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Thailand’s government has announced a plan to tighten the rules on selling cannabis, the kingdom’s latest attempt to restrict the drug, three years after it was decriminalised.The kingdom was the first country in Southeast Asia to decriminalise the drug when it removed cannabis from the list of banned narcotics in June 2022.The intention was to allow sales for medical rather than recreational use, but the move led to hundreds of cannabis “dispensaries” springing up around the country, particularly in Bangkok.While the relaxation has proved popular with some tourists, there are concerns that the trade is under-regulated.Health Minister Somsak Thepsuthin signed an order late on Tuesday banning sales for recreational purposes.The rule would only come into force once it is published in the official Royal Gazette. It is not clear when this would happen.The government has made several previous announcements of plans to restrict cannabis, including legislation moved in February last year, but none have come to fruition.The cannabis move comes as the government led by Prime Minister Paetongtarn Shinawatra’s Pheu Thai party is hanging by a thread after losing its main coalition partner, Bhumjaithai.Though conservative, the Bhumjaithai party has long supported more liberal laws on cannabis.The party quit the coalition this month in a row over a leaked phone call between Paetongtarn and former Cambodian leader Hun Sen. 

Global stocks were mixed Wednesday as markets weighed lingering worries about the Iran-Israel conflict while Nvidia surged to a fresh all-time high on bullishness over artificial intelligence.Analysts cited not only concerns that the ceasefire between Iran and Israel could break down, but leaked US intelligence that said strikes had set back Tehran’s nuclear program by just a few months.”Maybe the US bombardment didn’t destroy the Iran nuclear program,” said Jack Ablin of Cresset Capital Management, adding that that revelations about the Iran nuclear program suggested the Iran story is not a “new chapter.”The S&P 500 finished a choppy day flat, while the Dow edged lower and the Nasdaq advanced.”Investors are sort of catching their breath, since we had a very strong move on Monday and Tuesday,” said Sam Stovall, chief investment officer at CFRA Research. “Nvidia’s on everyone lips today.”The chip company shot up 4.3 percent to $154.31, giving it a market valuation of around $3.76 trillion — more valuable than Microsoft, Apple and other tech giants.The rise came as CEO Jensen Huang presented the company’s latest technologies at Nvidia’s annual meeting.Asian stock markets had closed higher earlier on Wednesday following rallies on Wall Street and in Europe the day before. But European stocks fell in Wednesday’s session.Oil prices, meanwhile advanced after two days of heavy losses following a US crude inventory report that showed a bigger than expected drawdown in inventory.The dollar continued to slide against the euro, with fewer benefits from the flight to safety due to unrest in the Middle East.While the Israel-Iran conflict has dominated global attention in recent days, markets are also shifting attention back to trade. Shares of FedEx fell 3.3 percent after the shipping company did not provide a full-year forecast, citing uncertainty about the global trade outlook and tariffs.Dozens of countries are locked in negotiations with Washington to clinch some sort of trade deal to mitigate the impact of US tariffs. Only Britain has been reached a deal, although Beijing and Washington have agreed to lower tariffs from the highest rates they imposed upon one another.- Key figures at around 2040 GMT -Brent North Sea Crude: UP 0.8 percent at $67.68 per barrelWest Texas Intermediate: UP 0.9 percent at $64.92 per barrelNew York – Dow: DOWN 0.3 percent at 42,982.43 (close)New York – S&P 500: FLAT at 6,092.16 (close)New York – Nasdaq Composite: UP 0.3 percent at 19,973.55 (close)London – FTSE 100: DOWN 0.5 percent at 8,718.75 (close)Paris – CAC 40: DOWN 0.8 percent at 7,558.16 (close) Frankfurt – DAX: DOWN 0.6 percent at 23,498.33 (close)Tokyo – Nikkei 225: UP 0.4 percent at 38,942.07 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 24,474.67 (close)Shanghai – Composite: UP 1.0 percent at 3,455.97 (close)Euro/dollar: UP at $1.1656 from $1.1609 on TuesdayPound/dollar: UP at $1.3664 from $1.3615Dollar/yen: UP at 145.32 yen from 144.94 yenEuro/pound: DOWN at 85.26 from 85.27 penceburs-jmb/des

Oil prices recovered as stock markets diverged Wednesday while traders assessed whether the Israel-Iran ceasefire would endure.The focus was also on a NATO summit that signed off on a sharp increase to military spending by the United States and its allies.”Optimism about the fragile ceasefire holding between Iran and Israel has bubbled through markets… but more doubts are now creeping in about the truce holding,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.Trade Nation analyst David Morrison said that “Investors are mindful that the current ceasefire may break down, although that seems like a small risk for now.” Asian stock markets closed higher following rallies on Wall Street and in Europe on Tuesday on news of the ceasefire declared by Trump.But European stocks closed lower on Wednesday, and Wall Street’s main indices were mixed in late morning trading.The world’s main oil contract, Brent North Sea crude, rose 1.2 percent Wednesday after tumbling almost seven percent Tuesday.Brent and the main US crude contract, WTI, had soared Monday in the first reaction to the US bombing of Iran.Trump said Wednesday that the US strikes had resulted in the “total obliteration” of Iran’s nuclear capabilities, setting the country’s atomic programme back by “decades”.”They’re not going to be building bombs for a long time,” he said, adding that the ceasefire between Israel and Iran was going “very well”.But leaked US intelligence cast doubt on the damage caused by the American strikes, saying they had set back Tehran’s nuclear programme by just a few months.Trade Nation’s Morrison said if those assessments are correct it would pose serious concerns for investors as “it opens up a myriad of possibilities” about how the situation could develop.Trump’s comments were made in The Hague, where he mostly struck a conciliatory tone toward NATO allies, framing the deal on increased defence spending as a “great victory for everyone”.Trump appeared keen to share the plaudits for the deal, which sees the 32 NATO countries commit to spending five percent of output on defence by 2035.But Trump lashed out at Spain for its reluctance to boost defence spending and threaten to punish it with trade measures.”They want a little bit of a free ride, but they’ll have to pay it back to us on trade, because I’m not going to let that happen. It’s unfair,” Trump told journalists at the end of NATO’s Hague summit. While the Israel-Iran conflict has dominated global attention the outburst called attention to fact that Trump’s sweeping tariffs on friends and foes alike are set to come into force on July 9, after having been postponed once.Dozens of countries are locked in negotiations with Washington to clinch some sort of trade deal to mitigate the impact of US tariffs. Only Britain has been reached a deal, although Beijing and Washington have agreed to lower tariffs from the highest rates they imposed upon one another.- Key figures at around 1530 GMT -Brent North Sea Crude: UP 1.2 percent at $66.99 per barrelWest Texas Intermediate: UP 1.6 percent at $65.39 per barrelNew York – Dow: DOWN 0.3 percent at 42,981.78 pointsNew York – S&P 500: FLAT at 6,090.37New York – Nasdaq Composite: UP 0.2 percent at 19,958.07London – FTSE 100: DOWN 0.5 percent at 8,718.75 (close)Paris – CAC 40: DOWN 0.8 percent at 7,558.16 (close) Frankfurt – DAX: DOWN 0.6 percent at 23,498.33 (close)Tokyo – Nikkei 225: UP 0.4 percent at 38,942.07 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 24,474.67 (close)Shanghai – Composite: UP 1.0 percent at 3,455.97 (close)Euro/dollar: UP at $1.1628 from $1.1625 on TuesdayPound/dollar: UP at $1.3631 from $1.3616Dollar/yen: UP at 145.59 yen from 144.89 yenEuro/pound: UP at 85.38 from 85.24 penceburs-rl/jj

Most equities extended a global rally Wednesday after Iran and Israel agreed to a ceasefire that ended more than a week of hostilities, while the dollar held losses following a sharp drop stoked by bets on a US interest rate cut.However, wariness over the agreement involving the Middle East foes helped oil prices climb, though they are still well down from their highs on Monday.Investors around the world breathed a sigh of relief after Donald Trump announced the ceasefire days after US forces bombed Iran’s nuclear sites, which he said were “completely destroyed”.The Israeli government said it had agreed to the US deal after achieving all of its objectives in the war with Iran, with Prime Minister Benjamin Netanyahu hailing a “historic victory” after 12 days of bombing.Stocks surged on the news, and the optimism rolled into Wednesday, with Hong Kong, Shanghai, Tokyo, Sydney and Singapore leading the gains across Asia. There were small losses in Wellington, Bangkok and Jakarta.London, Paris and Frankfurt were also on the front foot.Oil prices, which tanked on news of the ceasefire, rose with both main contracts up nearly two percent.However, they are still down around 15 percent from the highs hit Monday in the first reaction to the US bombing of Iran and before the ceasefire announcement.The mood was also helped by Fed boss Jerome Powell choosing not to pour cold water on the prospects of a rate cut.In closely watched testimony to Congress, he said that “if it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates sooner rather than later”.While he said “I don’t think we need to be in any rush because the economy is still strong”, the comments indicated a flexible tone. They also came after Fed governors Christopher Waller and Michelle Bowman suggested officials could reduce borrowing costs next month.The dollar tumbled against its peers and remained under pressure against the yen, pound and euro in Asian trade.”The market staged a full-throttle risk-on revival, launching global equities into the stratosphere as oil prices cratered and rate-cut bets gained momentum,” said SPI Asset Management’s Stephen Innes.”With the Middle East truce — however duct-taped and temperamental — holding long enough to calm headlines, traders pulled the ripcord on the fear trade and dove headfirst into equities.”Trump’s… scolding of Israel and Iran added ice water to the fire — or at least enough jawbone to muzzle the Middle East combatants for now.”- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 38,942.07 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 24,474.67 (close)Shanghai – Composite: UP 1.0 percent at 3,455.97 (close)London – FTSE 100: UP 0.3 percent at 8,786.74West Texas Intermediate: UP 1.9 percent at $65.58 per barrelBrent North Sea Crude: UP 1.9 percent at $68.43 per barrelEuro/dollar: DOWN at $1.1600 from $1.1625 on TuesdayPound/dollar: DOWN at $1.3610 from $1.3616Dollar/yen: UP at 145.30 yen from 144.89 yenEuro/pound: DOWN at 85.21 pence from 85.24 penceNew York – Dow: UP 1.2 percent at 43,089.02 (close) 

Chinese Premier Li Qiang warned on Wednesday that global trade tensions were “intensifying” as he addressed the opening ceremony of the World Economic Forum.Officials including Singaporean Prime Minister Lawrence Wong are among those attending this week’s gathering in the northern port city of Tianjin, known colloquially as the “Summer Davos”.Li said the global economy was “undergoing profound changes” — a thinly veiled reference to swingeing tariffs imposed by US President Donald Trump.”Protectionist measures are significantly increasing and global economic and trade frictions are intensifying,” Li added. “The global economy is deeply integrated and no country can grow or prosper alone,” Li said.”In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome,” Li said.Beijing’s number two official also painted a bullish picture of the Chinese economy, the world’s second-largest, which has been beset by slowing growth and a lull in consumer spending. “China’s economy continues to grow steadily, providing strong support for the accelerated recovery of the global economy,” he said.Beijing, he added, was “stepping up our efforts to implement the strategy of expanding domestic demand”.This was “promoting China’s growth into a major consumption powerhouse based on the solid foundation of a major manufacturing powerhouse”.Beijing is eyeing growth this year of around five percent — a target viewed as ambitious by many economists.Officials have since late last year rolled out a series of steps intended to boost spending, including key interest rate cuts and steps to encourage homebuying.But results have been varied, just as added pressure on trade from US tariffs threatens to hit the country’s vast manufacturing sector.”We expect the (Chinese) economy to continue to slow over the coming months,” wrote Leah Fahy, China Economist at Capital Economics, in a note on Tuesday.Li’s speech at the WEF gathering sought to portray China as a staunch defender of a rules-based international trading system that is now under attack by the Trump administration.His comments echoed remarks Tuesday by President Xi Jinping to Singapore’s Wong during a meeting in Beijing in which he called for the countries to resist a “return to hegemony” and protectionism.WEF President and CEO Borge Brende told AFP Tuesday it was “too early to say” what impact Trump’s tariff blitz will have on the world economy.”The traditional globalisation we saw is now changed into a different system,” he said, warning of a possible “decade of lower growth”.

Oil prices sank for a second straight day and stock markets mostly rose Tuesday as a ceasefire between Iran and Israel appeared to be holding firm.Crude futures slumped in volatile trading after US President Donald Trump announced a ceasefire, extending Monday’s steep losses in oil after Iran’s response to the US attack did not hit energy infrastructure. “This morning’s ceasefire further reduced the perceived threat to Middle Eastern oil supply routes,” said David Morrison, analyst at Trade Nation.The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of breaking the ceasefire, but then resumed their fall after Trump berated the two countries in an expletive-laced outburst.Prices were also brought down by Trump saying that China could continue to buy oil from Iran, in what appeared to be relief from sanctions Washington had previously imposed.Brent futures finished the day at $67.14 down nearly seven percent after dropping by a similar percent on Monday.Wall Street stocks spent the entire session in positive territory following the improved dynamics in the Middle East.With the “de-escalation, the market seems to be doing better,” Art Hogan, chief market strategist of B. Riley Wealth, said of the Iran-Israel dynamics.Energy was the only one of 11 S&P 500 sectors to fall sharply, with nine sectors firmly higher.Paris and Frankfurt ended the day with solid gains, but London closed flat as shares in oil majors Shell and BP fell along with crude prices.Asian markets closed higher.The dollar accelerated losses after remarks by US Federal Reserve chair Jerome Powell failed to dampen market expectations for interest rate cuts during his first of two days of congressional testimony.”Powell was a little more neutral to slightly more dovish than markets had anticipated, no doubt helped by the collapse in oil prices,” said Fawad Razaqzada, analyst at City Index and Forex.com.”The US dollar could be heading further lower unless a fresh flare-up in the Middle East conflict sends oil prices spiking again,” he added.Trump has been outspoken in ridiculing Powell’s decisions thus far, referring to the Fed chair in a social media post Tuesday as a “dumb, hardheaded person.”Powell’s appearance came after two Fed officials — Christopher Waller and Michelle Bowman — recently suggested policymakers could cut rates as early as July.Powell declined to comment when asked about Waller’s views on a pathway to rate reductions.But he said officials could be inclined to lower rates sooner if inflation were weaker than expected or if the labor market deteriorated.- Key figures at around 2115 GMT -Brent North Sea Crude: DOWN 6.8 percent at $67.14 per barrelWest Texas Intermediate: DOWN 6.0 percent at $64.37 per barrelNew York – Dow: UP 1.2 percent at 43,089.02 (close) New York – S&P 500: UP 1.1 percent at 6,092.18 (close)New York – Nasdaq Composite: UP 1.4 percent at 19,912.53 (close)London – FTSE 100: FLAT at 8,758.99 (close)Paris – CAC 40: UP 1.0 percent at 7,615.99 (close)Frankfurt – DAX: UP 1.6 percent at 23,641.58 (close)Tokyo – Nikkei 225: UP 1.1 percent at 38,790.56 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 24,177.07 (close)Shanghai – Composite: UP 1.2 percent at 3,420.57 (close)Euro/dollar: UP at $1.1625 from $1.1578 on MondayPound/dollar: UP at $1.3616 from $1.3524Dollar/yen: DOWN at 144.89 yen from 146.15 yenEuro/pound: DOWN at 85.24 pence from 85.60 penceburs-jmb/aha

Oil prices sank and stock markets rose Tuesday as US President Donald Trump said a ceasefire between Iran and Israel was taking hold after he berated both countries for violating the truce.In volatile trading, crude futures slumped more than five percent after Trump announced a ceasefire.”This morning’s ceasefire further reduced the perceived threat to Middle Eastern oil supply routes,” said David Morrison, analyst at Trade Nation.The main international and US contracts reduced their losses later as Israel and Iran accused each other of breaking the ceasefire.But prices fell again around five percent after Trump declared the ceasefire was in effect after berating the two countries in an expletive-laced outburst.Iran’s President Masoud Pezeshkian said later his country will respect a ceasefire if Israel also upholds its terms, while Israel said it refrained from further strikes after a phone call between Trump and Prime Minister Benjamin Netanyahu.Prices were also brought down by Trump saying that China could continue to buy oil from Iran, in what appeared to be relief for Tehran from sanctions Washington has previously imposed.Prices had already fallen by more than seven percent on Monday after Iran’s response to US strikes on its nuclear facilities was limited to missile launches on a US military base in Qatar.There was also relief that Iran has refrained from closing the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world’s oil supply.Wall Street extended gains at the open on Tuesday.Paris and Frankfurt were sharply higher in afternoon deals but London’s gains were limited as shares in oil majors Shell and BP fell on the lower crude prices.Asian markets closed higher.The dollar retreated against other major currencies.Escalating tensions in the Middle East has removed some focus from Trump’s tariffs war, which threatens to dampen global economic growth.”With the immediate geopolitical tensions dialled down, investors are free to focus on President Trump’s trade war and the first tariff deadline coming up in a couple of weeks,” Morrison said.”As far as investors are concerned, they’ve just stared down the prospect of World War Three, so they’re not going to be fussed by a few percentage points on US imports,” he added.Several countries face steep tariffs if they fail to reach deals with the United States by July 9, with duties of 50 percent looming large over the European Union.Fawad Razaqzada, analyst at City Index and Forex.com, said investors were “now shifting their attention” to Federal Reserve Chairman Jerome Powell’s testimony in Congress later Tuesday.Powell was due to tell Congress that the central bank can afford to wait for the impact of Trump’s global tariffs before deciding on further interest rate cuts, according to his prepared remarks.”For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” he said.- Key figures at around 1335 GMT -Brent North Sea Crude: DOWN 5.2 percent at $66.85 per barrelWest Texas Intermediate: DOWN 5.2 percent at $64.93 per barrelNew York – Dow: UP 0.8 percent at 42,904.31 pointsNew York – S&P 500: UP 0.8 percent at 6,070.59New York – Nasdaq Composite: UP 1.1 percent at 19,839.12London – FTSE 100: UP 0.2 percent at 8,773.12Paris – CAC 40: UP 1.2 percent at 7,631.36 Frankfurt – DAX: UP 1.6 percent at 23,637.76Tokyo – Nikkei 225: UP 1.1 percent at 38,790.56 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 24,177.07 (close)Shanghai – Composite: UP 1.2 percent at 3,420.57 (close)Euro/dollar: UP at $1.1589 from $1.1581 on MondayPound/dollar: UP at $1.3597 from $1.3526Dollar/yen: DOWN at 145.04 yen from 146.12 yenEuro/pound: DOWN at 85.24 pence from 85.60 penceburs-lth/giv

Oil prices sank and stock markets jumped Tuesday, even as uncertainty reined over a Israel-Iran ceasefire.In volatile trading, crude futures slumped more than five percent after US President Donald Trump’s declaration of a ceasefire.The oil market went on to reduce its losses, however, as Israel and Iran accused each other of breaking the ceasefire — news confirmed by Trump.The president berated the two sides, adding that he was “really unhappy” with Israel in particular.Despite tensions igniting once more, oil prices were still down more than three percent by early afternoon trading in Europe.”Investors are reacting with relief to apparent news of a US-brokered ceasefire between Iran and Israel,” noted AJ Bell investment director Russ Mould.”Gold slipped back as its safe haven attributes were less in demand,” Mould said, adding that the news weighed on share prices of oil producers and miners.The dollar retreated against main rivals after Trump once more demanded that the US Federal Reserve cut interest rates in a bid to boost the world’s biggest economy.Escalating tensions in the Middle East has removed some focus from Trump’s tariffs war, which threatens to dampen global economic growth.In Germany, where the DAX stocks index rallied 1.9 percent, Chancellor Friedrich Merz urged Iran and Israel to follow the ceasefire announced by Trump.”We call on both Iran and Israel to heed this call from the American president,” Merz told parliament. “If this ceasefire succeeds… then it will be a very positive development that can make the Middle East and the world safer.”French President Emmanuel Macron said Tuesday that the situation surrounding Iran remained “volatile and unstable”.There are fears that Iran could shut the Strait of Hormuz, a chokepoint for about one-fifth of the world’s oil supply.Rystad Energy analyst Jorge Leon told AFP that he believed the risk of the waterway shutting had diminished despite Iran launching missiles at a US base in Qatar in retaliation for American strikes on Tehran’s nuclear facilities.Trump dismissed the attack as “very weak”, and said Iran gave “early notice”, adding no one was hurt or killed.”I think the risk of closing Hormuz now has diminished rapidly because US and Iranian tension is already over,” Leon argued.”I think it’s more about what happens just between Israel and Iran.”- Key figures at around 1115 GMT -West Texas Intermediate: DOWN 3.1 percent at $66.38 per barrelBrent North Sea Crude: DOWN 3.2 percent at $68.30 per barrelLondon – FTSE 100: UP 0.3 percent at 8,786.54 pointsParis – CAC 40: UP 1.2 percent at 7,625.70 Frankfurt – DAX: UP 1.8 percent at 23,686.87Tokyo – Nikkei 225: UP 1.1 percent at 38,790.56 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 24,177.07 (close)Shanghai – Composite: UP 1.2 percent at 3,420.57 (close)New York – Dow: UP 0.9 percent at 42,581.78 (close)Euro/dollar: UP at $1.1596 from $1.1581 on MondayPound/dollar: UP at $1.3606 from $1.3526Dollar/yen: DOWN at 145.06 yen from 146.12 yenEuro/pound: DOWN at 85.22 pence from 85.60 penceburs-bcp/ajb/rl

Oil prices sank 3.5 percent Tuesday after Israel said it had agreed to US President Donald Trump’s proposal for a bilateral ceasefire with Iran.Shares in Asia were buoyant, as fears of an energy market shock eased following 12 days of war between Israel and its arch-foe. In Europe, London, Paris and Frankfurt also rose at the open.At around 0830 GMT on Tuesday, Brent was down 3.5 percent at $69.00 per barrel, while the main US crude contract WTI was 3.5 percent lower at $66.10 per barrel.”A potential end to the conflict has been welcomed by market participants,” wrote Lee Hardman at MUFG, who noted that Brent “has now almost fully reversed all of the gains since the conflict started”.”In the FX market a similar reversal is underway with the US dollar giving back recent gains. If Middle East risks now fade into the background as a market driver, it is more likely that the US dollar weakening trend will resume.”Crude prices had briefly spiked Monday morning on the prospect that Iran could retaliate to a weekend US attack on its nuclear facilities by throttling oil transport through the strategic Strait of Hormuz.But they then tumbled as much as seven percent when Iran said it had launched missiles at a major US base in Qatar, with oilfield assets unaffected.- ‘War premium’ -“Tehran played it cool. Their ‘retaliation’ hit a US base in Qatar — loud enough for headlines, quiet enough not to shake the oil market’s foundations,” said Stephen Innes at SPI Asset Management.”And once that became clear, the war premium came crashing out of crude.”The Israeli government said in a statement Tuesday that the country had “achieved all the objectives” in its war with Iran, adding that it had removed “an immediate dual existential threat: nuclear and ballistic”.”Israel will respond forcefully to any violation of the ceasefire,” the statement said.Tokyo ended the day 1.1 percent higher and Shanghai closed up 1.2 percent. Hong Kong closed up 2.06 percent on Tuesday afternoon.The airline Virgin Australia climbed sharply as it re-entered the local share market, a dramatic comeback from near bankruptcy more than four years ago.London gained 0.7 percent in early trade — with gains limited as shares in oil majors Shell and BP fell owing to the oil price drop — while Paris was up 1.5 percent and Frankfurt jumped 1.8 percentIn forex markets, the dollar gave up gains after Federal Reserve Governor Michelle Bowman said she would support cutting interest rates at July’s meeting if inflation holds steady.The market currently expects the Fed to resume cutting interest rates in September.Bowman indicated that “ongoing progress in tariff negotiations providing a less risky economic environment to adjust policy”,” prompting the dollar to weaken, Wan said.- Key figures at around 0830 GMT -Tokyo – Nikkei 225: UP 1.1 percent at 38,790.56 (close)Hong Kong – Hang Seng Index: UP 2.06 percent at 24,177.07 (close)Shanghai – Composite: UP 1.15 percent at 3,420.57 (close)Euro/dollar: UP at $1.1591 from $1.1581 on MondayPound/dollar: UP at $1.3598 from $1.3526Dollar/yen: DOWN at 145.04 yen from 146.12 yenEuro/pound: DOWN at 85.26 pence from 85.60 penceWest Texas Intermediate: DOWN 3.5 percent at $66.10 per barrelBrent North Sea Crude: DOWN 3.5 percent at $69.00 per barrelNew York – Dow: UP 0.9 percent at 42,581.78 (close)London – FTSE 100: UP 0.3 percent at 8,787.24

A $45 million corruption trial against 41 people including state officials began in Vietnam on Tuesday, part of the communist state’s wide-ranging anti-graft drive.The so-called “burning furnace” campaign against corruption has swept up dozens of senior government figures, including two presidents and three deputy prime ministers, as well as top business leaders.In the latest case, a court in Hanoi began proceedings against 30 former officials of northern Vinh Phuc, Phu Tho and central Quang Ngai provinces. Eleven others — businesspeople and company employees — are also accused of involvement in corruption that prosecutors say caused damage to the state worth more than 1.16 trillion dong ($44.6 million).They are accused of offences including bribery, abuse of power, and violating laws on bidding and accounting.Prosecutors say that between 2010 and 2024, chairman of the Phuc Son Group, Nguyen Van Hau, spent over $5 million bribing officials to win contracts in 14 multi-billion dollar infrastructure projects in the three provinces.Hau brought suitcases of cash to the offices or private residences of the officials for the bribes, prosecutors say.Former party chief of Vinh Phuc province Hoang Thi Thuy Lan received the biggest bribes from Hau, totalling almost $2 million dollars — in suitcases weighing up to 60 kilograms.In April, Vietnam jailed a former deputy minister of industry and trade for six years after finding him guilty of “power abuse” in a solar energy development plan.Hoang Quoc Vuong, 62, had admitted to taking a $57,600 bribe to favour solar power plants in southern Ninh Thuan province, but his family had paid the amount back before the sentencing.