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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.

Major European and Asian stock markets mostly fell Tuesday as they waited for further developments after Wall Street struck record highs on optimism over US-China trade tensions.”Equity markets through Asia and Europe have taken a turn,” noted Joshua Mahony, chief market analyst at Scope Markets, with major indices across both continents having also hit record peaks in recent sessions.”On a day that provides little by way of economic data, traders continue to retain a focus on US-China relations,” he added.Donald Trump is due to meet Chinese counterpart Xi Jinping Thursday in South Korea — and rosy comments by the US president have fuelled optimism that the world’s two largest economies China and the United States can strike a deal to ease their trade war.Those hopes spurred stocks to record highs Monday on Wall Street, where investors are preparing for earnings reports from tech giants including Microsoft and Meta this week.Trump on Tuesday met Japan’s new Prime Minister Sanae Takaichi in Tokyo, where the country’s first woman PM 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.Ahead of Tuesday’s US open, online retailing giant Amazon said it would axe about 14,000 unspecified jobs as part of efforts to streamline operations.  Paramount Skydance will meanwhile cut about 1,000 positions on Wednesday, a source close to the matter told AFP, less than three months after the merger of the two media giants.Markets continued to follow earnings. Shares in HSBC rose in London and Hong Kong as the global bank’s underlying profits beat expectations.Swiss pharmaceutical giant Novartis shed 3.6 percent after its latest earnings showed the group under pressure from US generic drugs.In Paris, shares in French IT Capgemini rallied six percent on rising third-quarter sales.- Key figures at around 1145 GMT -London – FTSE 100: UP 0.1 percent at 9,663.79 pointsParis – CAC 40: DOWN 0.2 percent at 8,226.82Frankfurt – DAX: DOWN 0.2 percent at 24,272.59 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)New York – Dow: UP 0.7 percent at 47,544.59 (close)Euro/dollar: UP at $1.1656 from $1.1646 on MondayPound/dollar: DOWN at $1.3304 from $1.3333Dollar/yen: DOWN at 152.05 yen from 152.90 yenEuro/pound: UP at 87.62 from 87.35 penceBrent North Sea Crude: DOWN 1.5 percent at $63.96 per barrelWest Texas Intermediate: DOWN 1.6 percent at $60.36 per barrel

Asian markets cooled off Tuesday after the previous day’s surge as traders digested Donald Trump’s visit to Asian ally Japan, ahead of his high-stakes talks with Chinese President Xi Jinping later this week.The US president is due to meet Xi Thursday in South Korea, and rosy comments by Trump have fuelled optimism that the world’s two largest economies can strike a deal to ease their trade war.Those hopes spurred stocks to record highs Monday on Wall Street, where investors are also preparing for earnings reports from tech giants including Microsoft and Meta this week.In Tokyo on Tuesday, Trump met new Japanese Prime Minister Sanae Takaichi, declaring that the United States was “an ally at the strongest level”.The White House announced that the countries had signed an agreement on the supply of rare earths, a critical sector dominated by China that has deepened the antipathy between Washington and Beijing.Takaichi also said Japan was facing an “unprecedented severe security environment”, in a nod to the geopolitical tensions underlying Trump’s Asia tour.Japan’s Nikkei 225 index finished the day down 0.6 percent, after surging above 50,000 points on Monday for the first time.Shares in Hong Kong, Shanghai, Taipei and Sydney also slid, while Seoul rallied from a more than one percent drop to close down 0.8 percent.Morning trading in Europe saw shares edge up in London, while Paris and Frankfurt were down.The strong start to the week on Wall Street was “driven by news that the United States and China were set to forge some sort of trade agreement”, wrote Chris Weston of Pepperstone in a note.”There seems little in the global macro landscape that appears capable of derailing the current melt-up,” he wrote, adding that an absence of US economic data in the midst of a continuing government shutdown is “limiting” risk.The buoyant mood has been defying tumultuous trade tensions between Beijing and Washington, with a looming threat by Trump to impose further blistering tariffs on China from November 1, though the US leader later tempered his statement.Speaking before arriving in Japan on Monday, Trump said he was hopeful of a deal with Xi, whom he will meet on the sidelines of the Asia-Pacific Economic Cooperation summit in their first face-to-face meeting since the US leader returned to office.Key Chinese trade negotiator Li Chenggang said Sunday a “preliminary consensus” with the United States had been reached.Oil prices fell by more than one percent Tuesday after a report said that the Opec+ group is leaning towards a production boost in December.- Key figures at around 0820 GMT -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)London – FTSE 100: UP 0.1 percent at 9,665.30West Texas Intermediate: DOWN 1.3 percent at $60.50 per barrelBrent North Sea Crude: DOWN 1.3 percent at $64.74 per barrelEuro/dollar: UP at $1.1657 from $1.1646 on MondayPound/dollar: DOWN at $1.3332 from $1.3333Dollar/yen: DOWN at 152.04 yen from 152.90 yenEuro/pound: UP at 87.44 from 87.35 penceNew York – Dow: UP 0.71 percent at 47,544.59 (close)

HSBC reported a 14 percent drop in third-quarter pre-tax profit on Tuesday, with the banking giant’s bottom line weighed down by legal provisions related to the late Bernard Madoff’s huge investment fraud.The London-headquartered lender revealed the fallout Monday amid a Luxembourg lawsuit brought by Herald Fund dating back to 2009, when Madoff was sentenced to 150 years in prison for running a pyramid-style scheme.”The intent with which we are executing our strategy is reflected in our performance this quarter, despite taking legal provisions related to historical matters,” HSBC’s chief executive Georges Elhedery said in a Hong Kong stock exchange filing Tuesday.The profit of $7.3 billion — down 14 percent from the same quarter last year — reflected an increase in operating expenses and included legal provisions of $1.4 billion, HSBC said.Of those, $1.1 billion was recognised in connection with the fraud case of Madoff, while $300 million was related to “certain historical trading activities” under investigation by the French National Financial Prosecutor.Revenue increased five percent to $17.8 billion, boosted by higher customer activity, HSBC said.The bank noted that the global economy showed resilience and continued to grow despite unpredictable US trade policies and increased fiscal concerns.But it also warned that commercial real estate conditions remain challenging in China, adding that government stimulus has yet to trigger a material improvement in buyer sentiment.Net interest income increased by $1.1 billion, or 15 percent, with reported expected credit losses of $1 billion stable compared with the third-quarter of 2024.The lender said it is expecting net interest income of $43 billion or higher in 2025, reflecting increased confidence for policy rates in key markets, including in Hong Kong and Britain.In Hong Kong, weak demand and over-supply of nonresidential properties continued to put downward pressure on rental and capital values, despite an observed improvement in local sentiment, it said.Earlier this month, HSBC proposed a $14 billion buyout to privatise Hang Seng Bank in the finance hub, saying the proposal “represents a significant investment into the Hong Kong economy”.If approved, Hang Seng will become a wholly owned subsidiary of HSBC and will be delisted from the Hong Kong stock exchange, the firm said in the statement.

Tech giants Meta and TikTok said Tuesday they will obey Australia’s under-16 social media ban but warned the landmark laws could prove difficult to enforce. Australia will from December 10 force social media platforms such as Facebook, Instagram and TikTok to remove users under the age of 16. There is keen interest in whether Australia’s sweeping restrictions can work, as regulators around the globe wrestle with the dangers of social media. Both TikTok and Meta — the parent company of Facebook and Instagram — said the ban would be hard to police, but agreed they would abide by it. “Put simply, TikTok will comply with the law and meet our legislative obligations,” the firm’s Australia policy lead Ella Woods-Joyce told a Senate hearing on Tuesday. On paper, the ban is one of the strictest in the world. But with just over a month until it comes into effect, Australia is scrambling to fill in key questions around enforcement and firms’ obligations. TikTok warned the “blunt” age ban could have a raft of unintended consequences. “Experts believe a ban will push younger people into darker corners of the Internet where protections don’t exist,” said Woods-Joyce. – ‘Vague’ and ‘rushed’ -Meta policy director Mia Garlick said the firm was still solving “numerous challenges”. It would work to remove hundreds of thousands of users under 16 by the December 10 deadline, she told the hearing. But identifying and removing those accounts still posed “significant new engineering and age assurance challenges”, she said.”The goal from our perspective, being compliance with the law, would be to remove those under 16.”Officials have previously said social media companies will not be required to verify the ages of all users — but must take “reasonable steps” to detect and deactivate underage ones. Companies found to be flouting the laws face fines of up to Aus$49.5 million (US$32 million). Tech companies have been united in their criticisms of Australia’s ban, which has been described as “vague”, “problematic”, and “rushed”. Video streaming site YouTube – which falls under the ban — said this month that Australia’s efforts were well intentioned but poorly thought through. “The legislation will not only be extremely difficult to enforce, it also does not fulfil its promise of making kids safer online,” local spokeswoman Rachel Lord said. Australia’s online watchdog recently suggested that messaging service WhatsApp, streaming platform Twitch and gaming site Roblox could also be covered by the ban.

Wall Street stocks ended at fresh records again on Monday over optimism that the US-China trade war was about to ease, with a possible deal in view when presidents Donald Trump and Xi Jinping meet later this week.Major indices in New York charged higher, with the Dow, S&P 500 and Nasdaq all finishing at records on the improved sentiment on trade talks. Monday’s buoyant session also featured heady gains by Microsoft, Facebook parent Meta and other tech giants ahead of earnings later this week.Argentina’s stocks soared more than 20 percent on the back of President Javier Milei’s midterm victory, which saw his party win the biggest amount of votes in weekend legislative elections. The peso also jumped.European stock markets were muted, reined in by anticipation of interest-rate decisions this week from the Federal Reserve and European Central Bank, although Spain’s index reached a record high from strong growth and corporate earnings.Overall the positive sentiment was “buoyed by weekend chatter suggesting that Washington and Beijing may finally be finding some common ground” and pulling back from painful tit-for-tat trade measures, said Fawad Razaqzada, market analyst at Forex.com.”All eyes now turn to Thursday’s meeting between US President Donald Trump and Chinese President Xi Jinping, which could see these tentative understandings formalized,” he said.Gold prices retreated on easing risk sentiment.Trump arrived in Japan on Monday as part of a tour of Asia that could see the US president and Xi end their bruising trade war.Speaking on Air Force One, Trump said he was hopeful of a deal when he sees Xi Thursday, while also indicating he was willing to extend his trip to meet North Korean leader Kim Jong Un.China’s vice commerce minister, Li Chenggang, said a “preliminary consensus” had been reached.The progress paves the way for Trump and Xi to meet Thursday in South Korea on the sidelines of the Asia-Pacific Economic Cooperation summit, their first face-to-face meeting since the US leader returned to office.Chinese stock indices closed up more than one percent Monday.The advances followed a strong finish Friday on Wall Street, after benign US inflation data set the stage for a Federal Reserve interest-rate cut on Wednesday, despite a lack of clarity over the health of the US economy as a government shutdown churns on.On Thursday, the European Central Bank is expected to hold borrowing costs steady for its third straight meeting, with eurozone inflation largely under control.In corporate news, shares in US chipmaker Qualcomm soared 11.2 percent after the company unveiled two new AI processors designed for data centers, pushing into a market dominated by rivals Nvidia and AMD.Keurig Dr. Pepper jumped 7.6 percent after lifting its full-year sales forecast and as it announced it had received $7 billion in investment agreements from affiliates of Apollo and KKR.- Key figures at around 1630 GMT -New York – Dow: UP 0.5 percent at 47,435.81 pointsNew York – S&P: UP 1.0 percent at 6,857.90New York – Nasdaq: UP 1.6 percent at 23,580.33London – FTSE 100: UP 0.1 percent at 9,653.82 (close)Paris – CAC 40: UP 0.2 percent at 8,239.18 (close)Frankfurt – DAX: UP 0.3 percent at 24,308.78 (close)Tokyo – Nikkei 225: UP 2.5 percent at 50,512.32 (close)Shanghai – Composite: UP 1.2 percent at 3,996.94 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 26,433.70 (close)Euro/dollar: UP at $1.1646 from $1.1627 on FridayPound/dollar: UP at $1.3333 from $1.3311Dollar/yen: UP at 152.90 yen from 152.86 yenEuro/pound: FLAT at 87.35 penceBrent North Sea Crude: DOWN 0.5 percent at $65.62 per barrelWest Texas Intermediate: DOWN 0.3 percent at $61.31 per barrel

Stock markets rose Monday on optimism that the US-China trade war is about to ease, with a possible deal in view when presidents Donald Trump and Xi Jinping meet later this week.Argentina’s stocks soared 20 percent on the back of President Javier Milei’s midterm victory, which saw his party win the biggest amount of votes in weekend legislative elections. The peso also jumped.European stock markets were muted, reined in by anticipation of interest-rate decisions this week from the Federal Reserve and European Central Bank, although Spain’s index reached a record high from strong growth and corporate earnings.Overall the positive sentiment was “buoyed by weekend chatter suggesting that Washington and Beijing may finally be finding some common ground” and pulling back from painful tit-for-tat trade measures, said Fawad Razaqzada, market analyst at Forex.com.”All eyes now turn to Thursday’s meeting between US President Donald Trump and Chinese President Xi Jinping, which could see these tentative understandings formalised,” he said.The dollar and gold prices retreated on easing risk sentiment.Trump arrived in Japan Monday as part of a tour of Asia that could see the president and Xi end their bruising trade war.Speaking on Air Force One, Trump said he was hopeful of a deal when he sees Xi Thursday, while also indicating he was willing to extend his trip to meet North Korean leader Kim Jong Un.”I have a lot of respect for President Xi and we are going to I think… come away with a deal,” Trump told reporters en route from Malaysia, where comments from US and Chinese negotiators raised hopes of an accord.China’s vice commerce minister, Li Chenggang, said a “preliminary consensus” had been reached.The progress paves the way for Trump and Xi to meet Thursday in South Korea on the sidelines of the Asia-Pacific Economic Cooperation summit, their first face-to-face meeting since the US leader returned to office.Chinese stock indices closed up more than one percent Monday.The advances followed a strong finish Friday on Wall Street, after benign US inflation data set the stage for a Federal Reserve interest-rate cut Wednesday, despite a lack of clarity over the health of the US economy owing to the ongoing government shutdown.On Thursday, the European Central Bank is expected to hold borrowing costs steady for its third straight meeting, with eurozone inflation largely under control.In corporate news, shares in US chipmaker Qualcomm soared 20 percent after the company unveiled two new AI processors designed for data centres, pushing into a market dominated by rivals Nvidia and AMD.- Key figures at around 1630 GMT -New York – Dow: UP 0.5 percent at 47,435.81 pointsNew York – S&P: UP 1.0 percent at 6,857.90New York – Nasdaq: UP 1.6 percent at 23,580.33London – FTSE 100: FLAT at 9,649.38 points (close)Paris – CAC 40: UP 0.2 percent at 8,239.18 (close)Frankfurt – DAX: UP 0.3 percent at 24,308.78 (close)Tokyo – Nikkei 225: UP 2.5 percent at 50,512.32 (close)Shanghai – Composite: UP 1.2 percent at 3,996.94 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 26,433.70 (close)Euro/dollar: UP at $1.1638 from $1.1627 on FridayPound/dollar: UP at $1.3333 from $1.3296Dollar/yen: UP at 153.05 yen from 152.85 yenEuro/pound: DOWN at 87.29 pence from 87.43 penceBrent North Sea Crude: DOWN 0.1 percent at $65.27 per barrelWest Texas Intermediate: DOWN 0.3 percent at $61.70 per barrel

Asian stock markets rallied Monday as investors cheered a breakthrough in US-China trade talks that set the stage for presidents Donald Trump and Xi Jinping to perhaps finalise a deal, averting an escalation in the world’s biggest trade dispute.However, European stock markets flattened awaiting interest-rate decisions this week from the Federal Reserve and European Central Bank. “The renewed hopes for a lessening of trade tensions between the US and China inevitably spilled over to Asian markets,” noted Richard Hunter, head of markets at Interactive Investor.The dollar and gold prices retreated on easing risk sentiment.Trump arrived in Japan Monday as part of a tour of Asia that could see the president and Xi end their bruising trade war.Speaking on Air Force One, Trump said he was hopeful of a deal when he sees Xi Thursday, while also indicating he was willing to extend his trip to meet North Korean leader Kim Jong Un.”I have a lot of respect for President Xi and we are going to I think… come away with a deal,” Trump told reporters en route from Malaysia, where comments from US and Chinese negotiators raised hopes of an accord.China’s vice commerce minister, Li Chenggang, said a “preliminary consensus” had been reached.The progress paves the way for Trump and Xi to meet Thursday in South Korea on the sidelines of the Asia-Pacific Economic Cooperation summit, their first face-to-face meeting since the US leader returned to office.Chinese stock indices closed up more than one percent Monday.Tokyo added 2.5 percent, closing above 50,000 points for the first time, buoyed mostly by new Prime Minister Sanae Takaichi’s pro-stimulus stance.Seoul meanwhile surpassed 4,000 points for the first time, with shares in tech titan Samsung gaining more than three percent and chipmaker SK hynix jumping nearly five percent.The positive sentiment followed a strong finish Friday on Wall Street, after benign US inflation data set the stage for a Federal Reserve interest-rate cut Wednesday, despite a lack of clarity over the health of the US economy owing to the ongoing government shutdown.On Thursday, the European Central Bank is expected to hold borrowing costs steady for its third straight meeting, with eurozone inflation largely under control.- Key figures at around 1115 GMT -London – FTSE 100: FLAT at 9,644.32 pointsParis – CAC 40: FLAT at 8,225.90Frankfurt – DAX: FLAT at 24,231.56Tokyo – Nikkei 225: UP 2.5 percent at 50,512.32 (close)Shanghai – Composite: UP 1.2 percent at 3,996.95 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 26,433.70 (close)New York – Dow: UP 1.0 percent at 47,207.12 (close)Euro/dollar: UP at $1.1643 from $1.1627 on FridayPound/dollar: UP at $1.3344 from $1.3296Dollar/yen: DOWN at 152.73 yen from 152.85 yenEuro/pound: DOWN at 87.27 pence from 87.43 penceBrent North Sea Crude: DOWN 0.6 percent at $64.83 per barrelWest Texas Intermediate: DOWN 0.7 percent at $61.10 per barrel

Asian equities surged Monday as investors cheered a breakthrough in US-China trade talks that set the stage for leaders Donald Trump and Xi Jinping to finalise a deal, averting an escalation in the world’s biggest trade dispute.Markets rallied after US Treasury Secretary Scott Bessent said the threat of the US president imposing an additional 100 percent tariff on Chinese goods was “effectively off the table” following weekend negotiations in Malaysia.”The tariffs will be averted,” Bessent told ABC News on Sunday, adding that China agreed to delay rare earth export controls and make “substantial” soybean purchases.Chinese Vice Premier He Lifeng said the two sides reached a “preliminary consensus” on tariffs, export controls and fentanyl cooperation, describing the talks as “candid, in-depth and constructive”.The progress paves the way for Trump and Xi to meet Thursday in South Korea on the sidelines of the Asia-Pacific Economic Cooperation summit, their first face-to-face meeting since Trump returned to office.Tokyo led gains in Asia, with the Nikkei 225 adding more than two percent and closing above the 50,000 mark for the first time, buoyed by Prime Minister Sanae Takaichi’s pro-stimulus stance and a weaker yen that benefits the export sector.The breakthrough also comes ahead of Trump’s visit to Tokyo, with Takaichi having pledged to raise defence spending to two percent of GDP this fiscal year — two years ahead of schedule.”The Nikkei’s breakout isn’t a technical fluke — it’s the pricing of a national renaissance,” said Stephen Innes of SPI Asset Management.”Seoul, too, ended more than two percent higher, surpassing the 4,000 mark for the first time, with tech titan Samsung gaining more than three percent and chipmaker SK hynix jumping nearly five percent.Hong Kong, Shanghai, Taipei, Singapore and Sydney also made gains, though Jakarta and Manila fell.In Europe, London and Frankfurt opened with gains, while Paris dipped into the red.The positive sentiment follows a strong finish on Wall Street Friday, after benign US inflation data set the stage for another Federal Reserve interest rate cut.Trump expressed confidence about reaching a comprehensive agreement with Beijing. “They want to make a deal and we want to make a deal,” he told reporters Sunday in Kuala Lumpur.”The assumption, of course, remains that that is just a negotiating gambit, with this week’s talks leading to a restoration of the ‘status quo’ and a truce between the two nations,” said Michael Brown of Pepperstone.The Republican president is on a five-day Asia tour that includes stops in Malaysia, Japan and South Korea, with trade deals topping the agenda at every destination.Futures for US copper surged on the trade deal optimism, bolstering the outlook for global demand.The breakthrough came after months of escalating tensions, with Trump threatening the massive tariff hike in response to China’s October expansion of rare earth export controls — a move Washington called “economic coercion”.Under the framework deal, China would defer its rare earth restrictions “for a year while they reexamine it”, Bessent said.- Key figures at around 0820 GMT -Tokyo – Nikkei 225: UP 2.5 percent at 50,512.32 (close)Shanghai – Composite: UP 1.2 percent at 3,996.95 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 26,433.70 (close)London – FTSE 100: UP 0.5 percent at 9,646.07 West Texas Intermediate: FLAT at $61.51 per barrelBrent North Sea Crude: FLAT at $65.96 per barrelEuro/dollar: FLAT at $1.1627 from $1.1627 on FridayPound/dollar: UP at $1.3317 from $1.3296Dollar/yen: UP at 152.94 yen from 152.85 yenEuro/pound: DOWN at 87.30 pence from 87.43 penceNew York – Dow: UP 1 percent at 47,207.12 (close)

Australia’s competition watchdog accused Microsoft on Monday of misleading people into paying for its AI assistant Copilot.The authority said it had filed a suit in the Federal Court against Microsoft Australia and its parent Microsoft Corp.The software giant is accused of making “false or misleading” statements to around 2.7 million Australians who subscribe by auto-renewal to Microsoft 365 plans, which include a suite of online Office services.Microsoft allegedly told customers that they had two options: either pay extra for Microsoft 365 services integrated with Copilot, or cancel their subscriptions altogether.But there was a partly hidden third option — visible only when people started to cancel — of sticking to existing “Classic” plans without Copilot for the original price, the Australian Competition and Consumer Commission said in a statement.”Microsoft deliberately omitted reference to the Classic plans in its communications and concealed their existence until after subscribers initiated the cancellation process to increase the number of consumers on more expensive Copilot-integrated plans,” commission chair Gina Cass-Gottlieb said.”The Microsoft Office apps included in 365 subscriptions are essential in many people’s lives and given there are limited substitutes to the bundled package, cancelling the subscription is a decision many would not make lightly.”The commission accused Microsoft of misleading subscribers on personal and family plans since October 31, 2024.Annual subscriptions for Microsoft 365 plans incorporating Copilot were between 29 and 45 percent higher than those without, the watchdog said.The commission is seeking penalties, injunctions, consumer redress, and costs.Microsoft could face penalties of Aus$50 million or more (US$30 million) for each breach. Microsoft did not immediately respond to AFP’s request for comment.