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Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks finished the week on a mixed note.Wall Street enjoyed a sunny Friday led by the tech-rich Nasdaq Composite Index, which posted a second straight record, part of a buoyant session in New York amid optimism over artificial intelligence and less uncertainty over trade policy.Investors are growing confident that President Donald Trump’s constantly-changing US trade policy won’t derail the surge in investment around artificial intelligence.”Part of the relief was that the tariffs on a very important sector around the US outlook on earnings, which is tech and AI, is mostly left unaffected,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.Apple, which pledged increased US investment at a White House meeting this week, won 4.2 percent, its third straight significant gains. Nvidia and Google parent Alphabet also advanced.Gold futures shot to a new all-time intraday high at $3,534.10 an ounce after the Financial Times reported that Washington had classified one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market, as subject to “reciprocal” tariff rates.One-kilo bars make up the largest part of Switzerland’s gold shipments to the United States. Imports from Switzerland face a 39-percent reciprocal tariff from Thursday. The FT said 100-ounce bars would also face the levy.The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group. After hitting the high, the gold future price later pulled back to around $3,454 an ounce.A White House official told AFP that the Trump administration plans to “issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products.”In European trading, both London’s FTSE 100 and Frankfurt dipped, while Paris stocks edged higher.Japanese stocks led the way on a mostly negative day for Asian markets, fueled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.”Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.”In Japan, there is relief today upon hearing that the various tariffs will not be cumulative,” he added.The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said Washington was expected to revise an executive order that stacked tariffs on top of each other.”However, it remains unclear whether the same rules apply for Japan and the EU,” Stanzl added.- Key figures at around 2030 GMT -New York – Dow: UP 0.5 percent at 44,175.61 (close)New York – S&P 500: UP 0.8 percent at 6,389.45 (close)New York – Nasdaq Composite: UP 1.0 percent at 21,450.02 (close)London – FTSE 100: DOWN 0.1 percent at 9,095.73 (close)Paris – CAC 40: UP 0.4 percent at 7,743.00 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,162.86 (close)Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)Pound/dollar: UP at $1.3451 from $1.3444 on ThursdayEuro/dollar: DOWN at $1.1643 from $1.1666Dollar/yen: UP at 147.79 yen from 147.14 yenEuro/pound: DOWN at 86.54 pence from 86.77 penceBrent North Sea Crude: UP 0.2 percent at $66.59 per barrelWest Texas Intermediate: FLAT at $63.88 per barrelburs-jmb/sla

Gold futures hit a record high Friday after reports of an unexpected tariff on the precious metal, while stock markets fluctuated as investors tracked US President Donald Trump’s latest moves.Oil prices added to losses from the previous day on news of a meeting between Trump and Russian leader Vladimir Putin, perhaps as early as next week, which raised hopes of a truce with Ukraine.Gold futures reached a new intraday high at $3,534.10 an ounce after the Financial Times reported that Washington had classified one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market, as subject to “reciprocal” tariff rates.One-kilo bars make up the largest part of Switzerland’s gold shipments to the United States. Imports from Switzerland face a 39-percent reciprocal tariff from Thursday. The FT said 100-ounce bars would also face the levy.The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group. After hitting the high, the gold future price later pulled back to around $3,454 an ounce.Spot gold prices sat around $3,400 an ounce.Saxo Bank analyst Ole Hansen said banks invest in gold futures to protect themselves from price swings in the physical bullion market.As tariffs threaten to raise prices for physical gold, these “short positions originally intended as hedges suddenly blow up”, prompting banks to buy back futures and driving prices higher.Wall Street stocks pushed higher, a day after the tech-heavy Nasdaq finished at a fresh record. That kept the market on track for weekly gains near the finale of an earnings season that has generally topped expectations.With most major companies having already reported quarterly results, companies in the S&P 500 are on track for greater than eight-percent growth, compared with the 2.2 percent forecast just ahead of the reporting period, said a note from CFRA Research.CFRA’s Sam Stovall said the results had reassured investors, who are “discounting the uncertainties and going along with the expectation that the economy is holding up better than people might be worrying about”.In European trading, both London’s FTSE 100 and Frankfurt dipped, while Paris stocks edged higher.Japanese stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.”Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.”In Japan, there is relief today upon hearing that the various tariffs will not be cumulative,” he added.The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said Washington was expected to revise an executive order that stacked tariffs on top of each other.”However, it remains unclear whether the same rules apply for Japan and the EU,” Stanzl added.- Key figures at around 1530 GMT -New York – Dow: UP 0.3 percent at 44,076.64 pointsNew York – S&P 500: UP 0.6 percent at 6,378.57 New York – Nasdaq Composite: UP 0.8 percent at 21,408.81 London – FTSE 100: DOWN less than 0.1 percent at 9,095.73 (close)Paris – CAC 40: UP 0.4 percent at 7,743.00 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,162.86 (close)Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)Pound/dollar: UP at $1.3453 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1664 from $1.1665Dollar/yen: UP at 147.73 yen from 147.07 yenEuro/pound: DOWN at 86.73 pence from 86.76 penceBrent North Sea Crude: DOWN less than 0.1 percent at $66.37 per barrelWest Texas Intermediate: DOWN 0.3 percent at $63.66 per barrelburs-rl/jj/dc

Stock markets fluctuated and gold futures hit a record high Friday, tracking the latest twists in US President Donald Trump’s tariffs spree. Oil prices steadied after declining the previous day on news of a meeting between Trump and Russian leader Vladimir Putin in coming weeks, which raised hopes of a truce with Ukraine. London’s FTSE 100 was flat, Paris stocks edged up and Frankfurt dipped in early afternoon deals.Japanese stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.”Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.”In Japan, there is relief today upon hearing that the various tariffs will not be cumulative.”However, it remains unclear whether the same rules apply for Japan and the EU,” he added.Gold futures reached a record high at $3,534.10 an ounce after the Financial Times reported that Washington would put tariffs on one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market. It also makes up the largest part of Switzerland’s gold shipments to the United States. The FT said 100-ounce bars would also face tolls.The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group. Spot prices sat around $3,400 an ounce.The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said that Washington is expected to revise an executive order that stacked tariffs on top of each other.Japan also urged the US to implement the lower tariffs agreed on autos, a crucial driver of the world’s number-four economy, leading shares in Toyota and Nissan to climb.The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.Elsewhere in Asia, Hong Kong and Shanghai both closed down. Investors kept tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.The dollar held most of its recent losses against its peers on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.Miran shares Trump’s calls for interest rate cuts and has been a critic of the central bank in the past.The greenback had already been under pressure this week following the release of data last Friday showing US job creation cratered in May, June and July.- Key figures at around 1100 GMT -London – FTSE 100: FLAT at 9,101.15 pointsParis – CAC 40: UP 0.3 percent at 7,728.34Frankfurt – DAX: DOWN 0.1 percent at 24,179.93Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)New York – Dow: DOWN 0.5 percent at 43,968.64 (close)Pound/dollar: DOWN at $1.3440 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1638 from $1.1665Dollar/yen: UP at 147.78 yen from 147.07 yenEuro/pound: DOWN at 86.57 pence from 86.76 penceBrent North Sea Crude: UP 0.9 percent at $67.05 per barrelWest Texas Intermediate: UP 0.9 percent at $64.45 per barrel

Japanese stocks rallied Friday on a broadly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.Meanwhile, expectations that the Federal Reserve will cut interest rates were boosted by Donald Trump’s nomination of a key economic adviser to the central bank’s policy committee, adding to downward pressure on the dollar.The Nikkei 225 jumped nearly two percent after Japan’s tariffs envoy Ryosei Akazawa told reporters that Washington is expected to revise an executive order that stacked tariffs on top of each other.It also lowered vehicle tariffs on Japanese autos, a crucial driver of the world’s number-four economy.Car titan Toyota jumped more than three percent and Nissan 2.8 percent.Tech investment giant SoftBank rocketed more than 10 percent to a record after posting a quarterly profit thanks to its booming Vision Fund.And Sony piled on more than three percent — extending Thursday’s 4.1 percent gain — after it hiked its annual profit forecasts owing to its gaming business.While Taipei and Jakarta also rose, the rest of Asia retreated, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington and Manila all down. London and Paris edged up, but Frankfurt dipped.Gold futures soared after the Financial Times reported that Washington would put tariffs on one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market. The price of the December contract, the most active, hit a peak of $3,534.10 an ounce before easing, according to Bloomberg data.It also makes up the largest part of Switzerland’s gold shipments to the United States. The FT also said 100-ounce bars would face tolls.Spot prices sat around $3,400.Investors are now keeping tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.”We think uncertainties in US-China trade relations remain high, and any perception of one side failing to fully uphold its promise could trigger a renewed escalation in tensions,” economists at Bank of America said.”Moreover, as is the case with India, China could face potential penalties from crude oil imports from Russia,” they added. The dollar held most of its recent losses against its peers on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.”He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” the president wrote on his Truth Social platform. Miran shares Trump’s calls for interest rate cuts and has been a critic of the central bank in the past.”Miran has been very critical of US Fed policy and would likely advocate for cuts. This makes at least two rate cuts by the end of the year much more probable,” said National Australia Bank’s Tapas Strickland.The greenback had already been under pressure this week following the release of data last Friday showing US job creation cratered in May, June and July.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)London – FTSE 100: UP 0.1 percent at 9,110.45Pound/dollar: UP at $1.3450 from $1.3445 on ThursdayEuro/dollar: UP at $1.1666 from $1.1665Dollar/yen: UP at 147.24 yen from 147.07 yenEuro/pound: UP at 86.77 pence from 86.76 penceWest Texas Intermediate: DOWN 0.3 percent at $63.69 per barrelBrent North Sea Crude: DOWN 0.3 percent at $66.26 per barrelNew York – Dow: DOWN 0.5 percent at 43,968.64 (close)

Japanese stocks rallied Friday on a mixed day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.Meanwhile, expectations that the Federal Reserve will cut interest rates were boosted by Donald Trump’s nomination of a key economic adviser to the central bank’s policy committee, adding to downward pressure on the dollar.The Nikkei 225 jumped more than two percent after Japan’s tariffs envoy Ryosei Akazawa told reporters that Washington is expected to revise an executive order that stacked tariffs on top of each other.It also lowered vehicle tariffs on Japanese autos, a crucial driver of the world’s number-four economy.Car titan Toyota jumped almost four percent and Nissan more than three percent.Tech investment giant SoftBank rocketed more than 13 percent to a record after posting a quarterly profit thanks to its booming Vision Fund.And Sony piled on more than four percent — extending Thursday’s 4.1 percent gain — after it hiked its annual profit forecasts owing to its gaming business.But while Wellington, Taipei and Jakarta also rose, the rest of Asia struggled, with Hong Kong, Shanghai, Sydney, Seoul, Singapore and Manila all down. Investors are now keeping tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.”We think uncertainties in US-China trade relations remain high, and any perception of one side failing to fully uphold its promise could trigger a renewed escalation in tensions,” economists at Bank of America said.”Moreover, as is the case with India, China could face potential penalties from crude oil imports from Russia,” they added. The dollar held losses on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.”He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” the president wrote on his Truth Social platform. Miran shares Trump’s calls for interest rate cuts and has been a critic of the central bank in the past.”Miran has been very critical of US Fed policy and would likely advocate for cuts. This makes at least two rate cuts by the end of the year much more probable,” said National Australia Bank’s Tapas Strickland.The greenback had already been under pressure this week following data last Friday showing US job creation cratered in May, June and July.- Key figures at around 0250 GMT -Tokyo – Nikkei 225: UP 2.2 percent at 41,968.68 (break)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 24,958.15Shanghai – Composite: DOWN 0.1 percent at 3,636.18Pound/dollar: DOWN at $1.3438 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1659 from $1.1665Dollar/yen: UP at 147.31 yen from 147.07 yenEuro/pound: UP at 86.77 pence from 86.76 penceWest Texas Intermediate: FLAT at $63.88 per barrelBrent North Sea Crude: UP 0.1 percent at $66.46 per barrelNew York – Dow: DOWN 0.5 percent at 43,968.64 (close)London – FTSE 100: DOWN 0.7 percent at 9,100.77 (close)

President Donald Trump’s steeper global tariffs came into effect Thursday, leaving dozens of US partners scrambling to secure relief from soaring levies that are rewriting global trade practice.Shortly before the new rates kicked in, Washington also announced it would double India tariffs to 50 percent and hit many semiconductor imports with a 100-percent duty.Trump’s trade policy is a demonstration of economic power that he hopes will revive domestic manufacturing, but many economists fear it could fuel inflation and lower growth.In his latest move, the president raised import duties from 10 percent to levels between 15 percent and 41 percent for various trading partners.Many products from the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies.But questions remain surrounding the implementation of these agreements.Others like India face a 25-percent duty — to be doubled in three weeks — while Syria, Myanmar and Laos face levels of 40 or 41 percent.Switzerland’s government, which failed to convince Trump not to impose a 39-percent tariff, said after an extraordinary meeting Thursday that it remains committed to talks aimed at lowering levies.Trump’s latest wave of “reciprocal” duties — a response to trade practices Washington deems unfair — broadens measures imposed since he returned to the presidency.Wall Street’s major indexes mostly dipped, while global markets largely shrugged off the higher tariffs Thursday.- ‘No charge’ -The steeper duties maintain exemptions on sectors that Trump separately targeted, like steel and autos.Categories that could be hit later, like pharmaceuticals and semiconductors, are also spared for now.Trump said Wednesday that he plans an “approximately 100-percent tariff” on semiconductor imports, but with no charge for companies investing in his country or committed to doing so.Companies and industry groups warn Trump’s new levies will severely hurt smaller American businesses.But providing some reprieve from the “reciprocal” tariff hike is a clause saying that goods already en route to the United States before Thursday — and arriving before October 5 — will not face the new rates.With the dust settling, at least temporarily, Georgetown University professor Marc Busch expects US businesses to “pass along more of the tariff bill” to consumers.Inventories are depleting and it is unlikely firms will absorb costs indefinitely, he told AFP.Trump is using tariffs to pursue a variety of goals — such as doubling planned duties on India due to its purchase of Russian oil, a key revenue source in Moscow’s war in Ukraine.The order threatened penalties on countries that “directly or indirectly” import Russian oil too.The Federation of Indian Export Organisations called the move a “severe setback” impacting nearly 55 percent of shipments to the United States.- Discrepancies -Lingering questions remain for partners who have negotiated deals with Trump.Tokyo and Washington appear at odds over the terms of their pact, such as when levies on Japanese cars will be lowered from an existing 25 percent on US auto imports.Both countries also seem to differ on whether the new 15-percent toll on Japanese goods would be added to existing levies or — like the EU — be capped at that level for many products.Japan’s tariffs envoy Ryosei Akazawa told reporters Thursday that Washington is expected to revise its order such that the new toll does not stack uniformly on existing ones. It would also lower vehicle tariffs on Japanese autos.Washington and Beijing meanwhile have a temporary truce in their tariff standoff expiring August 12. Commerce Secretary Howard Lutnick told Fox Business it is likely this will be extended another 90 days.Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup.US tariffs on various Brazilian goods surged to 50 percent Wednesday with broad exemptions.Lutnick expects Trump’s duties could bring in $50 billion in monthly revenue.burs-bys/mlm

Global stocks had a mixed session Thursday as US President Donald Trump’s new tariffs on dozens of countries took effect, with investors eyeing exemptions from his threatened 100-percent levy on semiconductors.After a positive start, momentum on Wall Street faded, with both the Dow and S&P 500 finishing lower.”This tariff issue is still an overhang for the market as it kind of contemplates what that might mean in terms of inflation, and what it might mean in terms of earnings,” said Briefing.com analyst Patrick O’Hare.”There’s concerns about the market acting a little bit too complacent around these tariffs.”But tech stocks were lifted by Trump’s pledge of chip-tariff exemptions for companies that invest heavily in the United States or commit to do so. The Nasdaq rose 0.4 percent to 21,242.70, a new all-time high.Shares in Apple climbed 3.2 percent, adding to a gain of more than five percent on Wednesday when Apple CEO Tim Cook appeared at the White House to pledge new investments in the United States.  Shares in AI chipmaker Nvidia rose 0.8 percent, while several Asian chipmakers also moved higher. Taiwanese chip-making giant TSMC climbed five percent as Taipei said it would be exempt from Trump’s threatened levies on the sector.Seoul-listed Samsung, which is also pumping billions into the world’s number one economy, rose more than two percent while South Korean rival SK Hynix was up more than one percent.”The chip tariffs certainly sound terrible on the headline,” said Steve Sosnick of Interactive Brokers. “But there’s so many exemptions … so it’s perceived to be having so many loopholes that it’s not bad news.”Among individual companies, Intel dropped 3.1 percent as Trump called on the chipmaker’s CEO, Lip-Bu Tan, to resign after a Republican senator raised national security concerns over his links to firms in China.Airbnb dropped 8.0 percent on disappointment over the company’s outlook. The vacation rental company described demand as encouraging but warned of weak growth figures later in the year.In Europe, London was a rare faller despite a divided Bank of England cutting interest rates as expected and raising its growth forecast for the British economy.The BoE made clear that bringing down inflation is its main concern, putting in doubt further rate cuts in the immediate future and sending the pound higher.The rally in the British currency reflects the importance of “positioning, sentiment and expectations” among foreign exchange traders, said a note from Forex.com strategist James Stanley. “The fact that the vote was so close illustrates a divide at the bank that brings question to future moves,” Stanley said.- Key figures at around 2040 GMT -New York – Dow: DOWN 0.5 percent at 43,968.64 (close)New York – S&P 500: DOWN 0.1 percent at 6,340.00 (close)New York – Nasdaq Composite: UP 0.4 percent at 21,242.70 (close)London – FTSE 100: DOWN 0.7 percent at 9,100.77 (close)Paris – CAC 40: UP 1.0 percent at 7,709.32 (close)Frankfurt – DAX: UP 1.1 percent at 24,192.50 (close)Tokyo – Nikkei 225: UP 0.7 percent at 41,059.15 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,081.63 (close)Shanghai – Composite: UP 0.2 percent at 3,639.67 (close)Euro/dollar: UP at $1.1665 from $1.1660 on WednesdayPound/dollar: UP at $1.3445 from $1.3357Dollar/yen: DOWN at 147.07 yen from 147.37 yenEuro/pound: DOWN at 86.76 pence from 87.29 penceBrent North Sea Crude: DOWN 0.7 percent at $66.43 per barrelWest Texas Intermediate: DOWN 0.7 percent at $63.88 per barrelburs-jmb/ksb

Most stock markets climbed Thursday even as US President Donald Trump’s new tariffs on dozens of countries took effect, with investors eyeing exemptions from his threatened 100-percent levy on semiconductors.Sentiment was also lifted by hopes of easing geopolitical tensions after the Kremlin said Trump and Russia’s leader Vladimir Putin were set to meet for talks in the coming days.Wall Street’s main indices climbed as trading got underway, but the blue-chip Dow slipped into the red during morning trading and the S&P 500 was flat.Tech stocks were lifted by Trump’s pledge of chip-tariff exemptions for companies that invest heavily in the United States or commit to do so.”Donald Trump’s latest tariff move was taken with a positive twist after the president confirmed a 100-percent levy on imported semiconductors, but threw a lifeline to firms like Apple, saying US-based manufacturers would be exempt,” said City Index and FOREX.com analyst Fawad Razaqzada.Shares in Apple climbed 2.9 percent, adding to a gain of more than five percent on Wednesday.Shares in AI chipmaker Nvidia rose 1.0 percent. Some Asian semiconductor firms also got a boost.Taiwanese chip-making giant TSMC climbed five percent as Taipei said it would be exempt from Trump’s threatened levies on the sector.Seoul-listed Samsung, which is also pumping billions into the world’s number-one economy, rose more than two percent while South Korean rival SK Hynix was up more than one percent.Analysts said that while the chip tariff threat was steep, there was optimism the final level would be lower.And the entry into force of new US tariffs on many of its key trading partners as part of Trump’s efforts to reshape the global economy did not spook investors.”Trump’s global web of tariffs is now in place, but the stock market appears largely unfazed,” said Jochen Stanzl, chief market analyst at CMC Markets.Even Switzerland’s stock market rose 0.9 percent despite top officials failing to convince Washington not to impose a 39-percent tariff on Swiss goods.Stanzl added that buying was driven by “the potential for an interest rate cut by the Federal Reserve in just over a month and a possible meeting between Trump, (Ukraine leader Volodymyr) Zelensky, and Putin as early as next week”.In Europe, London was a rare faller despite the Bank of England cutting interest rates as expected and raising its growth forecast for the British economy.The decision to cut was split and the BoE made clear that bringing down inflation is its main concern, putting in doubt further rate cuts in the immediate future and sending the pound higher.Shares in chip maker Intel fell 3.3 percent after Trump demanded its new boss resign after a Republican Senator reportedly raised national security concerns over his links to firms in China.The price of bitcoin rose to near its record high on reports that Trump was about to sign an order that would allow US 401k pension savings accounts to use the cryptocurrency as an asset. – Key figures at around 1530 GMT -New York – Dow: DOWN 0.6 percent at 43,909.88 pointsNew York – S&P 500: FLAT at 6,340.70New York – Nasdaq Composite: UP 0.4 percent at 21,262.39London – FTSE 100: DOWN 0.7 percent at 9,100.77 (close)Paris – CAC 40: UP 1.0 percent at 7,709.32 (close)Frankfurt – DAX: UP 1.1 percent at 24,192.50 (close)Tokyo – Nikkei 225: UP 0.7 percent at 41,059.15 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,081.63 (close)Shanghai – Composite: UP 0.2 percent at 3,639.67 (close)Euro/dollar: DOWN at $1.1630 from $1.1659 on WednesdayPound/dollar: UP at $1.3413 from $1.3358Dollar/yen: UP at 147.45 yen from 147.38 yenEuro/pound: DOWN at 86.72 pence from 87.23 penceBrent North Sea Crude: DOWN 0.3 percent at $66.68 per barrelWest Texas Intermediate: DOWN 0.3 percent at $64.13 per barrelburs-rl/rlp

Weeks after he was forced to return from Iran, Mohammad Mohsen Zaryab was still searching for somewhere to live in Kabul, where rental prices have soared along with an influx of Afghans expelled from neighbouring countries. More than 2.1 million Afghans have returned from Pakistan and Iran so far this year, according to the United Nations refugee agency. They join earlier rounds of mass expulsions from the neighbouring countries, deported or driven out by fear of arrest.Many of the returnees, like Zaryab, fled with their meagre belongings to Kabul, expecting the swelling city of eight million to offer the best prospects of finding work in a country where half the population lives below the poverty line.Zaryab begged landlords to bring down prices for his family of eight, only to be told, “If you can’t pay, someone else will”. The 47-year-old factory worker said he had expected when he returned in July to find more solidarity for Afghans coming “from far away with no home”. Multiple Kabul property dealers told AFP that rental prices had skyrocketed with the influx of returnees. “Since landlords noticed that refugees (from Iran and Pakistan) were returning, they doubled their rents,” said real estate agent Hamed Hassani, calling for the government to “intervene”. “We have many refugees who come to ask us for an apartment to rent, and most of them cannot afford what’s available,” he said. – Urban anarchy -A year ago, a three-room house would on average cost 10,000 Afghanis ($145) per month, but renters now pay 20,000, said Nabiullah Quraishi, the head of a property dealership. The cost amounts to a fortune for the majority of Afghanistan’s 48 million people, 85 percent of whom live on less than one dollar a day, according to the UN.Two years ago, multiple landlords would come to Quraishi’s business every month seeking help renting their property. Now, demand outstrips supply, he said. The municipality denies any housing crisis in the city. Major urban development plans, which include building new roads even if it means bulldozing numerous residences, are further straining housing access.”Seventy-five percent of the city was developed unplanned,” municipality spokesman Nematullah Barakzai told AFP. “We don’t want this to happen again.” – Can’t stay, can’t leave -Zahra Hashimi fears being evicted from the single basement room that has served as her home since she and her family returned from Iran. Her husband, who works odd jobs, earns about 80 Afghanis per day (a little over a dollar), not enough to pay the rent for the property, which has no electricity or running water. “We lost everything when we returned to Afghanistan,” said Hashimi, whose eldest daughter can no longer attend school under Taliban rules that deny women and girls schooling and employment. Her two primary-school-aged daughters could still attend, but the family cannot afford the tuition. The housing pressures have also affected long-time Kabul residents. Tamana Hussaini, who teaches sewing in the west of Kabul, where rents are lower, said her landlord wants to raise the 3,000 Afghani rent for their three-bedroom apartment.The family of eight tried to move out, but “rents are too high”, she told AFP. “It’s a frustrating situation where you can’t stay, but you can’t leave either.” 

Indian exporters warned on Thursday that the cost of additional US tariffs risked making businesses “not viable” after President Donald Trump ordered steeper levies totalling 50 percent on imported Indian goods.Prime Minister Narendra Modi said he was willing to “pay a great personal price”, while opposition Congress party leader Rahul Gandhi called the levies “economic blackmail” and “an attempt to bully India into an unfair trade deal”.Stocks opened marginally lower on Thursday, with the benchmark Nifty index down 0.31 percent after an initial 25 percent US tariff came into effect.That levy will be doubled in three weeks after Trump signed an order on Wednesday to impose an additional 25 percent tariff because of New Delhi’s continued purchases of Russian oil, a key revenue source for Moscow’s war in Ukraine.India is the second-largest buyer of Russian oil, saving itself billions of dollars on discounted crude.India’s foreign ministry condemned Trump’s announcement of further tariffs, calling the move “unfair, unjustified and unreasonable”.S.C. Ralhan, president of the Federation of Indian Export Organisations, said he feared a troubling impact.”This move is a severe setback for Indian exports, with nearly 55 percent of our shipments to the US market directly affected,” he said in a statement.”The 50 percent reciprocal tariff effectively imposes a cost burden, placing our exporters at a 30–35 percent competitive disadvantage compared to peers from countries with lesser reciprocal tariff.”Ralhan said “many export orders have already been put on hold” as buyers reassess sourcing decisions.Profit margins for “a large number” of small- to medium-sized enterprises profit “are already thin”, he said.”Absorbing this sudden cost escalation is simply not viable,” he said.India, the world’s fifth-largest economy and most populous nation, is bracing for a bumpy ride because the United States is its largest trading partner, with New Delhi shipping goods worth $87.4 billion in 2024.”If the extra 25 percent tariff that President Trump has announced on imports from India remains in place, India’s attractiveness as an emerging manufacturing hub will be hugely undermined,” Shilan Shah of Capital Economics said in a note.US spending drives around 2.5 percent of India’s GDP, Shah said.A 50 percent tariff is “large enough to have a material impact”, he said, with the resulting drop in exports meaning the economy would grow by closer to six percent this year and next, down from the seven percent they currently forecast.- Drug, gems, seafood -India’s top exports include smart phones, drugs, gems, textiles and industrial machinery, with some of the most labour-intensive goods — including jewellery and seafood — under threat.The Seafood Exporters Association of India said on Wednesday that the 50 percent tariff “imperils” its $3 billion business.India’s jewellery sector, which exported goods worth more than $10 billion last year, had already warned of job losses potentially hitting “thousands” at lower levy levels. It called the higher rate “devastating”.A key sticking point for India has been its reluctance to fully open its agriculture, a sector that employs vast numbers of people, to US imports.Modi said in a speech on Thursday that “India will never compromise on the interests of its farmers”.He said he would “have to pay a great personal price, but I am ready for it”, without giving further details.It seemed a far cry from India’s early hopes for special tariff treatment. Trump said in February he found a “special bond” with Modi when the Indian leader visited Washington.Successive US administrations have seen India as a key partner that has like-minded interests with regard to China.India and China are intense rivals competing for strategic influence across South Asia. Indian media has reported that Modi might visit long-time rival China in late August. The trip has not been confirmed by officials but it would be his first visit to China since 2018.Modi and China’s President Xi Jinping last met in Russia in October 2024.