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US trading partners scrambled Tuesday to prepare for the latest raft of Donald Trump tariffs, after the US president left unclear who would be targeted but promised to be “very kind” in addressing what he says are unfair trade imbalances.Trump — who has been making unprecedented use of presidential powers since taking office in January — said he could announce as early as Tuesday night exactly what “reciprocal tariffs” will be imposed.According to the Republican billionaire, the world’s biggest economy has been “ripped off by every country in the world,” and he is promising “Liberation Day” for the United States.Asked for details, he told reporters Monday: “You’re going to see in two days, which is maybe tomorrow night or probably Wednesday.”But he added: “We’re going to be very nice, relatively speaking, we’re going to be very kind.”Critics warn that the strategy risks a global trade war, provoking a chain reaction of retaliation by major trading partners like China, Canada and the European Union.Over the weekend, China, South Korea and Japan agreed to strengthen free trade between themselves.But Trump said he was not worried the levies would push allies toward Beijing, adding that a deal on TikTok could also be tied to China tariffs.White House Press Secretary Karoline Leavitt said the goal on Wednesday would be to announce “country-based tariffs,” although Trump remains committed to imposing separate, sector-specific charges.The Wall Street Journal reported that Trump’s advisers pitched imposing a 20 percent global tariff to hit almost all US trading partners. Trump has remained vague, saying his tariffs would be “far more generous” than ones already levied against US products.The uncertainty has jolted markets, hammering equities across the board and stoking recession fears. Asian stocks, which fell sharply Monday after Trump said his tariffs would include “all countries”, rebounded somewhat Tuesday after his promises to be “nice”.- ‘Economic pain’ -Trump’s fixation on tariffs is fanning US recession fears. Goldman Sachs analysts raised their 12-month recession probability from 20 percent to 35 percent.This reflects a “lower growth forecast, falling confidence, and statements from White House officials indicating willingness to tolerate economic pain.” Goldman Sachs also lifted its forecast for underlying inflation at the end of 2025.For now, IMF chief Kristalina Georgieva said Trump’s tariffs were causing anxiety, but their global economic impact should not be dramatic.China and Canada have imposed counter-tariffs on US goods, while the EU unveiled its own measures to start mid-April.EU chief Ursula von der Leyen said Tuesday the bloc still hopes for a “negotiated solution”, but that “all instruments are on the table” to hit back if necessary.The EU has already been hit by several US tariff announcements since Trump returned to office in January, including a 25-percent levy on auto imports coming into force on Thursday.Besides reciprocal country tariffs, Trump’s “Liberation Day” announcement could entail additional sector-specific levies on the likes of pharmaceuticals and semiconductors. Economists have expected the upcoming salvo could target the 15 percent of partners that have persistent trade imbalances with the United States, a group that US Treasury Secretary Scott Bessent dubbed a “Dirty 15.”The United States has some of its biggest goods deficits with China, the EU, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada and India.- ‘Existential moment’ -US trade partners are rushing to minimize their exposure, with reports suggesting India might lower some duties.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products.Japan announced it will set up around 1,000 “consultation centers” for businesses hit by US tariffs.Speaking by phone to his US counterpart on Monday, Mexican Foreign Secretary Juan Ramon de la Fuente urged the preservation of free trade agreements between North American countries, and discussed the automobile industry, where 25 percent tariffs are poised to come into effect on April 3.European Central Bank President Christine Lagarde said Monday that Europe should move towards economic independence, telling France Inter radio that Europe faces an “existential moment.”Separately, British Prime Minister Keir Starmer spoke with Trump on “productive negotiations” towards a UK-US trade deal, while German Chancellor Olaf Scholz said the EU would respond firmly to Trump but was open to compromise.It is “entirely possible” for fresh tariffs to be swiftly reduced or put on hold, said Greta Peisch, a former official at the US Trade Representative’s office.In February, Washington paused steep levies on Mexican and Canadian imports for a month as the North American neighbors pursued negotiations.

Asian and European markets squeezed out gains Tuesday, clawing back some of their recent hefty losses, though sluggish sentiment and increased uncertainty saw gold hit another record high as Donald Trump prepares to unveil sweeping tariffs.Investors have been rushing to position themselves for the US president’s “Liberation Day” on Wednesday, when he warned he will impose levies on “all countries” for what he has said is years of them ripping off Americans.Trump said Monday he would be “very kind” when he unveils the tariffs but with little detail on who will be hit with what, trading floors are awash with uncertainty, hammering equities across the board and stoking recession fears.Trump’s threat last week to impose 25 percent tariffs on car and parts imports added to the dour mood, and some warn the volatility will likely continue as governments react to the measures by either appeasing the Republican or retaliating in kind.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while the European Union and Taiwan indicated they had plans to deal with the announcement.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”After a run of big losses across markets, equities staged a mild recovery Tuesday.Tokyo, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda, edged up along with Hong Kong, Shanghai, Sydney, Seoul, Taipei, Bangkok, Singapore and Wellington. Mumbai dipped.London, Paris and Frankfurt rose in the morning.But the rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.With uncertainty reigning, gold — a go-to safe haven in times of turmoil — chalked up another record, hitting $3,149.00.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.”We continue to think that markets including Asia forex are underpricing the magnitude of these tariffs, and our North Star is for Trump to be more aggressive than many think possible in a significant structural change to the post-World War II global order, beyond the day-to-day policy whiplash and uncertainty,” said Michael Wan at MUFG.- Key figures around 0810 GMT -Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)London – FTSE 100: UP 0.7 percent at 8,639.85 Euro/dollar: DOWN at $1.0803 from $1.0817 on MondayPound/dollar: DOWN at $1.2908 from $1.2916Dollar/yen: DOWN at 149.60 yen from 149.94 yenEuro/pound: DOWN at 83.67 pence from 83.69 penceWest Texas Intermediate: DOWN 0.1 percent at $71.38 per barrelBrent North Sea Crude: DOWN 0.1 percent at $74.68 per barrelNew York – Dow: UP 1.0 percent at 42,001.76 (close)

Whole herds of cattle have drowned in vast inland floods sweeping across the Australian outback, officials said Tuesday, as the muddy tide drenched an area the size of France.Swollen rivers burst their banks after unusually heavy downpours last week over outback Queensland, an arid region home to some of the country’s largest cattle ranches.Officials said more than 100,000 livestock — cattle, sheep, goats and horses — had been swept away, were missing, or had drowned.”These are only early indications of the magnitude of this disaster and while these preliminary numbers are shocking, we are expecting them to continue to climb as flood waters recede,” said state agriculture minister Tony Perrett.”It’s heartbreaking to consider what western Queenslanders will be going through over the weeks and months as they discover the full extent of losses and damage — and start the long slog to start again.”Researchers have repeatedly warned that climate change amplifies the risk of natural disasters such as bushfires, floods and cyclones.- Fodder drop -Flood waters stretched some 500,000 square kilometres (190,000 square miles) across sparsely populated western Queensland, Perrett said, a landmass roughly equivalent to France.Industry body AgForce told local media some cattle ranches may have lost almost 100 percent of their herd.The government Bureau of Meteorology said some towns had recorded as much as 500 millimetres (20 inches) of rain in the space of a week — their typical yearly total.”Unfortunately, more rainfall is on the way,” forecaster Dean Narramore said.”The reason why we are so concerned about that is because we have numerous flood warnings current for much of Queensland.”Muddy livestock survived by crowding together on the few small hills cresting above the flood waters, photos posted to social media showed.Queensland’s fire department used helicopters to drop bales of fodder near surviving animals cut off from food.The state’s primary industries department said some 4,000 kilometres (2,500 miles) of road had been flooded — a distance greater than the famed Route 66 connecting Chicago to Los Angeles.Rising waters on Tuesday morning encircled the remote outpost of Thargomindah, which describes itself as Australia’s farthest town from the sea.A makeshift dirt flood levy was dug around the town to protect its 200 residents.- Cattle country -“Preparations are well underway, including securing food deliveries, ensuring the airport has enough aircraft fuel and if need be an evacuation point and accommodation,” the shire council said.”Our shire’s isolated properties are stocked with food and supplies and doing okay under the circumstances.”Australia’s so-called “channel country” is one of the nation’s biggest cattle fattening grounds.Most of the time its sweeping plains are dry and inhospitable. But cattle gorge themselves on the pastures that sprout whenever wet season rains fill the dry creek beds — or channels — that snake through the region.  

Asian markets mostly rose Tuesday, clawing back some of the hefty losses suffered in recent weeks, though sentiment remains sluggish and gold hit another record high as Donald Trump prepares to unveil sweeping tariffs.Investors have been rushing to position themselves for the US president’s “Liberation Day” on Wednesday, when he warned he will impose levies on “all countries” for what he has said is years of them ripping off Americans.Trump said Monday he would be “very kind” when he unveils the tariffs but with little detail on who will be hit with what, trading floors are awash with uncertainty, hammering equities across the board and stoking recession fears.Trump’s threat last week to impose 25 percent tariffs on car and parts imports added to the dour mood, and some warn the volatility will likely continue as governments react to the measures by either appeasing the Republican or retaliating in kind.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”After a run of big losses across markets, Asia staged a mild recovery Tuesday.Tokyo, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda, edged up along with Hong Kong, Shanghai, Sydney, Seoul and Taipei.Singapore and Wellington dipped.But the rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.With uncertainty reigning, gold — a go-to safe haven in times of turmoil — chalked up another record, hitting $3,138.26.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.”We continue to think that markets including Asia forex are underpricing the magnitude of these tariffs, and our North Star is for Trump to be more aggressive than many think possible in a significant structural change to the post-World War II global order, beyond the day-to-day policy whiplash and uncertainty,” said Michael Wan at MUFG.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 35,825.59 (break)Hong Kong – Hang Seng Index: UP 0.8 percent at 23,303.32Shanghai – Composite: UP 0.5 percent at 3,352.48Euro/dollar: UP at $1.0822 from $1.0817 on MondayPound/dollar: UP at $1.2924 from $1.2916Dollar/yen: DOWN at 149.81 yen from 149.94 yenEuro/pound: UP at 83.73 pence from 83.69 penceWest Texas Intermediate: UP 0.1 percent at $71.55 per barrelBrent North Sea Crude: UP 0.1 percent at $74.83 per barrelNew York – Dow: UP 1.0 percent at 42,001.76 (close)London – FTSE 100: DOWN 0.9 percent at 8,582.81 (close)

Support for cryptocurrencies from US President Donald Trump or Argentine leader Javier Milei has seen investors lose billions of dollars and is damaging a sector struggling for credibility, researchers told AFP.”The entire crypto industry is being tarnished,” said Claire Balva, strategy director for fintech company Deblock.Argentine prosecutors are reportedly examining whether Milei engaged in fraud or criminal association, or was in breach of his duties, when he praised the $LIBRA cryptocurrency on social media in February.The token’s value soared from just a few cents to almost $5 and then crashed. Milei deleted his blessing hours later.He denies all allegations made against him.”I did not promote it,” Milei told broadcaster TN in February, adding it “is a problem between private parties because the State does not play a role here”.”I acted in good faith,” he said.The price collapsed after a handful of early investors decided to sell at a huge profit, causing colossal losses for the majority of those who purchased $LIBRA.It also dragged down prices of other cryptocurrencies, including bitcoin.Hayden Davis, who helped launch $LIBRA, said he had been inspired by the initial success of Trump’s memecoin, $TRUMP, that marked the president’s inauguration.Having reportedly made Trump at least $350 million, according to the Financial Times, about 810,000 buyers went on to lose more than $2 billion combined, stated crypto data group Chainalysis.A memecoin is a cryptocurrency that rides on the popularity of a viral personality or phenomenon on the internet and is often seen as a purely speculative asset.- Relying on trust -Once a fierce critic of cryptocurrencies, Trump has become a fervent defender.He is offering multiple products linked to digital currencies, notably through his World Liberty Financial exchange, increasing accusations of a conflict of interest. On paper, his support for crypto projects could boost the sector’s legitimacy.”But at the same time, it can backfire,” said Larisa Yarovaya, director of the Centre for Digital Finance at Southampton Business School. “Any conflicts that will emerge from it… any hackers, speculative attacks, any problems in relation to these specific coins or these specific projects” can prove counterproductive, she told AFP.There is scepticism also over the launch in February of the memecoin $CAR by the Central African Republic.”The domain name had been reserved only a few days before” launch, noted Balva, which “shows that there was too little preparation”.The Central African Republic was the second country to adopt bitcoin as legal tender, after El Salvador in 2021, which has since reversed course owing to a lack of local popularity.A precursor to other cryptocurrencies, bitcoin was launched in 2008 as a way to free transactions from traditional financial institutions, notably banks.Cryptocurrencies are based on blockchain technology, which publicly records transactions between people holding and exchanging them.In the absence of a centralised authority, the system relies on “trust” in the people “who are endorsing these products”, said Maximilian Brichta, a doctoral student of communication at the University of Southern California.- Rigged game -Many traders will use automated programmes to buy a new token as early as possible in the hope of reselling it for maximum profit.Milei defended himself by likening losses endured by buyers of $LIBRA to someone entering a casino and knowing they may not win.However with crypto, it is argued by some that the “game” is rigged from the outset.To avoid price manipulation, “when launching a cryptocurrency, best practice dictates that the first investors… hold a very small share of the offering” and are prevented from selling for “several years”, said Balva.Except that at the launch of $LIBRA, “more than 80 percent” of the available tokens were in the hands of “a handful of large holders (who) controlled all the liquidity and could liquidate it all at any time”, she added.According to Balva, this was “either monumental recklessness or outright fraud”.

Global stock markets largely slipped on Monday after another turbulent day of trading, with the S&P 500 briefly falling into correction territory before reversing course ahead of a wave of US tariffs this week that have fanned recession fears.On Wall Street, US stocks shook off some early gloom about President Donald Trump’s imminent tariff announcement on Wednesday — which he has dubbed “Liberation Day” — to close mixed.But despite the S&P’s revival later in the day, it wasn’t enough to save the index from posting its worst quarter since 2022, along with the tech-rich Nasdaq Composite. “I think [traders] were taking advantage of an oversold situation,” CFRA’s Sam Stovall told AFP. “They still have another day in which to sort of play around,” before Trump’s big tariff announcement, he added. Asian markets plunged, while European markets also finished lower amid the trade uncertainty.  – Tariff fears elevated -“There is an air of capitulation in financial markets ahead of the April 2 reciprocal tariff announcement from the US,” said Kathleen Brooks, research director at XTB.As it has become clear that Trump intends to go through with imposing massive tariffs on major US trading partners, concerns have grown about their inflationary impact and the possibility they may trigger a recession.Adding to investors’ fears, Trump said Sunday that tariffs would apply to “all countries”, not just those with the largest trade imbalances with the United States.His administration has still not released a detailed plan about who or what will be impacted.Underscoring the uncertainty, the CBOE Volatility Index, colloquially known as Wall Street’s “fear gauge,” spiked on Monday, before cooling down somewhat as the day progressed. – Car levy concerns -Automakers were hit particularly hard in the wake of Trump’s announcement that he would also impose 25 percent duties on imports of all vehicles and parts.In Europe, Porsche and Volkswagen both fell more than three percent. Toyota, the world’s biggest carmaker, plunged over three percent, along with Nissan and Mazda. “Within the Asia-Pacific region, the car levies will hit Japan and South Korea the hardest,” Moody’s Analytics economists wrote in a note to clients. “Such a sizeable tariff hike will undermine confidence, hit production and reduce orders,” they said. “Given the long and complex supply chains in car manufacturing, the impact will ripple through these countries’ economies,” they added. Gold, seen as a safe haven asset in times of uncertainty, hit a new record high over $3,100 an ounce.Yields fell on government bonds, including those of the United States, “reflecting ongoing safe-haven trading due to concerns about US trade policy,” said Briefing.com analyst Patrick O’Hare.Among individual companies, cloud computing company Coreweave fell 7.3 percent days after going public, closing sharply below its initial public offering price. And in Asia, CK Hutchison shed 3.1 percent in Hong Kong as a Chinese review of a multi-billion-dollar deal to offload ports operations, including those in the Panama Canal, appeared likely to lead to a delay of its Wednesday signature.- Key figures around 2100 GMT -New York – Dow: UP 1.0 percent at 42,001.76 (close)New York – S&P 500: UP 0.6 percent at 5,611.85 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 17,299.29 (close)London – FTSE 100: DOWN 0.9 percent at 8,582.81 (close)Paris – CAC 40: DOWN 1.6 percent at 7,790.71 (close)Frankfurt – DAX: DOWN 1.3 percent at 22,163.49 (close)Tokyo – Nikkei 225: DOWN 4.1 percent at 35,617.56 points (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 23,119.58 (close)Shanghai – Composite: DOWN 0.5 percent at 3,335.75 (close)Euro/dollar: DOWN at $1.0817 from $1.0838 on FridayPound/dollar: DOWN at $1.2916 from $1.2947Dollar/yen: UP at 149.94 yen from 149.72 yenEuro/pound: UP at 83.69 pence from 83.68 penceWest Texas Intermediate: UP 3.1 percent at $71.48 per barrelBrent North Sea Crude: UP 1.5 percent at $74.74 per barrelburs-da/dw

President Donald Trump again downplayed risks that TikTok is in danger of being banned in the United States, saying he remains confident of finding a buyer for the app’s US business by a Friday deadline.The hugely popular video-sharing app, which has over 170 million American users, is under threat from a law that passed overwhelmingly last year and orders TikTok to split from its Chinese owner ByteDance or face a ban in the United States.Motivated by widespread belief in Washington that TikTok is ultimately controlled by the Chinese government, the law took effect on January 19, one day before Trump’s inauguration.But the Republican president quickly announced a delay that has allowed it to continue to operate; that delay is set to expire on April 5.”We have a lot of potential buyers. There’s tremendous interest in TikTok,” Trump told reporters onboard Air Force One late Sunday.”We have a lot of people that want to buy TikTok. We’re dealing with China also on it, because they may have something to do with it,” he said, adding “I’d like to see TikTok remain alive.”Any deal to divest TikTok from ByteDance will require the approval of Beijing, and Trump has said he may offer to reduce tariffs on China as a way to get Beijing’s approval for the sale.Trump, though he supported a ban in his first term, has lately become the app’s greatest defender, seeing it as a reason more young voters supported him in November’s election.One of his major political donors, billionaire Jeff Yass, is also a major stakeholder in parent company ByteDance.- ByteDance on board? -Several proposals for TikTok’s US business have emerged since the law began to make its way through Congress last year.But according to The New York Times, citing people involved in coming up with a solution, the most likely fix would see existing US investors in ByteDance roll over their stakes into a new independent global TikTok company.Additional US investors would be brought on to reduce the proportion of Chinese investors. Trump at one point said the US government could also take a stake through a newly announced national sovereign fund.Dan Ives of Wedbush Securities told AFP that he believed cloud company Oracle would “play a major role” in such a deal and that “ByteDance will still control and own the algorithm” and have board seats.Much of TikTok’s US activity is already housed on Oracle servers, and the company’s executive chairman, Larry Ellison, is a longtime Trump ally who was also floated as a buyer of TikTok’s US activity in Trump’s first term.The arrangement would go against the spirit of the law, which is in part based on the premise that TikTok’s algorithm can be weaponized by the Chinese against US interests.But University of Richmond School of Law professor Carl Tobias said he did not expect opposition in the Republican-led Congress, or if Trump ordered another extension to the sale deadline.”Lawmakers have expressed little opposition to Trump’s actions (including ones) which federal judges have ruled violate the Constitution or congressionally-passed statutes,” he said.Other proposals include an initiative called “The People’s Bid for TikTok,” launched by real estate and sports tycoon Frank McCourt’s Project Liberty initiative.Artificial intelligence startup Perplexity recently expressed interest in buying TikTok as did a joint venture involving YouTube mega-celebrity MrBeast.When the last deadline passed, in January, TikTok temporarily shut down in the United States, to the dismay of millions of users.

Global stock markets were a sea of red Monday, with the S&P 500 falling into correction territory, ahead of a wave of US tariffs this week that have fuelled recession fears.Tokyo plunged more than four percent, leading losses across global stock markets as uncertainty over President Donald Trump’s latest tariff announcements due on his “Liberation Day” on Wednesday eroded sentiment.”There is an air of capitulation in financial markets ahead of the April 2nd reciprocal tariff announcement from the US,” said Kathleen Brooks, research director at XTB.The S&P 500 fell into correction territory — a drop of at least 10 percent from a recent peak. The S&P 500 set a record high just last month as investors still viewed Trump tariff threats as a negotiating tactic.But as it has become clear Trump intends to go through with imposing massive tariffs on major US trading partners, concerns about their inflationary impact and the possibility they may trigger a recession have mounted.Adding to fears, Trump said Sunday that tariffs would apply to “all countries”, not just those with the largest trade imbalances with the United States.His administration has still not released a detailed plan about who or what will be impacted, however, leading to uncertainty that led to a spike Monday in the CBOE Volatility Index, colloquially known as Wall Street’s “fear gauge”.”Trump continues to be the key reason why markets are having a bad day,” said AJ Bell investment director Russ Mould. “He has now threatened to target all countries importing goods into the US with tariffs, further clouding economic prospects around the world,” he added.Wall Street’s blue-chip Dow stock index bucked the trend, however, managing a small gain in midday trading in New York.- Trump car tariffs -Automakers were hit particularly hard in the wake of Trump’s announcement that he would also impose 25 percent duties on imports of all vehicles and parts.In Europe, Porsche and Volkswagen both fell more than three percent. Toyota, the world’s biggest carmaker, plunged over three percent, along with Nissan and Mazda. “Within the Asia-Pacific region, the car levies will hit Japan and South Korea the hardest,” Moody’s Analytics economists wrote.”Such a sizeable tariff hike will undermine confidence, hit production and reduce orders. Given the long and complex supply chains in car manufacturing, the impact will ripple through these countries’ economies.”Gold, seen as a safe haven asset in times of uncertainty, hit a record high over $3,100 an ounce.Yields fell on government bonds, including those of the United States, “reflecting ongoing safe-haven trading due to concerns about US trade policy,” said Briefing.com analyst Patrick O’Hare.In company news, shares in drug maker Moderna share price tumbled more than 10 percent as traders digested news that a top US Food and Drug Administration official had quit over disagreements with Trump’s new health secretary, noted vaccine sceptic Robert F. Kennedy Jr.Among individual companies, US aviation giant United Airlines fell more than four percent amid news that Canadians were pulling back on trips to the United States due to the tariffs.In Asia, shares in CK Hutchison shed 3.1 percent in Hong Kong as a Chinese review of a multi-billion-dollar deal to offload ports operations, including those in the Panama Canal, appeared likely to lead to a delay of its Wednesday signature.- Key figures around 1630 GMT -Tokyo – Nikkei 225: DOWN 4.1 percent at 35,617.56 points (close)New York – Dow: UP less than 0.1 percent at 41,618.28New York – S&P 500: DOWN 0.8 percent at 5,544.02New York – Nasdaq Composite: DOWN 1.6 percent at 17,041.08London – FTSE 100: DOWN 0.9 percent at 8,582.81 (close)Paris – CAC 40: DOWN 1.6 percent at 7,790.71 (close)Frankfurt – DAX: DOWN 1.3 percent at 22,163.49 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 23,119.58 (close)Shanghai – Composite: DOWN 0.5 percent at 3,335.75 (close)Euro/dollar: DOWN at $1.0814 from $1.0838 on FridayPound/dollar: DOWN at $1.2921 from $1.2947Dollar/yen: DOWN at 149.71 yen from 149.72 yenEuro/pound: UP at 83.69 pence from 83.68 penceWest Texas Intermediate: UP 2.4 percent at $71.04 per barrelBrent North Sea Crude: UP 2.1 percent at $74.27 per barrelburs-rl/rlp

Debt-laden Chinese property giant Vanke reported annual losses of 49.5 billion yuan ($6.8 billion) on Monday, citing falling sales and shrinking profit margins despite Beijing’s attempts to revive the housing market.Vanke said 2024 was an “exceptionally challenging year” in a filing to the Hong Kong stock exchange and apologised for “distress caused… due to the significant decline in sales, substantial losses and pressure on our liquidity”.Beijing has in recent years grappled with a prolonged crisis in the country’s vast real estate sector, once a key pillar of the economy but now beset with sprawling debt.Hong Kong-listed Vanke is part-owned by the government of Shenzhen and was China’s fourth-largest real estate firm by sales last year, according to research firm CRIC.Vanke said on Monday that it “failed to break free from expansion inertia of high-debt, high-turnover and high-leverage in a timely manner, which led to problems” such as aggressive investment and over-expansion.Last year marked Vanke’s first annual loss since it was listed in 1991 and the magnitude exceeded the firm’s January estimate of $6.2 billion.Revenue fell 26 percent year-on-year to $47.3 billion.Vanke partly attributed the losses to “significant decrease in the settlement scale and gross profit margin of the development business”.Company chief operating officer and executive vice president Liu Xiao resigned from his position on Monday “due to work adjustments”, the firm said.”After stepping down from these roles, (Liu) will continue to work for the Company, focusing on strategic investment business,” according to the company.Vanke has seen a shakeup of its top management, including the resignation of its CEO Zhu Jiusheng on January 27 which the company said was “due to health reasons”.That month, Chinese outlet the Economic Reporter cited sources as saying Zhu had been “taken away by public security authorities”, without specifying his alleged offences.Beijing announced support measures in November for the ailing property sector that included lowering deed tax rates for certain first and second homes in four major cities, including Beijing and Shanghai.Despite the policy package, Vanke suffered net losses of $4.35 billion in the final quarter of last year.The company said it will face a concentrated repayment of its public debts this year, “further intensifying the liquidity pressure”.Chinese authorities were mulling plans to help Vanke plug a funding gap of $6.8 billion this year, Bloomberg News reported last month. Vanke is among several major Chinese property firms mired in a debt crisis in recent years that has left developers in severe financial distress.Troubled property developers Kaisa and Country Garden — both fending off winding up petitions in Hong Kong courts — also reported losses separately.Kaisa said on Monday that its losses for the year grew 48.4 percent to $4.03 billion in 2024.Country Garden reported an annual loss attributable to company owners of $4.5 billion on Sunday, adding that its total debt amounted to $34.9 billion as of the end of last year.

Renault and Nissan said Monday they had revised their partnership to allow for a reduction in their cross-shareholdings and other measures that would help the financially troubled Japanese carmaker.The new agreement will allow the carmakers to reduce their current 15 percent cross-shareholdings to 10 percent.Renault will also acquire Nissan’s 51 percent stake in their joint factory in the Indian city of Chennai, which will produces Nissan vehicles.Nissan will no longer be required to invest in Renault’s electric vehicle development unit, Ampere, although the French company will continue to develop and manufacture an electric version of its subcompact Twingo for Nissan to sell in Europe.”Renault Group has a strong interest in seeing Nissan turnaround its performance as quickly as possible,” Renault Group chief executive Luca de Meo said in a statement.The two carmakers have been partners since 1999 when Renault rescued Nissan from bankruptcy. But numerous tensions emerged, particularly over Renault’s greater holding in Nissan, and in 2023 the carmakers worked to rebalance their alliance.But Nissan announced last year thousands of job cuts after reporting a 93 percent plunge in first-half net profit, and it expects to post a loss of over $500 million for 2024.Its CEO Makoto Uchida stepped down earlier in March after merger talks with Honda fell apart.”Nissan is committed to preserving the value and benefits of our strategic partnership within the Alliance while implementing turnaround measures to enhance efficiencies,” said incoming Nissan CEO Ivan Espinosa.The amended alliance agreement will not impact the additional 18.66 percent stake in Nissan that Renault holds in a French trust. Those shares do not give Renault voting rights in Nissan under their alliance agreement, unlike the 15 percent holding.