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Hong Kong to regain IPO crown this year, say PwC and Deloitte

Hong Kong is expected to lead the world in IPO financing this year despite uncertainty from geopolitical tensions and trade tariffs, accountancy giant PwC said on Wednesday.The Chinese financial hub’s capital market has rebounded strongly this year, with dozens of Chinese companies piling into the city to raise overseas capital despite regulatory pressure from Beijing and uncertainty over its national security laws.PricewaterhouseCoopers (PwC) said its statistics suggest nearly 100 companies will raise at least HK$200 billion ($25.5 billion) in Hong Kong this year.It said Hong Kong’s IPO wave has benefited largely from policy support from the Chinese government and optimised listing rules by Hong Kong regulators that include streamlining approval processes.”The improved market liquidity and rising international investor demand for core Chinese assets also drove market activity,” PwC’s Hong Kong capital markets leader Eddie Wong said in a note.The Hong Kong stock exchange welcomed 44 IPOs by the end of June, according to PwC.”We expect 2025 to be the most active fundraising year for IPOs in the past four years,” said Diamantina Leong, PwC’s Hong Kong capital markets services partner.PwC said total proceeds raised in Hong Kong jumped 701 percent to HK$107.1 billion (US$13.7 billion) compared to the same period last year.In comparison, the New York Stock Exchange and Nasdaq have raised HK$55.3 billion ($7.0 billion) and HK$71.9 billion ($9.2 billion) in IPOs respectively so far this year, it said.Hong Kong’s IPO boom is expected to continue into the first half of next year, Wong told reporters at a presentation.Data from the Hong Kong stock exchange showed it is processing more than 170 listing applications.”We expect strong momentum to continue, supported by several mega deals,” Wong said.Many of the world’s biggest fund-raisings by Chinese companies, including battery giant CATL, pharmaceutical firm Jiangsu Hengrui and soy sauce maker Foshan Haitian, kept up the buzz in Hong Kong’s capital markets.Consulting firm Deloitte also forecast in a June report that Hong Kong would be the IPO leader this year, although its analysts warned that “adverse geopolitical or macroeconomic disruptions” could constrain optimism.Chinese e-commerce titan Shein is switching to Hong Kong to complete its debut after failing to list in New York and London, Bloomberg reported this year.Hong Kong hopes to become the preferred listing platform for international companies, “especially those that find it challenging to access capital markets in the US or Europe”, the city’s financial secretary Paul Chan said last month.

Asian markets mixed as trade deal cut-off looms

Asian markets swung Wednesday amid trade war worries after Donald Trump said he would not push back next week’s tariff deadline, with Tokyo taking a hit from threats to ramp up Japanese levies.Sentiment was also mixed after the US president’s signature budget bill scraped through the Senate, with optimism over the extension of deep tax cuts offset by warnings it could add around $3 trillion to the national debt.A week before Trump’s 90-day pause on “reciprocal” tariffs ends, few governments have struck deals to avert the taxes, though White House officials say several are in the pipeline.And while the administration had set July 9 as the deadline to finalise pacts, investors largely expect that to be pushed back or countries given extra time.However, the president said Tuesday he was “not thinking about the pause” and again warned he would end negotiations or hike some duties.Among those in his sights was Japan, which he slammed this week over US rice and auto exports to the country.”I’m not sure we’re going to make a deal. I doubt it with Japan, they’re very tough. You have to understand, they’re very spoiled,” he said Tuesday.He added that Tokyo had “ripped us off for 30, 40, years”.It could pay a tariff of “30 percent, 35 percent, or whatever the number is that we determine, because we also have a very big trade deficit with Japan”, he warned.The remarks, which follow several visits by Japanese officials to Washington, jolted hopes that deals can be cut.Tokyo stocks fell, extending Tuesday’s losses of more than one percent.”With domestic elections around the corner, Tokyo can’t easily open the rice market,” said Stephen Innes at SPI Asset Management. “But without concessions on autos, the lifeblood of its export economy, Japan stands exposed.”He added: “The auto sector, nearly a tenth of Japan’s (gross domestic product), is directly in the crosshairs. It’s not just about tariffs — it’s about visibility.”Japan is being made an example of, and markets are watching who’s next.”Asia Society Policy Institute vice president Wendy Cutler told AFP that “Japan’s refusal to open its rice market, coupled with the US resistance to lowering automotive tariffs, may lead to the reimposition of Japan’s 24 percent reciprocal tariff”.Elsewhere in Asia, Seoul, Shanghai, Manila, Mumbai, Bangkok and Jakarta fell while Hong Kong, Sydney, Singapore, Taipei and Wellington edged up.London, Paris and Frankfurt were all up in the afternoon.In Washington senators passed Trump’s “Big, Beautiful Bill” he says will boost the economy by extending tax cuts and slashing spending on programmes such as Medicare.The legislation now faces a tough passage through the House of Representatives, where some Republicans have raised concerns about its cost amid already heightened fears over the country’s finances.The dollar remained under pressure as bets on a Federal Reserve interest rate cut intensify ahead of US jobs data this week.While most traders see a reduction in September, speculation is growing that a weak non-farm payrolls reading could boost the chances of a move this month.The Dollar Index, which compares the greenback to a basket of major currencies, fell 10.8 percent in the first half of the year, its steepest decline since it became the global benchmark currency.In company news Australian flag-carrier Qantas sank more than two percent in Sydney after saying it was probing a “significant” cyberattack where hackers infiltrated a system containing sensitive data on six million customers.And Hong Kong-listed Chinese tech titan Alibaba dipped after saying it will issue US$7 billion in subsidies for certain purchases.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 39,762.48 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 24,221.41 (close)Shanghai – Composite: DOWN 0.1 percent at 3,454.79 (close)London – FTSE 100: UP 0.1 percent at 8,979.91Euro/dollar: DOWN at $1.1774 from $1.1806 on TuesdayPound/dollar: DOWN at $1.3707 from $1.3740Dollar/yen: UP at 143.92 yen from 143.41 yenEuro/pound: UP at 85.90 pence from 85.87 penceWest Texas Intermediate: UP 0.1 percent at $65.53 per barrelBrent North Sea Crude: UP 0.2 percent at $67.25 per barrelNew York – Dow: UP 0.9 percent at 44,494.94 (close)

Australian airline Qantas says hit by ‘significant’ cyberattack

Australian airline Qantas said Wednesday it was investigating a “significant” cyberattack, after hackers infiltrated a system containing sensitive data on six million customers.Qantas said hackers had targeted one of its customer contact centres, breaching a computer system used by a third party.They had access to sensitive information such as customer names, email addresses, phone numbers and birthdays, the blue-chip Australian company said.”There are 6 million customers that have service records in this platform,” the company said in a statement.”We are continuing to investigate the proportion of the data that has been stolen, though we expect it will be significant.”Credit card details and passport numbers were not kept in the system, Qantas added. “There is no impact to Qantas’ operations or the safety of the airline.”Chief executive Vanessa Hudson said Qantas had notified Australia’s National Cyber Security Coordinator.”We sincerely apologise to our customers and we recognise the uncertainty this will cause,” she said.”Our customers trust us with their personal information and we take that responsibility seriously.”University of Adelaide cybersecurity expert Christopher Bronk said the stolen data could be used for identity theft.”The stolen customer data has a value in its capacity for resale among criminal actors interested in perpetrating computer-enabled fraud and gaining access to the victims’ other online accounts,” said Bronk.A string of major cyberattacks has in recent years raised concerns about the protection of Australians’ personal data.”These recurring cyberattacks in Australia demonstrate that many organisations are still neglecting cybersecurity,” said cybersecurity expert Rumpa Dasgupta.”It must be treated with the utmost importance,” said Dasgupta, from Australia’s La Trobe University.Qantas apologised in 2024 after a glitch with its mobile app exposed some passengers’ names and travel details.Major ports handling 40 percent of Australia’s freight trade ground to a halt in 2023 after hackers infiltrated computers belonging to operator DP World.Russia-based hackers in 2022 breached one of Australia’s largest private health insurers, accessing the data of more than nine million current and former customers.The same year telecom company Optus suffered a data breach of similar magnitude in which the personal details of up to 9.8 million people were accessed.

India exporters cautiously optimistic as US tariff deadline looms

Indian exporters are anxiously eyeing the possible reintroduction of Donald Trump’s punishing tariffs next week, though many hold out hope for a last-minute reprieve.The US president’s April 2 “Liberation Day” announcement of swingeing levies on dozens of key trading partners sent shockwaves through capitals before he announced a pause for negotiations, which ends next Wednesday.New Delhi and Washington have been locked in multiple rounds of talks, with hopes for an interim pact to avert the 26 percent “reciprocal” tolls meted out to India.The tariffs, which came on top of 10 percent levies across the board for every country, were imposed for what the White House says are unfair US trade deficits.While India — the world’s most populous country — is not a manufacturing powerhouse, it still ran up a $45.7 billion trade surplus with the United States last year.And now some of its most labour-intensive exports, including electronics, gems and jewellery and shrimp, are under threat.Exporters are “optimistic” that India may be able to carve out a bilateral agreement on the “trade side at least”, Ajay Sahai, Director General of the Federation of Indian Export Organisations, told AFP.But he added that it was “quite a fluid situation”, suggesting one outcome could see the deadline extended, given that India is “constructively engaged” with Washington.”The feedback which I am getting suggests positive developments either way — and we are hopeful,” he added.India’s seafood industry is seeing “some amount of anxiety”, but also “more reason for hope”, said KN Raghavan, Secretary General, Seafood Exporters Association of India.He did not give details, but said a “solution appears to be in the anvil”.US officials have been upbeat about the prospect of an agreement.Trump on Tuesday raised the possibility of an agreement, saying it is “going to be a different kind of a deal”.”It’s going to be a deal where we’re able to go in and compete,” he added. “Right now, India doesn’t accept anybody in. I think India is going to do that, and if they do that, we’re going to have a deal for much less tariffs.”His Commerce Secretary Howard Lutnick said last month that a pact could be expected in the “not too distant future”.However, Indian media reports on Tuesday, quoting unnamed sources, struck a more neutral tone, saying negotiators were still working to resolve key differences that had cropped up during talks.- ‘Alternative sources’ -An Indian commerce ministry official told AFP that New Delhi’s unmet demands included relief from separate sectoral tariffs on steel and aluminium as well a greater access for labour-intensive exports including textiles and footwear. They have also spoken of disagreements over Washington’s push to have India open up its agriculture sector and allow freer trade of American farm produce. Finance Minister Nirmala Sitharaman has said she was eager for a deal.”I’d love to have an agreement, a big, good, beautiful one; why not?” she told India’s Financial Express newspaper, in an interview printed on Monday.Sitharaman, however, added that “agriculture and dairy” are the “very big red lines”.Experts believe a smaller agreement is still possible ahead of the deadline.”The more likely outcome is a limited trade pact,” said Ajay Srivastava of Global Trade Research Initiative, a New Delhi-based think-tank in a recent note.Srivastava said that under such a deal, India could cut tariffs on a range of industrial goods and offer limited access for US agricultural produce — in return for Trump dropping the 26 percent levies.But he also warned that talks “may collapse” if Washington “continues to insist on opening India’s core agriculture sectors or allowing entry of GMO (genetically modified organism) products”.And seafood exporters remain on edge as talks go down to the wire.”Currently, exporters believe they can manage with a 10 percent tariff, as it can be absorbed. But if it goes back up to 25 percent to 30 percent levels, we could see American buyers finding alternative sources,” Raghavan said.”They will find some other cheaper source,” he added.

Philippines biodiversity hotspot pushes back on mining

A nickel stockpile towers over farmer Moharen Tambiling’s rice paddy in the Philippines’ Palawan, evidence of a mining boom that locals hope a new moratorium will tame.”They told us before the start of their operations that it wouldn’t affect us, but the effects are undeniable now,” Tambiling told AFP.”Pangolins, warthogs, birds are disappearing. Flowers as well.”A biodiversity hotspot, Palawan also holds vast deposits of nickel, needed for everything from stainless steel to electric vehicles.Once the world’s largest exporter of the commodity, the Philippines is now racing to catch up with Indonesia. In 2021, Manila lifted a nine-year ban on mining licences. Despite promised jobs and tax revenue, there is growing pushback against the sector in Palawan.In March, the island’s governing council unanimously passed a 50-year moratorium on any new mining permits.”Flash floods, the siltation of the sea, fisheries, mangrove areas… We are witnesses to the effects of long-term mining,” Nieves Rosento, a former local councillor who led the push, told AFP.Environmental rights lawyer Grizelda Mayo-Anda said the moratorium could stop nearly 70 proposed projects spanning 240,000 hectares.”You have to protect the old-growth forest, and it’s not being done,” she said.From 2001 to 2024, Palawan dubbed the country’s “last ecological frontier” — lost 219,000 hectares of tree cover, more than any other province, in part due to mining, according to Global Forest Watch.- ‘Fearsome’ flooding -In southern Palawan’s Brooke’s Point, a Chinese ship at a purpose-built pier waits for ore from the stockpile overlooking Tambiling’s farm.Mining company Ipilan says increased production will result in greater royalties for Indigenous people and higher tax revenues, but that means little to Tambiling’s sister Alayma.The single mother-of-six once made 1,000-5,000 pesos ($18-90) a day selling lobster caught where the pier now sits.”We were surprised when we saw backhoes digging up the shore,” she told AFP, calling a one-time compensation offer of 120,000 pesos ($2,150) insulting.”The livelihood of all the Indigenous peoples depended on that area.”On the farm, Tambiling stirred rice paddy mud to reveal reddish laterite he says is leaking from the ore heap and poisoning his crops.Above him, swathes of the Mantalingahan mountains have been deforested, producing floods he describes as “fearsome, deep and fast-moving.”Ipilan has faced protests and legal challenges over its logging, but its operations continue.Calls to parent company Global Ferronickel Holdings were not returned.For some in Palawan, the demand for nickel to power EVs has a certain irony.”You may be able to… eliminate pollution using electric vehicles,” said Jeminda Bartolome, an anti-mining advocate.”But you should also study what happens to the area you are mining.”- ‘First-class municipality’ -In Bataraza, the country’s oldest nickel mine is expanding, having secured permission before the moratorium.Rio Tuba employees armed with brooms, goggles, hats and scarves are barely visible through reddish dust as they sweep an access road that carries 6,000 tonnes of ore destined for China each day.Company senior vice president Jose Bayani Baylon said mining turned a barely accessible malarial swamp into a “first-class municipality”.”You have an airport, you have a port, you have a community here. You have a hospital, you have infrastructure which many other communities don’t have,” he told AFP.He dismisses environmental concerns as overblown.With part of its concession tapped out, the company is extending into an area once off-limits to logging but since rezoned.Thousands of trees have been cleared since January, according to locals, but Baylon said “under the law, for every tree you cut, you have to plant 100″.The company showed AFP a nine-hectare plot it spent 15 years restoring with native plants.But it is unclear to what degree that will be replicated. Baylon concedes some areas could become solar farms instead.- ‘Four kilos of rice’ -Nearby, Indigenous resident Kennedy Coria says mining has upset Mount Bulanjao’s ecosystem.”Honeybees disappeared where we used to find them. Fruit trees in the forest stopped bearing fruit,” the father-of-seven said.A fifth of the Philippines’ Indigenous land is covered by mining and exploration permits, according to rights group Global Witness. Legally, they have the right to refuse projects and share profits, but critics say the process is rarely clear.”There are Indigenous peoples who have not received any royalties for the past 10 years,” said Rosento.Coria, who can neither read nor write, said he must sign a document each year when accepting what he is told is his share of Rio Tuba profits.”We get about four kilos of rice from the community leader, who tells us it came from the company,” he said.Rio Tuba said funds are distributed in coordination with the National Commission on Indigenous People (NCIP), which is meant to represent the communities.But some say it acts in the interests of miners, attempting to persuade locals to accept concessions and the terms offered by companies.The NCIP referred questions to multiple regional offices, none of which replied. The government’s industry regulator declined interview requests. While Palawan’s moratorium will not stop Rio Tuba’s expansion or Ipilan’s operations, supporters believe it will slow further mining.Ryan Maminta, a councillor who backed the moratorium said it already halted one expansion.There are looming legal challenges, however.A recent Supreme Court decision struck down a mining ban in Occidental Mindoro province.Backers remain confident though, and Rosento said the council would stand firm.”Responsible mining is just a catchphrase,” she said.

US, Japan, India, Australia pledge mineral cooperation on China jitters

The United States, Japan, India and Australia pledged Tuesday to work together to ensure a stable supply of critical minerals, as worries grow over China’s dominance in resources vital to new technologies.US Secretary of State Marco Rubio welcomed his counterparts from the so-called “Quad” to Washington in a shift of focus to Asia, after spending much of his first six months on the wars in Ukraine and the Middle East and on President Donald Trump’s domestic priorities such as migration.The four countries said in a joint statement that they were establishing the Quad Critical Minerals Initiative, aimed at “collaborating on securing and diversifying” supply chains.They offered little detail but made clear the goal was to reduce reliance on China, which has used restrictions as leverage as the United States in turn curbs its access to semiconductors and as Trump threatens steep tariffs — including on Quad countries.”Reliance on any one country for processing and refining critical minerals and derivative goods production exposes our industries to economic coercion, price manipulation and supply chain disruptions,” the statement said.The ministers were careful not to mention China by name but voiced “serious concerns regarding dangerous and provocative actions” in the South China Sea and East China Sea that “threaten peace and stability in the region.”China holds major reserves of several key minerals including the vast majority of the world’s graphite, which is crucial for electric vehicles.In brief remarks alongside the other ministers, Rubio said he has “personally been very focused” on diversifying supply chains and wanted “real progress.”- US refocus on Asia -The four-way partnership was first conceived by late Japanese prime minister Shinzo Abe, who saw an alliance of democracies surrounding China — which has repeatedly alleged that the Quad is a way to contain it.Rubio had welcomed the Quad foreign ministers on January 21 in his first meeting after Trump’s inauguration, seen as a sign the new administration would prioritize engagement with like-minded countries to counter China.But to the surprise of many, China has not topped the early agenda of Trump, who has spoken respectfully about his counterpart Xi Jinping and reached a truce with Beijing to avoid a wider trade war between the world’s two largest economies.Trump is expected to travel to India later this year for a Quad summit. Both the Indian and Japanese foreign ministers said that they wanted the Quad to focus on a “free and open Indo-Pacific” — a phrasing that is a veiled allusion to opposing Chinese dominance in Asia.”It is essential that nations of the Indo-Pacific have the freedom of choice, so essential to make right decisions on development and security,” Indian Foreign Minister Subrahmanyam Jaishankar said.At Jaishankar’s urging, the Quad condemned a May attack on the Indian side of Kashmir that killed mostly Hindu civilians and called for “the perpetrators, organizers and financiers of this reprehensible act to be brought to justice without any delay.”India in May launched air strikes in Pakistan, which it blamed for the attack. Pakistan denied responsibility and responded with its own attacks on the Indian military.In a key concern for Japan, the Quad condemned North Korea for its “destabilizing launches” of missiles and insisted on its “complete denuclearization.”Trump, in one of the most startling moves of his first term, met with North Korea’s reclusive leader Kim Jong Un, helping ease tensions but producing no lasting agreement.Despite common ground on China, Quad members have differed on other hotspots, with the joint statement not mentioning Ukraine or Iran.India has maintained its long relationship with Russia despite the invasion of Ukraine, while both India and Japan also have historically enjoyed cordial ties with Iran.

Global stocks mixed as markets track US trade deal prospects

Global stocks were mixed Tuesday as markets monitored congressional progress on Donald Trump’s massive tax and spending legislation and weighed the prospects for US trade deals ahead of Trump’s July 9 tariff deadline.The Republican-led upper congressional chamber narrowly cleared Trump’s mammoth domestic policy bill, sending the measure back to the House of Representatives, where the vote is also expected to be close.Equity market viewers have cheered the prospects of extending tax cuts while expressing misgivings about projections that the measure will add some $3 trillion to the US national debt.The Dow advanced Tuesday, while both the S&P 500 and Nasdaq retreated from records.Earlier European markets had also ended mixed, while Japan’s Nikkei suffered a 1.2 percent drop after Trump threatened new levies on Japan over a row about the country accepting US rice exports.”The next few days are going to be testing times for governments in many parts of the world as they try to hammer out trade deals with the US,” said Dan Coatsworth, an investment analyst at AJ Bell.While few trade agreements have been reached so far, the week began with some optimism as Canada and the United States agreed to restart trade talks after Ottawa scrapped a digital services tax contested by US tech giants.Comments from Trump and some of his top officials also suggested the deadline was flexible, and that several pacts were nearly completed.”We expect risk sentiment to remain shaky until a deal is agreed… investors are on pause for now and are waiting for concrete news before making their next move,” said Kathleen Brooks, research director at trading group XTB. The dollar extended its retreat against the euro and other major currencies.The Dollar Index, which compares the greenback to a basket of major currencies, fell 10.8 percent in the first half of the year, its steepest decline since the dollar became the global benchmark currency. Investors increasingly expect the Federal Reserve to cut rates at least twice this year — with Trump having loudly criticized Fed chief Jerome Powell for not doing so sooner — and all eyes will be on US jobs data due this week.Powell responded on Tuesday at a central bankers’ gathering in Portugal, insisting that the Fed must remain “completely non-political” to successfully pursue its strategy of financial and economic stability.Among individual companies, Tesla fell 5.3 percent as the electric car company’s CEO Elon Musk sparred with Trump over the tax and spending bill. After Musk lambasted the legislation as wasteful and misguided, Trump warned of retribution against Tesla and other Musk ventures. “This high-profile feud introduces political risk,” Briefing.com said of the tiff.”The personal nature of the conflict, amplified by Trump’s comments implying Tesla’s reliance on subsidies for survival, has sparked fears of broader policy shifts targeting Musk’s business empire. This political uncertainty undermines investor confidence.” – Key figures at around 2050 GMT -New York – Dow: UP 0.9 percent at 44,494.94 (close)New York – S&P 500: DOWN 0.1 percent at 6,198.01 (close)New York – Nasdaq: DOWN 0.8 percent at 20,202.89 (close)London – FTSE 100: UP 0.3 percent at 8,785.33 points (close)Paris – CAC 40: FLAT at 7,662.59 (close)Frankfurt – DAX: DOWN 1.0 percent at 23,673.29 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 39,986.33 (close)Shanghai – Composite: UP 0.4 percent at 3,457.75 (close)Hong Kong – Hang Seng Index: Closed for holiday Euro/dollar: UP at $1.1806 from $1.1787 on MondayPound/dollar: UP at $1.3740 from $1.3732Dollar/yen: DOWN at 143.41 yen from 144.03 yenEuro/pound: UP at 85.87 pence from 85.82 penceBrent North Sea Crude: UP 0.6 percent at $67.11 per barrelWest Texas Intermediate: UP 0.5 percent at $65.45 per barrel

Stocks diverge while tracking US trade deal prospects

European stocks ended mixed on Tuesday while Wall Street indices diverged after marching towards records as investors weighed up the prospects for US trade deals ahead of President Donald Trump’s July 9 tariff deadline.Asian markets ended mixed after both the S&P 500 and the Nasdaq hit records on Monday, with Shanghai rising but Tokyo sinking more than one percent after Trump threatened more tariffs on Japan in a row over rice and autos. Profit-taking pulled those two indices lower in early US deals, while the Dow continued to close in on a record high.”The next few days are going to be testing times for governments in many parts of the world as they try to hammer out trade deals with the US,” said Dan Coatsworth, an investment analyst at AJ Bell.While few trade agreements have been reached so far, the week began with some optimism as Canada and the United States agreed to restart trade talks after Ottawa scrapped a digital services tax contested by US tech giants.Comments from Trump and some of his top officials also suggested the deadline was flexible, and that several pacts were nearly completed.”We expect risk sentiment to remain shaky until a deal is agreed… investors are on pause for now and are waiting for concrete news before making their next move,” said Kathleen Brooks, research director at trading group XTB.The dollar managed to advance but remained under pressure after its worst start to the year since 1973, with confidence deteriorating among many foreign investors since Trump returned to the White House.The Dollar Index, which compares the greenback to a basket of major currencies, fell 10.8 percent in the first half of the year, its steepest decline since the dollar became the global benchmark currency. Investors increasingly expect the Federal Reserve to cut rates at least twice this year — with Trump having loudly criticised Fed chief Jerome Powell for not doing so sooner — and all eyes will be on US jobs data due this week.Powell hit back on Tuesday at a central bankers’ gathering in Portugal, insisting that the Fed must remain “completely non-political” to successfully pursue its strategy of financial and economic stability.Investors are also keeping an eye on Trump’s multitrillion-dollar tax-cutting bill, whose passage remains uncertain over concerns that it will add $3 trillion to US deficits.The dollar’s recent weakness reflects “ongoing concerns over trade, tariffs, national debt and central bank independence”, said David Morrison at Trade Nation.The Tokyo market drop came after Trump threatened to impose a fresh levy on Japan over a row about the country not buying US rice.Japan has seen rice prices double over the past year owing to supply issues caused by various factors, piling pressure on Prime Minister Shigeru Ishiba ahead of elections this month.Trump also hit out at what he considered an unfair balance in the trade in cars between the two countries, and floated the idea of keeping a 25-percent tariff on autos in place.- Key figures at around 1540 GMT -New York – Dow: UP 0.9 percent at 44,481.84New York – S&P 500: DOWN 0.3 percent at 6,184.40New York – Nasdaq: DOWN 1.1 percent at 20,144.20London – FTSE 100: UP 0.3 percent at 8,785.33 points (close)Paris – CAC 40: FLAT at 7,662.59 (close)Frankfurt – DAX: DOWN 1.0 percent at 23,673.29 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 39,986.33 (close)Shanghai – Composite: UP 0.4 percent at 3,457.75 (close)Hong Kong – Hang Seng Index: Closed for holiday Euro/dollar: DOWN at $1.1773 from $1.1785 on MondayPound/dollar: DOWN at $1.3708 from $1.3732Dollar/yen: DOWN at 143.63 yen from 143.98 yenEuro/pound: UP at 85.88 pence from 85.82 penceBrent North Sea Crude: UP 0.3 percent at $66.93 per barrelWest Texas Intermediate: UP 0.5 percent at $65.44 per barrel

BTS announces comeback for spring 2026

K-pop supergroup BTS on Tuesday announced their comeback in the spring of 2026 with an album and world tour, prompting a fan frenzy as millions eagerly await their return.South Korea’s most lucrative musical act has been on a self-described hiatus since 2022 as its members undertook the mandatory service required of all South Korean men under 30 due to tensions with the nuclear-armed North.With five members discharged from military service in June, many in the industry have been anticipating their comeback.”Starting in July… we’re planning to make something massive, so from then (this month), we’ll probably gather together and stay focused on making music,” band leader RM said on their superfan platform Weverse.”Our group album is officially set to be released next spring,” RM said during a live chat.”Starting next spring, we’ll of course be going on tour, so please look forward to seeing us all around the globe,” he added. The band also revealed their plans to head this month to the United States, where all seven members will gradually regroup to begin music production and prepare for upcoming performances.If released in the spring of 2026, their comeback album would be their first in four years since “Proof”, which was the best-selling album of 2022 in South Korea, with nearly 3.5 million copies sold.Prior to their mandatory military service, the boy band generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute.That accounts for roughly 0.2 percent of South Korea’s total GDP, according to official data.BTS holds the record as the most-streamed group on Spotify, and became the first K-pop act to top both the Billboard 200 and the Billboard Artist 100 charts in the United States.

Stocks struggle tracking US trade deal prospects

Most stock markets retreated Tuesday and the dollar dipped as investors weighed the prospect of US trade deals being made ahead of President Donald Trump’s July 9 tariff deadline.European equities traded lower in early afternoon deals while Asian markets diverged, with Shanghai closing higher and Tokyo sinking more than one percent.Japanese stocks were hit by Trump’s threat of more tariffs on Japan in a row over rice and autos. “The next few days are going to be testing times for governments in many parts of the world as they try to hammer out trade deals with the US,” said Dan Coatsworth, an investment analyst at AJ Bell.While few trade agreements have been reached, the week began with some optimism as Canada and the United States agreed to restart trade talks, after Ottawa scrapped a digital services tax.Comments from Trump and some of his top officials also suggested some flexibility on the deadline, and that several pacts were nearly completed.European markets ticked lower in the absence of trade deal announcements between the European Union and the United States.”We expect risk sentiment to remain shaky until a deal is agreed… investors are on pause for now and are waiting for concrete news before making their next move,” said Kathleen Brooks, research director at trading group XTB.Eurozone inflation increased slightly last month to the European Central Bank’s target of two percent, official data showed Tuesday. The dollar remained under pressure after its worst start to the year since 1973, with confidence deteriorating among many foreign investors since Trump returned to the White House.The Dollar Index, which compares the greenback to a basket of major currencies, fell 10.8 percent in the first half of the year, its steepest decline since the dollar became the global benchmark currency. Investors increasingly expect the Federal Reserve to cut rates at least twice this year, and all eyes will be on US jobs data due this week.In Asia, Shanghai rose, tracking the record highs on Wall Street the previous day, while Hong Kong was closed for a holiday. Tokyo market drop came after Trump threatened a fresh levy on Japan over a row about the country accepting US rice exports.Japan has seen rice prices double over the past year owing to supply issues caused by various factors, piling pressure on Prime Minister Shigeru Ishiba ahead of key elections this month.Trump’s outburst over the grain came after he had hit out at what he considered an unfair balance in the trade in cars between the two countries, and floated the idea of keeping 25 percent tariffs on autos in place.Investors are also keeping an eye on the US president’s multitrillion-dollar tax-cutting bill, which is being debated in the Senate.Trump has urged lawmakers to pass the bill by July 4 but its passage remains uncertain due to concerns that it will add $3 trillion to deficits.- Key figures at around 1100 GMT -London – FTSE 100: DOWN 0.3 percent at 8,731.86 pointsParis – CAC 40: DOWN 0.3 percent at 7,645.18Frankfurt – DAX: DOWN 0.4 percent at 23,806.87Tokyo – Nikkei 225: DOWN 1.2 percent at 39,986.33 (close)Shanghai – Composite: UP 0.4 percent at 3,457.75 (close)Hong Kong – Hang Seng Index: Closed for holiday New York – Dow: UP 0.6 percent at 44,094.77 (close)Euro/dollar: UP at $1.1812 from $1.1785 on MondayPound/dollar: UP at $1.3776 from $1.373bcp2Dollar/yen: DOWN at 142.96 yen from 143.98 yenEuro/pound: DOWN at 85.74 pence from 85.82 penceBrent North Sea Crude: UP 1.0 percent at $67.39 per barrelWest Texas Intermediate: UP 1.1 percent at $65.80 per barrel