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Stocks mostly edged downwards on Monday, after rallies in Europe and the United States fueled by comments from the US central bank chief last week where he indicated the possibility of lower interest rates.Investors were also keenly awaiting an earnings report from dominant AI chip company Nvidia due on Wednesday. The firm’s stock fell sharply last week as investors worried that enthusiasm for AI may be overcooked, which helped drag down the buoyant tech industry.But on Monday, Nvidia shares climbed 1.0 percent.”AI has been the primary driver of the market this year,” said Christopher Low of FHN Financial, adding that Nvidia stock is particularly important as investors have used it to wager on the AI industry more broadly.Separately, Federal Reserve chief Jerome Powell told central bankers at an annual conference in Wyoming last Friday that “the balance of risks appears to be shifting” in the United States.In particular, he noted that risks to employment are rising and flagged the possibility they could materialize rapidly in the form of higher layoffs.Investors interpreted his remarks as a sure signal of a rate cut at the Fed’s meeting next month, as inflation has not shown signs of soaring in the wake of President Donald Trump’s tariffs blitz.”Powell basically delivered the 25 basis points before the September meeting,” said Ipek Ozkardeskaya, an analyst at Swissquote Bank.While global markets soared initially and Asian markets kept their gains, Wall Street’s major indexes closed lower.European indices fell back after a morning flurry, with a late slump on the Paris exchange after an announcement by Prime Minister Francois Bayrou that he would seek a vote of confidence in the National Assembly in a bid to push through his budget.All eyes now turn toward a US GDP report on Thursday and a key inflation gauge coming on Friday for clues on how far interest rates might fall — or not — in the coming months.In corporate news, shares in Danish wind group Orsted plunged 16 percent after the US government halted construction at an offshore site that is 80 percent complete.It was the latest move by Trump’s administration against wind power and other renewables in favor of oil and gas.France’s Valneva tumbled 22 percent following a US suspension of its chikungunya vaccine over “serious” side-effects, raising doubts about one of the few vaccines for the virus.And stocks in sportswear manufacturer Puma leapt 15 percent after reports suggested France’s Pinault family were trying to sell their 29 percent stake in the firm.- Key figures at around 2040 GMT -New York – Dow: DOWN 0.8 percent at 45,282.47 points (close)New York – S&P 500:  DOWN 0.4 percent at 6,439.32 (close)New York – Nasdaq: DOWN 0.2 percent at 21,449.29 (close)Paris – CAC 40: DOWN 1.6 percent at 7,843.04 points (close)Frankfurt – DAX: DOWN 0.4 percent at 24,273.12 (close)London – FTSE 100: CLOSED for Summer Bank HolidayTokyo – Nikkei 225: UP 0.4 percent at 42,807.82 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 25,829.91 (close)Shanghai – Composite: UP 1.5 percent at 3,883.56 (close)Euro/dollar: DOWN at $1.1624 from $1.1722 on FridayPound/dollar: DOWN at $1.3460 from $1.3523Dollar/yen: UP at 147.70 yen from 146.94 yenEuro/pound: DOWN at 86.35 pence from 86.69 penceWest Texas Intermediate: UP 1.8 percent at $64.80 per barrelBrent North Sea Crude: UP 1.6 percent at $68.80 per barrelburs-jxb-bys/jgc

Stocks slipped in European trading Monday as investors locked in gains fuelled by the clear shift toward lower rates by the US Federal Reserve, which helped Asian markets kick off the week with a rally.Fed chief Jerome Powell told central bankers at their annual conference in Wyoming last Friday that “the balance of risks appears to be shifting” toward signs of weakness in the world’s largest economy.Investors interpreted that as a sure signal of a rate cut at the Fed’s meeting next month, as inflation has not shown signs of soaring in the wake of President Donald Trump’s tariffs blitz.”Powell basically delivered the 25 basis points before the September meeting,” said Ipek Ozkardeskaya, an analyst at Swissquote Bank.Wall Street soared on the news ahead of the weekend, while the dollar fell since lower interest rates make the greenback less appealing to foreign investors.All eyes now turn toward a US GDP report on Thursday and a key inflation gauge coming on Friday for clues on how far rates might fall — or not — in the coming months.”The data — especially the inflation data — will tell if there could be further rate relief into the year-end,” Ozkardeskaya said. Asian markets benefited from the rally, with Tokyo rising almost half a percent while Hong Kong finished up 1.9 percent, boosted by a surge in Chinese tech giant Alibaba.European indices were broadly lower though London was closed for a public holiday, with many investors happy to take profits while awaiting Wednesday’s earning report from AI-chip heavyweight Nvidia.The stock fell sharply last week as investors worried that the enthusiasm for artificial intelligence may be overdone, which cast a pall over the wider tech sector after months of strong gains.In corporate news, shares in Danish wind group Orsted plunged 17 percent after the US government halted construction at an offshore site that is 80 percent complete.It was the latest move by Trump’s administration against wind power and other renewables in favour of oil and gas.France’s Valneva tumbled 23 percent following a US suspension of its chikungunya vaccine over “serious” side-effects, raising doubts about one of the few vaccines for the virus.Dutch coffee group JDE Peet’s jumped 17 percent after it accepted a 15.7 billion euro takeover bid from US drinks giant Keurig Dr Pepper (KDP).- Key figures at around 1115 GMT -Paris – CAC 40: DOWN 0.5 percent at 7,926.63 pointsFrankfurt – DAX: DOWN 0.2 percent at 24,327.12London – FTSE 100: CLOSED for Summer Bank HolidayTokyo – Nikkei 225: UP 0.4 percent at 42,807.82 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 25,829.91 (close)Shanghai – Composite: UP 1.5 percent at 3,883.56 (close)Euro/dollar: DOWN at $1.1690 from $1.1722 on FridayPound/dollar: DOWN at $1.3496 from $1.3523Dollar/yen: UP at 147.42 yen from 146.94 yenEuro/pound: DOWN at 86.62 pence from 86.69 penceWest Texas Intermediate: UP 0.6 percent at $64.06 per barrelBrent North Sea Crude: UP 0.5 percent at $67.58 per barrel

Asian markets kicked off the week with a rally on Monday, tracking gains made by Wall Street on Friday after the US central bank chief suggested coming interest rate cuts.Investors weighing the prospects of a September reduction had been closely eyeing the speech by Federal Reserve Chair Jerome Powell at an annual symposium in Jackson Hole, Wyoming.”The balance of risks appears to be shifting,” Powell said, noting a slump in employment even as inflation remains above target.He added that the “unusual” situation “may warrant adjusting our policy stance”.Wall Street stocks surged following Powell’s speech, rebounding from a tech sell-off earlier in the week. European markets also ticked upwards after the speech.During the first trading sessions in major Asian markets following the comments, stocks made notable gains.Tokyo rose almost half a percent on the day, while Hong Kong finished up 1.9 percent, boosted by a surge in Chinese tech giant Alibaba.Shanghai, Seoul and Taipei also rose. Sydney finished marginally higher.”By hinting that the Fed could cut even without pristine inflation numbers, (Powell) transformed caution into conviction,” Stephen Innes of SPI Asset Management wrote in a note Monday.”Expectations for a September cut now hover near certainty,” he added.Paris and Frankfurt were slightly down during early trading in Europe, paring back Friday gains. London was closed for a public holiday.Powell has come under intense public pressure this year from US President Donald Trump to lower rates.But the independent central bank has kept benchmark interest rates steady at a range of between 4.25 percent and 4.50 percent since its last reduction in December.In keeping rates unchanged, policymakers cited resilience in the labour market as they monitored the effects of Trump’s wide-ranging tariffs on the world’s biggest economy.Reacting to Friday’s news, the dollar fell against currencies such as the euro, pound and yen, as lower returns make the greenback less appealing to foreign investors.Oil prices crept up on Monday, adding to increases made last week as investors considered the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Traders are now eagerly awaiting a quarterly earnings report from US chip juggernaut Nvidia on Wednesday, which is expected to shed light on how its strong push into artificial intelligence is faring.- Key figures at around 0830 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 42,807.82 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 25,829.91 (close)Shanghai – Composite: UP 1.5 percent at 3,883.088 (close)Euro/dollar: DOWN at $1.1704 from $1.1722 on FridayPound/dollar: DOWN at $1.3506 from $1.3523Dollar/yen: UP at 147.30 yen from 146.94 yenEuro/pound: DOWN at 86.67 pence from 86.69 penceWest Texas Intermediate: UP 0.4 percent at $63.91 per barrelBrent North Sea Crude: UP 0.3 percent at $67.93 per barrelNew York – Dow: UP 1.9 percent at 45,631.74 (close)London – FTSE 100: UP 0.1 percent at 9,321.40 (Friday close)

Shares in heavily indebted China Evergrande Group were taken off the Hong Kong Stock Exchange on Monday, capping a grim reversal of fortune for the once-booming property developer.A committee at the bourse had decided earlier this month to cancel Evergrande’s listing after it failed to meet a July deadline to resume trading — suspended since early last year.The delisting on Monday marks the latest milestone for a firm whose painful downward spiral has become symbolic of China’s long-standing property sector woes.Once the country’s biggest real estate firm, Evergrande was worth more than $50 billion at its peak and helped propel China’s rapid economic growth in recent decades.But it defaulted in 2021 after years of struggling to repay creditors.A Hong Kong court issued a winding-up order for Evergrande in January 2024, ruling that the company had failed to come up with a suitable debt repayment plan.Liquidators have made moves to recover creditors’ investments, including filing a lawsuit against PwC and its mainland Chinese arm for their role in auditing the debt-ridden developer.The firm’s debt load is bigger than the previously estimated amount of $27.5 billion, according to a filing earlier this month attributed to liquidators Edward Middleton and Tiffany Wong.The statement added that China Evergrande Group was a holding company and that liquidators had assumed control of more than 100 companies within the group.Evergrande’s saga — and similar issues faced by other property giants including Country Garden and Vanke — have been closely followed by observers assessing the health of the world’s second-largest economy.After a decades-long construction boom fuelled by rapid urbanisation, China’s property sector began to show worrying signs in 2020, when Beijing announced new rules to limit excessive borrowing.With Evergrande’s default the following year and other complications across the industry continuing, a return to the boom years has proven elusive for policymakers.The crisis has also dampened consumer sentiment at a time when economists argue that China must shift towards a new growth model driven more by domestic spending rather than investment.New home prices in a grouping of 70 Chinese cities continued to drop in July, official data showed earlier this month.

Asian markets kicked off the week with a rally Monday morning, tracking gains made by Wall Street on Friday after the US central bank chief suggested coming interest rate cuts.Investors weighing the prospects of a September cut had been closely eyeing the speech by Federal Reserve Chair Jerome Powell at an annual symposium in Jackson Hole, Wyoming.”The balance of risks appears to be shifting,” Powell said, noting a slump in employment even as inflation remains above target.He added that the “unusual” situation “may warrant adjusting our policy stance”.Wall Street stocks surged following Powell’s speech, rebounding from a tech sell-off earlier in the week. European markets also ticked upwards.During the first trading sessions in major Asian markets following the comments, stocks made notable gains.Hong Kong’s main index was up nearly 1.3 percent one hour after opening, while benchmarks in Tokyo, Shanghai, Sydney, Seoul and Taipei also rose.”By hinting that the Fed could cut even without pristine inflation numbers, (Powell) transformed caution into conviction,” Stephen Innes of SPI Asset Management wrote in a note Monday.”Expectations for a September cut now hover near certainty,” he added.Powell has come under intense public pressure this year from US President Donald Trump to lower rates.But the independent central bank has kept benchmark interest rates steady at a range of between 4.25 percent and 4.50 percent since its last reduction in December.In keeping rates unchanged, policymakers cited resilience in the labor market as they monitored the effects of Trump’s wide-ranging tariffs on the world’s biggest economy.Reacting to Friday’s news, the dollar fell against currencies such as the euro, pound and yen, as lower returns make the greenback less appealing to foreign investors.Oil markets were nearly flat Monday, following price increases made last week as investors considered the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Traders are now eagerly awaiting a quarterly earnings report from US chip juggernaut Nvidia on Wednesday, which is expected to shed light on how its strong push into artificial intelligence is faring.- Key figures at around 0215 GMT -Tokyo – Nikkei 225: UP 0.7 percent at 42,933.34Hong Kong – Hang Seng Index: UP 1.3 percent at 25,661.10Shanghai – Composite: UP 0.7 percent at 3,854.086Euro/dollar: DOWN at $1.1696 from $1.1722 on FridayPound/dollar: DOWN at $1.3493 from $1.3523Dollar/yen: UP at 147.47 yen from 146.94 yenEuro/pound: DOWN at 86.68 pence from 86.69 penceWest Texas Intermediate: FLAT at $63.65 per barrelBrent North Sea Crude: FLAT at $67.71 per barrelNew York – Dow: UP 1.9 percent at 45,631.74 (close)London – FTSE 100: UP 0.1 percent at 9,321.40 (close)

Indian Prime Minister Narendra Modi’s push to slash consumption taxes on everyday goods could deliver billions of dollars in annual relief and boost demand in an economy bracing for painful US tariffs, experts say.US President Donald Trump has threatened to double import duties on India from 25 to 50 percent to punish New Delhi for buying oil from Russia, saying the purchases help Moscow fund its invasion of Ukraine.The prospective measure has clouded the outlook for the world’s fifth-largest economy, with Indian exporters warning of plunging orders and severe job losses.New Delhi has called Washington’s move “unfair, unjustified and unreasonable” but is already seeking to cushion the blow, with Modi last week promising to “bring down the tax burden on the common man” during an annual speech to mark India’s independence.His proposed cuts to the goods and services tax (GST) would make everything from small cars to air conditioners cheaper for consumers, economists say.Currently, the tax operates under a complex four-tier structure, with rates ranging from five to 28 percent.Under Modi’s reforms, most goods would fall into just two tiers, taxed at either five or 18 percent.The Indian leader has called the change a “Diwali gift”, a reference to the annual Hindu festival of lights when consumers splurge on everything from gold and clothes to consumer electronics.- ‘Sizeable savings’ -Trump’s tariffs — and their impact on ordinary Indians — will hinge on how much progress is made towards a Russia-Ukraine peace deal, and whether New Delhi can secure alternative oil suppliers before the US president’s August 27 deadline.But experts say Modi’s tax reform could help shore up demand by reducing tax collections by between $13 billion and $17 billion.Analysts at Emkay Global Financial Services called the policy a “welcome reform towards boosting domestic consumption”.They estimated that about the vast majority of items currently subject to the top 28 percent rate would be taxed at 18 percent, while “nearly all” in the 12 percent tier would move into the five-percent bracket.Analysts at Motilal Oswal, an Indian financial services firm, said the changes would bring benefits to a wide range of sectors and “sizeable savings” to households.The fate of the proposal ultimately rests with the GST Council, which includes representatives from state governments and has struggled to achieve broad consensus in the past.If approved, the cuts would strain public finances, according to experts.However, they said, they could also help to offset tariff risks and burnish Modi’s credentials among the middle class.The proposal comes ahead of expected elections later this year in Bihar, a large, Hindu-majority state of 130 million people that is a key political battleground for Modi.”The popular economic narrative right now is that of Trump’s 50 percent tariffs and how the US-India relationship is seeing setbacks,” Deepanshu Mohan, economist at O.P. Jindal Global University, told AFP.”The GST readjustment is a strong response from Modi in that context. It’s Modi telling the middle class: ‘We are trying to make sure you have enough at your end,'” Mohan said.But, he added, it was also an acknowledgement that India’s economy had not worked for its “low middle-income class for some time”.- US-India trade talks – Although economists have called for an overhaul of the GST system for years, Modi’s surprise announcement comes as US-India ties hit a multi-decade low.Economists estimate that if the two countries fail to sign a trade deal, Trump’s tariffs could drag India’s GDP growth below six percent this fiscal year, lower than the central bank’s projections of 6.5 percent.New Delhi’s stance on Russian oil imports will become clearer by late September as most cargoes this month were contracted before Trump’s threats, according to trade intelligence firm Kpler.Kpler analyst Sumit Ritolia told AFP that while Indian refiners are showing “growing interest” in US, West African and Latin American crude, it was more indicative of “greater flexibility, not a deliberate pivot”.”Until there’s a clear policy shift or sustained change in trade economics, Russian flows remain a core part of India’s crude basket,” Ritolia said. As the clock ticks down on the tariff hike, the state of US-India trade negotiations remains uncertain.New Delhi says it is committed to striking a deal, but Indian media reports suggest US negotiators have postponed a planned late-August visit to the Indian capital.

Wall Street shares rallied Friday as US Federal Reserve chief Jerome Powell left the door open to cutting interest rates, which also sent the dollar dropping against the euro and other major currencies.Investors had been eagerly waiting for Powell’s speech all week, hoping to hear hints that the Fed would cut rates at its next meeting in September to spur economic growth.New York’s three main indexes surged following his remarks, rebounding after a tech sell-off this week.European stock markets also got a bump in afternoon deals, though the gains were limited by the impact of President Donald Trump’s tariffs on the German economy, which shrank in the second quarter.In his speech at the annual symposium of global central bankers in Jackson Hole, Wyoming, Powell warned that risks of higher inflation and a weakening jobs market meant a “challenging situation.””Downside risks to employment are rising,” Powell said, adding that the effects of Trump’s tariffs on consumer prices “are now clearly visible.””With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” he said.Powell has come under intense public pressure this year from Trump to lower rates.But the independent central bank has kept benchmark interest rates steady at a range of between 4.25 percent and 4.50 percent since its last reduction in December.In keeping rates unchanged, policymakers cited resilience in the labor market as they monitored the effects of Trump’s wide-ranging tariffs on the world’s biggest economy.”The market was pricing in roughly a 75 percent chance of a rate cut in September,” said Bret Kenwell, an investment analyst at eToro. But the odds according to CME Group’s FedWatch tool exceeded 80 percent late Friday.Kenwell noted however that “rising inflation is still a risk and may prevent the Fed from moving as quickly as they’d like, but the committee is unlikely to stand by idly if we see further weakness in the jobs market.”The dollar fell against currencies such as the euro, pound and yen, as lower returns make the greenback less appealing to foreign investors.Oil prices inched up after rising more than one percent on Thursday, as investors weighed the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Observers have been speculating over how a possible lifting of sanctions on Russia, a major oil producer, would impact markets.Trump on Thursday set a two-week timeframe for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet with Russian and Ukrainian counterparts in person, as well as several European leaders.Russian Foreign Minister Sergei Lavrov, however, told NBC television Friday there was “no meeting planned” between the Russian and Ukrainian presidents.In corporate news, Deutsche Post shares fell 1.1 percent after the German postal service said it would restrict package deliveries to the United States due to Trump’s tariffs.France’s La Poste, owned by the French state, announced similar restrictions.- Key figures at around 2030 GMT -New York – Dow: UP 1.9 percent at 45,631.74 points (close)New York – S&P 500: UP 1.5 percent at 6,466.91 (close)New York – Nasdaq: UP 1.9 percent at 21,496.54 (close)London – FTSE 100: UP 0.1 percent at 9,321.40 (close)Paris – CAC 40: UP 0.4 percent at 7,969.69 (close)Frankfurt – DAX: UP 0.3 percent at 24,363.09 (close)Tokyo – Nikkei 225: UP 0.1 percent at 42,633.29 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,339.14 (close)Shanghai – Composite: UP 1.5 percent at 3,825.76 (close)Euro/dollar: UP at $1.1722 from $1.1604 on ThursdayPound/dollar: UP at $1.3523 from $1.3412Dollar/yen: DOWN at 146.94 yen from 148.37 yenEuro/pound: UP at 86.69 pence from 86.52 penceWest Texas Intermediate: UP 0.2 percent at $63.66 per barrelBrent North Sea Crude: UP 0.1 percent at $67.73 per barrelpfc-ajb-lth-bys/jgc

Stock markets advanced Friday ahead of a pivotal speech by the US central bank chief, expected to shed light on possible interest rate cuts in the world’s top economy.Major European stock markets ticked up, following gains in Asia led by Chinese indices.Recent days have seen cautious trading as investors await clarity from Federal Reserve chief Jerome Powell about the path on US interest rates, with recent data showing a cooling jobs market and a mixed picture for inflation.Powell is set to deliver remarks during an annual gathering of central bankers in Jackson Hole, Wyoming, a key event for observers weighing the chances of a rate cut at a September meeting of policymakers.”Investors will be keenly watching whether Powell places more emphasis on weaker payrolls versus more stable measures of labour market slack and still solid activity and inflation data,” said Deutsche Bank managing director Jim Reid. Powell has come under intense public pressure this year from President Donald Trump to lower rates — an unusual political intervention at the independent central bank.In Asia, Shanghai’s main index rose 1.5 percent, breaking 3,800 points for the first time in a decade as shares in Chinese semiconductor firm Cambricon surged.Tokyo’s Nikkei index closed slightly higher, and Hong Kong advanced. Japan announced Friday that core inflation eased in July — still above its central bank’s two-percent target and boosting expectations of an October rate hike.After a shaky few days on Wall Street, Asia “should act as a safe harbour while the Fed’s credibility is under the spotlight”, noted Chris Weston, head of research at Pepperstone.Still, “hesitation to push risk higher will remain”, he said, adding that there is “a very low probability” of Powell calling explicitly for rate cuts in his speech later in the day.Also weighing heavily on investors’ minds is the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Trump on Thursday set a two-week time frame for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet with Russian and Ukrainian counterparts in person, as well as several European leaders.Observers have been speculating over how a possible lifting of sanctions on Russia, a major oil producer, would impact markets of the possible lifting of sanctions on Russia, a major producer.Oil prices wavered on Friday after gains the previous day.- Key figures at around 1040 GMT -London – FTSE 100: UP 0.1 percent at 9,313.64 pointsParis – CAC 40: UP 0.2 percent at 7,956.08 Frankfurt – DAX: UP 0.1 percent at 24,322.85Tokyo – Nikkei 225: UP 0.1 percent at 42,633.29 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,339.14 (close)Shanghai – Composite: UP 1.5 percent at 3,825.76 (close)New York – Dow: DOWN 0.3 percent at 44,785.50 (close)Euro/dollar: DOWN at $1.1596 from $1.1604 on ThursdayPound/dollar: DOWN at $1.3410 from $1.3412Dollar/yen: UP at 148.73 yen from 148.37 yenEuro/pound: DOWN at 86.48 pence from 86.52 penceWest Texas Intermediate: DOWN 0.1 percent at $63.47 per barrelBrent North Sea Crude: DOWN 0.1 percent at $67.58 per barrel

Markets in Asia and Europe diverged Friday ahead of a pivotal speech by the US central bank chief, expected to shed light on possible interest rate cuts in the world’s top economy.Recent days have seen cautious trading as investors parse a mixed outlook for the global economy, beset by worries over inflation even as a boom in tech — especially artificial intelligence — continues.US Federal Reserve Chairman Jerome Powell is set to deliver remarks during an annual gathering of central bankers in Jackson Hole, Wyoming on Friday, a key event for observers weighing the chances of a rate cut at a September meeting of policymakers.Powell has come under intense public pressure this year from President Donald Trump to lower rates — an unusual political intervention at the independent central bank.Stock markets in Asia and Europe were split across mostly narrow ranges on Friday afternoon, roughly five hours before Powell’s speech.Tokyo’s Nikkei index closed up 0.1 percent, an improvement from Thursday’s 0.7 percent drop.Japan announced Friday that core inflation had eased to 3.1 percent in July from 3.3 percent the previous month — still above its central bank’s two-percent target and boosting expectations of an October rate hike.Meanwhile, Shanghai’s main index finished up 1.5 percent, breaking 3,800 points for the first time in a decade as shares in Chinese semiconductor firm Cambricon surged.Benchmarks in Hong Kong, Seoul and Bangkok also rose, while Sydney and Taipei were down.Morning trading in Europe saw shares edge down in London and Frankfurt. Paris was up slightly.After a shaky few days on Wall Street, Asia “should act as a safe harbour while the Fed’s credibility is under the spotlight”, said Chris Weston, head of research at Pepperstone, in a note.Still, “hesitation to push risk higher will remain”, he said, adding that there is “a very low probability” of Powell calling explicitly for rate cuts in his speech later in the day.Also weighing heavily on investors’ minds is the potential for a peace deal in Ukraine more than three years after Russia’s invasion.Trump on Thursday set a two-week time frame for assessing peace talks between Moscow and Kyiv, following days of high-stakes diplomacy that saw him meet with Russian and Ukrainian counterparts in person, as well as several European leaders.Observers have been speculating lately about the impact on oil markets of the possible lifting of sanctions on Russia, a major producer.Oil prices were up narrowly on Friday afternoon, adding to previous gains made over recent days.- Key figures at 0830 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 42,633.29 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,339.14 (close)Shanghai – Composite: UP 1.5 percent at 3,825.76 (close)London – FTSE 100: DOWN 0.1 percent at 9,300.77Euro/dollar: DOWN at $1.1592 from $1.1604 on ThursdayPound/dollar: DOWN at $1.3410 from $1.3412Dollar/yen: UP at 148.60 yen from 148.37 yenEuro/pound: DOWN at 86.45 pence from 86.52 penceWest Texas Intermediate: UP 0.2 percent at $63.66 per barrelBrent North Sea Crude: UP 0.2 percent at $67.78 per barrelNew York – Dow: DOWN 0.3 percent at 44,785.50 (close)

Australia has ordered the local arm of the world’s largest cryptocurrency exchange, Binance, to appoint an external auditor after identifying “serious concerns” with its money laundering and terrorism financing controls.The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, said Friday its concerns followed Binance Australia’s latest independent review which was “limited in scope relative to its size, business offerings and risks”.AUSTRAC also flagged the company’s high staff turnover, lack of local resourcing and senior management oversight, the agency said in a statement. “AUSTRAC has directed Binance Australia to appoint an external auditor after identifying serious concerns with the crypto exchange’s anti-money laundering and counter terrorism financing controls,” it said.AUSTRAC’s chief executive Brendan Thomas added that while businesses could have safeguards that apply to multiple jurisdictions, their systems needed to reflect local regulatory requirements. “This is a global company operating across borders in a high-risk environment. We expect robust customer identification, due diligence and effective transaction monitoring,” he said in the statement.Binance has 28 days to nominate external auditors.General manager of Binance Australia and New Zealand Matt Poblocki said in a statement that the company had “engaged openly and transparently with AUSTRAC over the past several months”. “We remain committed to maintaining best-in-class compliance standards and will continuously enhance our capabilities,” Poblocki added.Binance, the world’s largest cryptocurrency exchange by volume, was created in 2017. It has cornered much of the crypto-trading market, turning its co-founder and former CEO Changpeng Zhao into a billionaire.While Binance was founded in China, Zhao moved its operations to other locations internationally after a crackdown on the crypto sector by Beijing.Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed and regulators began probing the legality of its business.The firm has been accused in several countries of allowing criminal organisations to launder funds through its platform.Zhao pleaded guilty to violating US anti-money-laundering laws in late 2023, and served a four-month prison sentence for it in 2024.