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Oil prices eased and stock markets diverged Wednesday as traders kept a close watch over the Israel-Iran conflict ahead of an interest-rate announcement from the US Federal Reserve.Asia’s main equity indices closed mixed and the picture was similar in European midday deals. The dollar dropped against main rivals.The Fed is widely expected to hold interest rates steady Wednesday, as officials gauge the impact of US tariffs on inflation — and despite President Donald Trump’s calls for rate cuts as the world’s biggest economy faces pressure.”Global market direction remains clouded by tariffs, complicated by the Middle Eastern conflict and confounded by the lack of any obvious positive catalysts,” noted Richard Hunter, head of markets at Interactive Investor.Oil prices pulled back very slightly, after surging Tuesday on fears of crude supplies tightening in the face of rising Middle East tensions. Gas prices rose with concerns surrounding its supply.Israel and Iran exchanged fire again Wednesday, the sixth day of strikes in their most intense confrontation in history, fuelling fears of a drawn-out conflict that could engulf the wider region.There were signs also of possible US intervention after Trump called for Tehran’s “unconditional surrender”.Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around one fifth of global oil supply is transported.- Central banks -Wall Street slid Tuesday as a below-forecast reading on US retail sales for May revived worries about the impact of tariffs on the economy. That came as another report showed US factory output fell unexpectedly.The data provided hope that the Fed would still cut interest rates this year.The US central bank is due Wednesday to also release its rate and economic growth outlook for the rest of the year, which are expected to take account of Trump’s tariff war.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.In a busy week for monetary policy, Sweden’s central bank on Wednesday cut its key interest rate to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 1040 GMT -Brent North Sea Crude: DOWN 0.2 percent at $76.33 per barrelWest Texas Intermediate: DOWN 0.1 percent at $74.76 per barrelLondon – FTSE 100: FLAT at 8,833.44 pointsParis – CAC 40: DOWN 0.2 percent at 7,668.79 Frankfurt – DAX: DOWN 0.4 percent at 23,344.78Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)New York – Dow: DOWN 0.7 percent at 42,215.80 (close)Euro/dollar: UP at $1.1506 from $1.1488 on TuesdayPound/dollar: UP at $1.3454 from $1.3425Dollar/yen: DOWN at 144.80 yen from 145.27 yenEuro/pound: DOWN at 85.52 pence from 85.54 penceburs-bcp/ajb/rl

Chinese online giant AliExpress must do more to protect consumers from illegal product sales, the European Commission said Wednesday in an interim finding that could open the way to heavy fines.While noting some progress, “the Commission preliminarily found AliExpress in breach of its obligation to assess and mitigate risks related to the dissemination of illegal products” under the EU’s Digital Services Act (DSA), a statement said.The EU opened a formal investigation in March 2024 into AliExpress, which is owned by Alibaba, for multiple suspected breaches of DSA rules on countering the spread of illegal goods and content online.The commission’s preliminary findings concluded that “AliExpress fails to appropriately enforce its penalty policy concerning traders that repeatedly post illegal content”.It also highlighted “systemic failures” in AliExpress’s moderation systems that expose it to “manipulation by malicious traders”, and said the firm’s own risk assessments underestimated the dangers linked to illegal products.Those findings were “in breach of the obligations” that the DSA imposes on very large platforms — such as AliExpress, Facebook and Instagram — with more than 45 million monthly European users, the commission said.AliExpress now has the right to examine the commission’s findings and reply in writing.If AliExpress is confirmed to be in non-compliance with the DSA, the commission could impose a fine of up to six percent of the firm’s global turnover.The EU has developed a powerful armoury to regulate Big Tech with the milestone DSA and a sister law, the Digital Markets Act, that hits web giants with strict curbs, obligations and oversight on how they do business.It took action against AliExpress after identifying likely failings to prevent the sale of fake medicines, prevent minors seeing pornography, stop affiliated influencers pushing illegal products, and other issues including data access for researchers.In its statement Wednesday, the commission said AliExpress had taken a series of legally binding measures to remedy those concerns.Steps included improvements to its systems for detecting illegal products such as medicines and pornographic material, notably goods spread through hidden links and affiliate programmes.The commission also said AliExpress had addressed concerns regarding the flagging of illegal products, the handling of internal complaints, ad transparency, the traceability of traders and research access to data.

Oil prices slipped Wednesday following the previous day’s surge but investors remained on edge fearing a US intervention in the Israel-Iran conflict after Donald Trump called for Tehran’s “unconditional surrender”.Iran and Israel exchanged missile strikes for a sixth day, with the US president’s latest comments appearing to dent hopes that the crisis in the Middle East could be calmed.Leaving the G7 summit in Canada a day early on Monday, Trump said he was aiming for a “real end” to the conflict, not just a ceasefire.He later shared a series of social media posts that stoked speculation he could be planning to join Israel in its strikes on Iranian military and nuclear sites.Days after a senior US official said Trump had told Israel to back down from plans to assassinate top leader Ayatollah Ali Khamenei, Trump looked to reverse course.”We know exactly where the so-called ‘Supreme Leader’ is hiding. He is an easy target, but is safe there — We are not going to take him out (kill!), at least not for now,” he wrote on his Truth Social platform.Warning Iran against targeting US interests, he also posted: “But we don’t want missiles shot at civilians, or American soldiers. Our patience is wearing thin.”And in a later post wrote: “UNCONDITIONAL SURRENDER!”The comments sent oil prices spiking more than four percent Tuesday on fears an escalation of the conflict could hammer supplies from the crude-rich region.But while both main contracts slipped Wednesday, investors remain on edge over any negative developments.Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to a Commerzbank note.”Iran is reportedly ready to target US regional bases should Trump greenlight strikes on Iranian nuclear facilities,” said Stephen Innes at SPI Asset Management. “Washington’s refuelling jets are already en route, and if Fordow gets hit, expect the Strait of Hormuz to become a maritime minefield, Houthi drones to swarm Red Sea shipping lanes, and every militia from Basra to Damascus to light up American forward outposts.”Equity markets Hong Kong, Sydney, Singapore, Mumbai, Wellington, Bangkok, Manila and Jakarta all sank, though Tokyo, Seoul and Taipei edged up.London gained in the morning even as data showed UK inflation slowed less than expected in May.Paris and Frankfurt also rose.The mixed day in Asian stocks followed a weak day on Wall Street, where a below-forecast reading on US retail sales for May — dragged by a slowdown in auto sales — revived fresh worries about the world’s top economy. That came as another report showed factory output fell unexpectedly.Still, they did provide a little hope the Federal Reserve will eventually cut interest rates, with traders betting on two by the end of the year, according to Bloomberg News.Investors will be keeping track of the bank’s latest meeting as it concludes later in the day, with most observers predicting it will stand pat.However, it is also due to release its rate and economic growth outlook for the rest of the year, which are expected to take account of the impact of Trump’s tariff war.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.- Key figures at around 0810 GMT -West Texas Intermediate: DOWN 0.4 percent at $74.54 per barrelBrent North Sea Crude: DOWN 0.6 percent at $76.01 per barrelTokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)London – FTSE 100: UP 0.2 percent at 8,850.28Euro/dollar: UP at $1.1517 from $1.1488 on TuesdayPound/dollar: UP at $1.3460 from $1.3425Dollar/yen: DOWN at 144.99 yen from 145.27 yenEuro/pound: UP at 85.56 pence from 85.54 penceNew York – Dow: DOWN 0.7 percent at 42,215.80 (close)

Bustling Taipei-style shopping streets, majestic temples to the island’s deities and thriving factories dot the eastern Chinese city of Kunshan, for years a hub for Taiwanese businesses.But now those firms are feeling the strain from cross-Strait tensions that have stoked safety fears among companies.Taiwanese entrepreneurs — known as “Taishang” in Mandarin — poured billions into mainland China since ties began improving in the 1990s, playing an important role in its rise to become the world’s second-largest economy.But their numbers have dwindled in recent years, with the number of Taiwanese working in China dropping from 409,000 in 2009 to 177,000 in 2022, according to estimates provided to AFP by the Straits Exchange Foundation, an unofficial intermediary between Taipei and Beijing. China’s economic slowdown and mounting trade tensions with Washington are partially responsible, the organisation says.But James Lee, a 78-year-old Taiwanese industrialist who was forced to close his cable and electrical outlet factory in southern Guangdong province in 2022, blames “politics”. “You have to be very careful when you speak,” Lee told AFP.”We Taiwanese businessmen are afraid.”Bolstered by their mastery of Mandarin and business acumen, Taishang have prospered as wily intermediaries between international markets and China’s vast industrial manufacturing base.Perhaps the most famous of them is Terry Gou, the founder of Foxconn whose vast factories in China churn out iPhones that have helped make it the world’s biggest contract electronics manufacturer.- No guarantee of safety -An hour’s drive from economic powerhouse Shanghai, Kunshan has been a key hub for Taiwanese-owned industry in China since the 1990s.”Back then, it was a rice field,” recalls Annie Wang, an industrialist from the island who arrived in Kunshan in 1996.”Taiwanese companies were fortunate to coincide with the 30 most glorious years of Chinese manufacturing,” she said.Now, Wang heads an electronics subcontracting manufacturing plant, a small technology park and a coffee utensil brand.At the height of the boom, Kunshan was home to more than 100,000 Taiwanese, according to unofficial figures from local associations.But the number of Taiwanese companies in the city has shrunk from more than 10,000 a decade ago to fewer than 5,000 today, according to the data.And the Taishang have felt the squeeze as relations between Taipei and Beijing plunge to their lowest depths in years.The Chinese Communist Party — which claims Taiwan as its territory but has never controlled it — has hardened its stance against alleged “Taiwanese independence activists”, even calling for the death penalty for alleged secessionism.New rules, which also encourage citizens to report alleged pro-independence activities, have had a chilling effect on Taiwanese businesses in mainland China.”We are not sending Taiwanese employees (to China) because we don’t know how to guarantee their safety,” said industrialist Lee.”The initial favourable conditions have disappeared, and now there are many additional risks,” Luo Wen-jia, vice chairman of the Straits Exchange Foundation, told AFP.China’s economic woes and rising production costs are adding to the problems.”When we first went there, we thought that China’s economy would continue to improve because its market is so large and its population is so big,” Leon Chen, a Taiwanese businessman who worked at a battery component factory in the southeastern province of Jiangxi, said.”But we haven’t seen this materialise because there are some issues — there is the US-China trade war and there was the pandemic,” he added.- Caught in crossfire -In response, Taiwanese manufacturers are turning to new, more profitable — and less politically sensitive — locales.”Some went to Vietnam, and some went to Thailand, Indonesia and the Philippines, and some returned to Taiwan,” Luo said.Between 2016 and 2024, Taiwanese investments in Vietnam approved by the Ministry of Economic Affairs in Taipei soared 129 percent, from US$451 million to more than US$1 billion.Over the same period, those to mainland China fell 62 percent, according to the same source.This decline could deal a blow to Beijing’s “united front” strategy, which has seen it lean on Taishang communities to promote Taiwan’s political integration and, ultimately, unification.And as Beijing launches military drills practising a blockade of Taiwan and Taipei cracks down on Chinese spies, Taishang risk being caught in the crossfire.In October 2023, Foxconn was placed under investigation by Chinese authorities — a move widely seen as linked to a bid for the Taiwan presidency by its founder.”There is no way to compare it with the heyday but we can still make ends meet,” said Chen.”If the environment for doing business in China becomes worse and worse, we would have no choice but to leave.”

Since the United States accused Vietnam of being a hub for counterfeit goods, Tran Le Chi has found it increasingly hard to track down her favourite fake Chanel T-shirts, Gucci sunglasses and Louis Vuitton handbags.As Vietnam’s government tries to head off President Donald Trump’s threatened 46 percent tariff, it has launched a crackdown on fake products — in part to show responsiveness to US concerns.Now there are streets filled with shuttered shops in Hanoi and rows of closed stalls at Saigon Square shopping mall, a major clothing market in Ho Chi Minh City — the kind of places Chi used to go to buy her latest gear.”The clothes help me look trendy,” Chi told AFP. “Why would I care if they are fake or not?”Chi — a betting agent for an illegal game known as lo-de, where punters predict the last two lotto numbers of the standard daily draw — said she had never paid more than $40 per “designer” item.”Only the super-rich people can afford the real ones,” she added. “They’re not for people like us.”Communist-run Vietnam is a manufacturing powerhouse that produces clothing and footwear for international brands, with the United States its number-one export market in the first five months of 2025.But it also has a thriving market for counterfeit goods.In a report published by the US Trade Representative in January, Saigon Square shopping mall was flagged as a major market for the sale of fake luxury items including handbags, wallets, jewellery and watches.The report noted government efforts to stamp out the trade, but said “low penalties have had little deterrent effect” and “counterfeit products remain rampant”.Shop owner Hoa, a pseudonym to protect her identity, said almost all of the fake Nike, Lacoste and North Face products she sells in her shop in Hanoi’s old quarter are from China — but tagged with a “Made in Vietnam” label to make them seem authentic.She insists that all her customers know what they’re getting.”My clients are those who cannot afford authentic products,” Hoa said. “I’ve never cheated anyone.” – Rolex watches, Marshall speakers -Hanoi and Washington are in the thick of trade talks, with Vietnam doing everything it can to avoid the crushing 46 percent tariff that could come into force in early July.Vietnam’s trade ministry ordered authorities in April to tighten control over the origin of goods after the Trump administration accused the country of facilitating Chinese exports to the United States and allowing Beijing to get around tariffs.The public security ministry also said there would be a three-month-long crackdown — until mid-August — on counterfeit goods.Nguyen Thanh Nam, deputy head of the agency for domestic market surveillance and development, said last week that in the first five months of the year, more than 7,000 cases of counterfeit products worth more than $8 million had been discovered. He added that 1,000 fake Rolex watches had been seized from Saigon Square shopping mall.Mounds of vitamins, cosmetics and sweets — seemingly also counterfeits — have appeared at waste grounds outside cities including Hanoi, Ho Chi Minh City and Danang, while fake electronics including Marshall speakers and smartwatches have been confiscated. Police have not specified the origin of the goods, but Vietnam was Southeast Asia’s biggest buyer of Chinese products in 2024, with a bill of $161.9 billion.Nguyen Khac Giang, visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore, said that although there were other aims of the drive, including improving Vietnam’s business environment and formalising the retail sector, “the campaign plays a role in Vietnam’s strategy to appease the US”.”The effort partly reflects Vietnam’s intent to show responsiveness to US concerns,” he said.But for Hoa, her livelihood is on the line. Her shop has been closed for almost two weeks and she has no idea how to restart the business.”I have sold these sorts of clothes for a decade and experienced no problem at all. Now they crack down on us, it’s hard to figure out how I continue,” she said.

US President Donald Trump will this week give TikTok a fresh 90-day extension to find a non-Chinese buyer, the White House said Tuesday, the third time he has put off a threatened ban on the popular app.A federal law requiring TikTok’s sale or ban on national security grounds was due to take effect the day before Trump’s January inauguration.”President Trump will sign an additional Executive Order this week to keep TikTok up and running. As he has said many times, President Trump does not want TikTok to go dark,” Press Secretary Karoline Leavitt said in a statement.”This extension will last 90 days, which the administration will spend working to ensure this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure.”Trump, whose 2024 election campaign relied heavily on social media, has previously said he is fond of the video sharing app.”I have a little warm spot in my heart for TikTok,” Trump said in an NBC News interview in early May. “If it needs an extension, I would be willing to give it an extension.”- Digital Cold War? -Trump said at the time that a group of purchasers was ready to pay TikTok owner ByteDance “a lot of money” for the video-clip-sharing sensation’s US operations.Trump has repeatedly downplayed risks that TikTok is in danger, saying he remains confident of finding a buyer for the app’s US business.The president is “just not motivated to do anything about TikTok,” said independent analyst Rob Enderle. “Unless they get on his bad side, TikTok is probably going to be in pretty good shape.”Trump had long supported a ban or divestment, but reversed his position and vowed to defend the platform after coming to believe it helped him win young voters’ support in the November election.Motivated by national security fears and belief in Washington that TikTok is controlled by the Chinese government, the ban took effect on January 19, one day before Trump’s inauguration, with ByteDance having made no attempt to find a suitor.TikTok “has become a symbol of the US-China tech rivalry; a flashpoint in the new Cold War for digital control,” said Shweta Singh, an assistant professor of information systems at Warwick Business School in Britain.The Republican president announced an initial 75-day delay of the ban upon taking office. A second extension pushed the deadline to June 19.- Tariff turmoil -Trump said in April that China would have agreed to a deal on the sale of TikTok if it were not for a dispute over his tariffs on Beijing.ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be “subject to approval under Chinese law”.Possible solutions reportedly include seeing existing US investors in ByteDance roll over their stakes into a new independent global TikTok company.Additional US investors, including Oracle and private equity firm Blackstone, would be brought on to reduce ByteDance’s share in the new TikTok.Much of TikTok’s US activity is already housed on Oracle servers, and the company’s chairman, Larry Ellison, is a longtime Trump ally.Uncertainty remains, particularly over what would happen to TikTok’s valuable algorithm.”TikTok without its algorithm is like Harry Potter without his wand — it’s simply not as powerful,” said Forrester Principal Analyst Kelsey Chickering.Meanwhile, it appears TikTok is continuing with business as usual.TikTok on Monday introduced a new “Symphony” suite of generative artificial intelligence tools for advertisers to turn words or photos into video snippets for the platform.

Oil prices jumped and stocks mostly fell Tuesday after President Donald Trump abruptly departed G7 talks and concerns rose over a possible US intervention in the Israel-Iran war.Investors’ optimism the previous day that the conflict would not spread throughout the Middle East gave way to fears of further escalation as the fighting entered its fifth day.”Middle East tensions are showing no signs of easing back, putting investors on high alert,” said Russ Mould, investment director at AJ Bell. Trump said he was aiming for a “real end” to the conflict, not just a ceasefire after he departed the G7 summit in Canada.In social media posts, Trump appeared to demand Iran’s “UNCONDITIONAL SURRENDER!” while hinting at a possible US intervention to assist Israel. After spending all of Monday in positive territory, US indices were in the red throughout Tuesday’s session. The S&P 500 finished down 0.8 percent.Contributing to the selling was a disappointing US retail sales report that suggested shoppers pulled back in May after accelerating purchases the prior months in anticipation of tariffs.European equities ended the day lower, while Asia turned in a mixed performance: Hong Kong fell, while Shanghai was flat and Tokyo advanced.Despite mounting calls to de-escalate, neither side has backed off from the missile blitz that began Friday, when Israel targeted Iranian nuclear and military facilities.Oil prices surged more than four percent on Tuesday after swinging between gains and losses since Friday’s initial surge.Analysts have said the oil market is currently “sufficiently supplied,” as Commerzbank said in a note.However, the Iran-Israel conflict has the oil market on edge because of the significance of the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to the Commerzbank note.Investors are looking ahead to the US Federal Reserve’s decision on Wednesday, with policymakers expected to hold steady interest rates. Dealers also kept tabs on the G7 summit, where world leaders pushed back against Trump’s trade war, arguing it posed a risk to global economic stability.Britain, Canada, Italy, Japan, Germany and France called on Trump to reverse course on his plans to impose even steeper tariffs on countries across the globe next month.”Trump leaving the summit early means the prospects of any more deals look slim in the days ahead,” said City Index and FOREX.com analyst Fawad Razaqzada.The dollar advanced against the euro and other currencies, evidence of a revived flight to safety impetus among traders due to Middle East uncertainty.- Key figures at around 2030 GMT -Brent North Sea Crude: UP 4.4 percent at $76.45 per barrelWest Texas Intermediate: UP 4.3 percent at $74.84 per barrelNew York – Dow: DOWN 0.7 percent at 42,215.80 (close)New York – S&P 500: DOWN 0.8 percent at 5,982.72 (close)New York – Nasdaq Composite: DOWN 0.9 percent at 19,918.28 (close)London – FTSE 100: DOWN 0.5 percent at 8,834.03 (close) Paris – CAC 40: DOWN 0.8 percent at 7,683.73 (close)Frankfurt – DAX: DOWN 1.1 percent at 23,434.65 (close)Tokyo – Nikkei 225: UP 0.6 percent at 38,536.74 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 23,980.30 (close)Shanghai – Composite: FLAT at 3,387.40 (close)Euro/dollar: DOWN at $1.1488 from $1.1561 on MondayPound/dollar: DOWN at $1.3425 from $1.3578Dollar/yen: UP at 145.27 yen from 144.75 yenEuro/pound: UP at 85.54 pence from 85.14 penceburs-jmb/dw

Xi Jinping celebrated China’s “eternal friendship” with Central Asia at a summit in Kazakhstan on Tuesday, as the Chinese leader blasted tariffs and sought to assert Beijing’s influence in a region historically dominated by Russia.The summit in Astana brought together Xi with the leaders of Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan.Under Russia’s orbit until the fall of the Soviet Union in 1991, the five Central Asian states have courted interest from major powers including China, the European Union and the United States since becoming independent.At the summit, the group signed a pact of “eternal” friendship as Xi called for closer ties with the resource-rich region.”We should… strengthen cooperation with a more enterprising attitude and more practical measures,” said Xi in comments carried by state news agency Xinhua. Central Asia is also seen as a key logistics hub, given its strategic location between China, Russia, the Middle East and Europe.- ‘No winners’ -Speaking as Western leaders gathered on the other side of the world for the G7 in Canada, Xi refreshed his criticism of US President Donald Trump’s trade policies.”Tariff wars and trade wars have no winners,” Xinhua quoted him as saying.While Central Asian leaders continue to view Russia as a strategic partner, ties with Moscow have loosened since the war in Ukraine.China has also shown willingness to invest in massive infrastructure projects in the region, part of its Belt and Road initiative that uses such financing as a political and diplomatic lever.In a meeting with Kyrgyzstan’s president, Xi called for moves to “advance high-quality construction of the China-Kyrgyzstan-Uzbekistan railway and foster new drivers of growth in clean energy, green minerals and artificial intelligence”.The five Central Asian nations are trying to take advantage of the growing interest in their region and are coordinating their foreign policies accordingly.They regularly hold summits with China and Russia to present the region as a unified bloc and attract investment.High-level “5+1″ format talks have also been organised with the European Union, the United States, Turkey and other Western countries.”The countries of the region are balancing between different centres of power, wanting to protect themselves from excessive dependence on one partner,” Kyrgyz political scientist Nargiza Muratalieva told AFP.- Biggest trade partner -Russia says China’s growing influence in the region does not pose a threat.”There is no reason for such fears. China is our privileged strategic partner, and the countries of Central Asia, naturally, are our natural historical partners,” Kremlin spokesman Dmitry Peskov told reporters on Monday.But China has now established itself as Central Asia’s leading trading partner, far outstripping the EU and Russia.Construction of the Uzbekistan-Kyrgyzstan-China railway and the China-Tajikistan highway, which runs through the Pamir Mountains to Afghanistan, are among its planned investments.New border crossings and “dry ports” have already been built to process trade, such as Khorgos in Kazakhstan, one of the largest logistics hubs in the world.”Neither Russia nor Western institutions are capable of allocating financial resources for infrastructure so quickly and on such a large scale, sometimes bypassing transparent procedures,” said Muratalieva.Kazakhstan said last week that Russia would lead the construction of its first nuclear power plant but that it wanted China to build the second.”Central Asia is rich in natural resources such as oil, gas, uranium, gold and other minerals that the rapidly developing Chinese economy needs,” Muratalieva said.”Ensuring uninterrupted supplies of these resources, bypassing unstable sea routes, is an important goal of Beijing,” the analyst added.- Human rights -China also positions itself as a supporter of the predominantly authoritarian Central Asian leaderships.At the last Central Asia-China summit, Xi called for “resisting external interference” that might provoke “colour revolutions” that could overthrow the current leaders in the region.”Beijing sees the stability of the Central Asian states as a guarantee of the security of its western borders,” Muratalieva said.Central Asia border’s China’s northwestern Xinjiang region, where Beijing is accused of having detained more than a million Uyghurs and other Muslims, part of a campaign the UN has said could constitute crimes against humanity.burs/bk-mmp/jc/rlp

Oil prices jumped and stocks mostly fell Tuesday after US President Donald Trump abruptly departed G7 talks to monitor the conflict between Israel and Iran and called for Tehran residents to evacuate. Investors’ optimism the previous day that the conflict would not spread throughout the Middle East gave way to fears of further escalation as the conflict entered its fifth day.”Middle East tensions are showing no signs of easing back, putting investors on high alert,” said Russ Mould, investment director at AJ Bell. Trump said he was aiming for a “real end” to the conflict, not just a ceasefire after he departed the G7 summit in Canada.  “Iran should have signed the ‘deal’ I told them to sign,” he said on social media, referring to nuclear talks that were taking place.European equities struggled, with Paris and Frankfurt stocks both shedding over one percent, while London also retreated. In Asia, Hong Kong fell, while Shanghai was flat and Tokyo advanced.Despite mounting calls to de-escalate, neither side has backed off from the missile blitz that began Friday, when Israel targeted Iranian nuclear and military facilities.Oil prices climbed around two percent on Tuesday after swinging between gains and losses since Friday’s initial surge.But gains were tempered after the International Energy Agency said in its 2025 report that global demand would fall slightly in 2030 for the first time since the start of the Covid pandemic in 2020.”We don’t expect high oil prices to be with us for a very long time,” said IEA executive director Fatih Birol.He added that the IEA is “monitoring the situation” and is “ready to act” in the case of a supply disruption. “There are a lot of eyes on the oil markets — not just for geopolitical reasons but for their broader economic impact,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. “Energy prices remain a crucial piece of the inflation puzzle, and falling oil had been a cornerstone of the US President’s pressure campaign to nudge the Fed toward rate cuts,” he added.Investors are looking ahead to the US Federal Reserve’s decision on Wednesday, with policymakers expected to hold interest rates. Dealers also kept tabs on the G7 summit, where world leaders pushed back against Trump’s trade war, arguing it posed a risk to global economic stability.Britain, Canada, Italy, Japan, Germany and France called on the president to reverse course on his plans to impose even steeper tariffs on countries across the globe next month.Trump managed to sign documents with UK Prime Minister Keir Starmer to confirm an agreement over trade with Britain. On currency markets, the yen edged up against the dollar after the Bank of Japan stood pat on interest rates and said it would slow the tapering of its bond purchases.- Key figures at around 1050 GMT -Brent North Sea Crude: UP 2.0 percent at $74.68 per barrelWest Texas Intermediate: UP 1.8 percent at $73.07 per barrelLondon – FTSE 100: DOWN 0.4 percent at 8,836.05 pointsParis – CAC 40: DOWN 1.0 percent at 7,665.05 Frankfurt – DAX: DOWN 1.2 percent at 23,421.37Tokyo – Nikkei 225: UP 0.6 percent at 38,536.74 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 23,980.30 (close)Shanghai – Composite: FLAT at 3,387.40 (close)New York – Dow: UP 0.8 percent at 42,515.09 (close)Euro/dollar: UP at $1.1568 from $1.1562 on MondayPound/dollar: DOWN at $1.3559 from $1.3579Dollar/yen: DOWN at 144.67 yen from 144.79 yenEuro/pound: UP at 85.32 pence from 85.12 pence

Oil prices jumped and equities fluctuated Tuesday as investors weighed Donald Trump called for Tehran residents to evacuate and hopes that the conflict between Israel and Iran does not descend into all-out war.While the crisis in the Middle East continues to instill uncertainty, talk that the Islamic republic wanted to make a nuclear deal was providing some optimism.After Friday’s surge sparked by Israel’s attacks on its regional foe, crude ticked more than one percent lower Monday as traders bet that the conflict would not spread throughout the Middle East and key oil sites were mostly left untouched.Prices bounced back Tuesday after Trump called for the evacuation of the Iranian capital, which is home to nearly 10 million people.”Iran should have signed the ‘deal’ I told them to sign,” he said on social media, referring to nuclear talks that were taking place.”What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!”Trump later poured cold water on remarks from French President Emmanuel Macron that he was leaving the G7 summit in Canada to discuss a possible ceasefire.Oil climbed more than one percent in late Asian trade Tuesday, after swinging between gains and losses through the day.Gains were tempered after the International Energy Agency said in its 2025 report that global demand would fall slightly in 2030 for the first time since the start of the Covid pandemic in 2020.It cited “below-trend economic growth, weighed down by global trade tensions and fiscal imbalances, and the accelerating substitution away from oil in the transport and power generation sectors”.Traders are keeping a wary eye on developments in the Iran crisis, with the aircraft carrier USS Nimitz leaving Southeast Asia on Monday after cancelling a Vietnam visit as the Pentagon announced it was sending “additional capabilities” to the Middle East.Trump has maintained that Washington has “nothing to do” with Israel’s campaign, but Iran’s foreign minister said Monday the US leader could halt the attacks with “one phone call”.Tehran has said it would hit US sites if Washington got involved.Meanwhile, Britain, France and Germany called on Iran to quickly return to the negotiating table over its nuclear programme, a French diplomatic source said.The US president had earlier said Iran wanted to make a deal, adding “as soon as I leave here, we’re going to be doing something”.He later left the gathering in the Rockies, telling reporters: “I have to be back as soon as I can. I wish I could stay for tomorrow, but they understand, this is big stuff.”Tehran had signalled a desire to de-escalate and resume nuclear talks with Washington as long as the United States did not join the conflict, according to the Wall Street Journal.Equities were mixed in Asian trade, with Tokyo, Singapore, Seoul, Manila, Bangkok, Jakarta and Taipei all advancing, while Hong Kong, Sydney, Wellington and Mumbai struggled along with London, Paris and Frankfurt.Shanghai was flat.Dealers also kept tabs on the G7 summit, where world leaders pushed back against Trump’s trade war, arguing it posed a risk to global economic stability.Britain, Canada, Italy, Japan, Germany and France called on the president to reverse course on his plans to impose even steeper tariffs on countries across the globe next month.On currency markets the yen edged up against the dollar after the Bank of Japan stood pat on interest rates and said it would slow the tapering of its bond purchases.- Key figures at around 0810 GMT -West Texas Intermediate: UP 1.3 percent at $72.67 per barrelBrent North Sea Crude: UP 1.2 percent at $74.11 per barrelTokyo – Nikkei 225: UP 0.6 percent at 38,536.74 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 23,980.30 (close)Shanghai – Composite: FLAT at 3,387.40 (close)London – FTSE 100: DOWN 0.6 percent at 8,824.48 Euro/dollar: DOWN at $1.1561 from $1.1562 on MondayPound/dollar: DOWN at $1.3567 from $1.3579Dollar/yen: DOWN at 144.46 yen from 144.79 yenEuro/pound: UP at 85.22 pence from 85.12 penceNew York – Dow: UP 0.8 percent at 42,515.09 (close)