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Asian and European markets were mixed Thursday after the latest batch of US data reinforced expectations that the Federal Reserve will cut interest rates for a third successive time next week.Wall Street rose for a second straight day after a minor selloff on Monday, though regional traders moved a little more tentatively as worries over extended valuations in the tech sector continued to linger.Bets on a US reduction on Wednesday have surged to around 90 percent in the past two weeks, after several Fed officials backed such a move saying supporting jobs was more important than keeping a lid on elevated inflation.The need for more action was further stoked by data from payrolls firm ADP showing 32,000 posts were lost in November, compared with an expected rise of 10,000, according to Bloomberg.”Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” ADP chief economist Nela Richardson said.The reading was also the most since early 2023 and is the latest example of a stuttering labour market.”Right now, the data argues for additional Fed funds rate cuts. US labor demand is weak, consumer spending is showing early signs of cracking, and upside risks to inflation are fading,” Elias Haddad, of Brown Brothers Harriman & Co, wrote.After New York’s advance, Tokyo rallied more than two percent, with Hong Kong, Sydney, Taipei and Bangkok also up, along with London, Paris and Frankfurt.Shanghai, Seoul, Singapore, Wellington, Manila, Mumbai and Bangkok slipped.A healthy 30-year Japanese government bond sale provided some support as it slightly eased tensions about a posible rate hike by the central bank this month. The news compounded a strong response to a 10-year auction earlier in the week that settled some nerves.On stocks, Pepperstone’s Michael Brown said in a note: “Path continues to point to the upside, with the bull case remaining a very solid one indeed, and with participants seeking to ride the coattails of the rally higher, especially amid the increased influence of FOMO/FOMU flows as we move into the end of the year.”However, while market players remain confident that the Fed will continue to cut interest rates into the new year, economists at Bank of America still had a note of caution.”The most immediate source of volatility remains the US Federal Reserve,” they wrote.”While inflation has moderated and the trajectory of policy easing is intact, uncertainty around timing persists. Any delay in rate cuts could remain a source of volatility.”On currency markets the Indian rupee wallowed at record lows of more than 90 per dollar as investors grow increasingly worried about a lack of progress in trade talks with Washington, as observers say Donald Trump’s 50 percent tariffs are taking a toll on the economy.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 2.3 percent at 51,028.42 (close) Hong Kong – Hang Seng Index: UP 0.7 percent at 25,935.90 (close)Shanghai – Composite: DOWN 0.1 percent at 3,875.79 (close)London – FTSE 100: UP 0.1 percent at 9,701.92 Euro/dollar: DOWN at $1.1663 from $1.1667 on WednesdayPound/dollar: DOWN at $1.3337 from $1.3352Dollar/yen: UP at 155.25 yen from 155.23 yenEuro/pound: UP at 87.45 pence from 87.39 penceWest Texas Intermediate: UP 0.7 percent at $59.36 per barrelBrent North Sea Crude: UP 0.6 percent at $63.04 per barrelNew York – Dow: UP 0.9 percent at 47,882.90 (close)

Asian markets struggled to maintain their early momentum Thursday, even after the latest batch of US data reinforced expectations that the Federal Reserve will cut interest rates for a third successive time next week.While Wall Street rose for a second day after a minor selloff on Monday, regional traders moved a little more tentatively as worries over extended valuations in the tech sector continued to linger.Bets on a US reduction on Wednesday have surged to around 90 percent in the past two weeks, after several Fed officials backed such a move saying supporting jobs was more important than keeping a lid on elevated inflation.The need for more action was further stoked by data from payrolls firm ADP showing 32,000 posts were lost in November, compared with an expected rise of 10,000, according to Bloomberg.”Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” ADP chief economist Nela Richardson said.The reading was also the most since early 2023 and is the latest example of a stuttering labour market.”Right now, the data argues for additional Fed funds rate cuts. US labor demand is weak, consumer spending is showing early signs of cracking, and upside risks to inflation are fading,” Elias Haddad, of Brown Brothers Harriman & Co, wrote.Markets in Asia stumbled as they struggled to match New York’s advance.Tokyo advanced with Sydney and Manila, but Hong Kong, Shanghai, Seoul, Singapore, Wellington and Taipei were all down.Still, Pepperstone’s Michael Brown said in a note: “Path continues to point to the upside, with the bull case remaining a very solid one indeed, and with participants seeking to ride the coattails of the rally higher, especially amid the increased influence of FOMO/FOMU flows as we move into the end of the year.”However, while market players remain confident that the Fed will continue to cut interest rates into the new year, economists at Bank of America still had a note of caution.”The most immediate source of volatility remains the U.S. Federal Reserve,” they wrote.”While inflation has moderated and the trajectory of policy easing is intact, uncertainty around timing persists. Any delay in rate cuts could remain a source of volatility.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 50,596.24 (break) Hong Kong – Hang Seng Index: DOWN 0.3 percent at 25,687.40Shanghai – Composite: DOWN 0.4 percent at 3846.39Euro/dollar: DOWN at $1.1660 from $1.1667 on WednesdayPound/dollar: DOWN at $1.3336 from $1.3352Dollar/yen: UP at 155.37 yen from 155.23 yenEuro/pound: UP at 87.43 pence from 87.39 penceWest Texas Intermediate: UP 0.2 percent at $59.09 per barrelBrent North Sea Crude: UP 0.2 percent at $62.77 per barrelNew York – Dow: UP 0.9 percent at 47,882.90 (close)London – FTSE 100: DOWN 0.1 percent at 9,692.07 (close) 

Tech giant Meta said Thursday it is starting to remove under-16s in Australia from Instagram, Threads and Facebook ahead of the country’s world-first youth social media ban.Australia is requiring major online platforms, also including TikTok and YouTube, to block underage users by December 10, when the new law comes into force.Companies face fines of Aus$49.5 million (US$32 million) if they fail to take “reasonable steps” to comply.”While we are working hard to remove all users who we understand to be under the age of 16 by 10 December, compliance with the law will be an ongoing and multi-layered process,” a Meta spokesperson said.Younger users can save and download their online histories, the spokesperson for the US company added.”Before you turn 16, we will notify you that you will soon be allowed to regain access to these platforms, and your content will be restored exactly as you left it.”Hundreds of thousands of adolescents are expected to be impacted by the ban, with Instagram alone reporting about 350,000 Australian users aged 13 to 15.Some popular apps and websites such as Roblox, Pinterest and WhatsApp are exempt, but the list remains under review.- ‘Weird’ -Meta said it was committed to complying with the Australian law, but it called for app stores to be held accountable for checking ages instead.”The government should require app stores to verify age and obtain parental approval whenever teens under 16 download apps, eliminating the need for teens to verify their age multiple times across different apps,” the spokesperson said.”Social media platforms could then use this verified age information to ensure teens are in age-appropriate experiences.”YouTube has also attacked the social media ban.The video-streaming giant said this week the new law would make young Australians “less safe” because under-16s could still visit the website without an account but would lose YouTube safety filters.But Australia’s communications minister described its argument as “weird”.- Self-esteem -“If YouTube is reminding us all that it is not safe and there’s content not appropriate for age-restricted users on their website, that’s a problem that YouTube needs to fix,” Communications Minister Anika Wells said this week.Wells told reporters some Australian teens had killed themselves as algorithms “latched on” — targeting them with content that drained their self-esteem.”This specific law will not fix every harm occurring on the internet, but it will make it easier for kids to chase a better version of themselves,” she said.An internet rights group last week launched a legal challenge to halt the ban.The Digital Freedom Project said it had challenged the laws in Australia’s High Court, calling them an “unfair” assault on freedom of speech.Australia expects rebellious teens will do their best to skirt the laws. Guidelines warn they might try to upload fake IDs or use AI to make their photos appear older.Platforms are expected to devise their own means to stop this happening, but “no solution is likely to be 100 percent effective”, the internet safety watchdog has said.There is keen interest in whether Australia’s sweeping restrictions can work as regulators around the globe wrestle with the potential dangers of social media.Malaysia indicated it was planning to block children under 16 from signing up to social media accounts next year, while New Zealand will introduce a similar ban.

Wall Street stocks shrugged off early weakness Wednesday and finished with solid gains after poor US hiring data boosted expectations that the Federal Reserve will cut interest rates next week.The report showed US companies shed 32,000 jobs in November, payroll firm ADP said, in a surprise drop that added to worries about economic weakness while also boosting expectations for Fed monetary policy relief.”The market is happy with what the weaker than expected jobs report will mean for the Fed’s likelihood of cutting rates when they meet on December 9th and 10th,” said Sam Stovall of CFRA Research.”We’re back into the optimism surrounding the Fed cutting rates before the year is out.”All three major US indices finished higher, with the S&P 500 up 0.3 percent.”The modest fall in the ADP payrolls measure in November… should be enough to persuade the (Fed) to vote for another cut next week,” said Stephen Brown at Capital Economics.Futures markets now put the chances of the Fed cutting interest rates on December 10 at nearly 90 percent.Lower interest rates make it easier for companies and consumers to borrow money, so the prospect of Fed rate cuts tends to boost stocks.Optimism over US rate cuts won an additional boost from reports that Trump’s top economic advisor Kevin Hassett — a proponent of more rate reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.The euro hit a seven-week high against the dollar, noted analyst Axel Rudolph at trading platform IG International. “The US central bank is expected to cut rates in December with a near 89 percent probability whereas the ECB isn’t likely to do so for much of next year,” he said.Meanwhile the pound gained around one percent against the dollar, also receiving a boost from data showing stronger than expected activity from the UK services sector.Stronger sterling weighed on London’s benchmark FTSE 100 stock index, which features major companies earning in dollars, and which ended the day down 0.1 percent.A recovery in Bitcoin has also helped support equity markets.”A continued bounce in bitcoin and other cryptocurrencies has stoked a renewed speculative bid,” said Briefing.com analyst Patrick O’Hare.Bitcoin is back above $90,000. It plunged below $83,000 last month after having set a record high of $126,251 in October.Asian stock markets mostly rose Wednesday.- Key figures at around 2115 GMT -New York – Dow: UP 0.9 percent at 47,882.90 (close)New York – S&P 500: UP 0.3 percent at 6,849.72 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,454.09 (close)London – FTSE 100: DOWN 0.1 percent at 9,692.07 (close) Paris – CAC 40: UP 0.2 percent at 8,087.42 (close)Frankfurt – DAX: DOWN 0.1 percent at 23,693.71 (close)Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)Euro/dollar: UP at $1.1667 from $1.1625 on TuesdayPound/dollar: UP at $1.3352 from $1.3213Dollar/yen: DOWN at 155.23 yen from 155.88 yenEuro/pound: DOWN at 87.39 pence from 88.00 penceBrent North Sea Crude: UP 0.4 percent at $62.67 per barrelWest Texas Intermediate: UP 0.5 percent at $58.95 per barrelburs-jmb/iv

Equities struggled on Wednesday as data showed US businesses unexpectedly shed jobs last month.The US private sector lost 32,000 jobs in November, according to payroll firm ADP, compared to a small gain expected by analysts.The jobs numbers reinforced concerns over the health of the US economy, which has struggled with dislocations and price rises caused by tariffs introduced by President Donald Trump’s administration.”There’s no way to portray that as good news, unless, of course, you’re a stock trader who is focused more on the likelihood for Fed cuts than you are about what it says about the economy,” said Steve Sosnick of Interactive Brokers.After opening lower, all three of Wall Street’s main indices had pushed into positive territory by mid-morning, with the jobs figures underpinning expectations that the US Federal Reserve will cut interest rates next week.The tech-heavy Nasdaq Composite slid back into the red.”The modest fall in the ADP payrolls measure in November… should be enough to persuade the FOMC to vote for another cut next week,” said Stephen Brown at Capital Economics.Money markets now put the chances of the Fed cutting interest rates on December 10 at nearly 90 percent.Lower interest rates make it easier for companies and consumers to borrow money, so the prospect of Fed rate cuts tends to boost stocks.Optimism over US rate cuts won an additional boost from reports that Trump’s top economic adviser Kevin Hassett — a proponent of more rate reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.Investors are also looking ahead to the release on Friday of the Fed’s preferred gauge of inflation — the personal consumption expenditure (PCE) index.Investors see the Fed cutting rates three times next year, which has been a factor weighing on the dollar.The euro hit a seven-week high against the dollar, noted analyst Axel Rudolph at trading platform IG. “The US central bank is expected to cut rates in December with a near 89 percent probability whereas the ECB isn’t likely to do so for much of next year,” he said.Meanwhile the pound gained one percent against the dollar, also receiving a boost from data showing stronger than expected activity from the UK services sector.Stronger sterling weighed on London’s benchmark FTSE 100 stock index, which features major companies earning in dollars, and which ended the day down 0.1 percent.A recovery in Bitcoin has also helped support equity markets.”A continued bounce in bitcoin and other cryptocurrencies has stoked a renewed speculative bid,” said Briefing.com analyst Patrick O’Hare.Bitcoin is back above $90,000. It plunged below $83,000 last month after having set a record high of $126,251 in October.Asian stock markets mostly rose Wednesday.Elsewhere, the Indian rupee weakened past 90 per dollar for the first time, extending declines through the year as New Delhi struggles to strike a trade deal with the United States.- Key figures at around 1630 GMT -New York – Dow: UP 0.4 percent at 47,685.20 pointsNew York – S&P 500: UP 0.1 percent at 6,837.46New York – Nasdaq Composite: DOWN less than 0.1 percent at 23,402.90London – FTSE 100: DOWN 0.1 percent at 9,692.07 (close) Paris – CAC 40: UP 0.2 percent at 8,087.42 (close)Frankfurt – DAX: DOWN less than 0.1 percent at 23,693.71 (close)Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)Euro/dollar: UP at $1.1664 from $1.1622 on TuesdayPound/dollar: UP at $1.3341 from $1.3209Dollar/yen: DOWN at 155.03 yen from 155.86 yenEuro/pound: DOWN at 87.43 pence from 88.00 penceBrent North Sea Crude: UP 1.2 percent at $63.19 per barrelWest Texas Intermediate: UP 1.4 percent at $59.47 per barrelburs-rl/rlp

The EU on Wednesday presented a multi-billion-euro plan to help curb the 27-nation bloc’s dependence on China for rare earths, as Beijing’s stranglehold on the critical materials threatens key industries.China, the world’s top producer of rare earths, in October announced new controls on exports of the elements used to make magnets crucial to the auto, electronics and defence industries.The move rattled markets and snarled supply chains until China later said it would suspend the curbs for one year.Already since April, Beijing had required licences for certain exports of the materials, hitting global manufacturing sectors.”Europe is responding to the new global geopolitical reality,” EU industry chief Stephane Sejourne said of the plans aimed at countering what he has likened to a raw earths “racket” run by Beijing.The European Commission said it would unlock nearly three billion euros ($3.5 billion) to support strategic projects in mining, refining and recycling of the vital minerals and metals — both within Europe and in partner countries.The EU’s executive also proposed the creation of a European Centre for Critical Raw Materials that will be the bloc’s supply hub, modelled on Japan’s state-run Japan Oil, Gas and Metals National Corporation. Sejourne said the centre would have three main tasks: “Monitoring and assessing needs, coordinating joint purchases on behalf of member states, and managing stockpiles and deliveries to companies as required.”Brussels also wants to curb exports of scrap and waste from permanent magnets — made from rare earths and widely used in industry — as of next year, to boost recycling within Europe. The EU also plans targeted restrictions on aluminium waste exports and may do the same for copper.- Europe squeezed -Two years ago, the EU adopted a law aimed at securing supplies of critical raw materials.But the bloc finds itself squeezed between China’s restrictions and the United States under Donald Trump, which is negotiating bilateral agreements on all fronts to secure its own supplies.A study published Monday by the EU Chamber of Commerce in China said 60 percent of its members expected disruptions to their supply chains because of government-imposed restrictions, and 13 percent fear they may have to interrupt or slow down their production.The European Commission also Wednesday updated its strategy for ensuring the EU’s “economic security”.”Around the world, trade is being weaponized. Supply chains are under pressure,” the EU’s trade chief Maros Sefcovic told reporters in presenting the plan.”Strategic choke points are turning economic dependency into political pressure, and this hits our companies every single day,” he said.The first such strategy was produced in 2023 as the bloc grappled with the harsh lessons from the Covid pandemic and Ukraine war that showed up the fragility of its supply lines. But new diplomatic and geopolitical tensions, most strikingly a US administration willing to act aggressively on trade against its close allies, have prompted Brussels to revisit the rulebook.The updated doctrine calls for easing the use of key tools already at the EU’s disposal — such as controls on foreign investment, export restrictions and diversifying suppliers — and adding new ones if needed.”Europe will continue to champion open trade and global investment, but our openness must be backed by security,” Sefcovic said.”This is why you will see more strategic and assertive use of our existing tools, the development of the new ones where needed, and stronger capacity to collect and share economic intelligence.” 

Wall Street’s main stock indices dipped on Wednesday after data showed US businesses unexpectedly shed jobs last month.The US private sector shed 32,000 jobs in November, according to payroll firm ADP, compared to a small gain expected by analysts.The jobs numbers reinforced concerns over the health of the US economy, which has struggled with dislocations and price rises caused by tariffs introduced by President Donald Trump’s administration.The Dow dipped by less than a tenth of a percentage point at the opening bell, while the S&P 500 shed 0.2 percent and the tech-heavy Nasdaq dropped 0.5 percent.Tech stocks were weaker, with shares in the so-called Magnificent Seven largest tech firms down 0.3 percent overall. Shares in Microsoft were down 2.8 percent.The surprise drop in employment underpinned expectations that the US Federal Reserve will cut interest rates next week.”The justification for a rate cut next week centres around weakness in the (US) jobs market,” noted Joshua Mahony, chief market analyst at trading group Scope Markets.Money markets have put the chances of the Fed cutting interest rates on December 10 at nearly 90 percent.Lower interest rates make it easier for companies and consumers to borrow money, and thus the prospect of Fed rate cuts tend to boost stocks.Optimism over US rate cuts won an additional boost from reports that Trump’s top economic adviser Kevin Hassett — a proponent of more reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.While a number of bank decision-makers have thrown their hat in the ring for a reduction, there remains differences on the policy board about the need to target the soft labour market or stubbornly high inflation.With a cut to US interest rates expected, trading has softened ahead of key indicators this week that could still play a role in the central bank’s planning over the next year.The Fed’s preferred gauge of inflation — personal consumption expenditure (PCE) index — will be released on Friday.Investors see the Fed cutting rates three times next year, which has been a factor weighing on the dollar.A recovery in Bitcoin has also helped support equity markets.”A continued bounce in bitcoin and other cryptocurrencies has stoked a renewed speculative bid,” said Briefing.com analyst Patrick O’Hare.Bitcoin is back above $90,000. It plunged below $83,000 last month after having set a record high of $126,251 in October.European stocks were just below the break-even point in afternoon trading.Asian stock markets mostly rose Wednesday.The pound was up 0.7 percent against the dollar on UK data showing stronger than expected British services sector activity.Stronger sterling weighed on London’s benchmark FTSE 100 stock index, which features major companies earning in dollars.Elsewhere, the Indian rupee weakened past 90 per dollar for the first time, extending declines through the year as New Delhi struggles to strike a trade deal with the United States.- Key figures at around 1440 GMT -New York – Dow: DOWN less than 0.1 percent at 47,434.68 pointsNew York – S&P 500: DOWN 0.2 percent at 6,841.32New York – Nasdaq Composite: DOWN 0.5 percent at 23,315.58London – FTSE 100: DOWN less than 0.1 percent at 9,696.83 Paris – CAC 40: DOWN less than 0.1 percent at 8,069.52Frankfurt – DAX: DOWN less than 0.1 percent at 23,697.98Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)Euro/dollar: UP at $1.1657 from $1.1622 on TuesdayPound/dollar: UP at $1.3296 from $1.3209Dollar/yen: DOWN at 155.50 yen from 155.86 yenEuro/pound: DOWN at 87.68 pence from 88.00 penceBrent North Sea Crude: UP 0.7 percent at $62.89 per barrelWest Texas Intermediate: UP 0.8 percent at $59.12 per barrelburs-rl/tw

European and Asian stock markets mostly rose Wednesday following a resumption of Wall Street’s rally, but gains were muted as investors await the last tranche of US data before next week’s Federal Reserve meeting.With a cut to US interest rates expected, trading has softened ahead of key indicators this week that could still play a role in the central bank’s planning over the next year.Most in focus are the private jobs report from payrolls firm ADP on Wednesday and Friday’s personal consumption expenditure (PCE) index — the Fed’s preferred gauge of inflation.”The justification for a rate cut next week centres around weakness in the (US) jobs market,” noted Joshua Mahony, chief market analyst at trading group Scope Markets.”While we are seeing confidence return for the US tech stocks, fears around an AI bubble will undoubtedly play a key role for investors going forward,” he added.Money markets have put the chances of a December 10 cut at around 90 percent, with another three forecast by the end of next year, weighing on the dollar.The pound was up 0.5 percent against the dollar on UK data showing stronger than expected activity from the British services sector.Stronger sterling weighed on London’s benchmark FTSE 100 stock index, which features major companies earning in dollars.Optimism over US rate cuts has meanwhile won an additional boost from reports that President Donald Trump’s top economic adviser Kevin Hassett — a proponent of more reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.While a number of bank decision-makers have thrown their hat in the ring for a reduction, there remains differences on the policy board about the need to target the soft labour market or stubbornly high inflation.Elsewhere on Wednesday, the Indian rupee weakened past 90 per dollar for the first time, extending declines through the year as New Delhi struggles to strike a trade deal with the United States.- Key figures at around 1050 GMT -London – FTSE 100: DOWN 0.2 percent at 9,680.66 pointsParis – CAC 40: FLAT at 8,073.80Frankfurt – DAX: UP 0.2 percent at 23,751.63Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)New York – Dow: UP 0.4 percent at 47,474.46 (close)Euro/dollar: UP at $1.1665 from $1.1622 on TuesdayPound/dollar: UP at $1.3283 from $1.3209Dollar/yen: DOWN at 155.52 yen from 155.86 yenEuro/pound: DOWN at 87.81 pence from 88.00 penceBrent North Sea Crude: UP 1.3 percent at $63.26 per barrelWest Texas Intermediate: UP 1.5 percent at $59.52 per barrel

Thailand on Wednesday relaxed decades-old alcohol sales restrictions, allowing consumers to buy wine, beer and spirits during previously prohibited afternoon hours in a six-month trial.The predominantly Buddhist country still maintains strict alcohol laws, limiting sales to specific hours and banning them on religious holidays.Liquor stores, bars and other purveyors were previously banned from selling alcohol from 2:00-5:00 pm, but the eased rules permit sales from 11:00 am to midnight during the trial while a committee studies its impacts.Officials last month reviewed the long-standing 2:00-5:00 pm sales ban, a rule originally introduced to prevent government employees from drinking alcohol during work hours and often puzzling foreign visitors.”In the past, there were concerns that government employees would sneak out to drink, but it’s a different time now,” deputy prime minister Sophon Saram told reporters last month. Health Minister Pattana Promphat said the move was “appropriate to the present situation”, according to a statement in the Royal Gazette published on Tuesday.Despite its reputation as a tourism and nightlife hub, Thailand’s alcohol laws remained rooted in Buddhist teachings that view imbibing as a moral transgression. The country has some of the highest alcohol consumption rates in Asia, according to the World Health Organization (WHO), with locals typically reaching for the ubiquitous Chang, Singha and Leo beers.Thailand ranked 16th out of nearly 200 countries for the most road traffic deaths per capita in 2021, WHO data shows.Nearly 33,000 people were killed in drunk driving incidents in the country from 2019 to 2023, according to public health ministry figures.- ‘Good for tourists’ -In central Bangkok on Wednesday afternoon, several businesses told AFP journalists they had yet to notice a shift on the first day of the relaxed sales rules. “There haven’t been many people because customers still don’t know about the new law,” said a shop assistant at Gourmet Wine Cellar who declined to give their name.Shoppers at a 7-Eleven opted for soda over alcoholic beverages, despite signs posted on refrigerator doors noting the extended sales hours.At a nearly empty beer garden where a few customers were ordering pints, a server told AFP that she had heard of the rule change on TikTok.But, she said, “There’s almost no change because we usually don’t get any customers during this time.”Apple, a Thai marathon-runner, told AFP the loosened restrictions were “good for tourists”.”Tourists like to drink a lot. But for Thai people, maybe not, as we don’t normally drink at that time anyway,” she said.Matthew, a 23-year-old British traveller, said he hadn’t heard about the long-time sales ban or it being lifted.”Sounds like it would be terrible for the economy. So many tourists come here. Why would they do that? Religious reasons?”

Asian markets mostly rose Wednesday following a resumption of Wall Street’s rally, but gains were muted as investors await the last tranche of US data before next week’s Federal Reserve meeting.With a third successive interest rate cut already priced in, trading has softened ahead of key indicators this week that could still play a role in the central bank’s planning over the next year.Most in focus are the private jobs report from payrolls firm ADP, which is due later Wednesday, and Friday’s personal consumption expenditure (PCE) index, which is the Fed’s preferred gauge of inflation.Money markets have put the chances of a December 10 cut at around 90 percent, with another three forecast by the end of next year.The optimism has also been boosted by reports that President Donald Trump’s top economic adviser Kevin Hassett — a proponent of more reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.But while a number of bank decision-makers have thrown their hat in the ring for a reduction, observers said there appeared to still be some differences on the policy board about the need to target the soft labour market or stubbornly high inflation.And Andrew Brenner at NatAlliance Securities said this could lead to a “hawkish cut”.IG market analyst Fabien Yip wrote: “Friday’s core PCE index represents the final major inflation gauge before the Fed’s December policy meeting.”Any deviation could alter expectations regarding the Fed’s policy stance, particularly as the central bank weighs inflation persistence against a softening labour market.””The release of personal income and spending data alongside the PCE will provide additional perspective on consumer resilience,” Yip said.While calls for a rate cut have been driven by worries over the jobs outlook and signs the world’s top economy was slowing, the National Retail Federation provided some early festive cheer by releasing an upbeat appraisal of the “Black Friday” holiday shopping weekend.A record 202.9 million consumers shopped over the five-day stretch, topping estimates, the NRF said, adding that the reading “reflects a highly engaged consumer”.All three main indexes on Wall Street ended in the green, and most of Asia followed suit.Tokyo piled on more than one percent with Seoul, while Sydney, Singapore, Wellington, Taipei and Jakarta were also up.Hong Kong, Shanghai, Mumbai, Bangkok and Manila fell.London opened in the red, while Paris and Frankfurt rose.Bitcoin climbed back above $90,000, recovering from this week’s swoon that saw it lose almost 10 percent amid a risk-off start to the week for risk assets.However, sentiment in the crypto sector remains soft after the unit plunged last month to as low as $80,550, having hit a record above $126,250 in October.The Indian rupee weakened past 90 per dollar for the first time, extending declines through the year as New Delhi struggles to strike a trade deal with the United States.Dilip Parmar, an analyst at HDFC Securities, told AFP the rupee’s fall was “first and foremost” an “imbalance of demand and supply” with foreign fund outflows and trade deal uncertainties adding fuel to the fire.But another key factor, Parmar added, was a lack of “big and impactful” interventions from India’s central bank.Analysts believe the Reserve Bank of India has this year sporadically defended the rupee through aggressive dollar sales to support key levels, but also appears of late to be allowing greater currency flexibility.”Defending a specific level in the current macro backdrop would be costly and counterproductive,” Raj Gaikar, research analyst at SAMCO Securities, told AFP.”With inflation running well below earlier expectations, the policy priority has shifted toward supporting growth rather than expending reserves to hold an artificial line,” he said.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)London – FTSE 100: DOWN 0.1 percent at 9,694.82 Dollar/yen: DOWN at 155.71 yen from 155.86 yen on TuesdayEuro/dollar: UP at $1.1643 from $1.1622 Pound/dollar: UP at $1.3242 from $1.3209Euro/pound: DOWN at 87.92 pence from 88.00 penceWest Texas Intermediate: UP 0.5 percent at $58.95 per barrelBrent North Sea Crude: UP 0.5 percent at $62.74 per barrelNew York – Dow: UP 0.4 percent at 47,474.46 (close)