankfurt all closed lower, following losses in Asia.Wall Street’s main indexes advanced as investors tried to look past US President Donald Trump’s move to oust Federal Reserve governor Lisa Cook.The US leader cited allegations of false statements on her mortgage agreements, but Cook said Trump had no authority or legal cause to fire her, while her lawyer announced a planned legal challenge on Tuesday.The unusual step adds to fears about the independence of the central bank, fueled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday more cuts to US interest rates were on the horizon.”Investors are becoming increasingly concerned by the president’s persistent interference in the business of the central bank,” said David Morrison, senior market analyst at Trade Nation.Stock markets crept up and US Treasury bond yields, closely watched as a proxy for interest rates, were little changed.”One explanation could be that there’s a strong belief that this will fail in the courts because (Cook) has not been proven guilty of anything at the moment,” Steve Sosnick of Interactive Brokers said.Markets also were not swayed by a survey released on Tuesday that showed a fall in consumer confidence and a persistent worry over Trump’s tariffs — which the president threatened to expand on Monday to countries with measures “designed to harm” US technology.The dollar fell while gold rose as investors sought a safe place to store their gains.Wall Street remains focused on results due Wednesday from AI chip giant Nvidia, a bellwether for the artificial intelligence sector.Investors are also awaiting a US economic growth update on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices slid Tuesday following recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 2015 GMT -New York – Dow: UP 0.3 percent at 45,418.07 points (close)New York – S&P: UP 0.4 percent at 6,465.94 (close)New York – Nasdaq: UP 0.4 percent at 21,544.27 (close)Paris – CAC 40: DOWN 1.7 percent at 7,709.81 (close)London – FTSE 100: DOWN 0.6 percent at 9,265.80 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,152.87 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)Euro/dollar: UP at $1.1637 from $1.1624 on MondayPound/dollar: UP at $1.3475 from $1.3460Dollar/yen: DOWN at 147.45 yen from 147.70 yenEuro/pound: UP at 86.36 pence from 86.35 penceWest Texas Intermediate: DOWN 2.4 percent at $63.25 per barrelBrent North Sea Crude: DOWN 2.3 percent at $67.22 per barrelpfc-ajb-jxb-bys/md

European stock markets and shares in French banks fell Tuesday as investors fretted over fresh political turmoil in France.The Paris stock market tumbled and French borrowing costs rose over fears that France’s minority government could be toppled, after Prime Minister Francois Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.”Delaying or ditching (fiscal) reforms will make the debt situation more untenable and weigh on the economy,” said Neil Wilson, UK investor strategist at Saxo Markets. Shares in French banks sank, with BNP Paribas down around four percent while rival Societe Generale shed more than six percent — both major lenders hold French government debt.”The question now is whether this develops into a broader drag on European assets or remains a distinctly French affair,” said Fawad Razaqzada, market analyst at StoneX.Paris, London and Frankfurt were all substantially down at close, following losses in Asia.Wall Street’s main indexes were largely flat in morning trading as investors digested US President Donald Trump’s move to oust Federal Reserve governor Lisa Cook.He cited allegations of false statements on her mortgage agreement but Cook said Trump had no authority or legal cause to fire her, and her lawyer announced a legal challenge on Tuesday.The unusual step adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday more cuts to US interest rates were on the horizon.”Investors are becoming increasingly concerned by the president’s persistent interference in the business of the central bank,” said David Morrison, senior market analyst at Trade Nation.Yet morning trading on Wall Street suggested markets were not so preoccupied with the move.Stock markets were flat and US Treasury bond yields, closely watched as a proxy for interest rates, were little changed.”One explanation could be that there’s a strong belief that this will fail in the courts because (Cook) has not been proven guilty of anything at the moment,” Steve Sosnick of Interactive Brokers said.Markets also were not swayed by a survey released on Tuesday that showed a fall in consumer confidence and a persistent worry over Trump’s tariffs — which the president threatened to expand on Monday to countries with measures “designed to harm” US technology.The dollar fell while gold rose as investors sought a safe place to store their gains.Wall Street was focused on results due Wednesday from AI chip giant Nvidia, the world’s most valuable company and a bellwether for the artificial intelligence sector.Investors are also awaiting a US economic growth report on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices slid Tuesday following recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 1550 GMT -New York – Dow: DOWN  0.1 percent at 45,261.09 pointsNew York – S&P: FLAT at 6,438.75New York – Nasdaq: UP 0.1 percent at 21,467.13Paris – CAC 40: DOWN 1.7 percent at 7,709.81 (close)London – FTSE 100: DOWN 0.6 percent at 9,265.80 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,152.87 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)Euro/dollar: UP at $1.1656 from $1.1624 on MondayPound/dollar: UP at $1.3482 from $1.3460Dollar/yen: DOWN at 147.31 yen from 147.70 yenEuro/pound: UP at 86.45 pence from 86.35 penceWest Texas Intermediate: DOWN 2.1 percent at $63.42 per barrelBrent North Sea Crude: DOWN 2.0 percent at $66.89 per barrel

Stock markets fell Tuesday as political turmoil in France hit investors’ risk appetite, as did US President Donald Trump’s move to fire central bank governor Lisa Cook.The Paris stock market tumbled and French borrowing costs rose over fears that France’s minority government could be toppled, after Prime Minister Francois Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.”Delaying or ditching (fiscal) reforms will make the debt situation more untenable and weigh on the economy,” said Neil Wilson, UK investor strategist at Saxo Markets. Shares in French banks sank, with BNP Paribas down around five percent while rival Societe Generale shed more than six percent.Both major lenders hold large amounts of French government debt.London and Frankfurt were also down in midday trading, following losses in Asia.”The French instability puts further pressure on already uneasy global markets after Donald Trump said he is firing Fed Governor Lisa Cook,” said Victoria Scholar, head of investment at Interactive Investor.Trump on Monday cited allegations of false statements on Cook’s mortgage agreement. “Although Cook said she will not resign, this still raises concerns about the Fed’s ability to set interest rates independently from political interference,” Scholar added.The unusual step, which is likely to face a legal challenge, adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday more cuts to US interest rates were on the horizon.The dollar fell while gold rose on Tuesday as investors sought a safe place to store their gains.Trump also said on Monday he would impose “substantial additional tariffs” on shipments from countries that do not cancel digital taxes and regulations, which he said were “designed to harm” US technology.He threatened to introduce export restrictions on “highly protected (US) technology and chips”, without offering further details.Eyes are now turning toward a US economic growth report on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices slid Tuesday following recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 1050 GMT -Paris – CAC 40: DOWN 1.4 percent at 7,731.15 pointsLondon – FTSE 100: DOWN 0.5 percent at 9,274.64Frankfurt – DAX: DOWN 0.3 percent at 24,194.83Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)New York – Dow: DOWN 0.8 percent at 45,282.47 (close)Euro/dollar: UP at $1.1641 from $1.1624 on MondayPound/dollar: UP at $1.3474 from $1.3460Dollar/yen: DOWN at 147.64 yen from 147.70 yenEuro/pound: UP at 86.39 pence from 86.35 penceWest Texas Intermediate: DOWN 1.8 percent at $63.65 per barrelBrent North Sea Crude: DOWN 1.6 percent at $67.72 per barrel