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US stocks rose Monday, with the Dow finishing at a fresh record as markets greeted Donald Trump’s pick for treasury secretary, while oil prices retreated on hopes for a ceasefire between Israel and Hezbollah.The Dow climbed one percent to a second straight all-time closing high on news of the selection of hedge fund manager Scott Bessent to lead the critical economic policy position.A widely respected figure on Wall Street, Bessent is seen as being in favor of growth and deficit reduction policies and not known overly fond of trade tariffs.The market “breathed a sigh of relief” at Bessent’s selection, said Art Hogan from B. Riley Wealth Management.But after an initial surge Monday, the gains in US equities moderated somewhat. While investors are enthusiastic about the possibility of tax cuts and regulatory relief under Trump, “we do have to face the potential for tariffs being a negative as well as a very tight market around immigration, which is not positive for the economy,” Hogan said.Earlier, equity gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.Currently around 27,000 people are employed in the steel division, which has been battered by high production costs and fierce competition from Asian rivals.Elsewhere, crude oil prices fell decisively as Israel’s security cabinet prepared to decide whether to accept a ceasefire in its war with Hezbollah, an official said Monday.The United States, the European Union and the United Nations have all pushed in recent days for a truce in the long-running hostilities between Israel and Hezbollah, which flared into all-out war in late September.Speaking on condition of anonymity, an Israeli official told AFP the security cabinet “will decide on Tuesday evening on the ceasefire deal.”And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream.Bitcoin was recently trading under $96,000, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.This week’s data includes a reading of consumer confidence and an update of personal consumption prices, a key inflation indicator.Those reporting earnings include Best Buy, Dell and Dick’s Sporting Goods.- Key figures around 2140 GMT -New York – Dow: UP 1.0 percent at 44,736.57 (close)New York – S&P 500: UP 0.3 percent at 5,987.37 (close)New York – Nasdaq: UP 0.3 percent at 19,054.84 (close)London – FTSE 100: UP 0.4 percent at 8,291.68 (close)Paris – CAC 40: FLAT at 7,257.47 (close)Frankfurt – DAX: UP 0.4 percent at 19,405.20 (close)Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)Euro/dollar: UP at $1.0495 from $1.0418 on FridayPound/dollar: UP at $1.2564 from $1.2530Dollar/yen: DOWN at 154.23 yen from 154.78 yenEuro/pound: UP at 83.51 pence from 83.14 penceWest Texas Intermediate: DOWN 3.2 percent at $68.94 per barrelBrent North Sea Crude: DOWN 2.9 percent at $73.01 per barrel

Stocks rose Monday on both sides of the Atlantic as traders welcomed Donald Trump’s pick for Treasury secretary, seen as a reassuring choice promising ambitious goals to spur growth in the world’s biggest economy.The nomination of billionaire investor Scott Bessent also pushed down the dollar, on hopes he would pursue lower inflation that would limit the Federal Reserve’s need to keep interest rates high.A widely respected figure on Wall Street, Bessent is seen as being in favour of growth and deficit reduction policies, analysts say.”Known for his moderate stance on tariffs, Bessent is seen as a steady hand, likely to bring more stability to the US economy and financial markets,” said Fawad Razaqzada, an analyst at Forex.com.But the gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream.Bitcoin was trading at around $96,000, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.The stock gains came before key US data over coming days that could provide fresh clues about the Federal Reserve’s plans for interest rates.This week sees the Fed’s preferred gauge of inflation and minutes from the bank’s most recent policy meeting, along with data on economic growth and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s wars with Hamas and Hezbollah.Support had come also from the strike by major fossil-fuel producer Russia against Ukraine with a new-generation intermediate-range missile last week, and a threat that Moscow could target any country providing weapons to Kyiv. – Key figures around 1645 GMT -New York – Dow: UP 0.7 percent at 44,611.79 pointsNew York – S&P 500: UP 0.3 percent at 5,985.79New York – Nasdaq: UP 0.4 percent at 19,079.47London – FTSE 100: UP 0.4 percent at 8,291.68 (close)Paris – CAC 40: FLAT at 7,257.47 (close)Frankfurt – DAX: UP 0.4 percent at 19,405.20 (close)Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)Euro/dollar: UP at $1.0507 from $1.0418 on FridayPound/dollar: UP at $1.2584 from $1.2530Dollar/yen: DOWN at 153.79 yen from 154.83 yenEuro/pound: UP at 83.51 pence from 83.11 penceWest Texas Intermediate: DOWN 2.5 percent at $69.48 per barrelBrent North Sea Crude: DOWN 2.3 percent at $72.91 per barrel

Stocks rose Monday on both sides of the Atlantic as traders welcomed Donald Trump’s pick for Treasury secretary, seen as a steady hand with ambitious goals to spur growth in the world’s biggest economy.The nomination of billionaire investor Scott Bessent also pushed down the dollar, on hopes he would pursue lower inflation that would limit the Federal Reserve’s need to keep interest rates high.A widely respected figure on Wall Street, Bessent is seen as being in favour of growth and deficit reduction policies, analysts say.”Known for his moderate stance on tariffs, Bessent is seen as a steady hand, likely to bring more stability to the US economy and financial markets,” said Fawad Razaqzada, an analyst at Forex.com.But gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump will enact policies to bring the cryptocurrency more into the mainstream.Bitcoin was trading at around $96,400, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.The stock gains came before key US data over coming days that could provide fresh clues about the Federal Reserve’s plans for interest rates.This week sees the Fed’s preferred gauge of inflation and minutes from the bank’s most recent policy meeting, along with data on economic growth and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s wars with Hamas and Hezbollah.Support had come also from the strike by major fossil-fuel producer Russia against Ukraine with a new-generation intermediate-range missile last week, and a threat that Moscow could target any country providing weapons to Kyiv. – Key figures around 1450 GMT -New York – Dow: UP 1.1 percent at 44,765.26New York – S&P 500: UP 0.7 percent at 6,013.39New York – Nasdaq: UP 0.8 percent at 19,145.90London – FTSE 100: UP 0.4 percent at 8,297.20 pointsParis – CAC 40: UP 0.2 percent at 7,266.08Frankfurt – DAX: UP 0.5 percent at 19,420.00Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)Euro/dollar: UP at $1.0511 from $1.0418 on FridayPound/dollar: UP at $1.2588 from $1.2530Dollar/yen: DOWN at 153.76 yen from 154.83 yenEuro/pound: UP at 83.50 pence from 83.11 penceWest Texas Intermediate: DOWN 1.4 percent at $70.23 per barrelBrent North Sea Crude: DOWN 1.5 percent at $73.55 per barrel

Major stock markets mostly rose Monday as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to $100,000 ran out of steam after coming within a whisker of the mark last week.The equity gains came before key US data over coming days that could provide fresh clues about the Federal Reserve’s plans for interest rates.This came amid expectations the next president’s planned tax cuts and tariffs will reignite inflation, tempering bets on reductions to borrowing costs. The dollar was down against main rivals Monday after recent strength caused by interest rates staying high for longer. Equity investors gave the thumbs-up to news that billionaire investor Scott Bessent would lead the Treasury, with optimism he will take a considered approach to the economy.Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term. He also wants to reassert American energy dominance and believes it is necessary to deal with the budget deficit.”US president-elect Donald Trump’s pick for Treasury secretary got a warm reception from the market,” noted AJ Bell investment director Russ Mould.This week sees the Fed’s preferred gauge of inflation, minutes from the bank’s most recent policy meeting, economic growth, and jobless claims.Bitcoin sat at around $98,000, having set a record high of $99,728.34 Friday.The digital currency has soared about 50 percent in value since Trump’s election at the start of the month, with hopes he will usher in measures to ease regulation on the sector.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s wars with Hamas and Hezbollah.Support had come also from the decision by major fossil-fuel producer Russia to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.On the company front, shares in Anglo American gained 1.7 percent in London morning deals after the mining group agreed a multi-billion dollar deal to offload its remaining coal mines used for steel production.Italy’s second-largest bank Unicredit dropped 3.4 percent after bidding 10.1 billion euros ($10.6 billion) in an all-share deal for rival Banco BPM, which won 1.8 percent in midday Milan deals.- Key figures around 1045 GMT -London – FTSE 100: UP 0.2 percent at 8,276.64 pointsParis – CAC 40: UP 0.2 percent at 7,267.42Frankfurt – DAX: UP 0.4 percent at 19,392.54Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)New York – Dow: UP 1.0 percent at 44,296.51 (close)Euro/dollar: UP at $1.0489 from $1.0418 on FridayPound/dollar: UP at $1.2578 from $1.2530Dollar/yen: DOWN at 154.44 yen from 154.83 yenEuro/pound: UP at 83.41 pence from 83.11 penceWest Texas Intermediate: DOWN 0.4 percent at $70.97 per barrelBrent North Sea Crude: DOWN 0.3 percent at $74.38 per barrel

Most markets rose Monday following a record close on Wall Street as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to $100,000 ran out of steam after coming within a whisker of the mark at the end of last week.The gains came ahead of the release of key US data that could provide a fresh idea about the Federal Reserve’s plans for interest rates amid expectations the next president’s tax and tariffs plans will reignite inflation, tempering rate cut bets. Investors are also keeping tabs on the Ukraine and Middle East conflicts, which have helped push oil prices higher in recent weeks.Investors gave the thumbs-up to news that US president-elect Trump had chosen billionaire investor Scott Bessent to lead the Treasury, with optimism he will take a considered approach to the economy.Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term. He also wants to reassert American energy dominance and believes it is necessary to deal with the budget deficit.Recently, he has called for tax reform and deregulation to spur growth and wrote in a Wall Street Journal opinion piece that this would be key to “restarting the American growth engine” and keeping prices in check.This month, he called tariffs “a negotiating tool with our trading partners” in an opinion piece for Fox News, adding it was “a means to finally stand up for Americans”.While his views are seen as hawkish, markets started on a bright note.”(Bessent) brings this sense of almost gradualism to the administration as opposed to taking a big bang approach to making big policy changes,” Brian Jacobsen, chief economist at Annex Wealth Management, told Bloomberg TV.Markets may be relieved that the pick signals “an ‘America First’ kind of administration but not an ‘America Exclusively’ kind of administration”, he added.After a strong finish Friday on Wall Street — where the Dow ended on a record — Asian markets were broadly stronger.Tokyo advanced more than one percent, even as the yen pushed up against the dollar, while Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok, Wellington, Manila and Jakarta also sat in positive territory.However, after a healthy start, Hong Kong, Shanghai and Bangkok turned negative.London, Paris and Frankfurt rose at the open.Bitcoin sat at around $98,000, having set a record high of $99,728.34 on Friday, with traders awaiting the next catalyst to push it past the $100,000 mark.The digital currency has bounded about 50 percent higher since Trump’s election at the start of the month, with hopes he will usher in measures to ease restrictions on it.Attention this week will be on a series of releases out of Washington that could sway US central bankers ahead of their next rate decision in December.Among the key points of interest are the Fed’s preferred gauge of inflation, minutes from the bank’s most recent policy meeting, economic growth, and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s ongoing wars with Hamas and Hezbollah, as well as Russia’s decision to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)London – FTSE 100: UP 0.5 percent at 8,301.95Euro/dollar: UP at $1.0464 from $1.0418 on FridayPound/dollar: UP at $1.2584 from $1.2530Dollar/yen: DOWN at 154.15 yen from 154.83 yenEuro/pound: UP at 83.15 pence from 83.11 penceWest Texas Intermediate: DOWN 0.9 percent at $70.59 per barrelBrent North Sea Crude: DOWN 0.8 percent at $74.54 per barrelNew York – Dow: UP 1.0 percent at 44,296.51 (close)

Asian markets rose Monday following a record close on Wall Street as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to $100,000 ran out of steam after coming within a whisker of the mark at the end of last week.The gains came ahead of the release of key US data that could provide a fresh idea about the Federal Reserve’s plans for interest rates amid expectations the next president’s tax and tariffs plans will reignite inflation, tempering rate cut bets. Investors are also keeping tabs on the Ukraine and Middle East conflicts, which have helped push oil prices higher in recent weeks.Investors gave the thumbs-up to news that Trump had fingered billionaire investor Scott Bessent to lead the Treasury, with optimism he will take a considered approach to the economy.Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.In recent times, he has called for tax reform and deregulation to spur growth, and wrote in a Wall Street Journal opinion piece that this would be key to “restarting the American growth engine” and keeping prices in check.This month, he called tariffs “a negotiating tool with our trading partners” in an opinion piece for Fox News, adding it was “a means to finally stand up for Americans”.While his views are seen as hawkish, markets started on a bright note, with Brian Jacobsen, chief economist at Annex Wealth Management, telling Bloomberg TV: “(Bessent) brings this sense of almost gradualism to the administration as opposed to taking a big bang approach to making big policy changes.” Markets may be relieved that the pick signals “an ‘America First’ kind of administration but not an ‘America Exclusively’ kind of administration”, he added.After a strong finish Friday on Wall Street — where the Dow ended on a fresh record — Asian markets followed suit.Tokyo advanced more than one percent, even as the yen pushed up against the dollar, while Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta also sat in positive territory.Bitcoin sat at around $97,600, having set a record high of $99,728.34 on Friday, with traders awaiting the next catalyst to push it past the historic $100,000 mark.The digital currency has bounded about 50 percent higher since Trump’s election at the start of the month, with hopes he will usher in measures to ease restrictions on it.Attention this week will be on a series of releases out of Washington that could sway US central bankers ahead of their next rate decision in December.Among the key points of interest are the Fed’s preferred gauge of inflation, minutes from the bank’s most recent policy meeting, economic growth, and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s ongoing wars with Hamas and Hezbollah as well as Russia’s decision to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 38,868.68 (break)Hong Kong – Hang Seng Index: UP 0.4 percent at 19,300.00Shanghai – Composite: UP 0.5 percent at 3,283.13Euro/dollar: UP at $1.0484 from $1.0418 on FridayPound/dollar: UP at $1.2599 from $1.2530Dollar/yen: DOWN at 153.68 yen from 154.83 yenEuro/pound: UP at 83.20 pence from 83.11 penceWest Texas Intermediate: FLAT at $71.24 per barrelBrent North Sea Crude: DOWN 0.1 percent at $75.13 per barrelNew York – Dow: UP 1.0 percent at 44,296.51 (close)London – FTSE 100: UP 1.4 percent at 8,262.08 (close)

When Zainab Ferozi saw Afghan women struggling to feed their families after Taliban authorities took power, she took matters into her own hands and poured her savings into starting a business.Two-and-a-half years after putting 20,000 Afghanis ($300) earned from teaching sewing classes into a carpet weaving enterprise, she now employs around a dozen women who lost their jobs or who had to abandon their education due to Taliban government rules. Through her business in the western province of Herat, the 39-year-old also “covers all the household expenses” of her family of six, she told AFP from her office where samples of brightly coloured and exquisitely woven rugs and bags are displayed.Her husband, a labourer, cannot find work in one of the poorest countries in the world. Ferozi is one of many women who have launched small businesses in the past three years to meet their own needs and support other Afghan women, whose employment sharply declined after the Taliban took power in 2021. Before the Taliban takeover, women made up 26 percent of public sector workers, a figure that “has effectively decreased to zero”, according to UN Women.Girls and women have also been banned from secondary schools and universities under restrictions the UN has described as “gender apartheid”.  Touba Zahid, a 28-year-old mother-of-one, started making jams and pickles in the small basement of her home in the capital Kabul after she was forced to stop her university education. “I came into the world of business… to create job opportunities for women so they can have an income that at least covers their immediate needs,” Zahid said. Half a dozen of her employees, wearing long white coats, were busy jarring jams and pickles labelled “Mom’s delicious homecooking”. – Growing number of businesses -While women may be making the stock, running the shops in Afghanistan remains mostly a man’s job. Saleswomen like Zahid “cannot go to the bazaar to promote and sell their products” themselves, said Fariba Noori, chairwoman of the Afghanistan Women’s Chamber of Commerce and Industry (AWCCI).Another issue for Afghan businesswomen is the need for a “mahram” — a male family member chaperone — to accompany them to other cities or provinces to purchase raw materials, said Noori. After 40 years of successive conflicts, many Afghan women have been widowed and lost many male relatives. Despite these challenges, the number of businesses registered with AWCCI has increased since the Taliban takeover, according to Noori. The number went “from 600 big companies to 10,000″ mainly small, home-based businesses and a few bigger companies, said Noori, herself a businesswoman for 12 years. Khadija Mohammadi, who launched her eponymous brand in 2022 after she lost her private school teaching job, now employs more than 200 women sewing dresses and weaving carpets”I am proud of every woman who is giving a hand to another woman to help her become independent,” said the 26-year-old. Though businesses like Mohammadi’s are a lifeline, the salaries ranging from 5,000 to 13,000 Afghanis, cannot cover all costs and many women are still stalked by economic hardship.Qamar Qasimi, who lost her job as a beautician after the Taliban authorities banned beauty salons in 2023, said that even with her salary she and her husband struggle to pay rent and feed their family of eight.”When I worked in the beauty salon, we could earn 3,000-7,000 Afghanis for styling one bride, but here we get 5,000 per month,” said the 24-year-old.”It’s not comparable but I have no other choice,” she added, the room around her full of women chatting as they worked at 30 looms. – Women-only spaces -The closure of beauty salons was not only a financial blow, but also removed key spaces for women to socialise. Zohra Gonish decided to open a restaurant to create a women-only space in northeastern Badakhshan province.”Women can come here and relax,” said the 20-year-old entrepreneur. “We wanted the staff to be women so that the women customers can feel comfortable here.”But starting her business in 2022, aged 18 was not easy in a country where the labour force participation for women is 10 times lower than the world average, according to the World Bank.  It took Gonish a week to convince her father to support her.Aside from helping their families and having space to socialise, some women said work has given them a sense of purpose.Sumaya Ahmadi, 15, joined Ferozi’s carpet company to help her parents after she had to leave school and became “very depressed”.”(Now) I’m very happy and I no longer have any mental health problems. I’m happier and I feel better.”The work has also given her a new goal: to help her two brothers build their futures.”Because schools’ doors are closed to girls, I work instead of my brothers so they can study and do something with their lives.”

Noxious smog smothering the plains of north India is not only choking the lungs of residents and killing millions, but also slowing the country’s economic growth.India’s capital New Delhi frequently ranks among the world’s most polluted cities. Each winter, vehicle and factory emissions couple with farm fires from surrounding states to blanket the city in a dystopian haze.Acrid smog this month contains more than 50 times the World Health Organization recommended limit of fine particulate matter — dangerous cancer-causing microparticles known as PM2.5 pollutants, that enter the bloodstream through the lungs.Experts say India’s worsening air pollution is having a ruinous impact on its economy — with one study estimating losses to the tune of $95 billion annually, or roughly three percent of the country’s GDP.The true extent of the economic price India is paying could be even greater.”The externality costs are huge and you can’t assign a value to it,” said Vibhuti Garg, of the Institute for Energy Economics and Financial Analysis.Bhargav Krishna of the Delhi-based research collective Sustainable Futures Collaborative said “costs add up in every phase”.”From missing a day at work to developing chronic illness, the health costs associated with that, to premature death and the impact that has on the family of the person,” Krishna told AFP.- ‘Health and wealth hazard’-Still, several studies have tried to quantify the damage.One by the global consultancy firm Dalberg concluded that in 2019, air pollution cost Indian businesses $95 billion due to “reduced productivity, work absences and premature death”.The amount is nearly three percent of India’s budget, and roughly twice its annual public health expenditure.”India lost 3.8 billion working days in 2019, costing $44 billion to air pollution caused by deaths,” according to the study which calculated that toxic air “contributes to 18 percent of all deaths in India”.Pollution has also had a debilitating impact on the consumer economy because of direct health-related eventualities, the study said, reducing footfall and causing annual losses of $22 billion.The numbers are even more staggering for Delhi, the epicentre of the crisis, with the capital province losing as much as six percent of its GDP annually to air pollution.Restaurateur Sandeep Anand Goyle called the smog a “health and wealth hazard”.”People who are health conscious avoid stepping out so we suffer,” said Goyle, who heads the Delhi chapter of the National Restaurant Association of India.Tourism has also been impacted, as the smog season coincides with the period when foreigners traditionally visit northern India — too hot for many during the blisteringly hot summers.”The smog is giving a bad name to India’s image,” said Rajiv Mehra of the Indian Association of Tour Operators.Delhi faces an average 275 days of unhealthy air a year, according to monitors.- ‘Premature deaths’ -Piecemeal initiatives by the government — — that critics call half-hearted — have failed to adequately address the problem.Academic research indicates that its detrimental impact on the Indian economy is adding up.A 2023 World Bank paper said that air pollution’s “micro-level” impacts on the economy translate to “macro-level effects that can be observed in year-to-year changes in GDP”.The paper estimates that India’s GDP would have been 4.5 percent higher at the end of 2023, had the country managed to curb pollution by half in the previous 25 years.Another study published in the Lancet health journal on the direct health impacts of air pollution in 2019 estimated an annual GDP deceleration of 1.36 percent due to “lost output from premature deaths and morbidity”.Desperate emergency curbs — such as shuttering schools to reduce traffic emissions as well as banning construction — come with their own economic costs.”Stopping work for weeks on end every winter makes our schedules go awry, and we end up overshooting budgets,” said Sanjeev Bansal, the chairman of the Delhi unit of the Builders Association of India.Pollution’s impact on the Indian economy is likely to get worse if action is not taken.With India’s median age expected to rise to 32 by 2030, the Dalberg study predicts that “susceptibility to air pollution will increase, as will the impact on mortality”.

Nvidia CEO Jensen Huang said Saturday that his company will balance legal compliance and technological advances under the incoming administration of Donald Trump, and nothing will stop the global advancement of artificial intelligence.The US chipmaking giant this week reported record high quarterly revenue on the back of strong AI chip demand, though investors are wary of US-China tensions reheating during a new Trump term.The Taiwan-born entrepreneur was in Hong Kong to receive an honorary doctorate in engineering from the Hong Kong University of Science and Technology.”Whatever happens, we’ll balance simultaneously compliance with laws and policies, continue to advance our technology, and support and serve customers all over the world,” Huang told reporters on Saturday.”We’ll continue to do that and we’ll be able to do that just fine.”The Biden administration has restricted Nvidia from selling some of its top AI chips to China, which it sees as a strategic competitor in the field of advanced semiconductors.Huang said Saturday that “open science and open research in AI is absolutely global… nothing that I see in the future is going to stop that.”Huang said in a speech that the “age of AI has started” and lauded China’s “significant contributions” to the scientific research that push forward AI technology.”AI is certainly the most important technology of our time, and potentially of all times,” he said.Tech giants around the world have invested tens of billions of dollars into Nvidia’s technology to train their generative AI models and support their heavy computing needs.Nvidia surpassed Apple early this month to become the highest valued company in the world as the artificial intelligence boom continues to excite Wall Street.

The Dow rocketed to a fresh record Friday, extending a post-election US equity rally while the euro retreated against the dollar following weak eurozone data.The blue-chip index piled on one percent to end the day at 44,296.51, narrowly overtaking a record set earlier this month.Major American indices have been at or near record territory since the US election, with investors betting that President-elect Donald Trump’s program of tax cuts and regulatory scale-back would more than offset the drag from expected tariff increases.”The trading most of this week has been influenced by the growth agenda,” said Jack Ablin, chief investment officer at Cresset Capital Management.Market watchers have been cheered this week by a broadening of the rally beyond the tech names that dominated earlier in the year.The dollar also continued to strengthen, reflecting less certainty about additional Federal Reserve interest rate cuts and the US currency’s status as a haven asset amid escalating tensions in the Russia-Ukraine war.The euro was also battered by a closely watched survey showing contractions in November business activity in the eurozone. The HCOB Flash Eurozone purchasing managers’ index (PMI) published by S&P Global dropped to 48.1 compared to 50.0 in October, the most marked rate of contraction in 10 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction.”Things could hardly have turned out much worse,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. “The eurozone’s manufacturing sector is sinking deeper into recession, and now the services sector is starting to struggle after two months of marginal growth.”But as the euro fell both Paris and Frankfurt stocks managed to recover their losses and advance.”The eurozone data has increased the chance of more rate cuts from the ECB next year,” said Kathleen Brooks, research director at XTB, as well a cut of 50 basis points next month.”Investors have been jolted into recalibrating interest rate expectations on the back of this bleak economic news,” she added.London managed to gain 1.4 percent despite data showing that retail sales figures for October undershot forecasts, as the pound fell against the dollar.In Asia, Tokyo climbed as the government prepared to announce a $140 billion stimulus package to kickstart the country’s stuttering economy.However, Hong Kong and Shanghai sank on a sell-off in tech firms caused by weak earnings from firms including Temu-owner PDD Holdings and internet giant Baidu.Bitcoin set a new record high above $99,500 Friday, before easing back slightly.The leading digital currency is expected to soon burst through $100,000 as investors grow increasingly hopeful that Trump will pass measures to deregulate the crypto sector.Bitcoin has soared more than 40 percent since the Republican’s election victory this month and has more than doubled since the turn of the year.The recent surge has also been “driven by news that Trump could set up an official crypto department that would sit in the heart of US government,” said XTB’s Brooks.- Key figures around 2130 GMT -New York – Dow: UP 1.0 percent at 44,296.51 (close)New York – S&P 500: UP 0.4 percent at 5,969.34 (close)New York – Nasdaq Composite: UP 0.2 percent at 19,003.65 (close)London – FTSE 100: UP 1.4 percent at 8,262.08 (close)Paris – CAC 40: UP 0.6 percent at 7,255.01 (close)Frankfurt – DAX: UP 0.9 percent at 19,322.59 (close)Tokyo – Nikkei 225: UP 0.7 percent at 38,283.85 (close)Hong Kong – Hang Seng Index: DOWN 1.9 percent at 19,229.97 (close)Shanghai – Composite: DOWN 3.1 percent at 3,267.19 (close)Euro/dollar: DOWN at $1.0418 from $1.0474 on ThursdayPound/dollar: DOWN at $1.2530 from $1.2589Dollar/yen: UP at 154.83 yen from 154.54 yenEuro/pound: DOWN at 83.11 pence from 83.20 penceWest Texas Intermediate: UP 1.6 percent at $71.24 per barrelBrent North Sea Crude: UP 1.3 percent at $75.17 per barrelburs-jmb/mlm