Afp Business Asia

Most Asian stocks rose Wednesday and gold topped $4,500 for the first time as investors tracked a record on Wall Street following forecast-beating US economic growth data.Markets looked set to go into the Christmas break on a broadly positive note amid optimism for 2026, which has offset recent worries about stretched tech valuations and rising tensions between the United States and Venezuela.Traders in New York pushed the S&P 500 to an all-time high in response to figures showing the world’s top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.The report, which was boosted by healthy consumer and business spending, provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.However, other figures did provide some cause for thought, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs. A report last showed unemployment at a four-year high.With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.And while hopes for lower borrowing costs have been a key driver of the recent market rally, analysts said the strong growth overshadowed any disappointment that they will remain unchanged for now.”We’re set up for a Santa Claus rally,” UBP’s Kieran Calder told Bloomberg TV. “The market is taking some of the data pretty positively.”Asian markets swung between gains and losses as traders wound down before Christmas.Tokyo, Hong Kong, Seoul, Wellington and Taipei all rose though Shanghai, Sydney, Singapore and Jakarta edged down.Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be “smart” to step down, as he ramps up military operations and threats.The yen extended its recent rebound against the dollar after Japan’s Finance Minister Satsuki Katayama suggested authorities were prepared to step in to finance markets to support the currency, citing speculative moves in markets.- Key figures at around 0230 GMT – Tokyo – Nikkei 225: UP 0.1 percent at 50,481.42 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,817.64 Shanghai – Composite: DOWN 0.2 percent at 3,914.15 Dollar/yen: DOWN at 155.62 yen from 156.27 yen on TuesdayEuro/dollar: UP $1.1807 from $1.1791Pound/dollar: UP at $1.3532 from $1.3499Euro/pound: DOWN at 87.26 pence from 87.34 penceWest Texas Intermediate: FLAT at $58.38 per barrelBrent North Sea Crude: FLAT at $62.38 per barrelNew York – Dow: UP 0.2 percent at 48,442.41 (close)London – FTSE 100: UP 0.2 percent at 9,889.22 (close)

US trade officials determined that China should be punished for employing unfair tactics to dominate the semiconductor industry, but will wait 18 months to impose tariffs, American authorities said Tuesday.A US Trade Representative investigation concluded China’s targeting of semiconductors “for dominance is unreasonable and burdens or restricts US commerce and thus is actionable,” the agency said in a public notice.The current tariff level of 0 will be increased “in 18 months on June 23, 2027 to rate to be announced not fewer than 30 days prior to that date,” USTR said.USTR officials launched the probe in December 2024 in the final weeks of Joe Biden’s presidency, extending the initiative when US President Donald Trump took office in January.Trump has been a prolific purveyor of tariffs, unveiling sector-specific levies on steel, autos and other items, as well as broader measures to achieve a variety of policy objectives.The White House has jousted with Beijing, but reached a broad truce with China after a major escalation in the spring.The USTR’s “Section 301” probe concluded that China had employed “increasingly aggressive and sweeping non-market policies” to dominate semiconductors that have included “massive and persistent” state support of private actors and “wage-suppressing labor practices.”The USTR did not respond to an AFP query on the reason for the 18-month timeframe on tariffs.

The S&P 500 powered to a fresh record Tuesday following data showing surprisingly robust third-quarter US economic growth as markets hope for a year-end “Santa Claus Rally.”All three major Wall Street indices advanced, shaking off early choppiness after the strong US gross domestic product report sparked talk that the Federal Reserve could refrain from further interest rate cuts.”The GDP number was unambiguously good and eventually markets come around to the realization that good news is good news,” said Art Hogan of B. Riley Wealth Management.”Unfortunately, the knee-jerk reaction was: ‘If the economy is that strong, does the Fed need to cut anymore?'” said Hogan. “Luckily today, we shed that thought process.”US GDP came in at 4.3 percent, the highest reading in two years, easily topping expectations for 3.2 percent growth.Heather Long, chief economist at the Navy Federal Credit Union, wrote that the report shows the resiliency of US consumers, boding “well for 2026.””If the economy can avoid widespread layoffs, most American consumers can keep spending,” she said.The S&P 500 finished up 0.5 percent at 6,909.79, narrowly topping a record set earlier this month.Separate data showed US consumer confidence fell in December, as a slowing job market offset better sentiment after the government shutdown ended, according to a Conference Board survey.eToro investment analyst Bret Kenwell noted the headline figure has now declined for five straight months, and the component showing the confidence of consumers in their present situation is at its lowest since February 2021.”Simply put, despite solid GDP figures and a stock market at record highs, consumers are feeling some anxiety,” he said.Gold jumped to a high above $4,497 per ounce, while silver surged above $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding support.Copper, which is used in electric vehicle batteries and solar panels, hit a record price of $12,159.50 per ton.”Silver and above all copper are benefitting from structural support from the energy transition, electrification the colossal needs for digital infrastructure and artificial intelligence,” said John Plassard, an analyst at Cite Gestion Private Bank.Europe’s main stock markets ended mixed.”European stock markets appear to have entered a period of consolidation as we head into the final trading days of 2025,” said Joshua Mahony, chief market analyst at Scope Markets.”With the Santa rally period traditionally taking place over the final five days of the year, investors will be hoping that the bulls are gathering momentum for a final push tomorrow onwards,” he added.Asian markets enjoyed a bright start, although some stuttered as the day wore on.On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signaling another rate hike anytime soon following last week’s increase.In company news, shares in Danish pharmaceutical giant Novo Nordisk jumped more than eight percent after the US approved its popular GLP-1 anti-obesity drug Wegovy to be administered in pill form for weight loss.- Key figures at around 2115 GMT – New York – Dow: UP 0.2 percent at 48,442.41 (close)New York – S&P 500: UP 0.5 percent at 6,909.79 (close)New York – Nasdaq Composite: UP 0.6 percent at 23,561.84 (close)London – FTSE 100: UP 0.2 at 9,889.22 (close)Paris – CAC 40: DOWN 0.2 percent at 8,103.85 (close)Frankfurt – DAX: UP 0.2 percent at 24,340.06 (close)Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)Dollar/yen: DOWN at 156.27 yen from 157.05 yen on MondayEuro/dollar: UP $1.1791 from $1.1762Pound/dollar: UP at $1.3499 from $1.3461Euro/pound: DOWN at 87.34 pence from 87.37 penceWest Texas Intermediate: UP 0.6 percent at $58.38 per barrelBrent North Sea Crude: UP 0.5 percent at $62.38 per barrelburs-rl/rmb/jgc

Wall Street’s main indices edged higher Tuesday despite stronger-than-expected US growth figures dampening hopes for further interest rate cuts, while gold and silver struck fresh records.US economic growth in the third quarter came in at 4.3 percent on an annualised basis, easily topping expectations, as consumer and government spending rose.Equities have been buoyed in recent weeks by expectations the Federal Reserve will lower borrowing costs further in 2026, with data showing US unemployment rising and inflation easing. The strong growth figures could persuade the US Federal Reserve to hold off on further interest rate cuts in 2026.”The key takeaway from the report is that the US economy was certainly running on the warm side” in the third quarter, said Briefing.com analyst Patrick O’Hare.”That will stir some concerns about the Fed’s recent decision to cut rates in December and the risk of stoking increased inflation in pursuit of keeping the economy on a growth trajectory,” he added.Wall Street’s main indices moved lower at the start of trading in New York, but pushed higher during the morning session.Separate data showed US consumer confidence fell in December, with the Confidence Board noting the short-term expectations component indicates consumers fear a recession.eToro investment analyst Bret Kenwell noted the headline figure has now declined for five straight months, and the component showing the confidence of consumers in their present situation is at its lowest since February 2021.”Simply put, despite solid GDP figures and a stock market at record highs, consumers are feeling some anxiety,” he said.Before the US GDP data was released precious metals pushed higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Gold jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding support.Copper, which is used in electric vehicle batteries and solar panels, hit a record price of $12,159.50 per tonne.”Silver and above all copper are benefitting from structural support from the energy transition, electrification the colossal needs for digital infrastructure and artificial intelligence,” said John Plassard, an analyst at Cite Gestion Private Bank.Europe’s main stock markets ended mixed.”European stock markets appear to have entered a period of consolidation as we head into the final trading days of 2025,” said Joshua Mahony, chief market analyst at Scope Markets.”With the Santa rally period traditionally taking place over the final five days of the year, investors will be hoping that the bulls are gathering momentum for a final push tomorrow onwards,” he added.Asian markets enjoyed a bright start, although some stuttered as the day wore on.Shanghai was higher, while Hong Kong dipped and Tokyo closed flat.On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week’s increase.In company news, shares in Danish pharmaceutical giant Novo Nordisk jumped more than eight percent after the US approved its popular GLP-1 anti-obesity drug Wegovy to be administered in pill form for weight loss.- Key figures at around 1630 GMT – New York – Dow: UP 0.1 percent at 48,420.28New York – S&P 500: UP 0.2 percent at 6,894.70New York – Nasdaq Composite: UP 0.3 percent at 23,494.85London – FTSE 100: UP 0.2 at 9,889.22 (close)Paris – CAC 40: DOWN 0.2 percent at 8,103.85 (close)Frankfurt – DAX: UP 0.2 percent at 24,340.06 (close)Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)Dollar/yen: DOWN at 156.37 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1779 from $1.1756Pound/dollar: UP at $1.3482 from $1.3458Euro/pound: UP at 87.38 pence from 87.35 penceWest Texas Intermediate: UP 0.1 percent at $58.07 per barrelBrent North Sea Crude: FLAT at $62.08 per barrelburs-rl/rmb

Vietnam’s Communist Party on Tuesday endorsed General Secretary To Lam to remain in the top job for the next five years, according to two sources briefed on a meeting where senior officials agreed a slate of candidates to be announced at the party congress in January.Lam, who became party chief after the death of his predecessor in August 2024, has enacted reforms described by officials as “a revolution”, slashing the bureaucracy and cracking down on corruption as he seeks to boost economic growth. “No change. The party chief remains in his position to ensure stability,” a source briefed on the meeting told AFP.A second source confirmed he will continue as general secretary and also be nominated to serve simultaneously as president, as Chinese President Xi Jinping has done. “On behalf of those entrusted with the nomination to the (party) Central Committee and leadership positions for the next term… we would like to thank the Central Committee, the Politburo, and the Secretariat for their trust in assigning us this task,” Lam said in a speech Tuesday, appearing to thank delegates for nominating him. “We will continue to work together in unity and with a high sense of responsibility and efficiency, meeting the expectations of the Party and the People.”The leadership decisions must be finalized at the party congress which runs from January 19-25, when key policy plans will also be outlined for the next five years.- Radical reform -Lam, who served briefly as president in 2024, stepped up as the top leader two weeks after the death of former General Secretary Nguyen Phu Trong last year.Lam’s rise to the top job followed a long career with the secretive public security ministry, which deals with the monitoring of dissent and surveillance in Vietnam, a one-party state. In his short tenure, he has accelerated administrative reforms and announced vast infrastructure investments — aiming to meet aggressive growth targets that underpin the party’s claim to legitimacy. The reforms saw the number of government ministries and agencies slashed from 30 to 22. State media, the civil service, the police and the military all faced cuts.Roughly 147,000 people were made redundant or took early retirement as Hanoi sought to streamline bureaucracy and boost the economy.Slashing the bureaucracy has been a Communist Party goal for nearly a decade, but Lam intensified the drive. Lam also pushed to reduce the country’s 63 provincial and city administrations to just 34.The reforms to the structure of government follow a sprawling, high-profile anti-corruption campaign in recent years.The drive has swept up dozens of business leaders and senior government figures, including two presidents and three deputy prime ministers since 2021.The radical reforms piloted by Lam come after a long period in which change came slowly, with the government emphasising stability and calm to build a reputation for predictability and court foreign investors.

US economic growth in the third quarter came in at 4.3 percent on an annualized basis, easily topping expectations, according to Commerce Department data released Tuesday.The report, which also showed an acceleration in inflation, provides reassurance about the world’s largest economy after other recent data showing a weakening labor market. It comes as worries have moderated over President Donald Trump’s tariffs and as large tech companies advance massive investments to build new artificial intelligence infrastructure.The gross domestic product report — delayed for nearly two months due to a government shutdown — reflects increases in consumer spending, exports and government spending, partially offset by a decrease in investment, according to the department’s Bureau of Economic Analysis.The reading, an initial estimate expected to be updated in early 2026, marks the highest GDP in two years. Analysts had expected 3.2 percent growth, according to consensus estimates from MarketWatch and Trading Economics.The report also showed the price index for domestic purchases rose 3.4 percent, a much higher inflation reading compared with 2.0 percent in the second quarter.The data suggest faster growth and higher inflation than markets had expected — potentially changing the calculus for upcoming US monetary policy decisions. Trump pointed to the report as evidence that the “Trump Economic Golden Age is FULL steam ahead,” the product of a “genius” policy on tariffs and “NO INFLATION,” disregarding line-item aspects of the data showing otherwise.Other recent data has shown a weakening job market that has prompted the Federal Reserve to cut interest rates at the last three meetings, viewing the employment picture as its prime concern even as inflation has lingered above two percent.- ‘Resiliency of US consumers’ -Heather Long, chief economist at the Navy Federal Credit Union, wrote that the report shows the resiliency of US consumers, boding “well for 2026.””If the economy can avoid widespread layoffs, most American consumers can keep spending,” she said.Joe Brusuelas, chief economist at RSM US, said the GDP data suggest that while growth has been robust, job creation remains “soft” and this dynamic “is likely to be the major economic narrative looking forward into 2025.”The report also falls into the trend of what economists have described as “K-shaped,” where consumption is driven by the wealthy, Brusuelas wrote.US stocks were little changed following the GDP data, as some saw lower odds that the Fed will again cut next month.”I think the implication is that with the GDP numbers being as strong as they are, that gives the Fed additional reason to be on hold at the January (Fed) meeting,” said CFRA Research’s Sam Stovall.While inflation remains well above the Fed’s two percent target, Fed Chair Jerome Powell and other policymakers have described the weakening employment market as the greater concern at the moment.The Fed’s median 2026 GDP forecast is 2.3 percent, up from 1.7 percent projected in 2025, according to a summary of the central bank’s outlook.The data shows “an economy that is growing, but unevenly, one where inflation is still running well above the (Fed’s) target,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association, who predicted just one rate cut in 2026.- Ebbing tariff angst -Tuesday’s report reflects a much improved US macroeconomic outlook compared with earlier in 2025, when worries about Trump’s aggressive trade policy changes weighed on sentiment. But by the latter stages of 2025, Trump’s administration had negotiated agreements with China and other major economies that prevented enactment of the most onerous tariffs. Meanwhile, an AI investment boom by Chat GPT-maker OpenAI, Google and other tech giants continued to pick up momentum, keeping the US stock market near record levels.A December 18 outlook piece from S&P Global Ratings said AI investment would likely buoy the economy but could be offset by political uncertainty under Trump.”US trade policy uncertainty has settled down, but not US policy drama overall,” S&P said. “Statutory US tariff rates may not move much in 2026, but uncertainty around laws, norms, investment rules, military actions and geopolitics more generally will remain elevated,” S&P said. “This uncertainty will likely dampen investment and discretionary consumption.”

A Pakistani firm won an auction Tuesday with a $482 million bid for a majority stake in the embattled national carrier PIA, a deal seen as a litmus test of the government’s pledge to sell off loss-making state companies.Pakistan International Airlines (PIA), long accused by critics of being bloated and poorly run, has been burning through cash as the government struggles with a balance of payments crisis.Three Pakistani firms competed in the auction carried live by state broadcasters, with representatives placing their offers in a clear box during several rounds of bidding.The Arif Habib investment group emerged on top with a bid of 135 billion rupees for the 75 percent stake on offer. It has an option to buy the remaining 25 percent in the coming months.”It was essential to make this process transparent because the biggest transaction of Pakistan’s history is about to take place,” Prime Minister Shehbaz Sharif told his cabinet in a televised statement as the bidding began.The rival bidders were a consortium led by Lucky Cement, which bid 134 billion rupees, and the private Pakistani carrier Air Blue, with 26.5 billion. The sale offer comes after last year’s failure to privatise PIA, with just one bid for $36 million — far below the $300 million to $305 million wanted by the government.Before being delisted from the Pakistan stock exchange, the airline reported a net loss of $437 million for the 2022 full year on revenue of $854 million.- More sales on deck? -Islamabad has promised to divest dozens of its cash-burning enterprises in the finance, energy, industrial and retailing sectors by 2029 under a $7 billion loan programme agreed with the International Monetary Fund last year.Many of the companies have incurred billions of dollars in losses because of mismanagement and corruption, forcing the government to inject funds to keep them afloat.Founded in 1955, PIA was a symbol of national pride and rapid growth for years, with a pathbreaking international network and even flight attendant uniforms created by French designer Pierre Cardin in the 1960s.But its reputation suffered after racking up heavy losses as well as serious safety lapses.It was banned from flying to the European Union, Britain and the United States in June 2020, a month after one of its Airbus A-320 jets crashed onto a Karachi street, killing nearly 100 people.Europe and Britain allowed PIA flights to resume this year, but operations have not yet resumed for the United States.Just 18 of its fleet of around 34 planes are in active service, according to officials. 

Wall Street’s main stock indices briefly slid lower on Tuesday as much stronger-than-expected US growth figures befuddled hopes for further interest rate cuts, while gold and silver struck fresh records.US economic growth in the third quarter came in at 4.3 percent on an annualised basis, easily topping expectations, as consumer and government spending rose.Equities had been buoyed in recent weeks by expectations the Federal Reserve would lower borrowing costs further in 2026, with data showing US unemployment rising and inflation easing. The strong figures could persuade the US Federal Reserve to hold off on further interest rate cuts in 2026.”The key takeaway from the report is that the US economy was certainly running on the warm side” in the third quarter, said Briefing.com analyst Patrick O’Hare.”That will stir some concerns about the Fed’s recent decision to cut rates in December and the risk of stoking increased inflation in pursuit of keeping the economy on a growth trajectory,” he added.Wall Street’s main indices moved lower at the start of trading in New York, but both the S&P 500 and Nasdaq quickly pushed into positive territory.Before the US GDP data was released precious metals pushed higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Gold jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding support.Copper, which is used in electric vehicle batteries and solar panels, hit a record price of $12,159.50 per tonne.”Silver and above all copper are benefitting from structural support from the energy transition, electrification the colossal needs for digital infrastructure and artificial intelligence,” said John Plassard, an analyst at Cite Gestion Private Bank.Europe’s main stock markets were mixed in afternoon trading.”European stock markets appear to have entered a period of consolidation as we head into the final trading days of 2025,” said Joshua Mahony, chief market analyst at Scope Markets.”With the Santa rally period traditionally taking place over the final five days of the year, investors will be hoping that the bulls are gathering momentum for a final push tomorrow onwards,” he added.Asian markets enjoyed a bright start, although some stuttered as the day wore on.Shanghai was higher, while Hong Kong dipped and Tokyo closed flat.On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week’s increase.In company news, shares in Danish pharmaceutical giant Novo Nordisk jumped more than eight percent after the US approved its popular GLP-1 anti-obesity drug Wegovy to be administered in pill form for weight loss.- Key figures at around 1430 GMT – New York – Dow: DOWN 0.2 percent at 48,286.54New York – S&P 500: DOWN less than 0.1 percent at 6,873.79New York – Nasdaq Composite: DOWN less than 0.1 percent at 23,407.70London – FTSE 100: FLAT at 9,868.85Paris – CAC 40: DOWN 0.2 percent at 8,109.06Frankfurt – DAX: UP 0.3 percent at 24,330.51Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)Dollar/yen: DOWN at 156.45 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1773 from $1.1756Pound/dollar: UP at $1.3494 from $1.3458Euro/pound: DOWN at 87.25 pence from 87.35 penceWest Texas Intermediate: UP less than 0.1 percent at $58.05 per barrelBrent North Sea Crude: FLAT at $62.05 per barrelburs-rl/rmb

Stock markets steadied on Tuesday, while gold and silver hit fresh records as optimism for US rate cuts helped investors ease into the festive break.Equities have been buoyed in recent weeks by expectations the Federal Reserve would lower borrowing costs further in 2026, with data showing US unemployment rising and inflation easing. Investors will look to delayed US gross domestic product figures and consumer sentiment data on Tuesday for further Fed signals.Precious metals pushed higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Gold jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding support.London and Frankfurt stock markets edged up, while Paris dipped.”European stock markets appear to have entered a period of consolidation as we head into the final trading days of 2025,” said Joshua Mahony, chief market analyst at Scope Markets.”With the Santa rally period traditionally taking place over the final five days of the year, investors will be hoping that the bulls are gathering momentum for a final push tomorrow onwards,” he added.Asian markets enjoyed a bright start, although some stuttered as the day wore on.Shanghai was higher, while Hong Kong dipped and Tokyo closed flat.With few catalysts to drive gains on Wall Street, tech was again at the forefront of buying on Monday, with chip titan Nvidia and Tesla leading the way.The tech sector has driven many global markets to all-time highs this year on huge AI investment, though the trade has been questioned in recent months, sparking fears of a bubble.A blockbuster earnings report from Micron Technologies last week has helped reinvigorate tech firms.On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week’s increase.Oil prices edged up, having jumped more than two percent Monday on concerns about Washington’s measures against Caracas.The United States has taken control of two oil tankers and is chasing a third, after President Donald Trump last week ordered a blockade of “sanctioned” tankers heading to and leaving Venezuela.In company news, shares in Danish pharmaceutical giant Novo Nordisk jumped seven percent after the US approved its popular GLP-1 anti-obesity drug Wegovy to be administered in pill form for weight loss.- Key figures at around 1045 GMT – London – FTSE 100: UP 0.1 percent at 9,872.23 pointsParis – CAC 40: DOWN 0.2 percent at 8,108.57Frankfurt – DAX: UP 0.1 percent at 24,315.08Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)New York – Dow: UP 0.5 percent at 48,362.68 (close)Dollar/yen: DOWN at 156.00 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1795 from $1.1756Pound/dollar: UP at $1.3501 from $1.3458Euro/pound: UP at 87.36 pence from 87.35 penceWest Texas Intermediate: UP 0.1 percent at $58.06 per barrelBrent North Sea Crude: UP 0.1 percent at $62.13 per barrel

Most markets rose on Tuesday, while gold and silver hit fresh records as optimism for more US interest rate cuts and an easing of AI fears helped investors prepare for the festive break on a positive note.Data showing US unemployment rising and inflation slowing gave the Federal Reserve more room to lower borrowing costs and provided some much-needed pep to markets after a recent swoon.That was compounded by a blockbuster earnings report from Micron Technologies that reinvigorated tech firms.The sector has been the key driver of a surge in world markets to all-time highs this year owing to huge investments in all things artificial intelligence but that trade has been questioned in recent months, sparking fears of a bubble.With few catalysts to drive gains on Wall Street, tech was again at the forefront of buying on Monday, with chip titan Nvidia and Tesla leading the way.”The amount of money being thrown towards AI has been eye-watering,” wrote Michael Hewson of MCH Market Insights.He said the vast sums pumped into the sector “has inevitably raised questions as to how all of this will be financed, when all the companies involved appear to be playing a game of pass the parcel when it comes to cash investment”.”These deals also raise all manner of questions about how this cash will generate a longer-term return on investment,” he added.”With questions now being posed… we may start to get a more realistic picture of who the winners and losers are likely to be, with the losers likely to be punished heavily.”Asian markets enjoyed a bright start, although some stuttered as the day wore on.Sydney, Seoul, Shanghai, Singapore, Taipei, Wellington, Bangkok and Jakarta were all higher, while Tokyo, Mumbai and Manila were flat. Hong Kong dipped.London rose along with Frankfurt but Paris edged down.Precious metals were also pushing ever higher on the back of expectations for more US rate cuts, which makes them more attractive to investors.Bullion jumped to a high above $4,497 per ounce, while silver was just short of $70 an ounce, with the US blockade against Venezuela and the Ukraine conflict adding a geopolitical twist.”The structural tailwinds that have driven both of these to record highs this year persist, be it central bank demand for gold or surging industrial demand for silver,” said Neil Wilson at Saxo Markets.”The latest surge comes after soft inflation and employment readings in the US last week, which reinforced expectations around the Fed’s policy easing next year. Geopolitics remains a factor, too.”On currency markets, the yen extended gains after Japan’s Finance Minister Satsuki Katayama flagged authorities’ powers to step in to support the unit, citing speculative moves in markets.The yen suffered heavy selling after Bank of Japan boss Kazuo Ueda held off signalling another rate hike anytime soon following last week’s increase.”The moves (on Friday) were clearly not in line with fundamentals but rather speculative,” Katayama told Bloomberg on Monday. “Against such movements, we have made clear that we will take bold action, as stated in the Japan–US finance ministers’ joint statement,” she said.Oil prices dipped, having jumped more than two percent Monday on concerns about Washington’s measures against Caracas.The United States has taken control of two oil tankers and is chasing a third, after President Donald Trump last week ordered a blockade of “sanctioned” tankers heading to and leaving Venezuela.- Key figures at around 0815 GMT – Tokyo – Nikkei 225: FLAT at 50,412.87 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,774.14 (close)Shanghai – Composite: UP 0.1 percent at 3,919.98 (close)London – FTSE 100: UP 0.1 percent at 9,878.86 Dollar/yen: DOWN at 156.10 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1780 from $1.1756Pound/dollar: UP at $1.3498 from $1.3458Euro/pound: DOWN at 87.28 pence from 87.35 penceWest Texas Intermediate: DOWN 0.2 percent at $57.87 per barrelBrent North Sea Crude: DOWN 0.2 percent at $61.94 per barrelNew York – Dow: UP 0.5 percent at 48,362.68 (close)