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Worldwide consumption of wine fell in 2024 to its lowest level in more than 60 years, the main trade body said Tuesday, raising concerns about new risks from US tariffs.The International Organisation of Vine and Wine (OIV) said that 2024 sales fell 3.3 percent from the previous year to 214.2 million hectolitres.The OIV, whose report was based on government figures, said this would be the lowest sales figure since 1961, when sales were 213.6 million hl.Production is also at its lowest level in more than 60 years, having fallen 4.8 percent in 2024 to 225.8 million hl. OIV statistics chief Giorgio Delgrosso said the wine industry had been hit by a perfect storm with health concerns driving down consumption in many countries while economic factors had added to troubles. “Beyond the short-term economic and geopolitical disruptions,” said the IOV’s annual report, “it is important to consider the structural, long-term factors also contributing to the observed decline in wine consumption.”The OIV said that the consumer is now paying about 30 percent more for a bottle now than in 2019-2020 and overall consumption has fallen by 12 percent since then.The United States, the world’s top wine market, saw consumption fall 5.8 percent to 33.3 million hl.Delgrosso said that tariffs ordered by US President Donald Trump, even though temporarily suspended, could become “another bomb” for the wine industry.Sales in China remain below pre-Covid-19 levels, despite a rebound since the pandemic.Europe, which accounts for nearly half of worldwide sales, saw consumption fall 2.8 percent last year. Even in France, one of the key global producers, 3.6 percent less wine was knocked back last year.Spain and Portugal were among rare markets where consumption increased.The OIV said production had been hit environmental extremes such as above average rainfall in some key regions and droughts in others.  Italy was the world’s top producer with 44 million hl, while France’s output fell 23 percent to 36.1 million hl, its lowest level since 1957.Italy is also the biggest wine exporter and its trade increased because of the popularity of sparkling wines such as Prosecco.Spain produced 31 million hl, while US wine output fell 17.2 percent to 21.1 million hl, mainly because of extreme heat.The OIV could not predict if consumption would take off again and wine industry players, such as the French retail chain Nicolas say there is a “generational” fall in drinking.”People do not drink in a festive way anymore and young people consume less than their parents,” the company said in a statement to AFP. But it added, “people drink less, but better” and so are ready to spend more.

China said Wednesday its economy topped forecasts in the first quarter, as exporters rushed to shift goods ahead of swingeing US tariffs, but warned it faced “certain pressures” from Donald Trump’s trade blitz.Beijing and Washington are locked in a fast-moving, high-stakes game of brinkmanship since the US president launched a global tariff assault that has particularly targeted Chinese imports.Tit-for-tat exchanges have seen US levies imposed on China rise to 145 percent, and Beijing setting a retaliatory 125 percent toll on imports from America.Official data Wednesday offered a first glimpse into how those trade war fears are affecting the Asian giant’s fragile recovery, already feeling the pressure of persistently low consumption and a property market debt crisis.”At the moment, the imposition of high tariffs by the US will put certain pressures on our country’s foreign trade and economy,” Sheng Laiyun, Deputy Commissioner of the National Bureau of Statistics (NBS), told a news conference.But, he said, “it will not change the general trend of China’s economy continuing to improve in the long run”.The NBS said that “according to preliminary estimates, the gross domestic product in the first quarter… (was) up by 5.4 percent year on year at constant prices”.That was above the 5.1 percent predicted by analysts polled by AFP.Retail sales, a key gauge of consumer demand, climbed 4.6 percent year-on-year, the NBS said — exceeding expectations following greater efforts by Beijing to boost consumer demand after years of weak spending. And industrial output soared 6.5 percent in the first quarter of the year, up from 5.7 percent in the final three months of 2024.But Beijing warned the global economic environment was becoming more “complex and severe” and that “proactive and effective macro policies” were needed to boost growth and consumption.”The foundation for sustained economic recovery and growth is yet to be consolidated,” the NBS said.Figures released Monday showed Beijing’s exports soared more than 12 percent on-year in March, smashing expectations, with analysts attributing it to a “front-loading” of orders ahead of Trump’s so-called “Liberation Day” tariffs on April 2.- ‘Front-loaded’ growth -Observers say recent data will likely be overshadowed by more grim figures further down the line as tariffs begin to bite.”The damage from the trade war will show up in the macro data next month,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note.Steve Innes at SPI Asset Management said the figures “might look like a win on the surface, but let’s not pretend this caught anyone off guard”.”Much of this was front-loaded — fueled by a burst of preemptive activity ahead of US tariff escalations and an inventory binge stateside as importers scrambled to get ahead of the curve,” he wrote.Trump said this week that the “ball is in China’s court” when it comes to drawing down those eye-watering tariffs.In the face of those global trade headwinds, Beijing said Wednesday it would appoint Li Chenggang, a former Chinese representative to the World Trade Organization in Geneva, as its top trade envoy.China’s economy, the world’s second-largest, was already struggling to rebound from a pandemic-induced slowdown, with the double-digit growth that fuelled its rise now a distant memory.Beijing in 2024 announced a string of aggressive measures to reignite the economy, including interest rate cuts, cancelling restrictions on homebuying, hiking the debt ceiling for local governments and bolstering support for financial markets.But after a blistering market rally last year fuelled by hopes for a long-awaited “bazooka stimulus”, optimism waned as authorities refrained from providing a specific figure for the bailout or fleshing out any of the pledges.China’s top leaders last month set an ambitious annual growth target of around five percent, vowing to make domestic demand its main economic driver.Many economists consider that goal to be ambitious given the problems facing the economy.But Beijing on Wednesday stressed it believed that target was achievable.”We have the strength, capability and confidence to face external challenges and achieve our set development goals,” the NBS’s Sheng said.

When Indonesian executive Heret Frasthio takes his antique 1957 VL Vespa for a ride, its white paint peeling off, the usual fumes and hum of the free-spirited scooters cannot be seen or heard.The two-wheeler is just one of the vintage models converted by his company as it tries to turn a love for the Italian icon into an environmentally friendly pursuit.Indonesia has long suffered from air pollution partly driven by its addiction to inefficient, old cars and scooters, including nearly one million Vespas as of 2022, according to the country’s Vespa Club.”Vespa has a unique design. It has a historical and nostalgic value. It’s not just a vehicle, it’s also fashion,” said Frasthio, chief executive of Elders, which converts the older bikes into electric vehicles.The country’s leaders are pushing for more EVs on its roads, with a target of 13 million electric motorcycles by 2030 — ambitiously far from the current number of 160,000, according to transport ministry data.But Elders is playing its part in what the government hopes will be the early stages of an electric vehicle revolution.Frasthio says the firm has converted and sold around 1,000 Vespas across the country since its founding in 2021 and one day aims to develop its own electric scooter.Once converted, a Vespa’s fully charged electric battery can last 60-120 kilometres (37-74 miles), and up to 200 kilometres for an upgraded battery.”This electric Vespa can be a solution for countries that require low emissions from motorcycles,” Frasthio said.- Clean contribution -Yet pricing remains a major stumbling block in Southeast Asia’s biggest economy.Frasthio’s proud but humble Vespa cost $34,000 to buy before conversion.A brand-new Vespa Elettrica imported from Italy can cost 198 million rupiah ($11,750) and the European company already sells a range of electric scooters in the continent.But for those who want to stay retro, there are kits to convert to vintage scooters to electric that cost between $1,500 and $3,900, Frasthio said.The chance to switch is attracting customers who want a fashionable ride without contributing to noise and air pollution.One of them is Hendra Iswahyudi, who bought a converted Vespa from Frasthio’s firm, remembering the effort of riding an old model as a student.”You would turn on the ignition and take a shower while waiting for the engine to be ready,” the 56-year-old said.Riding an antique Vespa from the 1960s without the pollution and the noise in Jakarta’s heavy traffic has also earned him curious looks.”People who like Vespa came to have a closer look and told me that my scooter was very cool,” he said.The civil servant supports the niche industry for converting scooters, despite government plans to put a new fleet of electric vehicles on the road.”I feel comfortable riding the Vespa. I feel like I’ve contributed to the clean air,” he said.- Nostalgia -But a yearning for the nostalgia of an original Vespa is keeping some from taking the cleaner option, instead choosing to keep the roar of an older engine.”I prefer the authentic Vespa with its original noise because it’s what makes it unique. You can hear it coming from afar,” said Muhammad Husni Budiman, an antique Vespa lover.”It’s classic and nostalgic.”The 39-year-old entrepreneur fell in love with antique Vespas when he was young and started to collect some from the 1960s and 70s.In 2021, he established a Jakarta-based club for Vespas produced in the 1960s that now boasts hundreds of members. Despite trying an electric Vespa, Budiman’s club is mainly for those who love original models.Frasthio is conscious that some Vespa lovers like Budiman will be hesitant about the EV uptake.But he was quick to dispel the theory that his company was putting the conventional scooters they adore in a bad light.”We are not trying to lecture anyone about pollution issues,” he said.”We are just offering, for those not used to manual motorcycles, that electric motorbikes can be a solution.”

Once a collection of sleepy fishing villages, vast Chinese investments have transformed Cambodia’s Sihanoukville into a half-finished gambling resort with signs everywhere in Mandarin.China is the largest investor and trading partner in Cambodia, much of it directed towards the Gulf of Thailand port, a key strategic location in the Belt and Road Initiative (BRI) championed by leader Xi Jinping, who arrives in the country Thursday.While welcomed by local government officials, China’s vast investments are viewed warily by critics who warn that they heap unserviceable debts on their hosts and leave the city highly dependent on Beijing.”Sihanoukville changes year-on-year,” said Xiaofan, a Chinese tourist visiting friends who started businesses.”This year I came back and it was entirely a Chinese city. There are so many Chinese people.”Gambling is generally illegal in mainland China, and Sihanoukville is one of the many centres in the surrounding area that have sprouted to draw Chinese visitors and sate their hunger.And Phnom Penh is among Beijing’s most reliable supporters in Asia — China’s state news agency Xinhua described Xi’s visit as a display of “iron-clad” friendship.This month a Chinese-renovated naval base was inaugurated nearby that Phnom Penh insists will not be used “exclusively” by Beijing — but where two Chinese warships have been docked since December 2023.Cambodia actively courts investment from Beijing’s state-owned enterprises, while Phnom Penh regularly stymies efforts in the regional Association of Southeast Asian Nations (ASEAN) grouping to act on Beijing’s island-building and territorial assertiveness in the South China Sea.- ‘Make Sihanoukville great again’ -According to the Preah Sihanouk provincial administration, the area boasts a GDP per capita of $4,000 — around double the Cambodian average — driven largely by a Chinese-run manufacturing hub.The Sihanoukville Special Economic Zone is a symbol of the Cambodia-China relationship, says provincial vice-governor Long Dimanche, who was sanguine about the prospect of his city becoming little more than a casino boomtown.”For me, whatever,” he told AFP. “Look at Macau, look at Las Vegas.”He says Sihanoukville welcomed investment from anyone, on a first come, first served basis.”Cambodia is a small country. We don’t have any choice.”Cranes from Chinese construction firms swing around on the coastline frantically building a luxury seafront shopping resort, Peninsula Bay.A project representative described the developer as a “Chinese-Cambodian” company and said it was designed to “make Sihanoukville great again”.But Chinese investment projects around the world have had mixed outcomes, some proving to be white elephants and others burdening their hosts with crushing debts.Ou Virak, president of Future Forum, a Cambodian think-tank, believes the port is becoming a “ghost city” full of empty buildings.”Sihanoukville is a symptom of a broader real estate problem in China. They just export that to us,” he said.More than a third of Cambodia’s $11 billion in foreign debt is owed to China, according to the IMF.A $2 billion expressway connecting Sihanoukville to the capital Phnom Penh was built with Chinese funds and opened in 2022, but with minimum $15 toll fares the dual carriageway is generally empty.A Chinese-financed airport in Siem Reap near the Angkor Wat UNESCO-listed heritage site, inaugurated in 2023, is designed to handle seven million tourists annually — over a million more than visited the whole country that year.A 180-kilometre (110-mile) canal linking the Mekong River to the Gulf of Thailand is still awaiting funds from a Chinese-owned company almost a year after groundbreaking.”Some of the projects have been too mega, too quickly, and there’s no organic demand for them,” said Ou Virak, calling some of them stranded assets. But “economically, you can’t deny China”.- ‘Heavily dependent’ -Washington has said the Ream naval base — originally built by the United States and now upgraded by China — could be leveraged by Beijing for strategic access to the contested South China Sea, which it claims almost in its entirety.Beijing’s strategic investments “underscore China’s long-term interest in securing influence” in the region, said Sophal Ear, associate professor at Arizona State University.But, he said, with Cambodia’s economy “heavily dependent” on Chinese capital, concerns over debt sustainability, economic overreliance, and sovereignty risks persist.At the same time, the country has hosted some of the scam centres — many of them targeting Chinese citizens — that proliferated in recent years before a recent crackdown.Meat skewer seller Wang Guohua has no such worries.The 58-year-old moved from the southern Chinese province of Hunan to Sihanoukville with his wife five years ago and now barbecues snacks by the roadside every night for hungry Chinese tourists.”We certainly hope that the (Chinese-Cambodian) relationship will get even stronger,” he said. “For us, that would be a good thing.”

US President Donald Trump ordered a probe Tuesday that may result in tariffs on critical minerals, rare-earth metals and associated products such as smartphones, in an escalation of his dispute with global trade partners.Trump has upended markets in recent weeks with his sweeping on-off levies, and this investigation could see him impose further tariffs if it shows that imports of critical minerals and their derivatives endanger US national security.China dominates global supply chains for rare metals.Without naming any other countries, the order says that the United States is dependent on foreign sources that “are at risk of serious, sustained, and long-term supply chain shocks.”It states that this dependence “raises the potential for risks to national security, defense readiness, price stability, and economic prosperity and resilience.”The imports targeted include so-called critical minerals like cobalt, lithium and nickel, rare-earth elements, as well as products that partly require these resources, such as electric vehicles and batteries.The order states that critical minerals and their derivatives are essential for US military and energy infrastructure, noting their use in jet engines, missile guidance systems and advanced computing, among others.The Department of Commerce will have up to 180 days to deliver its report to Trump, the order says, adding that any recommendations for action should consider the imposition of tariffs.It follows a similar “national security” investigation that Trump ordered Monday into pharmaceutical imports, and another on semiconductors and chip-making equipment.The process is based on a 1962 law that was seldom used before Trump, during his first 2017-2021 term, called on it to justify imposing taxes on steel and aluminum imports. The US president again resorted to this law, known as Section 232, to reintroduce in mid-March tariffs of 25 percent on steel and aluminum, and on automobiles. Trump has slapped new tariffs on friend and foe since returning to the presidency this year in a wide-ranging but often chaotic attempt to reorder the world economy by using levies to force manufacturers to relocate to the United States. 

US aviation giant Boeing, fresh off a crippling labor dispute and quality control crisis, has now found itself drawn into the escalating trade conflict between Washington and Beijing.The largest US exporter, Boeing has been caught in the crossfire after President Donald Trump imposed new tariffs of up to 145 percent on many Chinese products, sparking retaliatory 125 percent levies from Beijing.The duties more than double the cost of aircraft and spare parts manufactured in the United States.On Tuesday, Trump accused China of reneging on a “big Boeing deal,” following a Bloomberg news report that Beijing ordered airlines not to take further deliveries of the company’s jets.The report also said that Beijing requested Chinese carriers to pause purchases of aircraft-related equipment and parts from US firms.Boeing has declined to comment on the matter.Last week, Bloomberg reported that China’s Juneyao Airlines was delaying delivery of a Boeing widebody aircraft as the growing trade conflict drives up costs of big-ticket products.- ‘Not surprised’-Boeing’s website shows its order book at the end of March contained 130 aircraft due to Chinese customers, including airlines and leasing companies.But as some buyers prefer to remain anonymous, the true figure could be higher.Bank of America (BofA) analysts note that Boeing is scheduled to deliver 29 aircraft this year to identified Chinese companies, but added that a large portion of unidentified customers who bought aircraft are actually Chinese.”China represents about 20 percent of the market for large civil jets over the next 20 years,” BofA Securities said in a note.It added that the US administration cannot ignore Boeing when it considers trade balances.”Boeing is the US’s largest exporter, as such, we are not surprised by China’s move; however, we do see this as unsustainable,” BofA Securities said.Boeing’s main competitor Airbus cannot be China’s only supplier of large commercial jets given its capacity constraints, it said.The Commercial Aircraft Corporation of China (COMAC) is also “highly dependent on US suppliers,” the analysts said.If China stopped buying aircraft components from the United States, COMAC’s C919 program — a competitor to Boeing’s 737 or Airbus’s A320 — would be halted, they said.A delivery blockage would affect the United States’ trade balance further as well.Boeing’s production slowed significantly after quality issues that emerged with an in-flight incident in January 2024, and two factories were subsequently paralysed by a strike in the fall.According to US official data, commercial aircraft exports reached $4.2 billion in August last year but dropped to $2.6 billion in September. They slipped further in October and November.In December, when Boeing deliveries gradually resumed, the amount rose to $3.1 billion.- Airline customers -Boeing CEO Kelly Ortberg previously stressed that the company supports 1.8 million jobs in the United States.A delivery freeze would have direct consequences for the group, which traditionally receives 60 percent of the price upon delivery.With its difficulties of 2024, Boeing is already dipping heavily into cash flow that has been depleted by the Covid-19 pandemic and other issues.Besides concerns surrounding Beijing, Boeing will likely be squeezed by higher duties too.Michael O’Leary, CEO of Ryanair, Europe’s largest airline by passenger numbers, said on Tuesday his company might postpone delivery of 25 Boeing jets expected from August if they cost more customs duties.Ryanair, a major Boeing customer, notably placed an order in May 2023 for 300 737 MAX 10s, including 150 firm orders, for a list price estimated at over $40 billion.Ed Bastian, CEO of Delta Air Lines, said last week that he does not intend to pay customs duties on the Airbus aircraft he expects this year.

Nvidia on Tuesday notified regulators that it expects a $5.5 billion hit this quarter due to a new US licensing requirement on the primary chip it can legally sell in China.US officials last week told Nvidia it must obtain licenses to export its H20 chips to China because of concerns they may be used in supercomputers there, the Silicon Valley company said in a Securities and Exchange Commission (SEC) filing.Shares of Nvidia, which have seen high volatility since US President Donald Trump made a major tariffs announcement on April 2, were down more than six percent in after-market trades.The new licensing rule applies to Nvidia GPUs (graphics processing units) with bandwidth similar to that of the H20.The United States had already restricted exports to China of Nvidia’s most sophisticated GPUs, tailored for powering top-end artificial intelligence models.Nvidia was told the licensing requirement on H20 chips would last indefinitely, it said in the filing.Nvidia’s current fiscal quarter ends on April 27.”First quarter results are expected to include up to approximately $5.5 billion of charges associated with H20 products for inventory, purchase commitments, and related reserves,” Nvidia said in the filing.Nvidia CEO Jensen Huang has said publicly that the AI chip powerhouse will balance legal compliance and technological advances under Trump, and that nothing will stop the global advancement of artificial intelligence.”We’ll continue to do that and we’ll be able to do that just fine,” the Taiwan-born entrepreneur told reporters late last year.Trump’s predecessor Joe Biden restricted Nvidia from selling some of its top AI chips to China, which the United States sees as a strategic competitor in technology.Global markets have been on a roller coaster since Trump’s April 2 announcement, declining sharply before partially recovering with his 90-day pause on the steepest tariff rates last week.Trump warned Sunday that no country would be getting “off the hook” on tariffs despite a 90-day reprieve on some levies, while also downplaying exemptions for Chinese technology.Most nations will now face a baseline 10 percent tariff for the near-three-month period — except China, which launched a tit-for-tat escalation.China has sought to present itself as a stable alternative to an erratic Washington, courting countries spooked by the global economic storm.

Global stocks were mixed Tuesday as investors digested strong bank earnings and monitored ongoing developments in the US-China trade war amid lingering unease over last week’s market gyrations.Some stability has returned to markets after last week’s roller-coaster ride over Trump’s stop-start tariff announcements, but uncertainty remains over speculation of new levies on high-end technology and pharmaceuticals.”While financial markets have steadied, with many looking as if they are consolidating at current levels, this feels as if it is the calm before the storm,” said David Morrison, senior analyst at financial services firm Trade Nation.”Markets remain skittish, and investors feel safer sitting on their hands for now, hoping that last week’s worrying dislocations revert back to normal,” he said.Wall Street stocks finished lower after two positive sessions.A White House spokeswoman described the ball as being “in China’s court” in the trade war between Washington and Beijing.”Will we have relief or progress with the trade tariff situation or is the situation going to get worse?” said Adam Sarhan of 50 Park Investments. “We don’t know. That question mark is leading investors to hold off from taking any big positions.”Shares in Bank of America and Citigroup climbed after the financial giants posted solid earnings reports.Boeing slumped as Trump said China “reneged” on a major deal with the US aviation giant, after Bloomberg reported that Beijing ordered airlines not to take further deliveries from the company amid an escalating trade war. Shares in European rival Airbus rose.European indices closed higher, with London and Frankfurt gaining 1.4 percent each.Paris made more modest gains, weighed down by shares in Louis Vuitton owner LVMH falling almost eight percent over weak sales. The group was overtaken by rival Hermes as France’s most valuable company by market capitalization.Shares in European and Asian automakers rallied following Trump’s comments on Monday that he was “very flexible” and “looking at something to help some of the car companies” hit by his 25 percent tariff on all imports.”This serves to double down on the weekend narrative that Trump will reverse some of his tariffs once company execs approach him to highlight the huge negative implications of his action,” said Joshua Mahony, chief market analyst at Scope Markets.  In Asia, Toyota jumped 3.7 percent and Hyundai more than four percent.But in the United States, General Motors and Ford slumped.- Key figures around 2050 GMT -New York – Dow: DOWN 0.4 percent at 40,368.96 (close)New York – S&P 500: DOWN 0.2 percent at 5,396.63 (close)New York – Nasdaq: DOWN 0.1 percent at 16,823.17 (close)London – FTSE 100: UP 1.4 percent at 8,249.12 (close)Paris – CAC 40: UP 0.9 percent at 7,335.40 (close)Frankfurt – DAX: UP 1.4 percent at 21,253.70(close)Tokyo – Nikkei 225: UP 0.8 percent at 34,267.54 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 21,466.27 (close)Shanghai – Composite: UP 0.2 percent at 3,267.66 (close)Dollar/yen: UP at 143.18 yen from 143.09 yen on MondayEuro/dollar: DOWN at $1.1291 from $1.1351Pound/dollar: UP at $1.3232 from $1.3190Euro/pound: DOWN at 85.30 pence from 86.05 penceWest Texas Intermediate: DOWN 0.3 percent at $61.33 per barrelBrent North Sea Crude: DOWN 0.3 percent at $64.67 per barrel

Stock markets rose Tuesday as investors digested strong bank earnings and shares in several auto giants surged over hopes of tariffs relief from US President Donald Trump.Some stability has returned to markets after last week’s roller-coaster ride over Trump’s stop-start tariff announcements, but uncertainty remains over speculation of new levies on high-end technology and pharmaceuticals.”While financial markets have steadied, with many looking as if they are consolidating at current levels, this feels as if it is the calm before the storm,” said David Morrison, senior analyst at financial services firm Trade Nation.”Markets remain skittish, and investors feel safer sitting on their hands for now, hoping that last week’s worrying dislocations revert back to normal,” he said.Wall Street’s main indexes were in the green in late morning deals as investors also kept an eye on corporate earnings.Shares in Bank of America and Citigroup climbed after the financial giants posted solid earnings reports.Boeing slumped as Trump said China “reneged” on a major deal with the US aviation giant, after Bloomberg reported that Beijing ordered airlines not to take further deliveries from the company amid an escalating trade war. Shares in European rival Airbus rose.European indices closed higher, with London and Frankfurt gaining 1.4 percent each.Paris made more modest gains, weighed down by shares in Louis Vuitton owner LVMH falling almost eight percent over weak sales. The group was overtaken by rival Hermes as France’s most valuable company by market capitalisation.Shares in European and Asian automakers rallied following Trump’s comments on Monday that he was “very flexible” and “looking at something to help some of the car companies” hit by his 25 percent tariff on all imports.”This serves to double down on the weekend narrative that Trump will reverse some of his tariffs once company execs approach him to highlight the huge negative implications of his action,” said Joshua Mahony, chief market analyst at Scope Markets. US-European automaker Stellantis, whose brands include Jeep, Fiat and Peugeot, gained over six percent in Paris, while German brands Volkswagen and Mercedes-Benz advanced more than two percent. “We are encouraged by what President Trump indicated yesterday about tariffs for the car industry,” Stellantis president John Elkann said at the group’s annual shareholders meeting.In Asia, Toyota jumped 3.7 percent and Hyundai more than four percent.But in the United States, General Motors and Ford slumped.Markets made a positive start to the week, rising Monday after the announcement of tariff exemptions for consumer electronic products, though Trump’s suggestion that the reprieve would be temporary tempered the optimism.”Sentiment got a further boost thanks to positive noises about trade negotiations, which added to the sense that the administration is focused on making deals that could see the tariffs come down,” said Jim Reid, an analyst at Deutsche Bank.- Key figures around 1755 GMT -New York – Dow: UP 0.2 percent at 40,611.27 pointsNew York – S&P 500: UP 0.3 percent at 5,424.58New York – Nasdaq: UP 0.3 percent at 16,886.27London – FTSE 100: UP 1.4 percent at 8,249.12 (close)Paris – CAC 40: UP 0.8 percent at 7,335.40 (close)Frankfurt – DAX: UP 1.4 percent at 21,253.70(close)Tokyo – Nikkei 225: UP 0.8 percent at 34,267.54 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 21,466.27 (close)Shanghai – Composite: UP 0.2 percent at 3,267.66 (close)Dollar/yen: UP at 143.13 yen from 143.09 yen on MondayEuro/dollar: DOWN at $1.1283 from $1.1356 Pound/dollar: UP at $1.3219 from $1.3189Euro/pound: DOWN at 85.37 pence from 86.08 penceWest Texas Intermediate: DOWN 0.9 percent at $60.99 per barrelBrent North Sea Crude: DOWN 0.9 percent at $64.31 per barrel

Stock markets rose Tuesday, with shares in several automakers gaining after US President Donald Trump hinted that the sector could get some tariff reprieve.Some stability has returned to markets after last week’s rollercoaster ride over Trump’s stop-start tariff announcements, but uncertainty remains over speculation of new levies on high-end technology and pharmaceuticals.”While financial markets have steadied, with many looking as if they are consolidating at current levels, this feels as if it is the calm before the storm,” said David Morrison, senior analyst at financial services firm Trade Nation.”Markets remain skittish, and investors feel safer sitting on their hands for now, hoping that last week’s worrying dislocations revert back to normal,” he said.Wall Street opened slightly higher while the dollar, which has been battered in recent days, pared back some losses against the euro.European indices performed better than US peers in afternoon deals.Paris made more modest gains, weighed by shares in luxury conglomerate LVMH falling more than eight percent after it reported a decline in sales. Shares in European and Asian automakers rallied following Trump’s comments on Monday that he was “very flexible” and “looking at something to help some of the car companies” hit by his 25 percent tariff on all imports.”This serves to double down on the weekend narrative that Trump will reverse some of his tariffs once company execs approach him to highlight the huge negative implications of his action,” said Joshua Mahony, chief market analyst at Scope Markets. “It therefore comes as no surprise to see the likes of Aston Martin Lagonda, BMW and Volkswagen heading up the gainers,” he added.US-European automaker Stellantis, whose brands include Jeep, Fiat and Peugeot, gained over six percent in Paris, while German brands Volkswagen and Mercedes-Benz advanced more than two percent. “We are encouraged by what President Trump indicated yesterday about tariffs for the car industry,” Stellantis president John Elkann said at the group’s annual shareholders meeting.In Asia, Toyota jumped 3.7 percent and Hyundai more than four percent.But in the United States, General Motors and Ford slumped.Markets made a positive start to the week, rising Monday after the announcement of tariff exemptions for consumer electronic products, though Trump’s suggestion that the reprieve would be temporary tempered the optimism.”Sentiment got a further boost thanks to positive noises about trade negotiations, which added to the sense that the administration is focused on making deals that could see the tariffs come down,” said Jim Reid, analyst at Deutsche Bank.Treasury Secretary Scott Bessent said Monday that a China-US deal could be done, in an apparent olive branch as the two economic powerhouses trade tariff threats.Trump has hammered China with duties of up to 145 percent, while Beijing has imposed retaliatory measures of 125 percent.Other countries are negotiating with Washington.Trump aide Kevin Hassett said the White House had received “more than 10 deals where there’s very, very good, amazing offers made to us”, but did not specify from which countries they came.Asian markets pushed higher, with Tokyo, Hong Kong, Seoul and Shanghai all rallying.South Korea’s announcement of plans to invest an additional $4.9 billion in the country’s semiconductor sector gave a little lift to chip giants Samsung and SK hynix.- Key figures around 1335 GMT -New York – Dow: UP 0.1 percent at 40,575.75 pointsNew York – S&P 500: UP 0.2 percent at 5,417.84New York – Nasdaq: UP 0.2 percent at 16,863.42London – FTSE 100: UP 1.0 percent at 8,219.12Paris – CAC 40: UP 0.4 percent at 7,301.89Frankfurt – DAX: UP 1.2 percent at 21,202.45 Tokyo – Nikkei 225: UP 0.8 percent at 34,267.54 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 21,466.27 (close)Shanghai – Composite: UP 0.2 percent at 3,267.66 (close)Dollar/yen: DOWN at 142.92 yen from 143.09 yen on MondayEuro/dollar: DOWN at $1.1316 from $1.1356 Pound/dollar: UP at $1.3226 from $1.3189Euro/pound: DOWN at 85.57 pence from 86.08 penceWest Texas Intermediate: DOWN 0.1 percent at $61.48 per barrelBrent North Sea Crude: DOWN 0.1 percent at $64.82 per barrel