China says ‘determined’ to open up to world in 2025
China is “determined” to continue opening up its economy to the world in 2025, a top economic planning official said Friday, as Beijing steels itself for potential trade turmoil when US President-elect Donald Trump takes office.The world’s second-largest economy has struggled to revive growth following the Covid-19 pandemic and remains beset by a debt crisis in the crucial housing sector, chronically low consumption and high youth unemployment.Prospects may darken further after Trump’s inauguration on January 20 — the mercurial US leader hiked tariffs on Chinese imports during a wide-ranging trade war in his first term in office, and has promised more of the same. But on Friday officials from China’s top planning body, the National Development and Reform Commission (NDRC), said that “no matter how the external environment changes, full of uncertainty, China’s determination and actions to open up to the outside world will remain unchanged”. “In the new year we will certainly take many new measures… to steadily expand systemic openness and further build a business environment that is marketised, under rule of law, and internationalised,” NDRC deputy director Zhao Chenxin said at a press conference on Friday.He said China plans to encourage greater foreign investment in “advanced manufacturing, modern services, high-tech, energy saving and environmental protection”.Authorities have been clear they want to reorientate the economy around such areas of high-tech innovation, for example in the green energy sector — leaving behind the double-digit “growth at all costs” of the past.The country’s installed capacity of wind and solar power reached a combined 1.31 billion kilowatts, accounting for 40.5 percent of total power generation capacity last year — up from 36 percent in 2023, Zhao said Friday. But some figures hinted at more long-term challenges for the economy, chief among them an ageing population. The country’s total childcare providers reached the 100,000 mark in 2024, while the number of elder care facilities hit 410,000, Zhao said.
Asian shares rise defying slow Wall Street start to 2025
Asian markets gained on Friday, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday.Hong Kong, Sydney and Taipei stocks climbed, while South Korea’s Kospi Index surged nearly two percent higher despite the ongoing political uncertainty in Asia’s fourth-largest economy.South Korean investigators attempted to arrest impeached President Yoon Suk Yeol at his residence Friday morning over his failed martial law bid, but security forces were reportedly blocking their efforts.After the New Year’s Day break, US stocks opened higher on Thursday but tumbled into the red mid-session before concluding the day modestly lower.The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 percent after fourth-quarter auto sales lagged expectations.The dollar index on Thursday hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. “There’s still no flagging of the US dollar’s vigour, despite US equities struggling on the first trading day of the year,” Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said in a note on Friday.”The very negative performance of China equities (Thursday) provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,” Tan added.After slumping more than two percent on Thursday, Shanghai stocks were still down in Friday morning trade, while Hong Kong was up, reversing the previous day’s trend.Tokyo remains closed until Monday.Investors are gearing up for big changes in the coming weeks, especially with the January 20 inauguration of Donald Trump, who has threatened deep tariffs, especially on China, that could rattle international trade.Trump’s “policies especially on tariffs are inflationary in their very nature”, Jung In Yun, CEO of Fibonacci Asset Management Global, said on Bloomberg Television.”Inflation being very sticky and refusing to come down means we could have the current state of mid-level interest rates for a prolonged period of time.”US jobless claims released Thursday fell more than expected, highlighting a robust labor market, and leaving the Federal Reserve with less reason to support fresh rate cuts.Other significant economic releases ahead include data on inflation and retail sales during the holiday shopping season.- Key figures around 0220 GMT -Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.4 percent at 19,705.29Shanghai – Composite: DOWN 0.7 percent at 3,240.03Euro/dollar: DOWN at $1.0268 from $1.0269 on ThursdayPound/dollar: UP at $1.2388 from $1.2382Dollar/yen: DOWN at 157.32 yen from 157.52 yenEuro/pound: DOWN at 82.89 pence from 82.92 penceBrent North Sea Crude: UP 0.2 percent at $76.09 per barrelWest Texas Intermediate: UP 0.3 percent at $73.32 per barrelNew York – Dow: DOWN 0.4 percent at 42,392.27 (close)
Premier Conseil des ministres du gouvernement Bayrou, qui voudrait durer
Il s’agit du premier Conseil des ministres de François Bayrou et du premier de l’année 2025 pour Emmanuel Macron: le président réunit vendredi à l’Elysée le nouveau gouvernement de son allié centriste, nommé après la censure de son prédécesseur resté seulement trois mois.Comme chaque nouvelle année, les membres du gouvernement se rendront d’abord place Beauvau, au ministère de l’Intérieur, pour le traditionnel petit-déjeuner de rentrée. Puis ils iront présenter, à pied, leurs vœux à l’Elysée, à 10H00.”Réconciliation, action, stabilité” sont les trois vœux formulés par le nouveau Premier ministre François Bayrou, qui souhaiterait davantage durer à son poste que Michel Barnier, même s’il est comme lui privé de majorité à l’Assemblée nationale et si les équilibres politiques de son gouvernement de centre droit ressemblent beaucoup à ceux de l’équipe précédente.François Bayrou amènera néanmoins autour de la table ses poids lourds, comme les ex-Premiers ministres Elisabeth Borne (Education) et Manuel Valls (Outre-mer), et des ministres qui ont, dixit une source gouvernementale, “une histoire” avec la gauche, tels Eric Lombard (Economie) ou François Rebsamen (Aménagement du territoire). Pour préparer ce premier rendez-vous de l’année autant que le projet de budget, tombé avec la censure, François Bayrou a reçu jeudi plusieurs ministres et déjeuné longuement – plus de deux heures – avec le président Emmanuel Macron à l’Elysée.- Grain de sel -Ce premier Conseil ressemblera à des retrouvailles officielles entre les deux têtes de l’exécutif, qui a connu de vives tensions quand Emmanuel Macron a hésité à nommer le patron du MoDem, ce dernier menaçant alors de rompre avec le chef de l’Etat.Resté en retrait sous le court bail de Michel Barnier, un opposant de droite, le président a semblé mettre davantage son grain de sel dans le travail du gouvernement, lors de ses vœux aux Français.Le nouveau gouvernement “doit pouvoir tenir un chemin de compromis pour agir”, il faut que la France “continue d’être attractive”, “travaille et innove plus”, “continue de créer des emplois” et “assure sa croissance en tenant ses finances”, a-t-il exhorté.Matignon se défend de toute inimitié avec l’Elysée. François Bayrou, “ce n’est pas l’homme de petites piques” contre le président, soutient son entourage. “Michel Barnier était, lui, dans le bras de fer”, ajoute une source gouvernementale.Le maire de Pau y voit une relation de “coresponsabilité”. Le président s’est abstenu pour l’heure de la qualifier.Outre le manque de soutiens à l’Assemblée, le nouveau Premier ministre entame son bail avec une cote de popularité historiquement basse, selon le baromètre Ifop-Journal du Dimanche publié le 22 décembre. Son arrivée à Matignon a été marquée par une vive polémique quand il s’est rendu à Pau pour participer au conseil municipal de sa ville au lieu de participer à une réunion de crise sur Mayotte, dévasté par un ouragan le lendemain de sa nomination.- “Moment politique” -François Bayrou s’est depuis rendu dans l’archipel avec cinq ministres, et a annoncé une batterie de mesures pour remettre “debout” ce département, le plus pauvre de France. Mais le projet de loi “d’urgence” pour Mayotte ne figurera pas au menu de ce Conseil des ministres, comme promis initialement. Il sera présenté la semaine prochaine, même si ce report ne devrait pas avoir d’impact sur son examen par le Parlement, qui reprend ses activités le 13 janvier.Le menu risque donc d’être léger à la table de l’Elysée vendredi, où un conseil de défense et sécurité nationale se tiendra également dans la matinée. Une nouvelle porte-parole du gouvernement, l’ex-sénatrice Les Républicains Sophie Primas, fera le compte-rendu de ces réunions. Un exercice rapatrié à l’Elysée, à la demande de François Bayrou, alors que son prédécesseur avait choisi de le délocaliser dans un bâtiment des services du Premier ministre.”C’est l’installation, le moment sera surtout politique” résume une source ministérielle, qui juge “rare” qu’un gouvernement se demande, dès sa première réunion, “s’il va durer”.Le rendez-vous permettra d’appréhender les grandes lignes de la déclaration de politique générale que François Bayrou prononcera devant le Parlement le 14 janvier.Pour préparer ce discours en même temps que le budget, les ministres de l’Economie et du Budget ont commencé à entendre les groupes politiques. Un des élus de la majorité, consulté, souhaite “de l’audace à défaut de la confiance”. Il mise sur un budget avec “moins d’économies” qu’envisagé et “un deal” avec les socialistes sur les retraites.
Mixed day for global stocks as dollar pushes higher
Global stocks began 2025 in muted fashion while the dollar advanced Thursday as markets gird for a much heavier news flow later in January with the inauguration of President-elect Donald Trump.US stocks opened the day higher but tumbled into the red mid-session before concluding the day modestly lower.”It feels like we won’t have all of the players back until Monday,” said Art Hogan of B. Riley Wealth Management. “We’re stuck in holiday mode.”London, bolstered by rising commodity shares to offset banks going in the opposite direction, closed with a one percent gain, while Frankfurt ended 0.6 up and Paris eked out a narrow gain.The Hong Kong and Shanghai stock markets had set a negative tone earlier, slumping more than two percent while Tokyo was closed.Investors are gearing up for big changes in the weeks ahead, especially the January 20 presidential inauguration of Trump, who has threatened deep tariffs that could rattle international trade.There are also significant economic releases in the coming period relating to the job market, inflation and retail sales during the holiday shopping season.”We know that part of the policy mix that the incoming president is recommending is pro-growth and part could cause some market volatility like the policies around trade and immigration,” said Angelo Kourkafas of Edward Jones. The dollar index hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. Both the euro and the pound fell sharply against the US currency.”Optimism about the strength of the mighty US economy remains buoyant for 2025,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Thursday. “Already growth has kept outpacing forecasts as consumers and companies have shrugged off the impact of high interest rates.”Oil and natural gas prices also pushed higher, boosted by forecasts for a cold wave in parts of the United States in the coming period.Among individual companies, Tesla slumped 6.1 percent after fourth-quarter auto sales lagged expectations. While the result was disappointing, analysts noted that Tesla shares have rocketed higher since the US election.Constellation shot up 8.4 percent after announcing it won more than $1 billion in US contracts to supply power to government agencies.- Key figures around 2150 GMT -New York – Dow: DOWN 0.4 percent at 42,392.27 (close)New York – S&P 500: DOWN 0.2 percent at 5,868.55 (close)New York – Nasdaq Composite: DOWN 0.2 percent at 19,280.79 (close)London – FTSE 100: UP 1.1 percent at 8,260.09 (close)Paris – CAC 40: UP 0.2 percent at 7,393.76 (close)Frankfurt – DAX: UP 0.6 percent at 20,024.66 (close)Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: DOWN 2.2 percent at 19,623.32 (close)Shanghai – Composite: DOWN 2.7 percent at 3,262.56 (close)Euro/dollar: DOWN at $1.0269 from $1.0356 on WednesdayPound/dollar: DOWN at $1.2382 from $1.2517Dollar/yen: UP at 157.52 yen from 157.24 yenEuro/pound: UP at 82.92 from 82.74 penceBrent North Sea Crude: UP 1.7 percent at $75.93 per barrelWest Texas Intermediate: UP 2.0 percent at $73.13 per barrelburs-jmb/md
Spain’s Canary Islands received record 46,843 migrants in 2024: ministryThu, 02 Jan 2025 19:39:51 GMT
A record 46,843 migrants reached Spain’s Canary Islands illegally in 2024 via the increasingly deadly Atlantic route, the second consecutive year of unprecedented arrival numbers, official data showed on Thursday.The landmark came as the European country received 63,970 irregular migrants last year, the vast majority in the Atlantic archipelago, up from 56,852 in 2023, the …