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Asian markets fell Tuesday as investors assessed the latest tech rally on Wall Street amid worries a bubble is forming in the sector, while mixed signals from Federal Reserve officials fed uncertainty over its next interest rate move.A flood of multi-billion-dollar investment into artificial intelligence has been a key driver of the surge in mostly technology equities across the globe this year, sending valuations to record highs.The rally has been helped by easing trade tensions since US President Donald Trump’s April tariff bombshell and expectations that the Fed will continue lowering borrowing costs.There is also a fear of missing out, in turn pushing prices up further, but there is increasing talk that the gains may have gone too far — with most of them coming from the tech sector — and a painful correction could be on the way.ChatGPT-maker OpenAI signed a $38 billion deal with Amazon’s AWS cloud computing arm, marking its latest huge tie-up following agreements with Oracle, Broadcom, AMD and chip titan Nvidia.”Even after the tariff-induced swoon in April, global equities have tacked on $17 trillion in market value, with the rally increasingly bottlenecked into the same handful of tech titans,” wrote SPI Asset Management’s Stephen Innes.”It’s as if the entire market has narrowed to a single crowded corridor, the walls lined with AI logos and venture dreams. “Amazon’s move simply adds another rocket to the booster stack — and traders are cheering the ignition, not asking how much fuel remains.”Wall Street ended on a mixed note, with the tech-rich Nasdaq rising along with the S&P 500 but the Dow in the red.Asia struggled, with Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Mumbai and Bangkok falling, though there were gains in Wellington, Manila and Jakarta.London, Paris and Frankfurt dropped at the open.Remarks from Fed officials did little to provide support for further buying after boss Jerome Powell indicated last week that a third rate cut this year — after one in each of the past two meetings — was not definite.Governor Lisa Cook said she saw inflation remaining elevated in the coming year as tariffs bite, pointing out that some businesses had indicated they were running down inventories before passing on costs to consumers.”Looking ahead, policy is not on a predetermined path,” Cook said. “We are at a moment when risks to both sides of the dual mandate are elevated,” she added, referring to the bank’s target to support jobs while keeping rates at a level to put a cap on inflation. “Every meeting, including December’s, is a live meeting.”Meanwhile, Chicago Fed chief Austan Goolsbee said his main worry was inflation, while San Francisco boss Mary Daly was open to any options with regards to a cut in December. Governor Stephen Miran, a Trump nominee, wanted to see more cuts.”The divergence in opinions reinforces Fed Powell’s assessment that another fed funds rate in December is not a foregone conclusion, with the lack of data adding to the need to wait before making a decision (when driving in a fog, best to slow down),” wrote National Australia Bank’s Rodrigo Catril.Data on Monday indicated some further weakness in the US economy, with a key gauge of activity in the manufacturing sector contracting more than expected and for an eighth straight month in October as demand and output weakened.On currency markets, India’s rupee rallied from close to a record low against the dollar after the Reserve Bank of India stepped in with support, according to Bloomberg News. The unit briefly jumped to 88.3925 against the greenback, having sat around 88.80 on Monday, which was a whisker away from its all-time low of 88.8050 seen in September.The unit has come under pressure of late owing to worries about exports as New Delhi struggles to strike a trade deal with the United States.- Key figures at around 0820 GMT -Tokyo – Nikkei 225: DOWN 1.7 percent at 51,497.20 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 25,952.40 (close)Shanghai – Composite: DOWN 0.4 percent at 3,960.19 (close)London – FTSE 100: DOWN 0.7 percent at 9,633.74 Euro/dollar: UP at $1.1523 from $1.1518 on MondayPound/dollar: DOWN at $1.3108 from $1.3138Dollar/yen: DOWN at 153.51 yen from 154.20 yenEuro/pound: UP at 87.91 pence from 87.67 penceWest Texas Intermediate: DOWN 0.7 percent at $60.63 per barrelBrent North Sea Crude: DOWN 0.7 percent at $64.43 per barrelNew York – Dow: DOWN 0.5 percent at 47,336.68 (close)

Nintendo said Tuesday it aims to sell 19 million Switch 2 consoles within this financial year, up from its previous target 15 million for the smash-hit gadget.The Switch 2 became the world’s fastest-selling games console after launching in June to a frenzy of excitement from fans of “Super Mario” and other top titles.”The hardware has seen strong sales since its launch,” Nintendo said as it raised its annual net profit forecast to 350 billion yen ($2.3 billion) from 300 billion yen.Sales of the games “Mario Kart World” and “Donkey Kong Bananza” are growing steadily, the Japanese company said.”We will aim to keep the momentum of released titles and continuously introduce new titles to expand the platform’s user base,” it added.While Nintendo is diversifying into hit movies and theme parks, consoles remain at the core of its business.The original Switch soared in popularity during the pandemic with games such as “Animal Crossing” striking a chord during long lockdowns worldwide.The Switch 1 has sold 154 million units since its 2017 release, making it the third best-selling console of all time after Sony’s PlayStation 2 and the Nintendo DS.Nintendo said Tuesday it sold more than 10 million Switch 2 consoles in the first half of 2025-26.For the April to September period the company logged net profit of nearly 200 billion yen, up 83 percent year-on-year, forecasting record annual sales of 2.25 trillion yen.”The Switch 2’s demand will likely remain high, especially as the console ramps up sales in non-traditional markets such as China,” said Darang Candra, director for East Asia and Southeast Asia research at Niko Partners.”We remain cautious, however, about whether Switch 2 can replicate Switch 1’s 150-million-unit sales,” he told AFP ahead of Tuesday’s earnings release.”Switch 2’s long-term success will depend on Nintendo’s ability to sustain engagement with new titles and also penetrate emerging markets” such as in the Middle East and Asian countries apart from Japan, Candra added.Nintendo in September marked 40 years since the first “Super Mario Bros.” game — a colourful world of platforms, pipes and scowling enemies — was released.Market analysts at Jefferies noted that Nintendo’s brand was about to receive a “significant boost” when the red-capped Mario character features as a balloon in the Macy’s Thanksgiving Parade in New York City this year for the first time.The sequel to the megahit “Super Mario Bros. Movie” is also scheduled for release in April 2026.

South Korea will triple spending on artificial intelligence and make its biggest defence budget increase in six years, President Lee Jae Myung said Tuesday in his annual parliamentary budget speech.Lee said 10.1 trillion won ($7 billion) would go towards “a major transformation aimed at propelling South Korea into the ranks of the world’s top three AI powers” alongside the United States and China.”We will significantly expand investment to usher in the ‘AI era’,” he said, noting the amount was more than three times the current year’s AI-related budget.The proposal was made in a speech outlining his government’s spending plans for 2026.Overall, the budget plan totals 728 trillion won, an 8.1 percent increase from this year.Lee now needs parliament to pass the budget proposal, which is likely given his party’s majority.On the defence budget, the president said his government wants to see an 8.2 percent increase from this year to 66.3 trillion won.If passed, it will mark the highest defence spending increase since 2019.”We will overhaul conventional weapons systems into state-of-the-art systems suited for the AI era and swiftly transform our military into an elite, smart force,” Lee said.- AI infrastructure -Of next year’s AI budget, 2.6 trillion won “will be invested in introducing AI across industry, daily life and the public sector, while 7.5 trillion won will go towards talent development and infrastructure building”, Lee said.South Korea is home to two of the world’s leading memory chip makers, Samsung Electronics and SK hynix.The two tech giants manufacture chips essential for AI products and the power-hungry data centres that the fast-evolving industry relies on.Jensen Huang, the CEO of US chip titan Nvidia, announced last week plans to supply 260,000 of the firm’s most advanced chips to South Korea, with recipients including Samsung, SK Group and Hyundai Motor Group.On Lee’s drive to make South Korea one of the world’s top three AI powers, Huang described the goal as “ambitious” after the supply announcement on Friday.But, he said, “there’s no reason why Korea cannot achieve it — you have the technology, you have the software expertise and you also have a natural ability to build manufacturing plants”.The United States, a key military ally, stations about 28,500 troops in South Korea to help it fend off military threats from the North.Since taking office in June, Lee has vowed to “respect” North Korea’s political system and pursue dialogue without preconditions, in a sharp break with the policies of his hawkish predecessor.Lee noted on Tuesday that South Korea already spends “1.4 times North Korea’s annual GDP” on defence alone and is “ranked fifth in global military strength”. Seoul and Pyongyang technically remain at war as the 1950-53 Korean War ended in armistice, not a peace treaty.

Recent raids on one of Myanmar’s most notorious internet scam hubs sparked a recruitment rush as fleeing workers scrambled to enlist at nearby fraud factories, experts and insiders told AFP.Online scam hubs have mushroomed across Southeast Asia, draining unsuspecting victims of billions of dollars annually in elaborate romance and crypto cons.Many workers are trafficked into the internet sweatshops, analysts say, but others go willingly to secure attractive salaries.Late October raids roiled Myanmar fraud factory KK Park, sending more than 1,500 people fleeing over the border to Thailand — but many stayed behind to pursue new opportunities in the black market.A Chinese voluntary scam worker told AFP that a few hundred people who left KK Park arrived at his own compound three kilometres (two miles) away on October 23 — lured by monthly salaries of up to $1,400. The man spoke on condition of anonymity for security reasons, but shared with AFP a live location on a messaging app showing he was in Myanmar, near the Thai border. “Some people will be picked up by unscrupulous bosses, while others will be picked up by good companies,” he said. “It all depends on your luck.”Jason Tower, senior expert at the Global Initiative against Transnational Organized Crime, told AFP many KK Park scammers have simply been “re-recruited” by other gangs.”There are some people looking for a new location to engage in scamming from,” he said. “They might see this as a job.”- ‘Our chance to escape’ -Webs of anonymous crypto payments and chronic under-reporting by embarrassed victims make losses to scam centres hard to quantify. But victims in Southeast and East Asia alone were conned out of up to $37 billion in 2023, according to a UN report, which said global losses were likely “much larger”.War-torn Myanmar’s loosely governed border regions have proven particularly fertile ground for the hubs.The embattled junta — which seized power in a 2021 coup — has been accused of turning a blind eye to scam centres enriching its domestic militia allies.But it has also faced pressure to curb the black market by its international backer China, galled at hubs recruiting as well as targeting its citizens.Last month, the junta said its troops had occupied around 200 buildings in KK Park and found more than 2,000 scammers.Analysts say the raid was likely limited and heavily choreographed — designed to vent pressure to take action without too badly denting profits.But it nonetheless prompted an exodus of 1,500 people from 28 nationalities into Thailand, according to provincial Thai authorities.Among them were around 500 Indian nationals and around 200 Filipinos.Authorities face the daunting task of discerning trafficking victims from willing scammers.Speaking to AFP on condition of anonymity, one Filipino man described fleeing KK Park on October 22 with around 30 compatriots as a pro-junta militia arrived to aid the crackdown.”Everyone ran outside,” he said. “This was our chance to escape.”Grabbing what few possessions he could, the man fled the compound he says he was trafficked into and crossed by boat to western Thailand.- Sold for scamming -With one expert estimating around 20,000 people had been working in KK Park — the vast majority believed to be Chinese nationals — those who fled to Thailand likely made up less than 10 percent.But those who stayed behind are not necessarily willing participants.After the KK Park exodus, the Chinese scammer at the nearby compound told AFP local armed groups scrambled to cash in — with unemployed scammers “sold” to other operations for up to $70,000.Whether they are willing workers being headhunted or human trafficking victims is unclear.The scammer who spoke to AFP reported hearing “booms every evening” after the raids, but dismissed it as “all for show” rather than a meaningful crackdown by Myanmar authorities.And with the continuing flow of scam workers — willing or coerced — rights advocates say the problem can only be solved by targeting the Chinese bosses running the show.”(They) must be arrested, prosecuted, and have all their assets seized,” Jay Kritiya from the Civil Society Network for Human Trafficking Victims Assistance told AFP.”That’s the real crackdown.”

Asian markets fluctuated Tuesday as investors assessed the latest tech rally on Wall Street amid worries a bubble is forming in the sector, while mixed signals from Federal Reserve officials fed uncertainty over its next interest rate move.A flood of multi-billion-dollar investment into artificial intelligence has been a key driver of the surge in mostly technology equities across the globe this year, sending valuations to record highs.The rally has been helped by easing trade tensions since US President Donald Trump’s April tariff bombshell and expectations that the Fed will continue lowering borrowing costsThere is also a fear of missing out, in turn pushing prices up further, but there is increasing talk that the gains may have gone too far — with most of the gains coming from the tech sector — and a painful correction could be on the way.ChatGPT-maker OpenAI signed a $38 billion deal with Amazon’s AWS cloud computing arm, marking its latest huge tie-up following agreements with Oracle, Broadcom, AMD and chip titan Nvidia.”Even after the tariff-induced swoon in April, global equities have tacked on $17 trillion in market value, with the rally increasingly bottlenecked into the same handful of tech titans,” wrote SPI Asset Management’s Stephen Innes.”It’s as if the entire market has narrowed to a single crowded corridor, the walls lined with AI logos and venture dreams. “Amazon’s move simply adds another rocket to the booster stack — and traders are cheering the ignition, not asking how much fuel remains.”Wall Street ended on a mixed note, with the tech-rich Nasdaq rising along with the S&P 500 but the Dow in the red.Asia struggled to extend Monday’s advances.Hong Kong rose with Wellington, Manila and Jakarta but Tokyo, Sydney, Singapore, Seoul and Taipei edged down with Shanghai flat.Remarks from Fed officials did little to provide support for further buying after boss Jerome Powell indicated last week that a third rate cut this year — after one in each of the past two meetings — was not definite.Governor Lisa Cook said she saw inflation remaining elevated in the coming year as tariffs bite, pointing out that some businesses had indicated they were running down inventories before passing on costs to consumers.”Looking ahead, policy is not on a predetermined path,” Cook said. “We are at a moment when risks to both sides of the dual mandate are elevated,” she added, referring to the bank’s target to support jobs while keeping rates at a level to put a cap on inflation. “Every meeting, including December’s, is a live meeting.”Meanwhile, Chicago Fed chief Austan Goolsbee said his main worry was inflation, while San Francisco boss Mary Daly was open to any options with regards to a cut in December. Governor Stephen Miran, a Trump nominee, wanted to see more cuts.”The divergence in opinions reinforces Fed Powell’s assessment that another fed funds rate in December is not a foregone conclusion, with the lack of data adding to the need to wait before making a decision (when driving in a fog, best to slow down),” wrote National Australia Bank’s Rodrigo Catril.Data on Monday indicated some further weakness in the US economy, with a key gauge of activity in the manufacturing sector contracting more than expected and for an eighth straight month in October as demand and output weakened.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 52,361.14 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,207.16Shanghai – Composite: FLAT at 3796.80Euro/dollar: DOWN at $1.1506 from $1.1518 on MondayPound/dollar: DOWN at $1.3120 from $1.3138Dollar/yen: UP at 154.31 yen from 154.20 yenEuro/pound: UP at 87.70 pence from 87.67 penceWest Texas Intermediate: DOWN 0.2 percent at $60.93 per barrelBrent North Sea Crude: DOWN 0.2 percent at $64.76 per barrelNew York – Dow: DOWN 0.5 percent at 47,336.68 (close)London – FTSE 100: DOWN 0.2 percent at 9,701.37 (close)

Starbucks announced Monday it will sell a controlling stake in its Chinese retail operations to investment firm Boyu Capital in a deal valuing the business at around $4 billion.Under the agreement, Boyu will hold up to 60 percent of a new joint venture operating 8,000 Starbucks stores across China, while the Seattle-based company retains a 40 percent stake and continues to own the brand and intellectual property.The partnership marks a strategic shift for Starbucks after more than 26 years in China, combining the global coffee chain’s brand recognition with Boyu’s local market expertise to expand into smaller cities and new regions.China represents Starbucks’s second biggest market globally, though the company has faced increasing competition from local coffee chains like Luckin coffee that has won over customers with lower prices. Starbucks reported last week that its latest quarterly same-store sales in China increased by two percent, fueled by an increase in traffic, but added that average spending per ticket had dropped.The company said it expects the total value of its China retail business to exceed $13 billion, including proceeds from the sale, its retained interest, and future licensing fees over the next decade.”Boyu’s deep local knowledge and expertise will help accelerate our growth in China, especially as we expand into smaller cities and new regions,” said Starbucks CEO Brian Niccol.The companies said they aim to grow the store count to as many as 20,000 locations over time, with the business continuing to be headquartered in Shanghai.The deal is expected to close in the second quarter of fiscal year 2026, pending regulatory approvals.

Global stock markets were mixed Monday with the Nasdaq rising and the Dow retreating as traders digested major AI deals boosting the tech sector.Trading on the first business day in November began on the front foot after an upbeat end to October that saw an easing in China-US tensions, a cut to US interest rates and healthy earnings from market darlings including technology giant Amazon. “Tech and AI remain a huge theme for investors as we move into the final months of the year,” said Kathleen Brooks, research director at trading group XTB.However, early gains in London and Paris faded while US indices had a mixed day.Data showed economic activity in the US manufacturing sector contracted at a faster rate in October, when analysts had been expecting it to stabilize or even expand.Nevertheless the tech-heavy Nasdaq Composite still pushed 0.5 percent higher thanks to blockbuster tech deals.Shares in Amazon jumped 4.0 percent after ChatGPT-maker OpenAI signed a $38 billion deal with Amazon’s AWS cloud computing arm.The deal will give OpenAI, which is partly owned by AWS’s arch-rival Microsoft, access to computing resources including hundreds of thousands of state-of-the-art Nvidia GPU chips, the crucial component of the generative artificial intelligence revolution.Microsoft announced $15.2 billion in investments in artificial intelligence and cloud computing in the United Arab Emirates.The deal sent Nvidia shares up 2.2 percent on hopes it could see access for its most advanced chips expand to more markets as the Trump administration allowed the supply of GPU chips to the UAE.Shares in Nvidia are up over 50 percent since the start of the year.Shares in Microsoft slipped 0.2 percent.”A degree of tiredness is creeping into Wall Street’s mood despite the strong performance thus far in earnings season,” and blockbuster AI deals, said Chris Beauchamp, chief market analyst at investing and trading platform IG.In Europe, Frankfurt managed to end the day in the green, with sentiment boosted by the government’s intention to push forward next year with subsidized electricity for heavy industry.Shares in European carmakers raced higher after China said on Saturday it would exempt some Nexperia chips from an export ban that was imposed over a row with Dutch authorities.Anxiety over chip shortages began when the Netherlands invoked a Cold War-era law in late September to effectively take control of Nexperia, whose parent company Wingtech is backed by the Chinese government.Shares in German automaker Volkswagen gained two percent, while rival Mercedes-Benz rose 1.8 percent.Shares in global automaker Stellantis, which has European brands Peugeot, Fiat and Citroen in its stable, rose by 0.6 percent in Paris.Shares in Ryanair climbed 4.7 percent after the no-frills airline announced a 20-percent gain in quarterly profit on the back of increased ticket prices.Kenvue surged 12.3 percent after the Tylenol-maker reached a $48.7 billion deal to be acquired by US consumer goods giant Kimberly-Clark. Kimberly-Clark fell 14.6 percent.In Asia, Seoul piled on 2.8 percent, reaching a fresh record high, as investors cheered a thawing of ties between South Korea and China.Tokyo was closed for a holiday.- Key figures at around 2120 GMT -New York – Dow: DOWN 0.5 percent at 47,336.68 (close)New York – S&P 500: UP 0.2 percent at 6,851.97 (close)New York – Nasdaq Composite: UP 0.5 percent at 23,834.72 (close)London – FTSE 100: DOWN 0.2 percent at 9,701.37 (close)Paris – CAC 40: DOWN 0.1 percent at 8,109.79 (close)Frankfurt – DAX: UP 0.7 percent at 24,132.41 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 26,158.36 (close)Shanghai – Composite: UP 0.6 percent at 3,976.52 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1518 from $1.1537 on FridayPound/dollar: DOWN at $1.3138 from $1.3152Dollar/yen: UP at 154.20 yen from 153.99 yenEuro/pound: DOWN at 87.67 pence from 87.72 penceBrent North Sea Crude: UP 0.2 percent at $64.89 per barrelWest Texas Intermediate: UP 0.1 percent at $61.05 per barrelburs-jmb/dw

France’s finance minister threatened Monday to ban Shein from the country if the Asian e-commerce giant resumes selling childlike sex dolls, just days before it opens its first physical store in Paris.The warning followed France’s anti-fraud unit on Saturday reporting that the company was selling “childlike” dolls of a likely pornographic nature.French daily Le Parisien published a photo of one of the dolls sold on the platform, accompanied by an explicitly sexual caption.It measured around 80 centimetres (30 inches) in height and held a teddy bear.Shortly after the fraud watchdog’s statement, Shein announced the dolls had been withdrawn from its platform and it had launched an internal inquiry.Finance Minister Roland Lescure warned Monday he would move to ban the company from the French market if the items returned online.”These horrible items are illegal,” he told the BFMTV broadcaster, promising a judicial investigation.Shein did not immediately respond to a request for comment.The country’s high commissioner for childhood, Sarah El Hairy, said several websites were being investigated, after French media reported shopping platform AliExpress sold the same dolls.AliExpress said it had immediately removed the items from its website.Activist Arnaud Gallais, who has battled to end the sexual abuse of children, accused Shein of continuing to sell the offending dolls on its pages for other countries. AFP was not immediately able to verify this.”You just need a VPN and you can get them delivered in France,” Gallais said, adding that such blow-up dolls had been found at the home of convicted French paedophile Joel Le Scouarnec.A French court in May sentenced the retired surgeon to 20 years in prison after he confessed to sexually abusing or raping 298 patients while practicing between 1989 and 2014, in a case that shocked the country.- ‘Unacceptable’ -Shein is due on Wednesday to open its first physical store in the world inside the prestigious BHV Marais department store in central Paris, a move that has sparked outrage in France.Frederic Merlin, the director of the company that owns BHV, said selling the childlike dolls was “unacceptable”, but on Monday defended his decision to allow Shein into the department store.”Only clothes and items conceived directly by Shein for BHV will be sold in store,” he said.The Singapore-based company, which was originally founded in China, has faced criticism over working conditions at its factories and the environmental impact of its ultra-fast fashion business model.Some brands have pulled their products from BHV Marais since the announcement.France has already fined Shein three times in 2025 for a total of 191 million euros ($220 million).Those sanctions were imposed for failing to comply with online cookie legislation, false advertising, misleading information and not declaring the presence of plastic microfibres in its products.The European Commission is also investigating Shein over risks linked to illegal products, while EU lawmakers have approved legislation aimed at curbing the environmental impact of fast fashion.

Global stock markets diverged Monday despite fresh major AI deals boosting the tech sector.Trading on the first business day in November began on the front foot after an upbeat end to October that saw easing China-US tensions, a cut to US interest rates and healthy earnings from market darlings including technology giant Amazon. “Tech and AI remain a huge theme for investors as we move into the final months of the year,” said Kathleen Brooks, research director at trading group XTB.However early gains in Europe and Wall Street faded.Data showed economic activity in the US manufacturing sector contracted at a faster rate in October, when analysts had been expecting it to stabilise or even expand.Nevertheless the tech-heavy Nasdaq Composite was still higher in late morning trading thanks to blockbuster tech deals.Shares in Amazon jumped 4.5 percent after ChatGPT-maker OpenAI signed a $38 billion deal with Amazon’s AWS cloud computing arm.The deal will give OpenAI, which is partly owned by AWS’s arch-rival Microsoft, access to computing resources including hundreds of thousands of state-of-the-art Nvidia GPU chips, the crucial component of the generative artificial intelligence revolution.Microsoft announced $15.2 billion in investments in artificial intelligence and cloud computing in the United Arab Emirates.The deal sent Nvidia shares up 2.8 percent, buoyed by hopes it could see access for its most advanced chips expand to more markets as the Trump administration allowed the supply of GPU chips to the UAE.Shares in Nvidia are up just over 50 percent since the start of the year.Shares in Microsoft added 0.2 percent.”A degree of tiredness is creeping into Wall Street’s mood despite the strong performance thus far in earnings season,” and blockbuster AI deals, said Chris Beauchamp, chief market analyst at investing and trading platform IG.”As volatility rises once again, it looks like stocks could be in for a bumpier ride,” he added.In Europe, Frankfurt managed to end the day in the green, with sentiment boosted by the government’s intention to push forward next year with subsidised electricity for heavy industry.Shares in European carmakers raced higher after China said on Saturday it would exempt some Nexperia chips from an export ban that was imposed over a row with Dutch authorities.Anxiety over chip shortages began when the Netherlands invoked a Cold War-era law in late September to effectively take control of Nexperia, whose parent company Wingtech is backed by the Chinese government.Shares in German automaker Volkswagen gained two percent, while rival Mercedes-Benz rose 1.8 percent.Shares in global automaker Stellantis, which has European brands Peugeot, Fiat and Citroen in its stable, rose by 0.6 percent in Paris.Shares in Ryanair climbed 4.7 percent after the no-frills airline announced a 20-percent gain in quarterly profit on the back of increased ticket prices.In Asia, Seoul piled on 2.8 percent, reaching a fresh record high, as investors cheered a thawing of ties between South Korea and China.Tokyo was closed for a holiday.Oil prices pushed higher after the OPEC+ alliance announced at the weekend that it would lift output again in December, but then hold production steady in the first quarter of 2026.- Key figures at around 1630 GMT -New York – Dow: DOWN 0.3 percent at 47,404.59 pointsNew York – S&P 500: UP less than 0.1 percent at 6,846.26New York – Nasdaq Composite: UP 0.4 percent at 23,817.81London – FTSE 100: DOWN 0.2 percent at 9,701.37 (close)Paris – CAC 40: DOWN 0.1 percent at 8,109.79 (close)Frankfurt – DAX: UP 0.7 percent at 24,132.41 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 26,158.36 (close)Shanghai – Composite: UP 0.6 percent at 3,976.52 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1531 from $1.1527 on FridayPound/dollar: UP at $1.3150 from $1.3139Dollar/yen: UP at 154.13 yen from 154.11 yenEuro/pound: DOWN at 87.69 pence from 87.74 penceBrent North Sea Crude: UP 0.7 percent at $65.24 per barrelWest Texas Intermediate: UP 0.7 percent at $61.42 per barrelburs-rl/rlp

Global stock markets mostly rose Monday as a fresh major AI deal fuelled a rally in the tech sector.Investors began November on the front foot after an upbeat end to October that saw easing China-US tensions, a cut to US interest rates and healthy earnings from market darlings including technology giant Amazon. “Tech and AI remain a huge theme for investors as we move into the final months of the year,” said Kathleen Brooks, research director at trading group XTB.Last week’s positive momentum carried into the new week, with fresh news driving AI stocks higher.Wall Street rose, with the tech-heavy Nasdaq Composite adding one percent.Shares in Amazon jumped 4.9 percent after ChatGPT-maker OpenAI signed a $38 billion deal with Amazon’s AWS cloud computing arm.The deal will give OpenAI, which is partly owned by AWS’s arch-rival Microsoft, access to computing resources including hundreds of thousands of state-of-the-art Nvidia GPUs, the crucial component of the generative artificial intelligence revolution.Shares in Nvidia — whose chips are key for many companies’ AI growth and became the first $5-trillion firm last week — rose three percent.Briefing.com analyst Patrick O’Hare said Nvidia’s performance was due to a Financial Times report that the United States will allow Microsoft to ship Nvidia semiconductors to the United Arab Emirates for the first time.Shares in Nvidia are up just over 50 percent since the start of the year.Frankfurt led gains in Europe, rising 0.9 percent in afternoon deals.Shares in European carmakers raced higher after China said on Saturday it will exempt some Nexperia chips from an export ban that was imposed over a row with Dutch authorities.Anxiety over chip shortages began when the Netherlands invoked a Cold War-era law in late September to effectively take control of Nexperia, whose parent company Wingtech is backed by the Chinese government.Shares in German automakers Mercedes-Benz and Volkswagen gained 2.1 percent in afternoon trading. Shares in global automaker Stellantis, which has European brands Peugeot, Fiat and Citroen in its stable of brands, rose by 1.5 percent in Paris.Shares in Ryanair climbed 3.2 percent after the no-frills airline announced a 20-percent gain in quarterly profit on the back of increased ticket prices.In Asia, Seoul piled on 2.8 percent, reaching a fresh record-high, as investors cheered a thawing of ties between South Korea and China.Tokyo was closed for a holiday.Investors were keeping tabs on any new trade developments after US President Donald Trump and Chinese President Xi Jinping met last week and agreed a deal to ease China’s rare earth curbs and lower US tariffs.Still, US Treasury Secretary Scott Bessent on Sunday warned that the White House could again hike levies on China should it block rare earth exports.Oil prices edged higher after the OPEC+ alliance announced at the weekend that it would lift output again in December, but then hold production steady in the first quarter of 2026. – Key figures at around 1430 GMT -New York – Dow: UP less than 0.1 percent at 47,599.69 pointsNew York – S&P 500: UP 0.5 percent at 6,874.62New York – Nasdaq Composite: UP 1.0 percent at 23,956.99London – FTSE 100: UP less than 0.1 percent at 9,721.53 Paris – CAC 40: DOWN 0.2 percent at 8,108.13Frankfurt – DAX: UP 0.9 percent at 24,179.04Hong Kong – Hang Seng Index: UP 1.0 percent at 26,158.36 (close)Shanghai – Composite: UP 0.6 percent at 3,976.52 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1509 from $1.1527 on FridayPound/dollar: DOWN at $1.3117 from $1.3139Dollar/yen: UP at 154.23 yen from 154.11 yenEuro/pound: UNCHANGED at 87.74 penceBrent North Sea Crude: UP less than 0.1 percent at $64.83 per barrelWest Texas Intermediate: UP less than 0.1 percent at $61.01 per barrelburs-rl/lth