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Asian markets kicked off the week with a rally Monday morning, tracking gains made by Wall Street on Friday after the US central bank chief suggested coming interest rate cuts.Investors weighing the prospects of a September cut had been closely eyeing the speech by Federal Reserve Chair Jerome Powell at an annual symposium in Jackson Hole, Wyoming.”The balance of risks appears to be shifting,” Powell said, noting a slump in employment even as inflation remains above target.He added that the “unusual” situation “may warrant adjusting our policy stance”.Wall Street stocks surged following Powell’s speech, rebounding from a tech sell-off earlier in the week. European markets also ticked upwards.During the first trading sessions in major Asian markets following the comments, stocks made notable gains.Hong Kong’s main index was up nearly 1.3 percent one hour after opening, while benchmarks in Tokyo, Shanghai, Sydney, Seoul and Taipei also rose.”By hinting that the Fed could cut even without pristine inflation numbers, (Powell) transformed caution into conviction,” Stephen Innes of SPI Asset Management wrote in a note Monday.”Expectations for a September cut now hover near certainty,” he added.Powell has come under intense public pressure this year from US President Donald Trump to lower rates.But the independent central bank has kept benchmark interest rates steady at a range of between 4.25 percent and 4.50 percent since its last reduction in December.In keeping rates unchanged, policymakers cited resilience in the labor market as they monitored the effects of Trump’s wide-ranging tariffs on the world’s biggest economy.Reacting to Friday’s news, the dollar fell against currencies such as the euro, pound and yen, as lower returns make the greenback less appealing to foreign investors.Oil markets were nearly flat Monday, following price increases made last week as investors considered the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Traders are now eagerly awaiting a quarterly earnings report from US chip juggernaut Nvidia on Wednesday, which is expected to shed light on how its strong push into artificial intelligence is faring.- Key figures at around 0215 GMT -Tokyo – Nikkei 225: UP 0.7 percent at 42,933.34Hong Kong – Hang Seng Index: UP 1.3 percent at 25,661.10Shanghai – Composite: UP 0.7 percent at 3,854.086Euro/dollar: DOWN at $1.1696 from $1.1722 on FridayPound/dollar: DOWN at $1.3493 from $1.3523Dollar/yen: UP at 147.47 yen from 146.94 yenEuro/pound: DOWN at 86.68 pence from 86.69 penceWest Texas Intermediate: FLAT at $63.65 per barrelBrent North Sea Crude: FLAT at $67.71 per barrelNew York – Dow: UP 1.9 percent at 45,631.74 (close)London – FTSE 100: UP 0.1 percent at 9,321.40 (close)

Indian Prime Minister Narendra Modi’s push to slash consumption taxes on everyday goods could deliver billions of dollars in annual relief and boost demand in an economy bracing for painful US tariffs, experts say.US President Donald Trump has threatened to double import duties on India from 25 to 50 percent to punish New Delhi for buying oil from Russia, saying the purchases help Moscow fund its invasion of Ukraine.The prospective measure has clouded the outlook for the world’s fifth-largest economy, with Indian exporters warning of plunging orders and severe job losses.New Delhi has called Washington’s move “unfair, unjustified and unreasonable” but is already seeking to cushion the blow, with Modi last week promising to “bring down the tax burden on the common man” during an annual speech to mark India’s independence.His proposed cuts to the goods and services tax (GST) would make everything from small cars to air conditioners cheaper for consumers, economists say.Currently, the tax operates under a complex four-tier structure, with rates ranging from five to 28 percent.Under Modi’s reforms, most goods would fall into just two tiers, taxed at either five or 18 percent.The Indian leader has called the change a “Diwali gift”, a reference to the annual Hindu festival of lights when consumers splurge on everything from gold and clothes to consumer electronics.- ‘Sizeable savings’ -Trump’s tariffs — and their impact on ordinary Indians — will hinge on how much progress is made towards a Russia-Ukraine peace deal, and whether New Delhi can secure alternative oil suppliers before the US president’s August 27 deadline.But experts say Modi’s tax reform could help shore up demand by reducing tax collections by between $13 billion and $17 billion.Analysts at Emkay Global Financial Services called the policy a “welcome reform towards boosting domestic consumption”.They estimated that about the vast majority of items currently subject to the top 28 percent rate would be taxed at 18 percent, while “nearly all” in the 12 percent tier would move into the five-percent bracket.Analysts at Motilal Oswal, an Indian financial services firm, said the changes would bring benefits to a wide range of sectors and “sizeable savings” to households.The fate of the proposal ultimately rests with the GST Council, which includes representatives from state governments and has struggled to achieve broad consensus in the past.If approved, the cuts would strain public finances, according to experts.However, they said, they could also help to offset tariff risks and burnish Modi’s credentials among the middle class.The proposal comes ahead of expected elections later this year in Bihar, a large, Hindu-majority state of 130 million people that is a key political battleground for Modi.”The popular economic narrative right now is that of Trump’s 50 percent tariffs and how the US-India relationship is seeing setbacks,” Deepanshu Mohan, economist at O.P. Jindal Global University, told AFP.”The GST readjustment is a strong response from Modi in that context. It’s Modi telling the middle class: ‘We are trying to make sure you have enough at your end,'” Mohan said.But, he added, it was also an acknowledgement that India’s economy had not worked for its “low middle-income class for some time”.- US-India trade talks – Although economists have called for an overhaul of the GST system for years, Modi’s surprise announcement comes as US-India ties hit a multi-decade low.Economists estimate that if the two countries fail to sign a trade deal, Trump’s tariffs could drag India’s GDP growth below six percent this fiscal year, lower than the central bank’s projections of 6.5 percent.New Delhi’s stance on Russian oil imports will become clearer by late September as most cargoes this month were contracted before Trump’s threats, according to trade intelligence firm Kpler.Kpler analyst Sumit Ritolia told AFP that while Indian refiners are showing “growing interest” in US, West African and Latin American crude, it was more indicative of “greater flexibility, not a deliberate pivot”.”Until there’s a clear policy shift or sustained change in trade economics, Russian flows remain a core part of India’s crude basket,” Ritolia said. As the clock ticks down on the tariff hike, the state of US-India trade negotiations remains uncertain.New Delhi says it is committed to striking a deal, but Indian media reports suggest US negotiators have postponed a planned late-August visit to the Indian capital.

Wall Street shares rallied Friday as US Federal Reserve chief Jerome Powell left the door open to cutting interest rates, which also sent the dollar dropping against the euro and other major currencies.Investors had been eagerly waiting for Powell’s speech all week, hoping to hear hints that the Fed would cut rates at its next meeting in September to spur economic growth.New York’s three main indexes surged following his remarks, rebounding after a tech sell-off this week.European stock markets also got a bump in afternoon deals, though the gains were limited by the impact of President Donald Trump’s tariffs on the German economy, which shrank in the second quarter.In his speech at the annual symposium of global central bankers in Jackson Hole, Wyoming, Powell warned that risks of higher inflation and a weakening jobs market meant a “challenging situation.””Downside risks to employment are rising,” Powell said, adding that the effects of Trump’s tariffs on consumer prices “are now clearly visible.””With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” he said.Powell has come under intense public pressure this year from Trump to lower rates.But the independent central bank has kept benchmark interest rates steady at a range of between 4.25 percent and 4.50 percent since its last reduction in December.In keeping rates unchanged, policymakers cited resilience in the labor market as they monitored the effects of Trump’s wide-ranging tariffs on the world’s biggest economy.”The market was pricing in roughly a 75 percent chance of a rate cut in September,” said Bret Kenwell, an investment analyst at eToro. But the odds according to CME Group’s FedWatch tool exceeded 80 percent late Friday.Kenwell noted however that “rising inflation is still a risk and may prevent the Fed from moving as quickly as they’d like, but the committee is unlikely to stand by idly if we see further weakness in the jobs market.”The dollar fell against currencies such as the euro, pound and yen, as lower returns make the greenback less appealing to foreign investors.Oil prices inched up after rising more than one percent on Thursday, as investors weighed the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Observers have been speculating over how a possible lifting of sanctions on Russia, a major oil producer, would impact markets.Trump on Thursday set a two-week timeframe for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet with Russian and Ukrainian counterparts in person, as well as several European leaders.Russian Foreign Minister Sergei Lavrov, however, told NBC television Friday there was “no meeting planned” between the Russian and Ukrainian presidents.In corporate news, Deutsche Post shares fell 1.1 percent after the German postal service said it would restrict package deliveries to the United States due to Trump’s tariffs.France’s La Poste, owned by the French state, announced similar restrictions.- Key figures at around 2030 GMT -New York – Dow: UP 1.9 percent at 45,631.74 points (close)New York – S&P 500: UP 1.5 percent at 6,466.91 (close)New York – Nasdaq: UP 1.9 percent at 21,496.54 (close)London – FTSE 100: UP 0.1 percent at 9,321.40 (close)Paris – CAC 40: UP 0.4 percent at 7,969.69 (close)Frankfurt – DAX: UP 0.3 percent at 24,363.09 (close)Tokyo – Nikkei 225: UP 0.1 percent at 42,633.29 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,339.14 (close)Shanghai – Composite: UP 1.5 percent at 3,825.76 (close)Euro/dollar: UP at $1.1722 from $1.1604 on ThursdayPound/dollar: UP at $1.3523 from $1.3412Dollar/yen: DOWN at 146.94 yen from 148.37 yenEuro/pound: UP at 86.69 pence from 86.52 penceWest Texas Intermediate: UP 0.2 percent at $63.66 per barrelBrent North Sea Crude: UP 0.1 percent at $67.73 per barrelpfc-ajb-lth-bys/jgc

Stock markets advanced Friday ahead of a pivotal speech by the US central bank chief, expected to shed light on possible interest rate cuts in the world’s top economy.Major European stock markets ticked up, following gains in Asia led by Chinese indices.Recent days have seen cautious trading as investors await clarity from Federal Reserve chief Jerome Powell about the path on US interest rates, with recent data showing a cooling jobs market and a mixed picture for inflation.Powell is set to deliver remarks during an annual gathering of central bankers in Jackson Hole, Wyoming, a key event for observers weighing the chances of a rate cut at a September meeting of policymakers.”Investors will be keenly watching whether Powell places more emphasis on weaker payrolls versus more stable measures of labour market slack and still solid activity and inflation data,” said Deutsche Bank managing director Jim Reid. Powell has come under intense public pressure this year from President Donald Trump to lower rates — an unusual political intervention at the independent central bank.In Asia, Shanghai’s main index rose 1.5 percent, breaking 3,800 points for the first time in a decade as shares in Chinese semiconductor firm Cambricon surged.Tokyo’s Nikkei index closed slightly higher, and Hong Kong advanced. Japan announced Friday that core inflation eased in July — still above its central bank’s two-percent target and boosting expectations of an October rate hike.After a shaky few days on Wall Street, Asia “should act as a safe harbour while the Fed’s credibility is under the spotlight”, noted Chris Weston, head of research at Pepperstone.Still, “hesitation to push risk higher will remain”, he said, adding that there is “a very low probability” of Powell calling explicitly for rate cuts in his speech later in the day.Also weighing heavily on investors’ minds is the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Trump on Thursday set a two-week time frame for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet with Russian and Ukrainian counterparts in person, as well as several European leaders.Observers have been speculating over how a possible lifting of sanctions on Russia, a major oil producer, would impact markets of the possible lifting of sanctions on Russia, a major producer.Oil prices wavered on Friday after gains the previous day.- Key figures at around 1040 GMT -London – FTSE 100: UP 0.1 percent at 9,313.64 pointsParis – CAC 40: UP 0.2 percent at 7,956.08 Frankfurt – DAX: UP 0.1 percent at 24,322.85Tokyo – Nikkei 225: UP 0.1 percent at 42,633.29 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,339.14 (close)Shanghai – Composite: UP 1.5 percent at 3,825.76 (close)New York – Dow: DOWN 0.3 percent at 44,785.50 (close)Euro/dollar: DOWN at $1.1596 from $1.1604 on ThursdayPound/dollar: DOWN at $1.3410 from $1.3412Dollar/yen: UP at 148.73 yen from 148.37 yenEuro/pound: DOWN at 86.48 pence from 86.52 penceWest Texas Intermediate: DOWN 0.1 percent at $63.47 per barrelBrent North Sea Crude: DOWN 0.1 percent at $67.58 per barrel

Markets in Asia and Europe diverged Friday ahead of a pivotal speech by the US central bank chief, expected to shed light on possible interest rate cuts in the world’s top economy.Recent days have seen cautious trading as investors parse a mixed outlook for the global economy, beset by worries over inflation even as a boom in tech — especially artificial intelligence — continues.US Federal Reserve Chairman Jerome Powell is set to deliver remarks during an annual gathering of central bankers in Jackson Hole, Wyoming on Friday, a key event for observers weighing the chances of a rate cut at a September meeting of policymakers.Powell has come under intense public pressure this year from President Donald Trump to lower rates — an unusual political intervention at the independent central bank.Stock markets in Asia and Europe were split across mostly narrow ranges on Friday afternoon, roughly five hours before Powell’s speech.Tokyo’s Nikkei index closed up 0.1 percent, an improvement from Thursday’s 0.7 percent drop.Japan announced Friday that core inflation had eased to 3.1 percent in July from 3.3 percent the previous month — still above its central bank’s two-percent target and boosting expectations of an October rate hike.Meanwhile, Shanghai’s main index finished up 1.5 percent, breaking 3,800 points for the first time in a decade as shares in Chinese semiconductor firm Cambricon surged.Benchmarks in Hong Kong, Seoul and Bangkok also rose, while Sydney and Taipei were down.Morning trading in Europe saw shares edge down in London and Frankfurt. Paris was up slightly.After a shaky few days on Wall Street, Asia “should act as a safe harbour while the Fed’s credibility is under the spotlight”, said Chris Weston, head of research at Pepperstone, in a note.Still, “hesitation to push risk higher will remain”, he said, adding that there is “a very low probability” of Powell calling explicitly for rate cuts in his speech later in the day.Also weighing heavily on investors’ minds is the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Trump on Thursday set a two-week time frame for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet with Russian and Ukrainian counterparts in person, as well as several European leaders.Observers have been speculating lately about the impact on oil markets of the possible lifting of sanctions on Russia, a major producer.Oil prices were up narrowly on Friday afternoon, adding to previous gains made over recent days.- Key figures at 0830 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 42,633.29 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,339.14 (close)Shanghai – Composite: UP 1.5 percent at 3,825.76 (close)London – FTSE 100: DOWN 0.1 percent at 9,300.77Euro/dollar: DOWN at $1.1592 from $1.1604 on ThursdayPound/dollar: DOWN at $1.3410 from $1.3412Dollar/yen: UP at 148.60 yen from 148.37 yenEuro/pound: DOWN at 86.45 pence from 86.52 penceWest Texas Intermediate: UP 0.2 percent at $63.66 per barrelBrent North Sea Crude: UP 0.2 percent at $67.78 per barrelNew York – Dow: DOWN 0.3 percent at 44,785.50 (close)

Australia has ordered the local arm of the world’s largest cryptocurrency exchange, Binance, to appoint an external auditor after identifying “serious concerns” with its money laundering and terrorism financing controls.The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, said Friday its concerns followed Binance Australia’s latest independent review which was “limited in scope relative to its size, business offerings and risks”.AUSTRAC also flagged the company’s high staff turnover, lack of local resourcing and senior management oversight, the agency said in a statement. “AUSTRAC has directed Binance Australia to appoint an external auditor after identifying serious concerns with the crypto exchange’s anti-money laundering and counter terrorism financing controls,” it said.AUSTRAC’s chief executive Brendan Thomas added that while businesses could have safeguards that apply to multiple jurisdictions, their systems needed to reflect local regulatory requirements. “This is a global company operating across borders in a high-risk environment. We expect robust customer identification, due diligence and effective transaction monitoring,” he said in the statement.Binance has 28 days to nominate external auditors.General manager of Binance Australia and New Zealand Matt Poblocki said in a statement that the company had “engaged openly and transparently with AUSTRAC over the past several months”. “We remain committed to maintaining best-in-class compliance standards and will continuously enhance our capabilities,” Poblocki added.Binance, the world’s largest cryptocurrency exchange by volume, was created in 2017. It has cornered much of the crypto-trading market, turning its co-founder and former CEO Changpeng Zhao into a billionaire.While Binance was founded in China, Zhao moved its operations to other locations internationally after a crackdown on the crypto sector by Beijing.Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed and regulators began probing the legality of its business.The firm has been accused in several countries of allowing criminal organisations to launder funds through its platform.Zhao pleaded guilty to violating US anti-money-laundering laws in late 2023, and served a four-month prison sentence for it in 2024.

Shipping Nvidia’s H20 chips to China was “great” for Beijing and Washington and not a security threat, the tech giant’s chief said Friday.  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 from Washington 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.The H20 was “not a national security concern”, Jensen Huang told reporters in Taipei, describing the chip as “great for America” and “great for the Chinese market”.Huang insisted there were “no security backdoors” in the H20 chip allowing remote access, after China summoned company representatives to discuss security issues. “We have made very clear and put to rest that H20 has no security backdoors, there are no such things, there never has, and so hopefully the response that we’ve given to the Chinese government will be sufficient,” Huang said.He sidestepped a question about reports that Nvidia would pay the United States 15 percent of its revenues from the sale of H20 chips to China, which US President Donald Trump confirmed last week.Instead, Huang expressed gratitude to the Trump administration for allowing the chips to be shipped to the Chinese market. “The demand I believe is quite great and so the ability to ship products to, H20s to China, is very much appreciated,” the CEO said.Huang also said Nvidia is in talks with the US government about a new chip for China.”Offering a new product to China for the data center, AI data centers, the follow on to H20, that’s not our decision to make. It’s up to of course the United States government, and we’re in dialogue with them but it’s too soon to know,” he said.Huang met with Trump at the White House this month 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 The New York Times.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.It 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 this month, with exceptions for tech companies that announce major investments in the United States.

Rice prices in Japan soared 90.7 percent in July year-on-year, official data showed Friday, but the rate of increase slowed from previous months offering some relief for Prime Minister Shigeru Ishiba.Ishiba’s future is uncertain after his coalition lost its majority in both chambers in elections this year, as voters angry about rising prices deserted his long-dominant Liberal Democratic Party.Rice prices have skyrocketed in recent months because of supply problems linked to a very hot summer in 2023 and panic-buying after a “megaquake” warning last year, amongst other factors.Overall, Japan’s core inflation eased to 3.1 percent from 3.3 percent in June.But it remains above the Bank of Japan’s two-percent target, cementing expectations that it will hike interest rates this year.The reading, which excludes fresh food prices, was slightly above market expectations of 3.0 percent. Stripping out energy too, consumer prices rose 3.4 percent — the same as in June.The BoJ last hiked interest rates in January but has been reluctant to tighten monetary policy further.It sees above-target inflation as caused by temporary factors — including the price of rice.This month US Treasury Secretary Scott Bessent added to pressure on the BoJ to hike, saying the central bank was “behind the curve” on inflation.”Although inflation is likely to cool a bit further in the months ahead, it shouldn’t prevent the Bank of Japan from resuming its tightening cycle in October,” Abhijit Surya at Capital Economics said Friday.- Rice reserves -In June the price of rice was 100.2 percent higher than a year earlier. In May the rate was 101.7 percent.Ishiba has appointed a new farm minister and his government has released emergency stocks in an effort to bring prices down.Earlier this month it announced a change in its decades-old policy of encouraging farmers to grow crops other than rice.US President Donald Trump also wants Japan to import more American rice.Last week, data showed that Japan’s economy grew at an annualised pace of 1.0 percent in the second quarter.The reading suggested the economy was suffering less than feared from US tariffs.But other data released Wednesday showed exports to the United States plunging 10.1 percent in July, with cars down 28.4 percent.Trump initially imposed across-the-board tariffs of 10 percent on Japan, as well as levies of 27.5 percent on cars.Japan’s automobile industry, which includes giants such as Toyota and Honda, accounts for around eight percent of the country’s jobs.Japan last month secured a trade deal that cut threatened 25 percent “reciprocal” tariffs to 15 percent.The rate on Japanese cars was also cut to 15 percent, although this has yet to take effect.

Asian markets were mostly up Friday morning ahead of a pivotal speech by the US central bank chief, expected to shed light on possible interest rate cuts in the world’s top economy.Recent days have seen cautious trading as investors parse a mixed outlook for the global economy, beset by worries over inflation even as a boom in tech — especially artificial intelligence — continues.US Federal Reserve Chairman Jerome Powell is set to deliver remarks during an annual gathering of central bankers in Jackson Hole, Wyoming on Friday, a key event for observers weighing the chances of a rate cut at a September meeting of policymakers.Powell has come under intense public pressure this year from President Donald Trump to lower rates — an unusual political intervention at the independent central bank.Stock markets across Asia were up narrowly on Friday, roughly 12 hours before Powell’s speech.Tokyo’s Nikkei index was barely above flat during morning trading, an improvement from Thursday’s 0.7 percent drop.Japan announced Friday that its core inflation rate had eased to 3.1 percent in July from 3.3 percent the previous month — still above its central bank’s two-percent target and boosting expectations of an October rate hike.Stocks in Hong Kong, Shanghai, Seoul and Taipei were also up.Sydney and Bangkok were slightly down.After a shaky few days on Wall Street, Asia “should act as a safe harbour while the Fed’s credibility is under the spotlight”, said Chris Weston, head of research at Pepperstone, in a note.Still, “hesitation to push risk higher will remain”, he said, adding that there is “a very low probability” of Powell calling explicitly for rate cuts in his speech later in the day.Also weighing heavily on investors’ minds is the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Trump on Thursday set a two-week time frame for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet in person with Russian and Ukrainian counterparts Vladimir Putin and Volodymyr Zelensky, as well as several European leaders.Observers have been speculating lately about the impact on oil markets of the possible lifting of sanctions on Russia, a major producer.Oil prices were down slightly on Friday morning, paring back gains over recent days.- Key figures at around 0215 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 42,634.00Hong Kong – Hang Seng Index: UP 0.5 percent at 25,232.39Shanghai – Composite: UP 0.3 percent at 3,783.76Euro/dollar: UP at $1.1611 from $1.1604 on ThursdayPound/dollar: UP at $1.3414 from $1.3412Dollar/yen: UP at 148.52 yen from 148.37 yenEuro/pound: UP at 86.57 pence from 86.52 penceWest Texas Intermediate: DOWN 0.3 percent at $63.35 per barrelBrent North Sea Crude: DOWN 0.3 percent at $67.46 per barrelNew York – Dow: DOWN 0.3 percent at 44,785.50 (close)London – FTSE 100: UP 0.2 percent at 9,309.20 (close)

Global stock markets mostly fell Thursday ahead of a widely anticipated speech by the US central bank chief, although a deal on American tariffs for a swathe of EU goods gave a late-session boost to European markets.The agreement, struck amid President Donald Trump’s tariffs blitz, will see most EU exports face 15-percent levies. But details released Thursday ended lingering uncertainty over how much European producers would suffer.”This is the most favorable trade deal the US has extended to any partner,” EU trade commissioner Maros Sefcovic said.The news reassured investors in Europe and came on the same day as purchasing managers’ index (PMI) data showed eurozone business activity at a 15-month high in August, while UK activity grew at its fastest pace in a year.Overall, however, worries over the chances for US interest rate cuts loomed over markets. Jerome Powell, chairman of the independent US Federal Reserve, is due to deliver remarks Friday at an annual central bankers conference in Wyoming.He has resisted Trump’s public demands to slash rates so far, as policymakers gauge the effects of the president’s tariffs on consumer prices.All eyes are on his final speech as Fed chair at the Jackson Hole Economic Policy Symposium, before his term ends in May 2026, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.”Although the effect of Trump’s tariffs on monetary policy will be the undercurrent theme, investors will be looking specifically for clues as to the Fed’s inclination to cut interest rates,” she said.Data last week provided a mixed picture of US inflation, leaving it less clear if the Fed will lower rates as many investors expect in September — a move that could bolster growth in the world’s largest economy.A recent sell-off in major tech stocks has added to market uncertainty, as investors grow wary of the sustained rally across the sector since April.The tech-heavy Nasdaq closed lower on Thursday, with shares in AI chip designer Nvidia slightly down after heavy selling in previous sessions ahead of its earnings report next week.Despite the building unease, shares in Seoul closed higher Thursday, bolstered by an uptick in Samsung’s share price.Shanghai, Sydney and Taipei also saw moderate gains.Tokyo’s Nikkei index closed lower, along with Hong Kong.Global markets have also fluctuated recently on the prospects of a peace deal in Ukraine, following days of high-stakes diplomacy in the aftermath of Trump’s Friday meeting with Russian counterpart Vladimir Putin.The diplomatic whirlwind has sparked volatility in oil markets as traders speculate over the possible lifting of sanctions on Russia, a major producer.Oil prices rose again Thursday, following a report the previous day showing a sharp decline in US crude stockpiles.- Key figures at around 2015 GMT -New York – Dow: DOWN 0.3 percent at 44,785.50 points (close)New York – S&P 500: DOWN 0.4 percent at 6,370.17 (close)New York – Nasdaq: DOWN 0.3 percent at 21,100.31 (close)London – FTSE 100: UP 0.2 percent at 9,309.20 (close)Paris – CAC 40: DOWN 0.4 percent at 7,938.29. (close)Frankfurt – DAX: UP 0.1 percent at 24,293.34 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 42,610.17 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 25,104.61 (close)Shanghai – Composite: UP 0.1 percent at 3,771.10 (close)Euro/dollar: DOWN at $1.1604 from $1.1648 on WednesdayPound/dollar: DOWN at $1.3412 from $1.3452Dollar/yen: UP at 148.37 yen from 147.44 yenEuro/pound: DOWN at 86.52 pence from 86.59 penceWest Texas Intermediate: UP 1.3 percent at $63.52 per barrelBrent North Sea Crude: UP 1.2 percent at $67.67 per barrel