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Most markets rose on Tuesday, while gold and silver hit fresh records as optimism for more US interest rate cuts and an easing of AI fears helped investors prepare for the festive break on a positive note.Data showing US unemployment rising and inflation slowing gave the Federal Reserve more room to lower borrowing costs and provided some much-needed pep to markets after a recent swoon.That was compounded by a blockbuster earnings report from Micron Technologies that reinvigorated tech firms.The sector has been the key driver of a surge in world markets to all-time highs this year owing to huge investments in all things artificial intelligence but that trade has been questioned in recent months, sparking fears of a bubble.With few catalysts to drive gains on Wall Street, tech was again at the forefront of buying on Monday, with chip titan Nvidia and Tesla leading the way.”The amount of money being thrown towards AI has been eye-watering,” wrote Michael Hewson of MCH Market Insights.He said the vast sums pumped into the sector “has inevitably raised questions as to how all of this will be financed, when all the companies involved appear to be playing a game of pass the parcel when it comes to cash investment”.”These deals also raise all manner of questions about how this cash will generate a longer-term return on investment,” he added.”With questions now being posed… we may start to get a more realistic picture of who the winners and losers are likely to be, with the losers likely to be punished heavily.”Asian markets enjoyed a bright start, although some stuttered as the day wore on.Sydney, Seoul, Shanghai, Singapore, Taipei, Wellington, Bangkok and Jakarta were all higher, while Tokyo, Mumbai and Manila were flat. Hong Kong dipped.London rose along with Frankfurt but Paris edged down.Precious metals were also pushing ever higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Bullion jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding a geopolitical twist.”The structural tailwinds that have driven both of these to record highs this year persist, be it central bank demand for gold or surging industrial demand for silver,” said Neil Wilson at Saxo Markets.”The latest surge comes after soft inflation and employment readings in the US last week, which reinforced expectations around the Fed’s policy easing next year. Geopolitics remains a factor, too.”On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week’s increase.”The moves (on Friday) were clearly not in line with fundamentals but rather speculative,” Katayama told Bloomberg on Monday. “Against such movements, we have made clear that we will take bold action, as stated in the Japan–US finance ministers’ joint statement,” she said.Oil prices dipped, having jumped more than two percent Monday on concerns about Washington’s measures against Caracas.The United States has taken control of two oil tankers and is chasing a third, after President Donald Trump last week ordered a blockade of “sanctioned” tankers heading to and leaving Venezuela.- Key figures at around 0815 GMT – Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)London – FTSE 100: UP 0.1 percent at 9,878.86 Dollar/yen: DOWN at 156.10 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1780 from $1.1756Pound/dollar: UP at $1.3498 from $1.3458Euro/pound: DOWN at 87.28 pence from 87.35 penceWest Texas Intermediate: DOWN 0.2 percent at $57.87 per barrelBrent North Sea Crude: DOWN 0.2 percent at $61.94 per barrelNew York – Dow: UP 0.5 percent at 48,362.68 (close)

Equities extended a global rally Tuesday, while gold and silver hit fresh records as optimism for more US interest rate cuts and an easing of AI fears helped investors prepare for the festive break on a positive note.Data showing US unemployment rising and inflation slowing gave the Federal Reserve more room to lower borrowing costs and provided some much-needed pep to markets after a recent swoon.That was compounded by a blockbuster earnings report from Micron Technologies that reinvigorated tech firms.The sector has been the key driver of a surge in world markets to all-time highs this year owing to huge investments into all things artificial intelligence but that trade has been questioned in recent months, sparking fears of a bubble that could pop.With few catalysts to drive gains on Wall Street, tech was again at the forefront of buying Monday, with chip titan Nvidia and Tesla leading the way.”The amount of money being thrown towards AI has been eye-watering,” wrote Michael Hewson of MCH Market Insights.He said the vast sums pumped into the sector “has inevitably raised questions as to how all of this will be financed, when all the companies involved appear to be playing a game of pass the parcel when it comes to cash investment”.”These deals also raise all manner of questions about how this cash will generate a longer-term return on investment,” he added.”With questions now being posed… we may start to get a more realistic picture of who the winners and losers are likely to be, with the losers likely to be punished heavily.”Asian markets enjoyed more buying, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Wellington and Jakarta all comfortably higher.Precious metals were also pushing ever higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Bullion was within a whisker of $4,500 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding a geopolitical twist.”The structural tailwinds that have driven both of these to record highs this year persist, be it central bank demand for gold or surging industrial demand for silver,” said Neil Wilson at Saxo Markets.”The latest surge comes after soft inflation and employment readings in the US last week, which reinforced expectations around the Fed’s policy easing next year. Geopolitics remains a factor, too.”Oil prices dipped, having jumped more than two percent Monday on concerns about Washington’s measures against Caracas.The United States has taken control of two oil tankers and is chasing a third, after President Donald Trump last week ordered a blockade of “sanctioned” tankers heading to and leaving Venezuela.- Key figures at around 0230 GMT – Tokyo – Nikkei 225: UP 0.1 percent at 50,442.12 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,850.32Shanghai – Composite: UP 0.1 percent at 3,922.71Dollar/yen: DOWN at 156.42 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1776 from $1.1756Pound/dollar: UP at $1.3481 from $1.3458Euro/pound: UP at 87.36 pence from 87.35 penceWest Texas Intermediate: DOWN 0.1 percent at $57.94 per barrelBrent North Sea Crude: DOWN 0.1 percent at $62.00 per barrelNew York – Dow: UP 0.5 percent at 48,362.68 (close)London – FTSE 100: DOWN 0.3 percent at 9,865.97 (close)

Wall Street stocks pushed higher Monday to begin a holiday-shortened trading week, while oil prices rallied amid worsening tensions between the United States and Venezuela.Gold and silver also struck fresh record highs, as the United States pushed on with its Venezuela oil blockade.US market watchers are expecting a low-key week, with equity markets closing early Wednesday and all day Thursday for the Christmas holiday, a dynamic expected to result in light trading volumes.”US stock indices continue to power ahead in what some describe as the long-awaited traditional ‘Santa rally’,” said Axel Rudolph, an analyst at IG trading platform.All three major US indices finished solidly higher after spending the entire day in positive territory. The broad-based S&P 500 closed up 0.6 percent.Interactive Brokers’ Steve Sosnick predicted stocks would drift higher in the absence of major trading catalysts.”Barring any outside shocks, this kind of pattern is likely to prevail until the end of the year,” Sosnick said.Most leading tech names advanced in New York.Tech firms also led the rally in Asia, with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.However, in Europe both London and Paris fell, while Frankfurt ended the day flat.Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Oil prices rose more than two percent amid the geopolitical tensions.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more rate increases early in the new year.Meanwhile, Oracle tech tycoon Larry Ellison offered a $40.4 billion personal guarantee to back Paramount’s hostile bid for Warner Bros. Discovery, deepening a bidding war with Netflix.Shares in Paramount jumped 4.3 percent and those in Warner Bros. Discovery rose 3.5 percent. Shares in Netflix slid 1.2 percent.- Key figures at around 2115 GMT – New York – Dow: UP 0.5 percent at 48,362.68 (close)New York – S&P 500: UP 0.6 percent at 6,878.49 (close)New York – Nasdaq Composite: UP 0.5 percent at 23,428.83 (close)London – FTSE 100: DOWN 0.3 percent at 9,865.97 (close)Paris – CAC 40: DOWN 0.4 percent at 8,121.07 (close)Frankfurt – DAX: FLAT at 24,283.97 (close)Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)Dollar/yen: DOWN at 156.99 yen from 157.75 yen on FridayEuro/dollar: UP at $1.1756 from $1.1710Pound/dollar: UP at $1.3458 from $1.3379Euro/pound: DOWN at 87.35 pence from 87.52 penceWest Texas Intermediate: UP 2.6 percent at $58.01 per barrelBrent North Sea Crude: UP 2.7 percent at $62.07 per barrelburs-jmb/msp

The European Union hit out at China on Monday, saying it was “unjustified” for Beijing to impose duties of up to 42.7 percent on some dairy products from the 27-nation bloc.China’s announcement on Monday was the latest in a trade spat with the EU covering a series of goods from food to electric vehicles.The temporary “duty deposits”, which range from 21.9 percent to 42.7 percent, come into effect on Tuesday.They hit an array of items including fresh and processed cheese, curd, blue cheese and some milk and cream, the commerce ministry in Beijing said in a statement.Chinese officials launched an anti-subsidy probe in August 2024 after receiving a request from the Dairy Association of China. The probe will conclude in February and China could then modify the duties.China’s commerce ministry said on Monday that preliminary findings showed a link between EU subsidies and “substantial damage” to its domestic dairy industry.European officials contested such conclusions.”Our assessment is that the investigation is based on questionable allegations and insufficient evidence, and that the measures are therefore unjustified and unwarranted,” said European Commission trade spokesman Olof Gill.He said the commission — the EU’s executive arm — had already taken action at the World Trade Organization after China initiated its dairy investigation and would assess the latest steps against WTO rules.”We are doing everything it takes to defend EU farmers and exporters, as well as the Common Agricultural Policy, against China’s unfair use of trade defence instruments,” said Gill.The spokesman called the provisional duties “a very negative development” in EU-China relations.Industry associations in Europe also criticised the move, with France’s FNIL calling it a “shock”.A spokesman for Germany’s Dairy Industry Association told AFP it was a “hard blow” for the companies involved and urged all sides not to “inappropriately involve” dairy products in an unrelated trade dispute.EU countries exported more than 1.6 billion euros ($1.9 billion) of dairy products to China last year, according to European Commission data, down from a record of just over two billion euros in 2022.The dairy levies come a week after Beijing said it would impose duties on EU pork imports for five years to counter alleged dumping of products on the Chinese market.Those duties kicked in on December 17 and range from 4.9 percent to 19.8 percent — down from temporary levies of 15.6 to 62.4 percent that had been in place since September.- Escalating spat -The two economic powerhouses have been locked in a trade struggle.It erupted in 2024 when the EU began moving towards imposing hefty tariffs on Chinese electric vehicles, arguing that Beijing’s subsidies were unfairly undercutting European competitors.Beijing denied the claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products.After the EU went ahead with the tariffs on Chinese electric vehicles, Beijing forced EU brandy manufacturers to raise prices or face anti-dumping taxes of up to 34.9 percent.Steel is another source of tension, with the EU angered by Beijing subsidising its steelmakers who, it says, have been flooding the market with large quantities at knock-down prices.Brussels unveiled proposals to hike tariffs on foreign steel in October.Two days later, China, the world’s top producer of rare earths, announced new controls on exports of the elements used to make magnets crucial to the auto, electronics and defence industries.The trade dispute is also fuelled by what many European countries view as an unbalanced economic relationship with China.The EU ran a trade deficit of more than $350 billion with China in 2024.French President Emmanuel Macron said this month that Europe would consider adopting strong measures against China, including tariffs, if the trade imbalance was not addressed.Alongside trade frictions, China and the EU are at odds on issues such as Russia’s 2022 invasion of Ukraine.The EU has urged China to exert pressure on Moscow to end the war, seemingly to no avail.burs/jxb/mlm

Wall Street and Asian stock markets advanced on Monday, with tech stocks leading the way.Gold and silver also struck fresh record highs, while oil prices climbed as the US pushed on with its Venezuela oil blockade.”US stock indices continue to power ahead in what some describe as the long-awaited traditional ‘Santa rally’,” said Axel Rudolph, an analyst at IG trading platform.Tech stocks pushed higher as concerns about a bubble in AI stocks receded, with the so-called Magnificent Seven tech stocks rising 0.5 percent.”There is a stir in the market thanks to a Reuters report that Nvidia is looking to start H200 (chip) shipments to China by mid-February,” said Briefing.com analyst Patrick O’Hare.The Trump administration earlier this month gave the go-ahead to ship the chips to China, reversing US export policy for the advanced AI chips.Shares in Nvidia added 1.4 percent in early afternoon trading.O’Hare also pointed to a report that OpenAI had boosted its margin on paid products as boosting sentiment.Wall Street’s tech-heavy Nasdaq rose 0.6 percent.Tech firms also led the rally in Asia, with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.However, in Europe both London and Paris fell, while Frankfurt ended the day flat.”Tech stocks are leading this ‘Santa Rally’ and Europe is tech-light, so it may be a laggard as we start a new week,” said Kathleen Brooks, research director at trading group XTB.The tech bounce came after a bout of selling fuelled by concerns that valuations had been stretched and questions were being asked about the vast sums invested in artificial intelligence that some warn could take time to see returns.Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Oil prices rose more than two percent amid the geopolitical tensions.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more increases early in the new year.Meanwhile, Oracle tech tycoon Larry Ellison offered a $40.4 billion personal guarantee to back Paramount’s hostile bid for Warner Bros. Discovery, deepening a bidding war with Netflix.Shares in Paramount jumped six percent and those in Warner Bros. Discovery rose three percent. Shares in Netflix slid 0.8 percent.- Key figures at around 1630 GMT – New York – Dow: UP 0.5 percent at 48,388.95 pointsNew York – S&P 500: UP 0.6 percent at 6,875.89New York – Nasdaq Composite: UP 0.6 percent at 23,445.06London – FTSE 100: DOWN 0.3 percent at 9,865.97 (close)Paris – CAC 40: DOWN 0.4 percent at 8,121.07 (close)Frankfurt – DAX: FLAT at 24,283.97 (close)Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)Dollar/yen: DOWN at 156.95 yen from 157.59 yen on FridayEuro/dollar: UP at $1.1761 from $1.1719Pound/dollar: UP at $1.3452 from $1.3386Euro/pound: DOWN at 87.45 pence from 87.55 penceWest Texas Intermediate: UP 2.0 percent at $57.65 per barrelBrent North Sea Crude: UP 2.0 percent at $61.67 per barrelburs-rl/rmb

Brussels hit back Monday at China slapping duties of up to 42.7 percent on some dairy products from the European Union, calling the move “unjustified”.China’s announcement on Monday is the latest in a trade spat with the EU that spans from food to electric vehicles.The “duty deposits”, which range from 21.9 percent to 42.7 percent, come into effect on Tuesday.They hit a range of items including fresh and processed cheese, curd, blue cheese and some milk and cream, the commerce ministry in Beijing said in a statement.Chinese officials launched an anti-subsidy probe in August 2024 after receiving a request from the Dairy Association of China. The probe will conclude in February.China’s commerce ministry said Monday that preliminary findings showed a link between EU subsidies and “substantial damage” to its domestic dairy industry.European officials contested such conclusions.”Our assessment is that the investigation is based on questionable allegations and insufficient evidence, and that the measures are therefore unjustified and unwarranted,” a European Commission trade spokesman said.”Right now, the Commission is examining the preliminary determination and will provide comments to the Chinese authorities,” he added.The French dairy association FNIL, which includes major groups Danone and Lactalis, also criticised the duties.”It’s a shock, a blow,” said the trade association’s chief, François-Xavier Huard.He said the decision was in particular a blow for French food company Savencia, a major exporter of cheese to China, and which had cooperated extensively with Chinese authorities.The levies on EU dairy come a week after Beijing said it would impose duties on EU pork imports for five years, to counter alleged dumping of products on the Chinese market.Those duties kicked in on December 17 and range from 4.9 percent to 19.8 percent — down from temporary levies of 15.6 to 62.4 percent that had been in place since September.The two economic powerhouses have been locked in a trade struggle fuelled by what many European countries view as an unbalanced economic relationship with China.- Escalating spat -The current trade spat erupted in 2024 when the EU began moving towards imposing hefty tariffs on Chinese electric vehicles, arguing that Beijing’s subsidies were unfairly undercutting European competitors.Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products.After the EU went ahead with the tariffs on Chinese electric vehicles, Beijing forced EU brandy manufacturers to raise prices or face anti-dumping taxes of up to 34.9 percent.The EU ran a trade deficit of more than $350 billion with China in 2024.French President Emmanuel Macron said this month that Europe would consider adopting strong measures against China, including tariffs, if the trade imbalance was not addressed.Alongside trade frictions, China and the EU are at odds on issues such as Russia’s 2022 invasion of Ukraine.The EU has urged China to exert pressure on Moscow to end the war, but Beijing has shown no sign of acceding.burs-rl/rmb

Stock markets diverged Monday and gold hit a record high as the latest round of US data boosted hopes for more interest rate cuts and concerns over AI spending subsided.In the final business days before Christmas, tech firms led a rally in Asia, with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.However, London, Paris and Frankfurt fell.”Tech stocks are leading this ‘Santa Rally’ and Europe is tech-light, so it may be a laggard as we start a new week,” said Kathleen Brooks, research director at trading group XTB.Gold, which benefits from lower US interest rates, hit a fresh record of $4,420.30, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Oil prices rose more than one percent amid the geopolitical tensions.Equity gains tracked a surge on Wall Street Friday led by the Nasdaq as technology giants rallied following a bumper earnings report from chip giant Micron Technology that reinvigorated the AI trade.That came on top of news that Oracle will take a 15 percent stake in a TikTok joint venture that will allow the social media company to maintain operations in the United States.The tech bounce came after a bout of selling fuelled by concerns that valuations had been stretched and questions were being asked about the vast sums invested in artificial intelligence that some warn could take time to see returns.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more increases early in the new year.- Key figures at around 1045 GMT – London – FTSE 100: DOWN 0.4 percent at 9,858.28 pointsParis – CAC 40: DOWN 0.4 percent at 8,115.74Frankfurt – DAX: DOWN 0.1 percent at 24,267.32Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)New York – Dow: UP 0.4 percent at 48,134.89 (close)Dollar/yen: DOWN at 157.40 yen from 157.59 yen on FridayEuro/dollar: UP at $1.1736 from $1.1719Pound/dollar: UP at $1.3438 from $1.3386Euro/pound: DOWN at 87.34 pence from 87.55 penceWest Texas Intermediate: UP 1.7 percent at $57.45 per barrelBrent North Sea Crude: UP 1.6 percent at $61.44 per barrel

Asian markets rallied Monday and gold hit a record high as the latest round of US data boosted hopes for more interest rate cuts, while worries over AI spending also subsided.Investors were back in the saddle for the final business days before Christmas, having had a minor wobble earlier in the month on concerns that the Federal Reserve would hold off on further easing monetary policy in the early part of 2026.Figures last week showing US unemployment hit a four-year high in November came as a report indicated the rise in consumer prices slowed more than expected.That stoked bets on the Fed lowering borrowing costs early next year. Investors had pared their forecasts after the bank indicated it could take a pause on further cuts in its post-meeting statement earlier this month.”This labour market softening and inflation moderation strengthened Federal Reserve easing expectations for 2026,” wrote IG market analyst Fabien Yip.However, she added that “the low inflation reading may prove temporary as shutdown-related data collection disruptions likely suppressed the figure, which could normalise higher once data gathering processes resume”.Asian tech firms led the gains Monday with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila all saw healthy advances.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.However, London, Paris and Frankfurt fell at the open.Gold, which benefits from lower US interest rates, hit a fresh record above $4,420.30, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Stephen Innes at SPI Asset Management said: “Asian equity markets are stepping onto the floor with a constructive bias, taking their cue from Friday’s solid rebound in US stocks and the growing belief that the final stretch of the year still belongs to the bulls.”The equity gains tracked a surge on Wall Street led by the Nasdaq as technology giants following a bumper earnings report from chip giant Micron Technology that reinvigorated the AI trade.That came on top of news that Oracle will take a 15 percent stake in a TikTok joint venture that will allow the social media company to maintain operations in the United States.The tech bounce came after a bout of selling fuelled by concerns that valuations had been stretched and questions were being asked about the vast sums invested in artificial intelligence that some warn could take time to see returns.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.”We’re seeing one-directional, sudden moves, especially after last week’s monetary policy meeting, so I’m deeply concerned,” Vice Finance Minister for International Affairs Atsushi Mimura said Monday.”We’d like to take appropriate responses against excessive moves.”The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more increases early in the new year.- Key figures at around 0815 GMT – Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)London – FTSE 100: DOWN 0.3 percent at 9,865.61 Dollar/yen: DOWN at 157.45 yen from 157.59 yen on FridayEuro/dollar: UP at $1.1730 from $1.1719Pound/dollar: UP at $1.3417 from $1.3386Euro/pound: DOWN at 87.43 pence from 87.55 penceWest Texas Intermediate: UP 1.1 percent at $57.12 per barrelBrent North Sea Crude: UP 1.0 percent at $61.10 per barrelNew York – Dow: UP 0.4 percent at 48,134.89 (close)

A Swiss court has decided to hear a landmark climate case pitting residents of a tiny Indonesian island being swallowed by rising sea levels against cement giant Holcim, NGOs helping the islanders said Monday.”For the first time ever in Switzerland, a court has admitted climate litigation brought against a large corporation,” said a statement from NGOs including Swiss Church Aid (HEKS). The case is part of a wider international movement seeking to hold major companies responsible for climate damage that imperils millions, especially in developing countries.Oil companies have typically been the main target, but activists are hoping the Swiss case will highlight the role of the cement industry, which is responsible for around eight percent of annual carbon dioxide (CO2) emissions caused by human activity.Four residents of Pari island filed the case in January 2023, demanding  compensation from the world’s largest cement firm and help to fund protection measures on the island.Two of the islanders travelled to Switzerland for a September hearing at the court in Zug, where Holcim is headquartered, to determine whether it would consider the complaint.- ‘Gives us strength’ -“The court has now made its ruling: the complaint must be admitted in its entirety,” the NGOs said.Both sides received the ruling in advance of Monday’s publication and they can still appeal against it.Holcim said in a statement it had “anticipated this as a potential outcome and intend to appeal”.Environmentalists have said 11 percent of the 42-hectare (104-acre) island of Pari has disappeared in recent years, and it could be completely under water by 2050.One of the plaintiffs, Asmania, who like many Indonesians goes by one name, hailed Monday’s decision.”We are very pleased. This decision gives us the strength to continue our fight,” she said in the NGO’s statement.- Mangroves needed -Holcim has repeatedly stressed it is committed to reaching net zero by 2050, but has argued that lawmakers should decide how those goals are met.”Holcim remains convinced that the courtroom is not the appropriate forum to address the global challenge of climate change,” it said.The NGOs said the Zug court had rejected that argument.Holcim has not owned any cement plants in Indonesia since 2019, but the islanders argue that the company shares the blame for rising temperatures and sea levels.Environmentalists say Holcim ranks among the world’s 100 biggest corporate CO2 emitters, and so bears significant responsibility for climate-related loss and damage.The four plaintiffs are seeking 3,600 Swiss francs ($4,500) each from Holcim for damages and for protection measures such as planting mangroves and constructing breakwater barriers.HEKS has said the amount is equivalent to 0.42 percent of the actual costs — in line with estimates that Holcim is responsible for 0.42 percent of global industrial CO2 emissions since 1750.In addition, the plaintiffs are demanding a 43 percent reduction in Holcim’s greenhouse gas emissions by 2030 and a 69 percent reduction by 2040.

Former Malaysian leader Najib Razak lost a bid Monday to have his jail term changed to house arrest, a setback ahead of a separate verdict this week tied to the country’s 1MDB scandal.Najib, 72, serving a six-year jail term for corruption linked to the plunder of Malaysia’s sovereign wealth fund 1MDB, which sparked probes in several countries. His lawyers had argued that the purported existence of an order by Malaysia’s former king, called a “royal addendum”, granted him permission to serve the rest of his current sentence at home.But on Monday, Judge Alice Loke Yee Ching Loke disagreed, saying the royal addendum was not a valid order.Therefore “the court cannot issue an …order to direct a house arrest”, Loke told the Kuala Lumpur High Court. “There is no legal provision for house arrest in Malaysia,” the judge added. “The judicial review is dismissed.”Najib was tried and originally sentenced to 12 years’ imprisonment in July 2020, but the term was later halved by a pardons board. The 1MDB scandal led to investigations in more than eight countries, including the United States, Switzerland, Singapore and the United Arab Emirates, resulting in billions paid back in settlements.On Friday, Najib faces yet another verdict in a separate trial linked to the financial scandal that led to his defeat in the 2018 elections.