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Stock markets hit record highs Wednesday thanks to optimism over US trade deals, the AI sector and an expected interest-rate cut by the US Federal Reserve.On Wall Street both the S&P 500 and Nasdaq Composite set record highs as trading started, following fresh peaks set in London and some Asian markets as US President Donald Trump voiced optimism on the eve of crunch talks with China’s President Xi Jinping.Investors are looking ahead to a meeting of the Federal Reserve, which observers expect will unveil a quarter-percentage-point cut to borrowing costs, as well as earnings reports from tech heavyweights Meta, Microsoft and Google-parent Alphabet after trading closes in New York.”Risk appetite remained firm heading into a busy 48 hour period for markets, where major central banks decide on interest rates, technology companies will report their quarterly results, and more to the point, Trump will meet Xi Jinping in a meeting expected to last three hours,” said City Index and FOREX.com analyst Fawad Razaqzada.The European Central Bank and the Bank of Japan are expected to hold interest rates steady this week. Ahead of meeting Xi, Trump indicated that a trade deal had been reached with South Korea’s President Lee Jae Myung.Ahead of his arrival in South Korea, Trump told reporters he expects “a lot of problems are going to be solved” during his first in-person discussion with Xi since returning to the White House this year.The two leaders are set to meet Thursday in Busan, a southern port city not far from the APEC summit attended by Trump.Geopolitical hopes have added to an already jubilant atmosphere on Wall Street, where highlights during Tuesday’s record-breaking day included a five-percent leap for artificial intelligence giant Nvidia.The company’s shares climbed another 4.5 percent as trading got underway, with analysts saying the shares are benefitting from Trump saying he would talk about the company’s chips with Xi.Benchmark stocks indices in Tokyo and Seoul each reached record highs Wednesday.After Seoul closed, the United States and South Korea reached an agreement to maintain reciprocal tariffs at 15 percent and to reduce levies on automobiles and auto parts.Taipei gained more than one percent on the day and Shanghai tracked moderate gains, while Hong Kong was closed for a public holiday.In company news, shares in UK drugmaker GSK jumped 6.2 percent in London after it raised its full-year guidance on strong sales growth. Shares in Mercedes-Benz rose around six percent after the company reassured investors it faces no immediate production shutdowns due to microchip shortages, even though third quarter net profits plunged more than 30 percent due to Trump’s tariff blitz as well as slumping sales in China.The price of copper reached a record high Wednesday, with the metal boosted also by tight supply concerns.- Key figures at around 1330 GMT -New York – Dow: UP 0.2 percent at 47,813.81 pointsNew York – S&P 500: UP 0.3 percent at 6,908.52New York – Nasdaq Composite: UP 0.7 percent at 23,981.99London – FTSE 100: UP 0.7 percent at 9,765.12 Paris – CAC 40: DOWN 0.3 percent at 8,194.76Frankfurt – DAX: DOWN 0.2 at 24,223.96Tokyo – Nikkei 225: UP 2.2 percent at 51,307.65 (close)Hong Kong – Hang Seng Index: Closed for a holidayShanghai – Composite: UP 0.7 percent at 4,016.33 (close)Euro/dollar: DOWN at $1.1643 from $1.1656 on TuesdayPound/dollar: DOWN at $1.3214 from $1.3336Dollar/yen: DOWN at 151.91 yen from 152.06 yenEuro/pound: UP at 88.11 from 87.80 penceBrent North Sea Crude: FLAT $63.84 per barrelWest Texas Intermediate: FLAT at $60.13 per barrelburs-rl/tw

US President Donald Trump voiced optimism Wednesday on the eve of crunch trade talks with China’s Xi Jinping, while also announcing that a deal with South Korea was “pretty much” finalised.Agreeing a truce in the US-China trade war in the meeting with Xi on Thursday in South Korea would mark a fitting grand finale to Trump’s Asia tour marked by praise, pomp and presents.But a new meeting between Trump and North Korean leader Kim Jong Un at the close of the marathon voyage looked unlikely, with the US president saying “timing” didn’t work out.Beijing said the talks between Xi and Trump would take place in South Korea’s Busan, with the US leader telling reporters “a lot of problems are going to be solved” at the “great meeting”.Global markets will zero in on the outcome to determine whether Trump and Xi can draw a line under a tussle that has snarled supply chains and unsettled businesses the world over.Negotiators from both sides have both confirmed a “framework” has been agreed leading up to Trump and Xi’s first face-to-face meeting during the US president’s second term.”We are willing to work together with the US side to ensure that this meeting yields positive outcomes, provides new guidance, and injects new momentum into the stable development of China-US relations,” foreign ministry spokesman Guo Jiakun said.Trump indicated that the agreement would include lowering 20 percent tariffs on Chinese goods related to fentanyl, which has killed tens of thousands of Americans.Other burning issues include Chinese imports of US soybeans, export controls on rare earths, semiconductors for artificial intelligence, and the fate of TikTok.- Golden touch -Trump’s three-country Asia tour has seen Malaysia, Japan and South Korea lavishing the US president with praise and showering him with gifts.New Japanese premier Sanae Takaichi said she would nominate Trump for the Nobel Peace Prize and gave him a putter owned by assassinated ex-leader Shinzo Abe, a close friend of the US president, plus a gold-plated golf ball.Not to be outdone, the US leader disembarked in South Korea to the strains of 1970s disco anthem and Trump rally standard “Y.M.C.A.”, which was thumped out by a military band.President Lee Jae Myung — sporting a golden tie — conferred upon Trump South Korea’s highest order and gave him a replica of an ancient golden crown.”It’s a great honour,” the US president said of the award. “I’d like to wear it right now.”South Korea’s presidential office said Wednesday’s state dinner for the APEC summit in Gyeongju would feature a golden citrus dessert and a gold-adorned brownie.In July, Trump said Washington had agreed to cut tariffs on South Korean imports to 15 percent in exchange for a $350-billion investment pledge.Steep auto tariffs had remained in place, and the two governments were still divided over the structure of the investment pledge.But Trump said at the APEC dinner that the deal had been “reached” before appearing to walk back to say that it was “pretty much” finalised.South Korean presidential aide Kim Yong-beom said the two sides had “reached an agreement on the details of the tariff negotiations”.”South Korea’s financial investment package for the United States, worth $350 billion, consists of $200 billion in cash investment and $150 billion in shipbuilding cooperation,” Kim added.Kim also said they had agreed to maintain reciprocal tariffs at 15 percent and cut auto tariffs to 15 percent.- ‘Enemies’ -North Korea meanwhile announced hours before Trump’s arrival that it test-launched sea-to-surface cruise missiles in a show of strength against Pyongyang’s “enemies”.Trump had extended an invitation to North Korea’s Kim to meet while the US leader was on the peninsula, but Trump said on Wednesday that it would not take place this time around.He said he expected to meet with Kim in the “not too distant future”.Trump added he would aim to “straighten out” tensions between North Korea and South Korea, which technically remain at war.Trump and Kim last met in 2019 at the Demilitarised Zone (DMZ), the fraught Cold War frontier that has separated North and South Korea for decades.Kim has since been emboldened with crucial backing from Russia after sending thousands of North Korean troops to fight alongside Moscow’s forces.Gi-Wook Shin, a Korea expert and sociology professor at Stanford University, told AFP that Kim would likely seek to “maximise his leverage with Trump”.”Still, a future meeting remains possible, as Kim likely sees Trump as his best chance to secure the kind of deal he wants, including recognition as a nuclear state,” Shin said.

German premium carmaker Mercedes-Benz sought to reassure investors Wednesday over a feared shortage of microchips as it reported plunging third-quarter profits.”For the short-term we’re covered, and it goes without saying we are scurrying around the world to look for alternatives,” Mercedes boss Ola Kaellenius said on a call with analysts and investors.Chip shortage fears were stoked earlier this month after Dutch officials took control of the Netherlands-based but Chinese-owned Nexperia, citing national security concerns.That prompted authorities in Beijing to ban the export of Nexperia chips out of China.Hundreds of the chips are found in a typical car’s onboard electronics, and industry players are now scrambling to find new suppliers.Volkswagen last week warned that it could not rule out “short-term” production stoppages following the Chinese export ban.Kaellenius said Wednesday that the crisis required a “political solution” rather than a firms rejigging their supply chains.”The chip crisis is a politically induced shortfall in which the main dispute is between the USA and China, with Europe in the middle.”For the third quarter, Mercedes reported a 30.8-percent plunge in net profit to 1.19 billion euros ($1.38 billion), dragged down by US President Donald Trump’s tariff blitz as well as slumping sales in China.That nevertheless beat analyst expectations of 1.09 billion euros in a poll by financial data firm FactSet. Mercedes shares opened up 6 percent in Frankfurt trading.”Our third-quarter results are in line with our full-year guidance,” Kaellenius said.In July, the firm lowered its outlook for the year in the wake of Trump’s tariff onslaught. It said it expected revenue for 2025 to be “significantly below” the 146 billion euros it took in last year.Car exports from the European Union are subject to a tariff of 15 percent under an EU-US deal unveiled late July. That is down from 27.5 percent, but still far higher than the 2.5 percent in force before Trump launched his trade war in April.Mercedes-Benz — which has a plant in Tuscaloosa, Alabama — also has to grapple with US duties of 25 percent on imports of car parts that come from outside North America.In the key market of China, meanwhile, sales by volume fell 27 percent in the third quarter, helping drag overall sales down 12 percent.China, the world’s largest car market, has become a battleground for German carmakers amid a brutal price war and fierce competition from local players like BYD.Kaellenius told analysts and investors on the call that Mercedes was working closely with Chinese self-driving software firm Momenta to make cars competitive for the local market. But a turnaround, was “a multi-year task”, he added.”Looking ahead, we expect the market environment to remain challenging,” he said. “Hyper competition in China is not going away anytime soon.”

Asian stock markets surged on Wednesday, matching record gains on Wall Street the previous day as investor confidence in AI tech and coming interest rate cuts in the United States reaches fever pitch.The extended bull run comes ahead of a Wednesday afternoon announcement by the US Federal Reserve, which observers expect will unveil a quarter-percentage-point cut to lending rates.It also has been boosted by growing faith in a deal to avoid a damaging trade war between the world’s top two economies, with US President Donald Trump due to meet his Chinese counterpart Xi Jinping in South Korea.Trump — who arrived in the country Wednesday following visits to Malaysia and Japan — has hinted he is confident of reaching an agreement with Xi.Those hopes have added to an already jubilant atmosphere on Wall Street, where highlights during Tuesday’s record-breaking day included a five-percent leap for artificial intelligence giant Nvidia.There has been “little sign of concern about holding tech risk into the upcoming Fed meeting, which in theory should be a lower-impact event on markets,” wrote Chris Weston of Pepperstone in a note.”It’s the tech show, and this is where capital remains firmly centred,” he said.Japan’s benchmark index leapt by more than two percent on Wednesday, while Seoul surged more than one percent — both reaching record highs.Taipei also gained more than one percent on the day and Shanghai tracked moderate gains.Sydney’s main index finished down, while Hong Kong was closed for a public holiday.During morning trading in Europe, London rose slightly, Paris edged down and Frankfurt was flat.The record streaks have picked up pace ahead of expected earnings reports in the coming days by major US tech giants including Microsoft and Meta.This year’s AI boom has coincided with a global tariff onslaught unleashed by the US president, with policies hitting China particularly hard.Ahead of his arrival in South Korea, Trump told reporters on Air Force One he expects “a lot of problems are going to be solved” during his first in-person discussion with Xi since returning to the White House this year.A spokesperson for Beijing’s foreign ministry confirmed the leaders’ meeting, saying that it would involve “in-depth communication on strategic and long-term issues concerning China-US relations, as well as major issues of mutual concern”.The two leaders are expected to meet Thursday in Busan, a southern port city not far from the APEC summit attended by Trump.- Key figures at around 0830 GMT -Tokyo – Nikkei 225: UP 2.2 percent at 51,307.65 (close)Hong Kong – Hang Seng Index: Closed for a holidayShanghai – Composite: UP 0.7 percent at 4,016.33 (close)London – FTSE 100: UP 0.3 percent at 9,721.34West Texas Intermediate: DOWN 0.1 percent at $60.11 per barrelBrent North Sea Crude: DOWN 0.1 percent at $64.36 per barrelEuro/dollar: DOWN at $1.1628 from $1.1656 on TuesdayPound/dollar: DOWN at $1.3219 from $1.3336Dollar/yen: UP at 152.25 yen from 152.06 yenEuro/pound: UP at 87.96 from 87.80 penceNew York – Dow: UP 0.3 percent at 47,706.37 (close)

US President Donald Trump said on Wednesday he expected a “lot of problems” to be solved with Chinese leader Xi Jinping in their talks on dialling down their hugely damaging trade war.The US leader said he expected their first face-to-face talks of his second term to result in the United States lowering tariffs imposed on China in relation to fentanyl.”I think we’re going to have a great meeting with President Xi of China, and a lot of problems are going to be solved,” Trump said en route to South Korea where he is due to meet with Xi.He also said he was “not sure” whether he would discuss the sensitive topic of self-ruling Taiwan during his meeting with the Chinese leader.Trump’s visit to key US ally South Korea is the third leg of an Asia tour that has seen him lavished with praise and presents at a regional summit in Malaysia and by Japan’s new premier in Tokyo.But the eyes of the world — and of global markets — will be on the talks set for Thursday, the first time in six years Trump sits down with Xi.It could determine whether the United States and China can halt a trade war that has sent international supply chains into panic.Negotiators from Beijing and Washington have both confirmed a “framework” has been agreed. It is now up to Trump and Xi to nail it down during their meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the South Korean city of Gyeongju.William Yang, an analyst at the International Crisis Group, said however that there appeared to be a “mismatch” in expectations.The United States “is eager to reach any trade deal that Trump could declare as a victory”, while China is focused on “building more mutual trust, managing longstanding differences, and steadying the bilateral trade relationship”, he added.- ‘Complicated’ -Trump’s trip to South Korea follows two days in Japan, where new conservative premier Sanae Takaichi hailed a “golden age” in bilateral ties.Takaichi heaped praise on Trump, saying she would nominate him for the Nobel Peace Prize and giving him a golf club owned by assassinated former premier Shinzo Abe, a close friend of the US president. In Korea, Trump was expected to receive a replica of a gold crown from the ancient Silla era.Just hours before Trump’s arrival, North Korea announced it had test launched sea-to-surface cruise missiles off its western coast in a show of strength against Pyongyang’s “enemies”.Trump has extended an invitation to North Korean leader Kim Jong Un to meet while he is on the peninsula but on Air Force One Trump said his focus was on the Xi meeting.”At some point, we’ll be involved with North Korea. I think they’d like to, and I’d like to,” Trump told reporters.The US president will also hold a summit with South Korean President Lee Jae Myung — their second in-person talks just two months after a meeting in Washington.Discussion will likely be focused on trade.In July, Trump said Washington had agreed to cut tariffs on South Korean imports to 15 percent in exchange for a $350 billion investment pledge by Seoul.Steep auto tariffs remain in place, and the two governments are still divided over the structure of the investment pledge.US Treasury Secretary Scott Bessent admitted Monday there was still “a lot of details to work out” in what he said was a “complicated” deal, while Trump has denied that there was a “snag” in the talks.Activists plan to welcome the US leader, whose sweeping tariffs triggered the trade war, with anti-Trump demonstrations in Gyeongju condemning his “predatory investment demands”.- DMZ meeting? -Adding to the diplomatic drama, Trump has said that he would “love to meet” North Korea’s Kim during his visit and even suggested sanctions could be a topic for conversation.They last met in 2019 at the Demilitarised Zone (DMZ), the fraught Cold War frontier that has separated North and South Korea for decades.But North Korea is yet to respond publicly to the invitation. Officials in Seoul appear divided as to whether it will go ahead.Kim said last month he had “fond memories” of his meetings with Trump.He also expressed openness to talks if the United States dropped its “delusional” demand that Pyongyang give up its nuclear weapons.”Trump’s made it clear he wants to meet,” Chad O’Carroll, founder of the specialist website NK News, told AFP.”The ball is in Kim Jong Un’s court.”But the US leader now faces a different Kim than in 2019 — one emboldened with crucial backing from Russia after sending thousands of North Korean troops to fight alongside Moscow’s forces.”North Korea has time on its side and isn’t as isolated as before,” said Hong Min, a senior analyst at the Korea Institute for National Unification.burs-stu/hmn

New Zealand police raided a shipping insurer’s offices over allegations it offered cover to tankers breaking Russian sanctions, a senior detective said Wednesday.Police, who swooped mid-October, did not name the company but the searches followed allegations against New Zealand-headquartered Maritime Mutual Insurance Association.The insurer denies breaching or trying to circumvent any sanctions, including against Russia and Iran.Financial crimes officers seized records on October 16 at company offices in Auckland and Christchurch, also searching a home in Auckland, said Detective Inspector Christiaan Barnard.”Three people were detained and spoken to during the search warrants. At this point, no criminal charges have been filed,” he said in a statement to AFP.Police acted on warrants related to alleged breaches of New Zealand’s Russia Sanctions Act.”As this is an active investigation, NZ Police are not in a position to provide further details, however, we are being assisted by partner agencies, both domestically and internationally.”Insurance journal Lloyd’s List has previously reported that Maritime Mutual had insured tankers shipping Iranian oil.Reuters said this week that the New Zealand insurer had helped tankers carrying Russian and Iranian oil to avoid Western sanctions by providing them with insurance.It said New Zealand, Australia, Britain and the United States were investigating the insurer over alleged violations of sanctions and financial laws, citing an unnamed source.Maritime Mutual Insurance Association (MMIA) denied the allegations.”MMIA categorically rejects any suggestion that the Company has breached applicable sanctions or engaged in conduct designed to circumvent them,” it said in a statement.”For clarification, MMIA does not provide, and has never knowingly provided, P&I (protection and indemnity) insurance to vessels transporting sanctioned Iranian or Russian energy products in contravention of New Zealand, UK, EU, US, or other applicable sanctions regimes.”Maritime Mutual said it immediately withdraws cover from any vessel found to be breaching sanctions.Russia’s shadow fleet is estimated to include up to 1,000 ships, which frequently change their flags and whose ownership is unclear.The fleet has enabled Moscow to keep exporting its crude oil for much-needed revenue despite curbs on exports since its illegal invasion of Ukraine.New Zealand is “engaging” with the shipping insurer, a spokesperson for Foreign Minister Winston Peters told AFP in a statement.”While the Minister does not comment on operational matters, we can confirm that New Zealand agencies are aware of MMIA and engaging with it actively on regulatory matters. However, we are unable to make any further comment,” the spokesperson said.New Zealand takes breaches of UN sanctions, and the sanctions against Russia, “very seriously”, the official said.

While the American military blows up boats it claims are transporting drugs from Venezuela, observers say tankers shipping Venezuelan oil in violation of a US embargo continue to navigate the very same Caribbean waters undisturbed.Venezuelan President Nicolas Maduro has claimed a massive US military deployment within striking distance of his country was part of a plan to overthrow him and “steal” his country’s oil under the ruse of an anti-drug operation.Has the perceived US military threat affected crude exports from Venezuela, the country with more of the “black gold” than any other? – Business as usual – Apart from ships used by US energy giant Chevron — which has a temporary license to extract Venezuelan oil — experts say the Caribbean also plays host to so-called “shadow tankers,” which transport sanctioned or illicit oil.”The shadow tankers circulate without problem. Just like before the American deployment. The Americans cannot not see them. They allow them to circulate,” an expert in the sector told AFP on condition of anonymity.Elias Ferrer, founder of the Venezuela-based Orinoco Research group, added “the shadow tankers, sanctioned ships, continue to come and go” as before — feeding a voracious market — mainly in China.Ferrer believes the United States likely does not want to interfere with these ships “as this would be equivalent to a declaration of war” in a time of strained ties with potentially formidable military foes such as China.US strikes on alleged drug-carrying boats in the Caribbean and eastern Pacific — in violation of international law according to human rights experts — have so far claimed at least 57 lives.- Production up -Hastened by a crushing US embargo on crude exports in response to Maduro’s disputed 2018 reelection, production in the country plummeted from three million barrels per day (bpd) in the early 2000s to below 400,000 bpd by 2020.Then-president Joe Biden eased sanctions in 2022 as the world faced an energy crisis sparked by Russia’s invasion of Ukraine. But he reinstated them after Maduro was widely accused of stealing his second re-election in a row, in 2024.Chevron was allowed to continue extraction, but in May of this year, Trump ordered the company and others to wind up operations in Venezuela.Then in July, Maduro announced the US had agreed to allow Chevron to continue operating for an unspecified period. This came within weeks of a diplomatic agreement involving a US-Venezuela prisoner exchange.Chevron produces between a quarter and a third of Venezuelan oil and was long the country’s main source of foreign currency, though since July, it is only allowed to pay Venezuela in crude — which Caracas then sells on.Venezuelan oil production has inched back up over the past year, and today stands at about a million bpd — just over one percent of the global total.Vice President and hydrocarbons minister Delcy Rodriguez has hailed growth of 16 percent in Venezuelan oil sector activity this year.- Bargain price – Since Trump threatened an export tariff of 25 percent on any country buying Venezuelan oil, the country has had to slash its black market prices: by as much as 20 percent, according to Tamara Herrera of the Sintesis Financiera consulting firm.After teething problems in the beginning, she said Caracas soon found willing black market buyers and oil is now “moving quickly.” “It’s sold at unfavorable prices, but just one month of Chevron’s activity being suspended, China quickly filled the gap,” said Herrera.Analysts are unsure what the future holds. Will Trump invade Venezuela and oust its president? Will an under-pressure Maduro appease Trump by breaking ties with US rival China and agree to take more undocumented migrants from the United States? Will Maduro be convinced to step down quietly?Whatever happens, Ferrer said it was “entirely feasible” Washington would continue to give sanctions exemptions to US oil companies operating in Venezuela. And turning a blind eye to oil ships.

US President Donald Trump heads Wednesday for South Korea, where a key meeting with Chinese leader Xi Jinping could produce a truce in the blistering trade war between the world’s two largest economies.Trump’s two-day visit to key US ally South Korea is the third leg of a trip to Asia that has seen him lauded at a regional summit in Malaysia and flattered as a “peacemaker” by Japan’s Prime Minister Sanae Takaichi.But the eyes of the world will be on a meeting set for Thursday — the first time in six years Trump sits down with Xi.It could determine whether the United States and China can halt a trade war that has roiled global markets and sent international supply chains into panic.Negotiators from Beijing and Washington have both confirmed a “framework” has been agreed.It is now down to Trump and Xi, who will meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the city of Gyeongju, to sign off on it.”There seems to be a mismatch in terms of where both countries are, heading into the Trump-Xi summit,” said William Yang, an analyst at the International Crisis Group.The United States “is eager to reach any trade deal that Trump could declare as a victory”, while China is focused on “building more mutual trust, managing longstanding differences, and steadying the bilateral trade relationship”, he added.- ‘Complicated’ -Trump is due to land in the South Korean city of Busan, fresh from two days in Tokyo, where Japan’s new conservative premier Takaichi hailed a “golden age” in bilateral ties.The US president will head to Gyeongju for a summit with South Korean President Lee Jae Myung — their second in-person talks just two months after a meeting in Washington.Discussion will likely be focused on trade, with the two sides still deadlocked over a deal between the major economic partners.In July, Trump said Washington had agreed to cut tariffs on South Korean imports to 15 percent in exchange for a $350 billion investment pledge by Seoul.Steep auto tariffs, however, remain in place, and the two governments remain divided over the structure of the investment pledge.US Treasury Secretary Scott Bessent admitted Monday there was still “a lot of details to work out” in what he said was a “complicated” deal, while Trump has denied that there was a “snag” in the talks.Activists plan to welcome the US leader, whose sweeping tariffs triggered the trade war, with anti-Trump demonstrations in Gyeongju condemning his “predatory investment demands”.- DMZ meeting? -Adding to the diplomatic high drama, Trump has also extended an invitation to North Korean leader Kim Jong Un to meet while he is on the peninsula.The two leaders last met in 2019 at the Demilitarised Zone (DMZ), the fraught Cold War frontier that has separated the two Koreas for decades.Trump has said that he would “love to meet” Kim and even suggested sanctions could be a topic for conversation.But North Korea is yet to respond publicly to the invitation. Officials in Seoul appear divided as to whether it will go ahead.Kim said last month he had “fond memories” of his meetings with Trump.He also expressed openness to talks if the United States dropped its “delusional” demand that Pyongyang give up its nuclear weapons.”Trump’s made it clear he wants to meet,” Chad O’Carroll, founder of the specialist website NK News, told AFP.”The ball is in Kim Jong Un’s court.”But the US leader now faces a different Kim than in 2019 — one emboldened since their diplomatic love affair during Trump’s first term, having secured crucial backing from Russia after sending thousands of North Korean troops to fight alongside Moscow’s forces.”North Korea has time on its side and isn’t as isolated as before,” said Hong Min, a senior analyst at the Korea Institute for National Unification.”A surprise event to show personal rapport is possible, but a negotiation with tangible results — like denuclearisation talks — will not happen,” he told AFP.burs-oho/ami/des

Wall Street stocks rose to fresh records again Tuesday as a jump in Nvidia shares added to bullishness over easing trade tensions and market-friendly central bank policy.”Record highs yesterday for the major indices weren’t enough,” said Briefing.com analyst Patrick O’Hare.”The market is coming back for more this morning, heartened by recent earnings reports, visions of a rate cut dancing in its head, merger and acquisition activity, positive sentiment surrounding President Trump’s trip to Asia, and plain old momentum,” he added.All three major US indices climbed to records for the third straight session, with artificial intelligence player Nvidia piling on about five percent as the chipmaker announced new ventures and CEO Jensen Huang headlined a company event in Washington.In Europe, London’s FTSE 100 index also set a fresh record high, while Frankfurt and Paris stocks retreated. Asian stock markets mostly fell.Investors have overwhelmingly priced in a quarter-percentage-point interest rate cut by the US Federal Reserve following its Wednesday meeting, and instead will be looking for clues from Federal Reserve Chair Jerome Powell on subsequent decisions.”With Powell, it’s not so much what he does, but really what he says going forward is what’s going to matter, and that’s going to move the needle,” said Adam Sarhan of 50 Park Investments.Donald Trump is due to meet his Chinese counterpart Xi Jinping Thursday in South Korea — and rosy comments by the US president have fueled optimism that the world’s two largest economies, China and the United States, can strike a deal to ease their trade war.Trump on Tuesday met Japan’s new Prime Minister Sanae Takaichi in Tokyo, where she lavished Trump with praise and vows of a “golden age” of ties, before inking a deal with Washington aimed at securing critical minerals.Japan’s Nikkei 225 index of leading stocks finished the day down 0.6 percent, after surging above 50,000 points Monday for the first time thanks to Takaichi’s pro-stimulus stance.Shares in Nokia soared more than 21 percent after the Finnish telecommunications equipment firm said Nvidia would take a 2.9-percent stake in it for $1 billion.Separately, Nvidia also announced an alliance with Uber to deploy 100,000 robotaxis starting in 2027.Shares in online retailing giant Amazon rose 1.0 percent after it said it would reduce staff by 14,000 posts as part of efforts to streamline operations, while boosting its AI endeavors.Markets also continued to follow earnings. Shares in package delivery giant UPS, which is in the midst of a strategic restructuring drive, jumped 8.0 percent after it beat analyst expectations with its third-quarter earnings. The company disclosed it has cut about 48,000 jobs over the last year. Shares in HSBC rose in London and Hong Kong as the global bank’s underlying profits beat expectations.Swiss pharmaceutical giant Novartis shed more than four percent after its latest earnings showed the group under pressure from US generic drugs.- Key figures at around 2020 GMT -New York – Dow: UP 0.3 percent at 47,706.37 (close) New York – S&P 500: UP 0.2 percent at 6,890.89 (close)New York – Nasdaq Composite: UP 0.8 percent at 23,827.49 (close)London – FTSE 100: UP 0.4 percent at 9,696.74 (close)Paris – CAC 40: DOWN 0.3 percent at 8,216.58 (close) Frankfurt – DAX: DOWN 0.1 percent at 24,278.63 (close)Tokyo – Nikkei 225: DOWN 0.6 percent at 50,219.18 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent 26,346.14 (close)Shanghai – Composite: DOWN 0.2 percent at 3,988.22 (close)Euro/dollar: UP at $1.1656 from $1.1645 on MondayPound/dollar: DOWN at $1.3276 from $1.3336Dollar/yen: DOWN at 152.06 yen from 152.88 yenEuro/pound: UP at 87.80 from 87.32 penceBrent North Sea Crude: DOWN 1.9 percent at $64.40 per barrelWest Texas Intermediate: DOWN 1.9 percent at $60.15 per barrelburs-jmb/bgs

Japan’s new premier Sanae Takaichi lavished US leader Donald Trump with praise and vows of a “golden age” of ties on his visit to Tokyo Tuesday, before inking a deal with Washington aimed at securing critical minerals.Takaichi, Japan’s first woman prime minister, pulled out all the stops for Trump in her opening test on the international stage, and even announced she would nominate him for a Nobel Peace Prize.Trump has become increasingly focused on the Nobel since his return to power in January, and claims to have ended several conflicts around the world, a role that experts, however, downplay.In return for Takaichi’s plaudits, Trump, who was meeting the conservative premier for the first time on an Asia tour that aims for a deal with China, said Washington was an ally of the “strongest level”.”It’s a great honour to be with you, especially so early in what will be, I think, one of the greatest prime ministers,” Trump told Takaichi at the Akasaka Palace state guest house.Takaichi praised Trump’s efforts towards a ceasefire between Thailand and Cambodia and his “unprecedented historic achievement” of the Gaza truce deal.She also gifted him a golf bag signed by star player Hideki Matsuyama and a putter belonging to assassinated former prime minister Shinzo Abe, who had a close personal relationship with Trump, the White House said.”I would like to realise a new golden age of the Japan-US Alliance, where both Japan and the United States will become stronger and also more prosperous,” Takaichi said.- ‘Making ships’ -Speaking later alongside Trump on board the USS George Washington near Tokyo, Takaichi told a crowd of hundreds of sailors that she was “committed to fundamentally reinforce” Japan’s defence capabilities, noting her nation faces “unprecedented” security dangers.Trump, who came to the stage pumping his fist, waving and clapping as the audience cheered, said he had approved the first batch of missiles to be delivered to Japan’s Self-Defense Forces for their F-35 fighter jets and they would arrive this week.He also said the United States was going be working with Japan on “making ships”, as Commerce Secretary Howard Lutnick on Tuesday signed a deal to boost cooperation in shipbuilding.China dominates the global shipbuilding industry which has been in steady decline in the United States — but Trump has promised a revival of the sector.The two sides earlier signed an agreement aimed at “achieving resilience and security of critical minerals and rare earths supply chains”, a statement said.Beijing this month announced sweeping restrictions on the rare earths industry, prompting Trump to threaten 100 percent tariffs on imports from China in retaliation.Trump also squeezed in a meeting with families of Japanese people abducted by North Korea decades ago, where he said “the US is with them all the way” as they asked for help to find their loved ones.After years of denial, North Korea admitted in 2002 that it had sent agents to kidnap 13 Japanese people who were used to train spies in Japanese language and customs. Japan says it also abducted others.- China talks -On security, long-pacifist Japan is adopting a more muscular military stance as relations with China worsen.Takaichi, a China hawk, said her government would achieve its target of spending two percent of gross domestic product on defence this year — two years ahead of schedule.The United States, which has around 60,000 military personnel in Japan, wants Tokyo to spend even more, potentially matching the five percent of GDP pledged by NATO members in June.Most Japanese imports into the United States are subject to tariffs of 15 percent, less painful than the 25 percent first threatened.But the levies still contributed to a 24-percent slump in US-bound car exports in September in value terms year-on-year.Under the terms of a July trade deal shared by the White House, Japan is expected to invest $550 billion in the United States.The two sides said several investment projects were on the table, including up to $100 billion for the construction of nuclear reactors by the American company Westinghouse, involving Japanese suppliers and operators.Trump arrived in Tokyo on Monday for a visit sandwiched between a trip to Malaysia and a meeting in South Korea with Chinese counterpart Xi Jinping that could ease their bruising trade war.Trump is due to meet Xi on Thursday for their first face-to-face talks since the 79-year-old Republican’s return to office in January.