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Despite political upheavals, stock markets and bitcoin smashed records in 2024, fuelled by investor enthusiasm for Artificial Intelligence (AI), falling interest rates, and hopes of tax cuts.Here are four of the most remarkable aspects of 2024 for financial markets:- Stock records fall like dominoes -Wall Street’s three main stock indices blew past record highs to set new peaks in 2024, with the Dow Jones Industrial Average climbing above 45,000 points, the S&P 500 above 6,000 and the Nasdaq Composite above 20,000.”It was an exceptional year, driven by the performance of tech shares thanks to artificial intelligence,” said Christopher Dembik, senior investment advisor at Pictet Asset Management.The Dow ended the year up by around 13 percent, while the S&P 500 and the Nasdaq, which have more tech stocks, notched annual gains of over 23 percent and around 29 percent respectively.Shares in Nvidia, which makes processors particularly adept at running AI models, including applications such as ChatGPT, rose more than 170 percent in 2024.”It’s now been about two years that ChatGPT was launched and it’s been two years that the AI buzz pushed some US Big Tech companies to the sky,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”Nvidia, which has become the icon of the AI rally, gained almost 1,000 percent since then, the Magnificent Seven nearly 100 percent since last November,” she added.The Magnificent Seven are seven companies widely recognized for their technological and consumer impact: Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, Nvidia and Tesla. In Europe, records also fell, but the gains were less marked.Frankfurt’s DAX, driven by business software developer SAP (+70 percent) broke the 20,000-point level and finished the year with a gain of 18.9 percent.Tokyo’s Nikkei 225 index gained almost 20 percent in 2024, finally surpassing the high seen before Japan’s asset bubble burst in the 1990s.- A very political year -Donald Trump’s victory in the US presidential election gave Wall Street even more of a boost on hopes he will follow through on pledges of deregulation and tax cuts.”The market considered that will mean more growth and for longer,” said Pierre Bismuth, director at Myria Asset Management. Political developments did not always aid investors, however. Look at France: President Emmanuel Macron’s calling of early parliamentary elections backfired with no clear winner, and the Paris CAC 40, which had been up more than six percent ahead of the election, ended 2024 down more than two percent.Weakness in China further dragged down luxury stocks.In 2025, investors are keeping a wary eye to see if Donald Trump implements threatened tariff hikes, as well as the outcome of early elections in Germany in February.- Bitcoin, gold and commodities -Bitcoin rode expectations of deregulation under Trump to break the $100,000 level and rose more than 120 percent. Ethereum rose more than 40 percent, even if it did not set a new all-time record.Gold also set a new record as it benefitted from its safe-haven appeal during times of geopolitical tensions.Commodities such as coffee and cocoa set new records as poor weather caused supply concerns.- Monetary policy roller coaster -The central banks of the United States and some European countries finally began to cut interest rates they had hiked to tame an inflation spike triggered by the post-pandemic recovery and the Russian invasion of Ukraine.Switzerland got the ball rolling in March, followed by the European Central Bank in June and the Bank of England and the US Federal Reserve in September.Investors as well as central banks were anxious about the pace of interest rate cuts: not too fast to reignite inflation but not so slow that activity falls.Trading sometimes turned volatile as investors interpreted economic data through the prism of its impact on the Fed’s likelihood to cut rates.In August, investors took fright from disappointing US jobs figures, causing a nearly three-percent slump on Wall Street as they feared the economy might be on the brink of a recession.However, the US economy proved resilient and investors and the Fed have been paring back expectations of further rate cuts, especially as Trump’s tariffs could spark fresh inflationary pressures.Given stagnant growth in the eurozone, the ECB is expected to continue cutting rates.

Wall Street stocks slid Tuesday to close the year on a gloomy note but Europe’s main stock markets advanced, as all eyes turn to 2025 and the impact that the policies of US President-elect Donald Trump will have on the global economy.After dropping more than one percent on Monday as investors booked profits and broke hopes of a so-called “Santa Claus rally,” the Dow lost 0.1 percent to end 2024.”Sliding Treasury yields are helping in the repair work along with some rebound action in the mega-cap stocks and perhaps some New Year’s Eve spirit that is keeping the trading mood light,” said Briefing.com analyst Patrick O’Hare.Overall, Wall Street stocks still capped the year with double-digit gains, as falling global inflation triggered interest rate cuts from major central banks.That pushed global stock markets to record-high levels this year, as did a tech boom on rapid growth for the artificial intelligence (AI) sector.The Dow was up around 13 percent for the year, while the Nasdaq surged nearly 30 percent.The S&P 500, meanwhile, gained more than 23 percent in 2024.In Europe, London’s benchmark FTSE 100 index closed up 0.6 percent and the Paris CAC 40 rallied 0.9 percent in a shortened trading day.Over 2024, London gained nearly six percent.Paris fell 2.2 percent over the year, with the index hit late in the year by political turmoil in France, while China’s economic slowdown impacted the luxury sector.Frankfurt, whose last trading day was Monday, surged nearly 19 percent over the year despite Europe’s biggest economy Germany enduring a tough time.Traders closed out the year “amid uncertainty over monetary policy and the economic outlook under a Trump presidency,” Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted Tuesday.Asian stock markets ended the year mainly in the red following a poor lead from Wall Street.Concerns about the slow pace of US interest rate cuts by the Federal Reserve and uncertainty about Trump’s tariff plans have soured the mood during recent sessions.”In Asia, notably China, tariffs may appear to be a manageable obstacle if they were the only concern,” said Stephen Innes at SPI Asset Management.”However, China’s economic difficulties go well beyond simple trade conflicts. The nation is also contending with serious domestic consumption challenges and self-induced setbacks in its technology sector,” Innes added.China’s Purchasing Managers’ Index (PMI) for manufacturing was 50.1 in December, signaling a third consecutive month of expansion, official data showed Tuesday.President Xi Jinping said China would put in place “more proactive” macroeconomic policies next year, according to state media, with economists warning that more direct fiscal stimulus aimed at shoring up domestic consumption was needed.The yuan on Tuesday reached its lowest level versus the dollar since October 2023.Tokyo’s Nikkei 225 index, which closed out the year Monday, gained almost 20 percent in 2024, finally surpassing the high seen before Japan’s asset bubble burst in the 1990s.- Key figures around 2115 GMT -New York – Dow: DOWN 0.1 percent at 42,544.22 points (close)New York – S&P 500: DOWN 0.4 percent at 5,881.63 (close)New York – Nasdaq Composite: DOWN 0.9 percent at 19,310.79 (close)London – FTSE 100: UP 0.6 percent at 8,173.02 (close)Paris – CAC 40: UP 0.9 percent at 7,380.74 (close)Frankfurt – DAX: closedTokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.1 percent at 20,059.95 (close)Shanghai – Composite: DOWN 1.6 percent at 3,351.76 (close)Euro/dollar: DOWN at $1.0360 from $1.0401 on MondayPound/dollar: DOWN at $1.2520 from $1.2548Dollar/yen: UP at 157.32 yen from 156.41 yenEuro/pound: DOWN 82.74 pence from 82.93 penceWest Texas Intermediate: UP 1.0 percent at $71.72 per barrelBrent North Sea Crude: UP 0.9 percent at $74.64 per barrelburs-rl/jhb/bys/aha

Wall Street stocks moved higher on Tuesday, looking to ring out the year with gains as did Europe’s main stock markets, as all eyes turn to 2025 and the impact that the policies of US President-elect Donald Trump will have on the global economy.After dropping more than one percent on Monday as investors booked profits and broke hopes of a so-called Santa Claus rally, the Dow added 0.3 percent as trading got underway.”Sliding Treasury yields are helping in the repair work along with some rebound action in the mega-cap stocks and perhaps some New Year’s Eve spirit that is keeping the trading mood light,” said Briefing.com analyst Patrick O’Hare.At the closing bell Wall Street stocks are set to end 2024 with double-digit gains as falling global inflation triggered interest-rate cuts from major central banks.That pushed global stock markets to record-high levels this year, as did a tech boom on rapid growth for the artificial intelligence sector.In Europe, London’s benchmark FTSE 100 index closed up 0.6 percent and the Paris CAC 40 rallied 0.9 percent in a shortened trading day.Over 2024, London gained nearly six percent.Paris fell 2.2 percent over the year, with the index hit late in the year by political turmoil in France, while China’s economic slowdown impacted the luxury sector.Frankfurt, whose last trading day was Monday, surged nearly 19 percent over the year despite Europe’s biggest economy Germany enduring a tough time.Traders closed out the year “amid uncertainty over monetary policy and the economic outlook under a Trump presidency”, Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted Tuesday.Asian stock markets ended the year mainly in the red following a poor lead from Wall Street.Concerns about the slow pace of US interest rate cuts by the Federal Reserve and uncertainty about Trump’s tariff plans have soured the mood during recent sessions.”In Asia, notably China, tariffs may appear to be a manageable obstacle if they were the only concern,” said Stephen Innes at SPI Asset Management.”However, China’s economic difficulties go well beyond simple trade conflicts. The nation is also contending with serious domestic consumption challenges and self-induced setbacks in its technology sector,” Innes added.China’s Purchasing Managers’ Index (PMI) for manufacturing was 50.1 in December, signalling a third consecutive month of expansion, official data showed on Tuesday.President Xi Jinping said China would put in place “more proactive” macroeconomic policies next year, according to state media, with economists warning that more direct fiscal stimulus aimed at shoring up domestic consumption was needed.The yuan on Tuesday reached the lowest level versus the dollar since October 2023.Tokyo’s Nikkei 225 index, which closed out the year Monday, gained almost 20 percent in 2024, finally surpassing the high seen before Japan’s asset bubble burst in the 1990s.- Key figures around 1430 GMT -New York – Dow: UP 0.3 percent at 42,691.09 pointsNew York – S&P 500: UP 0.3 percent at 5,922.77New York – Nasdaq Composite: UP 0.4 percent at 19,557.01London – FTSE 100: UP 0.6 percent at 8,173.02 (close)Paris – CAC 40: UP 0.9 percent at 7,380.74 (close)Frankfurt – DAX: closedTokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.1 percent at 20,059.95 (close)Shanghai – Composite: DOWN 1.6 percent at 3,351.76 (close)Euro/dollar: DOWN at $1.0382 from $1.0401 on MondayPound/dollar: DOWN at $1.2527 from $1.2548Dollar/yen: UP at 156.97 yen from 156.41 yenEuro/pound: DOWN at 82.87 pence from 82.93 penceWest Texas Intermediate: UP 0.6 percent at $71.40 per barrelBrent North Sea Crude: UP 0.5 percent at $74.32 per barrelburs-rl/jhb

President Xi Jinping said China will put in place “more proactive” macroeconomic policies next year, state media reported, as he addressed a top political advisory body on Tuesday.The country has struggled this year to climb out of a slump fuelled by a property market crisis, weak consumption and soaring government debt.Beijing has unveiled a string of aggressive measures in recent months aimed at bolstering growth, including cutting interest rates, cancelling restrictions on home buying and easing the debt burden on local governments.But economists have warned that more direct fiscal stimulus aimed at shoring up domestic consumption is needed to restore full health in China’s economy.”We must… further comprehensively deepen reform, expand high-level opening up, better coordinate development and security, (and) implement more proactive and effective macroeconomic policies,” state broadcaster CCTV quoted Xi as telling the National Committee of the Chinese People’s Political Consultative Conference at a New Year’s tea party. Later, in a televised speech addressed to the nation, Xi admitted there were still roadblocks ahead.”The current economic operation faces some new situations, challenges from the uncertainty of the external environment, and pressure of transformation from old drivers of growth into new ones, but these can be overcome through hard work,” he said. Beijing is aiming for growth of around five percent this year, a goal officials have expressed confidence in achieving but which many economists believe it will narrowly miss.”The new quality productivity develops steadily, and annual GDP is expected to grow by about five percent,” Xi reiterated on Tuesday to the National Committee. The International Monetary Fund expects China’s economy to grow by 4.8 percent this year and 4.5 percent next year.- ‘Near-term boost’ -Xi’s comments came as Chinese authorities released optimistic factory activity figures, a sign that recent stimulus measures may be starting to take effect.China’s Purchasing Managers’ Index (PMI) — a key measure of industrial output — was 50.1 in December, marking a third consecutive month of expansion, the National Bureau of Statistics said on Tuesday.The figure was lower than Bloomberg analysts’ prediction of 50.2, but still above 50 which indicates an expansion in manufacturing activity.A reading below that shows a contraction.The key indicator slid for six months in the middle of the year before returning to expansion territory in October.The non-manufacturing PMI, which measures activity in the service sector, came in at 52.2 in December, up from 50.0 in November.”The official PMIs suggest that the economy gained momentum in December, driven by faster growth in the services and construction sectors,” Gabriel Ng of Capital Economics wrote in a note to clients Tuesday.”Increased policy support towards the end of the year has clearly provided a near-term boost to growth,” Ng wrote.Ng noted that export orders in particular rose to a four-month high in December, “probably helped by US importers ramping up orders in advance of potential (Donald) Trump tariffs” when the president-elect takes office in January.

Asian stocks ended the year mainly in the red on Tuesday after worries about 2025 and profit-taking turned Wall Street’s usual holiday period “Santa Claus rally” into a mini-rout.The three main US indices all slumped around one percent on Monday, adding to Friday’s losses, with Tesla down 3.3 percent and Facebook owner Meta off 1.4 percent. Volumes were thin but brokers said investors were locking in gains after a bumper 2024, particularly for the “Magnificent Seven” troop of US tech giants.Concerns about the slow pace of US interest rate cuts by the Federal Reserve and uncertainty about incoming president Donald Trump’s tariff plans were also souring the mood.”In Asia, notably China, tariffs may appear to be a manageable obstacle if they were the only concern,” said Stephen Innes at SPI Asset Management.”However, China’s economic difficulties go well beyond simple trade conflicts. The nation is also contending with serious domestic consumption challenges and self-induced setbacks in its technology sector,” Innes said.China’s Purchasing Managers’ Index (PMI) for manufacturing was 50.1 in December, signalling a third consecutive month of expansion, official data showed on Tuesday.President Xi Jinping said China would put in place “more proactive” macroeconomic policies next year, according to state media, with economists warning that more direct fiscal stimulus aimed at shoring up domestic consumption was needed.Shanghai’s Composite Index closed down 1.6 percent on the last day of the year at 3,351.76. Stocks in Sydney, Taipei and Wellington were all down.Tokyo was spared the year-end ennui after the Nikkei 225 shut up shop on Monday with its best year-end close since Japan’s asset bubble burst in the 1990s.Hong Kong was a rare bright spot among other Asian indices on Tuesday, but only just, closing up 0.1 percent at 20,059.95. Seoul also closed on Monday, before another day of tragedy and turmoil in South Korea.Rescuers handed over the first bodies from the crash of a Jeju Air Boeing 737-800 to grieving families on Tuesday, South Korea’s deadliest air disaster on its own soil in which 179 people were killed.Boeing shares fell more than five percent on Wall Street on Monday before recovering. On the political front, a South Korean court issued an arrest warrant for Yoon Suk Yeol, the impeached and suspended president who briefly declared martial law on December 3.- Key figures around 0800 GMT -Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.1 percent at 20,059.95Shanghai – Composite: DOWN 1.6 percent at 3,351.76 Euro/dollar: UP at $1.0413 from $1.0401 on MondayPound/dollar: DOWN at $1.2554 from $1.2548Dollar/yen: UP at 156.16 yen from 156.41 yenEuro/pound: DOWN at 82.95 pence from 82.93 penceWest Texas Intermediate: UP 0.7 percent at $71.49 per barrelBrent North Sea Crude: UP 0.7 percent at $74.49 per barrelburs-pbt/lb

Animal ears and pom-poms on fuzzy hats adorn tourists’ heads on the streets of the frigid northeastern Chinese city of Harbin, which is enjoying a surge in visitors driven by social media.Photos and videos taken around the city’s landmarks flood platforms such as TikTok counterpart Douyin and Instagram-esque Xiaohongshu — many featuring tourists from the warmer south.They’re affectionately known as “southern little potatoes”, a reference to their alleged smaller stature and cutesy winter gear that contrast with the area’s stereotypically coarse character.A search for “southern little potatoes visit the north” racked up more than 428,000 notes on Xiaohongshu.That’s where Chen Xiting, who works in e-commerce in the southern province of Guangdong, said she was inspired to visit.”It’s the quickest way young people get trip recommendations,” said Chen.She said she had noticed a sizeable number of fellow southerners.”I heard quite a bit of Cantonese, which we’re very familiar with, today at tourist sites and on the street,” said the 29-year-old, wearing a hat with dog ears and with only her face exposed to the air.Liu Rong, a student from Sichuan, said the city’s push for more southern tourists was clear from the surge in videos about Harbin he often watched with his wife.”These years, especially this year, Harbin’s cultural tourism has placed a lot of importance on paying attention to us southerners,” Liu said.- ‘Little potatoes’ go north -Harbin is the capital of Heilongjiang, one of three provinces that make up the “Dongbei” (northeast) region, where temperatures can reach -30 degrees Celsius (-22 degrees Fahrenheit) during winter.Bordered by Russia and North Korea, it is one of China’s poorest provinces, outperforming only neighbouring Jilin, Gansu, Hainan island and sparsely populated Tibet, Qinghai and Ningxia.But the first five months of 2024 saw the operating income of Heilongjiang’s cultural, sports and entertainment industries rise nearly 60 percent year-on-year, according to official data.Tourists spent 154 billion yuan ($21 billion) in the first half of 2024, up 171 percent from the first half of 2023.Popular novels and dramas set in the northeast have also helped spark a travel boom to the region.”A lot of southerners, which we call ‘little potatoes’, came over here for travel and made our Harbin very trendy,” Emily Liu, a local tour guide, told AFP.The online fame has been good for the travel business, said 30-year-old Jiang Zhonglong, energetically gesticulating in front of his tripod just metres away from Liu.He started working for a Harbin-based travel agency three years ago, during the Covid-19 pandemic, and said business was now much better.”So many little friends, southern potatoes, tourists have all come here,” he said.One night this month, the city’s commercial district of Central Street saw a steady stream of people walking on the cobblestone path under bright yellow lights.Ling, a 38-year-old from the coastal eastern province of Zhejiang, was there with his wife to “daka”, a phrase that means “punching in” but now describes visiting popular spots to share photos on social media.”We often scroll through (video sharing platform) Douyin and such. We often see videos promoting Harbin,” said Ling, who asked to be identified only by his surname.- ‘My hometown is popular’ -Ling told AFP he’d believed negative stereotypes about Dongbei in the past.”But we came here and found that things are pretty decent,” he said.”I’ve been yearning for a different cultural experience compared to where I come from — the weather and style are completely different.”Nearby, a steady stream of people ducked inside a shop selling goods from Russia — just a stone’s throw away.Foot traffic to the shopping street has tripled since 2022, said store manager Zhangzhang, who has worked in the area for more than 10 years and asked to be identified by her nickname.”My hometown has suddenly become popular,” she said, adding she was “extremely proud”.She said the store last year started selling more hats and scarves for travellers who “didn’t pack enough layers” — including those printed with the region’s classic red florals.”I think that this can help lift the economy of our Dongbei.”

Global stock markets mostly fell Monday in jittery holiday trading ahead of a potentially tumultuous 2025 that will see Donald Trump return to the White House.Wall Street’s three main indices slumped to end the day, adding to losses on Friday that have put paid to Wall Street’s usual holiday-period “Santa Claus rally.””We can’t drive major conclusions in a holiday-shortened and thin-trading-volume week, but last week’s price action looked pretty close to the narrative of rotation from tech to non-tech stocks that many investors expect to be the theme of next year,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.US tech stocks had led the losses Friday, with Elon Musk’s electric car giant Tesla shedding around five percent and AI chipmaker Nvidia off around two percent.Shares in Tesla fell 3.3 percent on Monday, although Nvidia shares managed to nudge higher.Briefing.com analyst Patrick O’Hare said there was no news catalyst for the weakness.”The selling interest, then, has profit-taking activity written on it with a P.S. presumably of rebalancing interest,” he said. “There isn’t a rebalancing push in the stock market this morning,” he said, however. “The weakness is broad-based.” Weighing on sentiment were worries about slower-than-hoped US interest rate cuts and possible higher import tariffs once Trump is inaugurated on January 20.Yields on US government debt dipped on Monday, but have pushed higher at the longer-dated maturities on worries about higher inflation and interest rates, with the yield on 10-year bonds hitting 4.63 percent recently.”If yields continue to hold at these levels, or push higher towards 5.0 percent, then this will be a strong headwind for equity prices,” said Trade Nation analyst David Morrison.This comes as investors choose the relative safety of a near-guaranteed five-percent return on funds in US Treasuries, compared with the uncertainty of stocks, he noted.In Europe, the main indices in Frankfurt, London and Paris all finished lower. Trading wrapped up for the year in Frankfurt, with the DAX rising 18.8 percent for the year, including breaching the 20,000 level for the first time.In Asia, Tokyo closed down almost one percent Monday, its last day of trading until January 6.Nissan dropped as much as 6.7 percent on worries about its mooted merger with fellow Japanese automaker Honda.Overall, the Nikkei 225 index gained almost 20 percent in 2024, finally surpassing the high seen before Japan’s asset bubble burst in the 1990s.In Seoul, Jeju Air shares fell as much as 15 percent after one of its planes crashed in South Korea on Sunday, killing 179 people.Another Jeju Air flight had to return after encountering a landing gear problem on Monday, the airline said.Korean authorities ordered an inspection of all Boeing 737-800 aircraft operated by the country’s carriers.Shares in Boeing fell 5.3 percent as trading got under way in New York, but recovered slightly after.South Korea was also hit with further political turmoil, with authorities issuing an arrest warrant for suspended President Yoon Suk Yeol after his declaration of martial law.- Key figures around 2130 GMT -New York – Dow: DOWN 1.0 percent at 42,573.73 points (close)New York – S&P 500: DOWN 1.1 percent at 5,906.94 (close)New York – Nasdaq Composite: DOWN 1.2 percent at 19,486.79 (close)London – FTSE 100: DOWN 0.4 percent at 8,121.01 (close) Paris – CAC 40: DOWN 0.6 percent at 7,313.56 (close)Frankfurt – DAX: DOWN 0.4 percent at 19,909.14 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 39,894.54 points (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 20,041.42 (close)Shanghai – Composite: UP 0.2 percent at 3,407.33 (close)Euro/dollar: DOWN at $1.0401 from $1.0429 on FridayPound/dollar: DOWN at $1.2548 from $1.2579Dollar/yen: DOWN at 156.80 yen from 157.89 yenEuro/pound: UP at 82.89 pence from 82.87 penceWest Texas Intermediate:  UP 0.6 percent at $70.99 per barrelBrent North Sea Crude: UP 0.3 percent at $74.39 per barrelburs-rl/bys/aha

European and Asia stock markets mostly fell Monday in jittery holiday trade ahead of a potentially tumultuous 2025 when Donald Trump returns to the White House.With volumes thin, US futures were also pointing lower after losses on Friday that put paid to Wall Street’s usual holiday period “Santa Claus rally”.”We can’t drive major conclusions in a holiday-shortened and thin-trading-volume week, but last week’s price action looked pretty close to the narrative of rotation from tech to non-tech stocks that many investors expect to be the theme of next year,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.US tech stocks had led the losses Friday, with Elon Musk’s electric car giant Tesla shedding around five percent and AI chipmaker Nvidia off around two percent.Weighing on sentiment were worries about slower-than-hoped US interest rate cuts and possible higher import tariffs once Trump is inaugurated on January 20.Tokyo closed down almost one percent Monday, its last day of trading until January 6.Nissan fell as much as 6.7 percent on worries about its mooted merger with fellow Japanese automaker Honda.Overall the Nikkei 225 index gained almost 20 percent in 2024, finally surpassing the high seen before Japan’s asset bubble burst in the 1990s.London and Frankfurt dipped in late morning deals Monday, while Paris edged up. Oil prices steadied.In Seoul, Jeju Air shares fell as much as 15 percent after one of its planes crashed in South Korea on Sunday, killing 179 people.Another Jeju Air flight had to return after encountering a landing gear problem on Monday, the airline said.Korean authorities ordered an inspection of all Boeing 737-800 aircraft operated by the country’s carriers.South Korea was also hit with further political turmoil, with authorities issuing an arrest warrant for suspended President Yoon Suk Yeol after his declaration of martial law.- Key figures around 1045 GMT -London – FTSE 100: DOWN 0.2 percent at 8,132.77 pointsParis – CAC 40: UP 0.1 percent at 7,363.77 Frankfurt – DAX: DOWN 0.1 percent at 19,958.37Tokyo – Nikkei 225: DOWN 1.0 percent at 39,894.54 points (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 20,041.42 (close)Shanghai – Composite: UP 0.2 percent at 3,407.33Euro/dollar: UP at $1.0437 from $1.0429 on FridayPound/dollar: UP at $1.2589 from $1.2579Dollar/yen: DOWN at 157.76 yen from 157.89 yenEuro/pound: UP at 82.90 pence from 82.87 penceWest Texas Intermediate:  FLAT at $70.60 per barrelBrent North Sea Crude: DOWN 0.1 percent at $74.11 per barrel

Asia stocks mostly fell Monday in jittery holiday trade ahead of a potentially tumultuous 2025 when Donald Trump returns to the White House.With volumes thin, US and European equity futures were also pointing lower after losses on Friday that put paid to Wall Street’s usual holiday period “Santa Claus rally”.Tech stocks had led the way, with Elon Musk’s electric car giant Tesla shedding around five percent lower and AI chipmaker Nvidia off around two percent.Weighing on sentiment were worries about slower-than-hoped US interest rate cuts and possible higher import tariffs once Trump is inaugurated on January 20.”With US (bond) yields climbing and liquidity essentially non-existent, there’s always the potential for outsized moves,” said Stephen Innes at SPI Asset Management.”This comes during a critical phase of year-end rebalancing, intensified by hefty equity positions across portfolios,” Innes said in a note.Tokyo, on its last day of trading until January 6, fell almost one percent.Nissan slipped as much as 6.7 percent on worries about its mooted merger with fellow Japanese automaker Honda.Overall the Nikkei 225 index gained almost 20 percent in 2024, finally surpassing the high seen before Japan’s asset bubble burst in the 1990s.The yen was little changed after hitting 157.89 against the dollar on Thursday, the lowest in almost six months.That came after Bank of Japan governor Kazuo Ueda failed to give a clear signal on a possible interest rate increase next month.In Seoul, Jeju Air shares fell as much as 15 percent after one of its planes crashed in South Korea on Sunday, killing 179 people.Another Jeju Air flight had to return after encountering a landing gear problem on Monday, the airline said.Korean authorities ordered an inspection of all Boeing 737-800 aircraft operated by the country’s carriers.South Korea was also hit with further political turmoil, with authorities issuing an arrest warrant for suspended President Yoon Suk Yeol after his declaration of martial law.Seoul, Hong Kong, Taipei, Sydney and Manila were all in the red. Shanghai was one of the few gainers, along with Singapore and Kuala Lumpur.China’s purchasing managers’ index (PMI) for manufacturing is due on Tuesday. The reading was expected to stay at 50.3, above the 50 line dividing expansion and contraction, according to Bloomberg.- Key figures around 0830 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 39,894.54 points (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 20,041.42 (close)Shanghai – Composite: UP 0.2 percent at 3,407.33Euro/dollar: DOWN at $1.0426 from $1.0429 on FridayPound/dollar: DOWN at $1.2574 from $1.2579Dollar/yen: UP at 157.92 yen from 157.89 yenEuro/pound: UP at 82.91 pence from 82.87 penceWest Texas Intermediate: DOWN 0.1 percent at $70.50 per barrelBrent North Sea Crude: DOWN 0.1 percent at $74.07 per barrel

Asia stocks mostly fell in thin holiday trade on Monday after tech losses killed off the traditional year-end lift on Wall Street at the end of last week.The “Santa Claus rally” got off to a good start but US stocks then fell across the board on Friday, with the S&P 500 and the Nasdaq both dropping more than one percent.Tech stocks led the way, with Elon Musk’s electric car giant Tesla closing around five percent lower and AI chipmaker Nvidia shedding around two percent.Weighing on investor sentiment were worries about the pace of US interest rate cuts and possible higher import tariffs under incoming US president Donald Trump.”As US stock markets concluded with a downturn on Friday, Asia-Pacific markets are bracing for a slippery penultimate trading day of 2024,” said Stephen Innes at SPI Asset Management.”With US (bond) yields climbing and liquidity essentially non-existent, there’s always the potential for outsized moves. This comes during a critical phase of year-end rebalancing, intensified by hefty equity positions across portfolios,” Innes said in a note.In Tokyo, the Nikkei was down 0.75 percent at 40,020.00 points on the last day of trading until January 6.The yen was little changed after hitting 158.08 against the dollar on Thursday, the lowest in almost six months.That came after Bank of Japan governor Kazuo Ueda failed to give a clear signal on a possible interest rate increase next month.In Seoul, Jeju Air shares tumbled more than eight percent after one of its planes crashed in South Korea on Sunday, killing all but two of the 181 people on board.South Korea’s transport ministry said on Monday it was “reviewing plans to conduct a special inspection on (Boeing) B737-800 aircraft” after the crash.South Korea was also hit with further political turmoil, with authorities issuing an arrest warrant for suspended President Yoon Suk Yeol.Yoon briefly imposed martial law this month and was then impeached by parliament. Lawmakers also impeached his acting successor Han Duck-soo last week.Chinese stocks also opened lower on Monday, with the benchmark Shanghai Composite Index down 0.09 percent at 3,397.12.China’s purchasing managers’ index (PMI) for manufacturing was due on Tuesday. The reading was expected to stay at 50.3, above the 50 line dividing expansion and contraction, according to Bloomberg. – Key figures around 0300 GMT -Tokyo – Nikkei 225: DOWN 0.75 percent at 40,020.00 pointsHong Kong – Hang Seng Index: DOWN 0.40 percent at 20,001.00Shanghai – Composite: DOWN 0.1 percent at 3,397.12Euro/dollar: DOWN at $1.0423 from $1.0429 on FridayPound/dollar: DOWN at $1.2577 from $1.2579Dollar/yen: DOWN at 157.82 yen from 157.89 yenEuro/pound: UP at 82.88 pence from 82.87 penceWest Texas Intermediate: UP at $70.63 per barrelBrent North Sea Crude: UP at $74.23 per barrel