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World stock markets mostly rose Wednesday on optimism the US government shutdown was nearing an end and on hopes of another Federal Reserve interest rate cut.Wall Street stocks edged ahead after the opening bell ahead of a congressional vote expected to reopen the government after the longest shutdown — six weeks — in US history.The House of Representatives appeared likely to vote Wednesday on a spending bill to solve the budget standoff, after eight Democrats broke ranks in the Senate on Monday.Around 20 minutes into trading, the Dow Jones Industrial Average had added around 0.8 percent while the broad-based S&P 500 added 0.3 percent, while the tech-rich Nasdaq edged into the red after several days of gains.Adam Sarhan of 50 Park Investments said the market needed concrete signals about the economy after the shutdown resulted in a dearth of economic data.”Investors are going to wait for the next bullish catalyst, which could be Nvidia, arguably the most important AI stock out there right now,” Sarhan said. The chipmaker is set to report earnings on November 19Paris and Frankfurt both gained just over one percent, while London was up 0.3 percent.In Asia, Hong Kong and Tokyo ended higher but Shanghai edged lower.”The prospect of an end to the US government shutdown later today is fuelling demand for risk assets,” said Kathleen Brooks, research director at trading group XTB.After passing the Senate, a spending bill to reopen the US government is due before the House of Representatives and then President Donald Trump, with hopes services can resume as soon as Friday.Investors have welcomed the deal, which would end a shutdown that began on October 1 and saw a million federal workers unpaid, food benefits for low-income Americans threatened and thousands of flights cancelled.The dearth of key data points has left traders and the Federal Reserve unable to make informed decisions on policy.”The end of the shutdown is positive for financial markets as we should get a clear read on economic data in the next week or so,” Brooks said.Adding to the upbeat mood were expectations for a Fed rate cut in December after data from private payrolls firm ADP added to recent reports pointing to a softening US labour market.”Investors want — and need — this data to be soft enough to justify another 25 basis point rate cut from the Federal Reserve in December,” said Ipek Ozkardeskaya, senior analyst at Swissquote bank.Wall Street had closed mixed Tuesday amid worries about elevated tech valuations following a breathtaking AI-fuelled rally this year.Traders were also spooked by news that Japanese investment titan SoftBank had sold all its shares in US chip giant Nvidia for $5.8 billion, without giving a reason.Shares in Nvidia fell three percent on Tuesday but clawed that back Wednesday, and SoftBank plunged as much as 10 percent in Tokyo after Wednesday’s open before closing down 3.5 percent.- Key figures at around 1500 GMT -New York – Dow:  UP 0.8 percent at 48,288.93 pointsNew York – S&P 500: UP 0.3 percent at 6,864.49New York – Nasdaq Composite: DOWN 0.3 percent at 23,395.49London – FTSE 100: UP 0.2 percent at 9,924.84 pointsParis – CAC 40: UP 1.3 percent at 8,262.33Frankfurt – DAX: UP 1.3 percent at 24,399.44Tokyo – Nikkei 225: UP 0.4 percent at 51,063.31 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,922.73 (close)Shanghai – Composite: DOWN 0.1 percent at 4,000.14 (close)Euro/dollar: DOWN at $1.1569 from $1.1588 on TuesdayPound/dollar: DOWN at $1.3092 from $1.3168Dollar/yen: UP at 154.99 yen from 154.10 yenEuro/pound: UP at 88.37 pence from 87.99 penceWest Texas Intermediate: DOWN 2.3 percent at $59.59 per barrelBrent North Sea Crude: DOWN 2.2 percent at $63.71 per barrel

Equities rose in Asia on Wednesday as the US shutdown nears an end and after fresh jobs data boosted the chances of a third successive Federal Reserve interest rate cut.However, a mixed day on Wall Street highlighted worries about elevated tech valuations following a breathtaking AI-fuelled rally this year.After passing the Senate, a spending bill to reopen the US government is due before the House of Representatives and then Donald Trump, with hopes services can resume as soon as Friday.In a dig at Democrats who he blamed for the closure, the US president said in a Veterans Day speech at Arlington National Cemetery on Tuesday: “We’re opening up our country — it should have never been closed.””Only people that hate our country want to see it not open,” he told ESPN later.Investors have welcomed the deal, which will end a shutdown that began on October 1 and saw a million federal workers unpaid, food benefits for low-income Americans threatened and thousands of flights cancelled.It has also meant a string of key data points have not been released, leaving traders and the Fed unable to make informed decisions on policy.However, analysts pointed out that while some reports could come out soon, others remained unclear.”September payrolls should be relatively quick, it was set to be published the day after the start of the shutdown,” said Taylor Nugent at National Australia Bank.”Data where collection was disrupted could take longer and it is not clear yet what approach will be taken for missing data.”The unemployment rate for October, which relies on household surveys, and many October consumer prices which are actively surveyed, are key challenges.”Adding to the upbeat mood were expectations for a Fed rate cut in December after data from private payrolls firm ADP showed US companies shed 11,250 jobs per week on average in the four weeks ended October 25.The figure followed a number of reports pointing to a softening labour market, which is putting pressure on the Fed to cut, even as it looks to keep a lid on stubbornly high inflation.A report this month from outplacement firm Challenger, Gray & Christmas revealed US layoffs hit the highest level in 22 years in October.Markets in Hong Kong, Tokyo, Seoul, Mumbai, Singapore, Taipei, Wellington and Manila were all in the green. However, Shanghai, Sydney and Bangkok dipped.The gains continued in London, Paris and Frankfurt.Wall Street was less euphoric, ending on a mixed note, with tech firms struggling to match the soaring performances that have characterised this year.The Nasdaq ended slightly down and the broader S&P 500 marginally higher, but the Dow closed more than one percent higher, with observers saying that suggested a shift into industrial sectors.Tech’s tepid run of late has come amid talk that a bubble has formed in the sector, with some warning it could burst, as investors worry that investment returns could take time to be realised.”Valuation concerns have intensified as the (S&P 500) index has climbed higher throughout the year,” said Fabien Yip, a market analyst at IG.”Investors are questioning whether current price levels can be sustained, particularly on stocks boosted by the AI boom if interest rates remain elevated for longer than expected.”Traders were also spooked by news that Japanese tech investment titan SoftBank had sold all its shares in US chip giant Nvidia for $5.8 billion, without giving a reason.Shares in Nvidia fell three percent, and SoftBank plunged as much as 10 percent in Tokyo after opening Wednesday but finished just 3.5 percent off.Mary Pollock of CreditSights said that “while the picture today is rosy, the risk that AI valuations are frothy cannot be disregarded”.”It is far from certain that confidence in AI’s value proposition, the timeline by which revenues are achieved, and investors’ expectations for growth all continue to evolve in-step.”- Key figures at 0815 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 51,063.31 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,922.73 (close)Shanghai – Composite: DOWN 0.1 percent at 4,000.14 (close)London – FTSE 100: UP 0.2 percent at 9,914.53 Euro/dollar: DOWN at $1.1582 from $1.1588 on TuesdayPound/dollar: DOWN at $1.3144 from $1.3168Dollar/yen: UP at 154.62 yen from 154.10 yenEuro/pound: UP at 88.12 pence from 87.99 penceWest Texas Intermediate: DOWN 0.5 percent at $60.76 per barrelBrent North Sea Crude: DOWN 0.4 percent at $64.89 per barrelNew York – Dow:  UP 1.2 percent at 47,927.96 (close)

A Cambodian conglomerate whose founder has had more than $15 billion of allegedly ill-gotten assets seized said it “categorically rejects” claims he amassed his fortune running an internet scam empire.A frenzy of asset confiscations in Europe, the United States and Asia have targeted Cambodia’s Prince Holding Group — with authorities alleging its founder Chen Zhi was running a transnational criminal organisation.The US Justice Department in October unsealed an indictment against the tycoon, accusing him of presiding over forced labour camps in Cambodia where trafficked workers conduct online scams.US investigators seized around $15 billion worth of Bitcoin they allege are criminal proceeds — the largest forfeiture action in the Justice Department’s history.Britain also froze business and property assets worth more than $130 million while Taiwan, Singapore and Hong Kong each swooped with national seizures as high as $350 million.”The Prince Group categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity,” said the company on Tuesday.”The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars,” added the statement — the first by the company since the crackdown began.”We are confident that when the facts come out, the Prince Group and its Chairman will be fully exonerated.”One of Cambodia’s largest conglomerates, Prince Holding Group has operated across more than 30 countries with interests in real estate, financial services and consumer businesses since 2015.The business empire is ubiquitous in the Southeast Asian country, boasting $2 billion in real estate investments, including a large shopping mall, Prince International Plaza, in the capital Phnom Penh.The company said allegations against it “have caused undue harm to thousands of innocent employees, partners and communities who the Group serves”.But prosecutors accuse the company of being a corrosive influence — running elaborate online networks that target people with romance or business cons and launder the proceeds through cryptocurrency.Cyber-scam operations have mushroomed across Southeast Asia — often operating from unassuming office blocks or warehouses, where con artists target marks living on the other side of the world.Some workers go willingly to the scam hubs, while others are trafficked and held in prison-like conditions.The US Justice Department last month called Prince Group “one of Asia’s largest transnational criminal organizations” and said Chen — a joint British-Cambodian national — remains “at large”.

Equities rose in Asia on Wednesday as the US shutdown nears an end and after fresh jobs data boosted the chances of a third successive Federal Reserve interest rate cut.However, a mixed day on Wall Street highlighted ongoing worries about elevated tech valuations following a breathtaking AI-fuelled rally this year.After passing the Senate, a spending bill to reopen the US government is due before the House of Representatives and then to Donald Trump, with hopes services can resume as soon as Friday.In a dig at Democrats who he blamed for the closure, the US president said in a Veterans Day speech at Arlington National Cemetery on Tuesday: “We’re opening up our country — it should have never been closed.”He added: “Only people that hate our country want to see it not open,” he told ESPN.Investors have welcomed the deal, which will end a shutdown that began on October 1 and saw a million federal workers unpaid, food benefits for low-income Americans threatened and thousands of flights cancelled.It has also meant a string of key data points have not been released, leaving traders and the Fed unable to make informed decisions on policy.However, analysts pointed out that while some reports could come out soon, it was unclear about others.”September payrolls should be relatively quick, it was set to be published the day after the start of the shutdown,” said Taylor Nugent at National Australia Bank. “Data where collection was disrupted could take longer and it is not clear yet what approach will be taken for missing data.”The unemployment rate for October, which relies on household surveys, and many October consumer prices which are actively surveyed, are key challenges.”Adding to the upbeat mood was expectations for a Fed rate cut in December after data from private payrolls firm ADP showed US companies shed 11,250 jobs per week on average in the four weeks ended October 25.The figure followed a number of reports pointing to a softening labour market, which is putting pressure on the Fed to cut, even as it looks to keep a lid on stubbornly high inflation.A report this month from outplacement firm Challenger, Gray & Christmas revealed US layoffs hit the highest level in 22 years in October.In early Asian trade, Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Manila were all in the green.Still, Wall Street was less euphoric, ending on a mixed note, with tech firms struggling to match the soaring performances that have characterised this year.The Nasdaq ended slightly down and the broader S&P 500 marginally higher, but the Dow closed more than one percent higher, with observers saying that suggested a shift into industrial sectors.Tech’s tepid run of late has come amid talk that a bubble has formed in the sector, with some warning it could burst.”Valuation concerns have intensified as the (S&P 500) index has climbed higher throughout the year,” said Fabien Yip, a market analyst at IG.”Investors are questioning whether current price levels can be sustained, particularly on stocks boosted by the AI boom if interest rates remain elevated for longer than expected.”Traders were also spooked by news that Japanese tech investment titan SoftBank had sold all its shares in US chip giant Nvidia for $5.8 billion, without giving a reason.Shares in Nvidia fell three percent, and SoftBank plunged as much as 10 percent in Tokyo on Wednesday.- Key figures at 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 50,927.29Hong Kong – Hang Seng Index: UP 1.1 percent at 26,983.76Shanghai – Composite: UP 0.3 percent at 4,015.03Euro/dollar: DOWN at $1.1579 from $1.1588 on TuesdayPound/dollar: DOWN at $1.3143 from $1.3168Dollar/yen: UP at 154.37 yen from 154.10 yenEuro/pound: UP at 88.09 pence from 87.99 penceWest Texas Intermediate: DOWN 0.2 percent at $60.94 per barrelBrent North Sea Crude: DOWN 0.1 percent at $65.07 per barrelNew York – Dow:  UP 1.2 percent at 47,927.96 (close)London – FTSE 100: UP 1.2 percent at 9,899.60 (close) 

Syrupy aromas drift across the guarded compound of Bangladesh’s only licensed distillery, a state-owned producer posting record profits in the Muslim-majority nation, where Islamists are staging a political comeback.That’s a surprising success in a country where the vast majority of its 170 million people are barred from buying its products.Alcohol is tightly regulated in Bangladesh, the world’s fourth most populous Muslim nation.Carew and Co, established under British rule 87 years ago, produced $10 million in profit in 2024–25, and paid the same again in taxes, said managing director Rabbik Hasan.”This is the highest profit since the company’s establishment,” Hasan told AFP. “We expect further growth in the coming year.”Bangladesh has faced turbulent times.A mass uprising in August 2024 ousted the autocratic government of Sheikh Hasina, who had been criticised for extensive human rights abuses and had taken a hard line against Islamist movements during her 15-year rule.Since she fled to India — defying extradition orders to attend her crimes against humanity trial — Islamist groups have grown increasingly assertive.Alcohol, forbidden under Islam, has escaped their condemnation, but they have demanded restrictions on cultural activities they consider “anti-Islamic” —  including music and theatre festivals, women’s football matches, and kite-flying celebrations.An interim government is leading the South Asian nation towards elections expected in February 2026.But at the sprawling Darsana facility near the Indian border, humming machines fill bottles.Carew’s popular brands range from the golden-hued “Imperial Whisky” to “Tsarina Vodka”, distilled from sugarcane with flavourings imported from the Netherlands.”We never encourage anyone to drink — we only sell to those who already do,” Hassan added.- ‘Zero doubt’ -Buying an alcoholic drink in Bangladesh requires a government permit, issued only to those aged over 21, and mainly granted to non-Muslims, who require a medical prescription.”Alcohol is forbidden,” said Hasan Maruf, director general of the Department of Narcotics Control, but added that “exemptions exist for certain communities”.That includes foreigners and workers on the country’s tea estates, where Carew’s low-cost liquor is popular among the 150,000 mainly Hindu workers.Around 10 percent of Bangladeshi are not Muslims, mainly Hindus.This year, only the company’s sugar division suffered losses — with its mills also producing fertiliser, vinegar, and industrial alcohol.Carew provides the only source of regulated liquor — alongside a separate brewery producing Hunter, Bangladesh’s only beer, owned by the Jamuna Group conglomerate.Those are reliable products in a country where illegal moonshine stills — or the dangerous adulteration of imported liquor — has been a persistent problem.Fish trader Prince Mamun, 42, said he has been drinking Carew for two decades. “It’s cheaper and safer than imported brands,” he said, adding that he holds a permit and drinks about 20 days a month.”I drink Carew products with zero doubt.”Shah Alam, a devout Muslim and 38-year employee in the bottling unit, has never tasted the products.Yet he praises the distillery for its contributions to the local community, from education to employment.”I don’t drink anything from here, nor am I involved with the selling,” Alam, 59, said. “All I am doing here is my job.”

France’s foreign minister criticized “military operations” in the Caribbean at a G7 meeting on Tuesday, as the deployment of a US aircraft carrier strike group escalated an arms buildup in the region.Speaking to reporters at the start of a Group of Seven gathering in Canada, top French diplomat Jean-Noel Barrot said it was crucial to avoid “instability caused by potential escalations,” after Venezuela warned the US deployments could trigger a full-blown conflict.”We have observed, with concern, military operations in the Caribbean region because they disregard international law,” Barrot said, without citing specific US actions.But the comments at the meet near Niagara Falls came after the USS Gerald R. Ford, the world’s largest aircraft carrier, entered an area under control of the US Naval Forces Southern Command, which encompasses Latin America and the Caribbean.President Donald Trump’s administration is conducting a military campaign in the Caribbean and eastern Pacific, deploying naval and air forces for an anti-drugs offensive.Venezuelan President Nicolas Maduro has accused the Trump administration of “fabricating a war” while pursuing a regime change plot in disguise.Barrot said it was essential for the G7 club of industrialized democracies to “work in concert” to confront the global narcotics trade, noting that more than a million French citizens live in the Caribbean and could be impacted by any potential unrest. – Ukraine, Sudan -Canadian Foreign Minister Anita Anand, the meeting host, said bolstering Ukraine would feature prominently at the talks, but has stopped short of promising concrete G7 action to support Kyiv’s efforts against invasion by Russia.As the meeting began, the UK announced £13 million ($17.1 million) of funding to help repair Ukraine’s energy sector, which has sustained massive Russian attacks in recent days.Britain also announced a maritime services ban on Russian liquid natural gas.Foreign Secretary Yvette Cooper said Russian President Vladimir Putin “is trying to plunge Ukraine into darkness and the cold as winter approaches.”At the G7, Cooper plans “to galvanise (Britain’s) closest partners to continue to stand up for Ukraine in the face of Putin’s mindless aggression,” the foreign office said.Anand told reporters that Sudan’s escalating crisis will be addressed Tuesday at a working dinner on global security.She said Canada was “absolutely horrified” by the conflict that has triggered one of the world’s worst humanitarian crises, and that the G7 would work “to support those who are suffering and dying needlessly in Sudan.”Anand is set for a bilateral meeting with US Secretary of State Marco Rubio before the G7 meeting closes on Wednesday. But she said she did not expect to press the issue of Trump’s trade war, which has forced Canadian job losses and squeezed economic growth.”We will have a meeting and have many topics to discuss concerning global affairs,” Anand told AFP.”The trade issue is being dealt with by other ministers.”Trump abruptly ended trade talks with Canada last month — just after an apparently cordial White House meeting with Prime Minister Mark Carney.The president has voiced fury over an ad, produced by Ontario’s provincial government, which quoted former US president Ronald Reagan on the harm caused by tariffs.

Wall Street stocks mostly rose Tuesday as optimism over a likely end to the US government shutdown offset weakness in some leading technology equities.After Monday’s rally, US stocks opened mostly lower on lingering unease about the stratospheric valuation growth of major players in artificial intelligence.Those worries ebbed a bit as the session progressed, with some large tech equities finishing in positive territory. But the tech-heavy Nasdaq Composite was down 0.3 percent, the only one of the three main US indices to retreat. “There’s definitely concern over valuations but that valuations don’t mean the market’s going to sell off,” said Tim Urbanowicz of Innovator Capital Management, adding “it just leaves a lot less room for bad news.”Japan’s SoftBank announced it sold $5.8 billion worth of shares in US chip giant Nvidia last month. SoftBank did not give a reason for the Nvidia stock sale in its earnings statement.Shares in Nvidia, whose processors are prized by companies training and operating AI models, fell 3.0 percent.”For the wider investment community, when big investors cash out of their AI positions, they will take notice, and this is why the stock is declining today,” said Kathleen Brooks, research director at XTB trading group.More broadly, Brooks said tech stocks were no longer providing market momentum.”Without momentum helping US indices move higher, volatility could take hold, so we are not expecting stocks to move in a straight line for now, and the market correction may not be over,” she said in a note to clients.Some market watchers viewed Tuesday’s strong rise in the Dow as evidence of a rotation to industrial names from tech.Investors have been cheered by the progress on legislation on Capitol Hill to reopen the government.On Monday night several Democratic senators broke ranks to join Republicans in a 60-40 vote passing legislation to reopen the government, which would trigger a release of US economic reports on labor, consumer prices and other key benchmarks in the coming weeks.Tuesday’s session was held on Veteran’s Day, a US holiday, resulting in lower volumes than normal.Europe’s main stock markets climbed Tuesday.London’s top-tier FTSE 100 index reached a fresh record high as a weakening pound boosted multi-nationals earning in dollars, while Paris won solid gains in a day that is also a public holiday in France.- Key figures at 2110 GMT -New York – Dow:  UP 1.2 percent at 47,927.96 (close)New York – S&P 500: UP 0.2 percent at 6,846.61 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 23,468.30 (close)London – FTSE 100: UP 1.2 percent at 9,899.60 (close) Paris – CAC 40: UP 1.3 percent at 8,156.23 (close)Frankfurt – DAX: UP 0.5 percent at 24,088.06 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)Euro/dollar: UP at $1.1588 from $1.1557 on MondayPound/dollar: DOWN at $1.3168 from $1.3175Dollar/yen: DOWN at 154.10 yen from 154.15 yenEuro/pound: UP at 87.99 pence from 87.72 penceBrent North Sea Crude: UP 1.7 percent at $65.16 per barrelWest Texas Intermediate: UP 1.5 percent at $61.04 per barrelburs-jmb/jgc

G7 foreign ministers were gathering in Canada on Tuesday for talks expected to focus on Ukraine, as the club of industrialized democracies seeks a path towards ending the four-year-old conflict.Options to fund Kyiv’s war needs against invasion by Russia could feature prominently at the talks in Canada’s Niagara region on the US border.The diplomats are meeting after US President Donald Trump slapped sanctions on Moscow’s two largest oil companies in October, slamming Russian President Vladimir Putin over his refusal to end the conflict.Trump has also pushed other European countries to stop buying oil that he says funds Moscow’s war machine.Ukraine is enduring devastating Russian attacks on its energy infrastructure, but Canadian Foreign Minister Anita Anand stopped short of promising concrete outcomes to aid Kyiv at the Niagara talks.She told AFP a priority for the meeting was broadening discussion beyond the Group of Seven, which includes Britain, Canada, France, Germany, Italy, Japan and the United States.”For Canada, it is important to foster a multilateral conversation, especially now, in such a volatile and complicated environment,” Anand said.Representatives from Saudi Arabia, India, Brazil, Australia, South Africa, Mexico and South Korea will also be at the meeting held a short drive from the iconic Niagara Falls.US Secretary of State Marco Rubio will hold bilateral talks with Anand on Wednesday, the second and final day of the G7 meeting.Anand said she did not expect to press the issue of Trump’s trade war, which has forced Canadian job losses and squeezed economic growth.”We will have a meeting and have many topics to discuss concerning global affairs,” Anand told AFP.”The trade issue is being dealt with by other ministers.”Trump abruptly ended trade talks with Canada last month — just after an apparently cordial White House meeting with Prime Minister Mark Carney.The president has voiced fury over an ad, produced by Ontario’s provincial government, which quoted former US president Ronald Reagan on the harm caused by tariffs.- Sudan, Critical minerals -Italy’s foreign ministry said there will also be discussions on Sudan, gripped by a war since April 2023 that has created one of the world’s worst humanitarian crises.Delivering aid to the war-ravaged African country will be a focus of the talks, which come hours after UN humanitarian coordinator Tom Fletcher met with Sudan’s army chief Abdel Fattah al-Burhan on getting life-saving supplies to civilians. The G7’s top diplomats are meeting two weeks after the grouping’s energy secretaries agreed on steps to counter China’s dominance of critical mineral supply chains, a growing area of concern for the world’s industrialized democracies.Beijing has established commanding market control over the refining and processing of various minerals — especially the rare earth materials needed for the magnets that power sophisticated technologies.The G7 announced an initial series of joint projects last month to ramp up refining capacity that excludes China.While the United States was not party to any of those initial deals, the Trump administration has signaled alignment with its G7 partners.A State Department official told reporters ahead of the Niagara meet that critical mineral supply chains would be “a major point of focus.””There’s a growing global consensus amongst a lot of our partners and allies that economic security is national security,” the official said.

Global stocks turned in a mixed performance on Tuesday as tech shares struggled and a rally on optimism over a deal to end the US government shutdown faded.Wall Street’s main indices were mostly lower in early afternoon trading, with the tech-heavy Nasdaq Composite shedding 0.8 percent. “The go-to explanation is that there is some consternation surrounding the AI trade,” said Briefing.com analyst Patrick O’Hare.Japan’s SoftBank announced earlier it sold $5.8 billion worth of shares in US chip giant Nvidia last month.Shares in Nvidia, whose processors are prized by companies training and operating AI models, fell 3.5 percent.The sale comes amid debate whether the inflated prices of AI stocks have become a bubble.Kathleen Brooks, research director at XTB, noted that Softbank did not address that question, but did not want to take risks given the size of its holding.”For the wider investment community, when big investors cash out of their AI positions, they will take notice, and this is why the stock is declining today,” she said.More broadly, Brooks said tech stocks were no longer providing market momentum.”Without momentum helping US indices move higher, volatility could take hold, so we are not expecting stocks to move in a straight line for now, and the market correction may not be over,” she said in a note to clients.Shares in the so-called Magnificent Seven tech firms that includes Apple, Meta and Google-parent company Alphabet shed 1.1 percent overall. New US economic data also hit sentiment.”US small business optimism weakening to a six-month low and private jobs growth faltering in late October put a dampener on US indices,” said analyst Axel Rudolph at IG trading platform.Europe’s main stock markets climbed Tuesday.London’s top-tier FTSE 100 index reached a fresh record high as a weakening pound boosted multi-nationals earning in dollars.Paris won solid gains during a public holiday in France, which tends to exaggerate share price movements owing to low trading volumes.An Asian rally that began Monday ran out of steam however.Equities generally started the week on the front foot after US lawmakers reached a deal to reopen the government which has been shutdown for more than 40 days, adding to a revival of demand for tech giants despite growing fears of an AI bubble.US senators passed a compromise budget measure on Monday after a group of Democrats broke with their party to side with Republicans on a bill to fund departments through January.It is hoped the bill will pass the Republican-held House of Representatives and head to US President Donald Trump’s desk, with some suggesting the government could reopen Friday.Investors had been concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.The shutdown has also meant key official data, including on inflation and jobs, has not been released, leaving traders to focus on private reports for an idea about the economy.The lack of crucial data has meant the Federal Reserve has been unable to gauge properly whether or not to cut interest rates at its next meeting in December, keeping investors guessing.- Key figures at 1630 GMT -New York – Dow:  UP 0.4 percent at 47,570.52 pointsNew York – S&P 500: DOWN 0.3 percent at 6,813.03New York – Nasdaq Composite: DOWN 0.8 percent at 23,337.34 London – FTSE 100: UP 1.2 percent at 9,899.60 (close) Paris – CAC 40: UP 1.3 percent at 8,156.23 (close)Frankfurt – DAX: UP 0.5 percent at 24,088.06 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)Euro/dollar: UP at $1.1595 from $1.1563 on MondayPound/dollar: DOWN at $1.3169 from $1.3182Dollar/yen: DOWN at 154.00 yen from 154.03 yenEuro/pound: UP at 88.04 pence from 88.00 penceBrent North Sea Crude: UP 1.7 percent at $65.16 per barrelWest Texas Intermediate: UP 1.7 percent at $61.17 per barrelburs-rl/tw

Authorities in Guinea on Tuesday officially launched production at Simandou, a gigantic mining project that they hope will propel the poor west African country into the ranks of the world’s largest iron exporters.The long-awaited launch took place at a ceremony attended by the head of Guinea’s junta, General Mamady Doumbouya, south of Conakry at the port of Morebaya, through which the ore will be shipped.Doumbouya, who came to power in a 2021 coup, declared the day a public holiday, a sign of the importance authorities have attached to the mine.Of the four Simandou mining deposits, two are being developed by Chinese-Singaporean group Winning Consortium Simandou (WCS) and the other two by SimFer, a consortium owned by Rio Tinto and Chinese giant Chinalco.The project will ideally provide a stream of much-needed revenue for the country and has already resulted in the construction of infrastructure that could help diversify the economy. Industrial partners have spent approximately $20 billion building more than 650 kilometres (400 miles) of railways and a massive port.The Simandou project additionally represents several thousand direct jobs.Doumbouya, who was dressed in a white boubou tunic and did not speak at the ceremony, is now able to boast of having finally pushed the project over the finish line.The strongman is running for president in the country’s December 28 elections, despite initially promising to return the government to civilian rule.