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Most Asian equities rose Thursday after US Federal Reserve boss Jerome Powell suggested any increase in consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Markets have been seized by volatility recently as US President Donald Trump embarks on his hardball trade policy that has seen him impose painful duties on imports from major partners, stoking recession fears.Some observers have also warned his pledges to slash taxes, regulations and immigration will reignite inflation and force the Fed to reassess its monetary policy, with some even fearing rate hikes.After a closely watched meeting on Wednesday, the US central bank stood pat on borrowing costs for the second time in a row and said “uncertainty around the economic outlook has increased”. It also predicted the economy would expand 1.7 percent this year, compared with 2.1 percent estimated in December, and tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen. However, its dot plot estimate for rate cuts still showed officials saw two this year.Powell said: “We do understand that sentiment has fallen off pretty sharply, but economic activity has not yet and so we are watching carefully.”I would tell people the economy seems to be healthy.”He added that inflation had “started to move up” and officials think that is “partly in response to tariffs. And there may be a delay in further progress over the course of this year”.Any increase would be “transitory”, Powell said, but warned it would be hard to determine how much of a factor the levies — as opposed to other factors — would play in lifting prices. The remarks were taken as market-supportive and 10-year US Treasury yields, a proxy of monetary policy, dropped. That was also helped by news the Fed would slow its pace of balance sheet reduction — the bank ramped up bond-buying during the pandemic to keep rates low and has been offloading them in recent months to normalise monetary policy.- ‘Do the right thing’ -Trump late Wednesday called on decision-makers to cut rates now, urging on his Truth Social platform to “do the right thing”.Kerry Craig, global market strategist at JP Morgan Asset Management, said: “The Fed doesn’t have all the answers but faces plenty of questions about how it is interpreting the shift in the US economy and policy impacts.”For now, the market seems reassured that the Fed is ready to act if needed.”But he added: “Overall, the outlook remains uncertain.”All three main indexes on Wall Street rallied.And most of Asia followed suit, with Sydney, Seoul, Singapore, Taipei, Wellington and Manila all up. Jakarta gained almost two percent to extend Wednesday’s gains, but the index remains under pressure — it has dropped 10 percent in 2025 — on concerns about Indonesia’s economy, Southeast Asia’s biggest.Hong Kong, however, retreated after a breathtaking run-up this year that has seen the Hang Seng Index pile on more than 20 percent. Shanghai also dropped.Tokyo was closed for a holiday.The yen extended Wednesday’s gains after Powell’s dovish comments, while the dollar was also softer against the pound and euro.But lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,056.Oil rose again following a fresh upsurge in Middle East hostilities after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Traders are also keeping tabs on eastern Europe after Trump told Ukraine’s President Volodymyr Zelensky that the United States could own and run his country’s nuclear power plants as part of his bid to secure a ceasefire with Russia.Zelensky said he was ready to pause attacks on Russia’s energy network and infrastructure, a day after Vladimir Putin agreed to halt similar strikes on Ukraine.- Key figures around 0250 GMT -Hong Kong – Hang Seng Index: DOWN 1.0 percent at 24,525.12Shanghai – Composite: DOWN 0.2 percent at 3,419.55Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.0912 from $1.0903 on WednesdayPound/dollar: UP at $1.3010 from $1.3002Dollar/yen: DOWN at 148.27 yen from 148.71 yenEuro/pound: UP at 83.88 pence from 83.82 penceWest Texas Intermediate: UP 0.5 percent at $67.50 per barrelBrent North Sea Crude: UP 0.4 percent at $71.06 per barrelNew York – Dow: UP 0.9 percent at 41,964.63 points (close)London – FTSE 100: FLAT at 8,706.66 (close)

To sow or not to sow? Canola farmers in Canada’s vast western Prairies region have found themselves in the crossfire of trade wars with both the United States and China.”We have two economic superpowers of the world having a trade war with us at the same time,” Rick White, head of the Canadian Canola Growers Association, told AFP.”We’ve had our challenges but nothing of this magnitude. This is the worst of all scenarios,” he said, weeks before planting is to begin.Canada, a major agricultural economy, is among the world’s top producers of canola — an oilseed crop that is used to make cooking oil, animal meal and biodiesel fuel.But the bulk of canola exports go to just two customers, the United States and China, two countries with which Ottawa is now in standoffs over tariffs.A few days ago, Beijing announced 100 percent tariffs on canola oil and meal in response to Ottawa’s levies on Chinese electric vehicles, which align with those imposed on China by the United States under former president Joe Biden.Meanwhile, since coming to office in January, US President Donald Trump has threatened widespread tariffs on imports of Canadian goods into the United States.The price of canola has plunged as a result of the Chinese tariffs, dragging the price of European rapeseed down with it.- Seeding soon -All of this must be sorted out in the coming weeks, fumes Jason Johnson, a farmer from Manitoba province in Canada’s agricultural heartland.”We’re going to be seeding in about a month and once we do, we can’t change crops,” he said, while waiting for a call from a seed dealer about possible alternative crops.China accounts for nearly one third of Canadian canola exports, mainly canola seeds, while the United States is the largest market for canola oil and meal.Johnson believes it was wrong for Canada to impose tariffs on China.”We should go back to China and say, ‘We’ll lift our tariffs if you lift yours,’ basically doing a Trump by threatening tariffs and then retracting them,” he told AFP.On his 2,500-acre farm just north of the Canada-US border, he grows canola each year on about 1,000 acres, and feels certain the United States will ramp up tariffs against Canada that will be widespread and hit hard.Those tariff threats have already sent shockwaves through Canada, as more than 75 percent of its exports go to the United States. A trade war between the two neighbors, with Canada retaliating, would cause significant damage to the Canadian economy.- ‘Engage with China’ -Canola Council of Canada chief executive Chris Davison is urging the Canadian government “to immediately engage with China, with a view to resolving this issue.”Ottawa and Beijing have been at loggerheads for several years, relations having soured after Canada detained a senior Huawei executive on a US warrant in December 2018 and Beijing retaliated by holding two Canadians. A deal was reached that saw all three detainees released in September 2021, but bad blood remains, with Beijing criticizing Ottawa for aligning itself with Washington’s China policies and Canadian authorities regularly accusing China of interference.As this goes on Canadians wonder if bright yellow fields of canola will be seen in the Prairies this spring.Johnson says switching from canola to alternative crops at the last minute wouldn’t be easy. Markets for other crops are mostly smaller and if canola farmers switch to cultivating them it would lead to an oversupply and a drop in prices for those agricultural commodities too.He noted also that Canada has “invested a lot in the last 20 years in infrastructure” to crush canola into oil and meal.

Nvidia boss Jensen Huang expressed confidence Wednesday that the artificial intelligence (AI) chip giant can handle US President Donald Trump’s trade war.”We have a really agile network of suppliers; they are not just in Taiwan or Mexico or Vietnam,” Huang said while meeting with journalists at Nvidia’s annual developers conference in San Jose, California.”If we add onshore manufacturing by the end of this year, we should be quite good.”Nvidia is not expecting tariffs to significantly affect its financial performance in the short term, according to Huang.He noted that the tariff situation is evolving, and that what it does to Nvidia costs will depend on which countries are targeted by Trump.Trump has threatened to slap extra tariffs on imports of computer chips to the United States, which will heap pressure on Nvidia’s business, which depends on imported components mainly from Taiwan.Since returning to power in January, Trump has imposed tariffs on Washington’s three main trading partners, Mexico, Canada, and China.Trump has talked of imposing “reciprocal tariffs” against other countries in early April, creating uncertainty for businesses and financial markets.The White House recently put out a release saying Trump is intent on making the US a “manufacturing superpower,” ramping up pressure to shift production back to this country.However, chip fabrication facilities can take years to build.Since its founding in 1993, Nvidia has specialized in graphics processing units (GPUs) coveted by video game enthusiasts.GPUs are also ideally suited for AI and the rise of that technology has catapulted the Silicon Valley-based chip maker into the spotlight.”We’re not making chips anymore; those were the good old days,” Huang quipped. “What we do now is build AI infrastructure.”High-end versions of Nvidia’s chips face US export restrictions to the major market of China, part of Washington’s efforts to slow its Asian adversary’s advancement in the strategic technology.Asked about this, Huang replied that his company is not alone in needing to respect each country’s laws.

US stocks jumped while European indexes were mixed Wednesday as the Federal Reserve held interest rates steady after a policy meeting — and gold hit a new record as geopolitical concerns returned to the fore.The US central bank’s rate decision was widely expected, although it also cut its growth forecast for 2025 and hiked its inflation outlook.The Fed has nonetheless penciled in two rate cuts this year.But yields on the 10-year US Treasury note, a closely watched proxy of monetary policy, dropped sharply as the Fed slowed the rate at which it will shrink the size of its balance sheet.”I think the market liked hearing the Fed Chair sound reasonably upbeat about the economy,” said Briefing.com analyst Patrick O’Hare.He noted that the drop in Treasury yields boosts expectations that mortgage rates will also fall.On Wednesday, Fed Chair Jerome Powell said “uncertainty today is unusually elevated” and noted that at least part of a recent inflation uptick was related to US President Donald Trump’s tariff policies.He also signaled some confidence about the US economic outlook, noting that key indicators have stayed solid despite surveys showing weakening consumer confidence.Investors have been eagerly awaiting Powell’s comments about how the bank seeks to chart a path through the economic turbulence unleashed by Trump’s ever-changing tariffs approach.Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.Wall Street stocks closed notably higher.In Europe, Paris rose, London was flat and Frankfurt succumbed to profit-taking.Official data showed eurozone inflation eased more than previously estimated in February, driven by a slowdown in consumer price increases in Germany.Inflation in the single currency area slowed to 2.3 percent last month, a slight change from the 2.4 percent figure published on March 3. Meanwhile, the price of gold, seen as a safe-haven investment, struck a record high above $3,045 an ounce.That came on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Oil prices edged higher, even as Hamas said it remained open to negotiations while calling for pressure on Israel to implement a Gaza truce.Separately, Trump told Ukrainian President Volodymyr Zelensky that the United States could own and run Ukraine’s nuclear power plants as part of his latest bid to secure a ceasefire in Russia’s invasion of its neighbor.Zelensky said following their call that Kyiv was ready to pause attacks on Russia’s energy network and infrastructure, a day after Vladimir Putin agreed to halt similar strikes on Ukraine.Elsewhere, the Turkish lira plunged to an all-time low against the dollar, after police raided the home of Istanbul’s powerful opposition mayor, Ekrem Imamoglu.The currency hit a low of more than 40 liras per dollar after the mayor, a key opponent of President Recep Tayyip Erdogan, was detained over a corruption probe — a move denounced by his opposition CHP party as a “coup.”Trading on the Istanbul stock exchange was temporarily halted and it finished the day 8.7 percent lower.The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about “high uncertainties” including over trade.- Key figures around 2125 GMT -New York – Dow: UP 0.9 percent at 41,964.63 points (close)New York – S&P 500: UP 1.1 percent at 5,675.29 (close)New York – Nasdaq Composite: UP 1.4 percent at 17,750.79 (close)London – FTSE 100: FLAT at 8,706.66 (close)Paris – CAC 40: UP 0.7 percent at 8,171.47 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,288.06 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 37,751.88 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,771.14 (close)Shanghai – Composite: DOWN 0.1 percent at 3,426.43 (close)Euro/dollar: DOWN at $1.0903 from $1.0944 on TuesdayPound/dollar: DOWN at 1.3002 from 1.3003Dollar/yen: DOWN at 148.71 yen from 149.36 yenEuro/pound: DOWN at 83.82 pence from 84.16 penceWest Texas Intermediate: UP 0.4 percent at $67.16 per barrelBrent North Sea Crude: UP 0.3 percent at $70.78 per barrelburs-rl/jj/bys/jgc

European and US stocks mostly rose on Wednesday a Fed rate decision, while gold set a new record high as geopolitical concerns returned to the fore.”There is a modicum of buy-the-dip interest in the mega-cap stocks, which led yesterday’s slide” on Wall Street said Briefing.com analyst Patrick O’Hare.The US Federal Reserve was widely expected to extend its rate cut pause later on Wednesday Investors were eagerly awaiting comments from Fed Chairman Jerome Powell about how the bank seeks to chart a path through the economic turbulence unleashed by US President Donald Trump’s ever-changing approach to tariffs.”One should expect the overarching message from Fed Chair Powell to be that the Fed is waiting to see what policies are enacted, and their effects on economic activity, before making any additional policy moves,” said O’Hare.That may make the Fed’s updated Summary of Economic Projections the main event for investors. The previously quarterly summary, issued in December, predicted two interest rate cuts in 2025. But Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the possibility of more cuts may not cheer investors. “Even the prospect of lowering borrowing costs unlikely to provide much solace given that they would be seen as indicating increasing weakness in the US economy,” she said.Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.Wall Street stocks were higher in early afternoon trading.In Europe, Paris rose, London was flat and Frankfurt succumbed to profit-taking.Official data showed eurozone inflation eased more than previously estimated in February, driven by a slowdown in consumer price increases in Germany.Inflation in the single currency area slowed to 2.3 percent last month, a slight change from the 2.4 percent figure published on March 3. Meanwhile, the price of gold, seen as a safe-haven investment, struck a record high above $3,045 an ounce. That came on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Oil prices edged higher, even as Hamas said it remained open to negotiations while calling for pressure on Israel to implement a Gaza truce.In Moscow, Russia accused Ukraine of trying to “derail” agreements reached between Vladimir Putin and Trump to halt strikes on energy infrastructure.Elsewhere, the Turkish lira plunged to an all-time low against the dollar on Wednesday, after police raided the home of Istanbul’s powerful opposition mayor, Ekrem Imamoglu.The currency hit a low of more than 40 liras per dollar after the mayor, a key opponent of President Recep Tayyip Erdogan, was detained over a corruption probe, a move denounced by his opposition CHP party as a “coup”.Trading on Istanbul stock exchange was temporarily halted and it finished the day 8.7 percent lower.The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about “high uncertainties” including over trade.Japan’s Nikkei 225 stock index also gave up gains to end lower.- Key figures around 1630 GMT -New York – Dow: UP 0.7 percent at 41,873.08 pointsNew York – S&P 500: UP 0.8 percent at 5,661.64New York – Nasdaq Composite: UP 1.1 percent at 17,699.44London – FTSE 100: FLAT at 8, (close)Paris – CAC 40: UP 0.7 percent at 8,171.47 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,288.06 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 37,751.88 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,771.14 (close)Shanghai – Composite: DOWN 0.1 percent at 3,426.43 (close)Euro/dollar: DOWN at $1.0884 from $1.0944 on TuesdayPound/dollar: DOWN at 1.2973 from 1.3003Dollar/yen: UP at 149.88 yen from 149.36 yenEuro/pound: DOWN at 83.89 pence from 84.16 penceWest Texas Intermediate: UP 0.3 percent at $66.93 per barrelBrent North Sea Crude: UP 0.3 percent at $70.77 per barrelburs-rl/jj

Global stock markets diverged on Wednesday while gold set a new record high as investors looked forward to a US Fed rate decision and geopolitical concerns returned to the fore.European and Asian stock markets traded mixed, while Wall Street rebounded following Tuesday’s tech-led losses.”There is a modicum of buy-the-dip interest in the mega-cap stocks, which led yesterday’s slide,” said Briefing.com analyst Patrick O’Hare.The US Federal Reserve was widely expected to extend its rate cut pause later on Wednesday and investors were eagerly awaiting comments from Fed Chairman Jerome Powell about how the bank seeks to chart a path through the economic turbulence unleashed by US President Donald Trump’s ever-changing approach to tariffs.”One should expect the overarching message from Fed Chair Powell to be that the Fed is waiting to see what policies are enacted, and their effects on economic activity, before making any additional policy moves,” said O’Hare.That may make the Fed’s updated Summary of Economic Projections the main event for investors. The previously quarterly summary, issued in December, predicted two interest rate cuts in 2025. But Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the prospect of more cuts may not cheer investors. “Even the prospect of lowering borrowing costs unlikely to provide much solace given that they would be seen as indicating increasing weakness in the US economy,” she said.Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.Meanwhile, the price of gold, seen as a safe-haven investment, struck a record high above $3,045 an ounce on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Oil prices edged higher, even as Hamas said it remained open to negotiations while calling for pressure on Israel to implement a Gaza truce.Over in Moscow, Russia accused Ukraine of trying to “derail” agreements reached between Vladimir Putin and Trump to halt strikes on energy infrastructure.In afternoon trading in Europe, London dipped and Frankfurt fell while Paris gained.Official data showed eurozone inflation eased more than previously estimated in February, driven by a slowdown in consumer price increases in Germany.Inflation in the single currency area slowed to 2.3 percent last month, a slight change from the 2.4 percent figure published on March 3. Elsewhere, the Turkish lira plunged to an all-time low against the dollar on Wednesday, after police raided the home of Istanbul’s powerful opposition mayor, Ekrem Imamoglu.The currency was trading at 39 liras per dollar after the mayor, a key opponent of President Recep Tayyip Erdogan, was detained over a corruption probe, a move denounced by his opposition CHP party as a “coup”.The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about “high uncertainties” including over trade.Japan’s Nikkei 225 stock index also gave up gains to end lower.Elsewhere in Asia, Jakarta’s stock market rebounded only slightly, having plummeted more than seven percent Tuesday in the biggest plunge since September 2011, over concerns about Indonesia’s economy amid weak consumer spending. – Key figures around 1330 GMT -New York – Dow: UP 0.3 percent at 41,689.29 pointsNew York – S&P 500: UP 0.4 percent at 5,636.37New York – Nasdaq Composite: UP 0.6 percent at 17,601.05London – FTSE 100: DOWN 0.1 percent at 8,696.32Paris – CAC 40: UP 0.3 percent at 8,142.52Frankfurt – DAX: DOWN 0.9 percent at 23,179.04Tokyo – Nikkei 225: DOWN 0.3 percent at 37,751.88 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,771.14 (close)Shanghai – Composite: DOWN 0.1 percent at 3,426.43 (close)Euro/dollar: DOWN at $1.0897 from $1.0944 on TuesdayPound/dollar: DOWN at 1.2962 from 1.3003Dollar/yen: UP at 149.90 yen from 149.36 yenEuro/pound: DOWN at 84.08 pence from 84.16 penceWest Texas Intermediate: UP less than 0.1 percent at $66.81 per barrelBrent North Sea Crude: UP 0.1 percent at $70.65 per barrelburs-rl/giv

Chinese internet and gaming giant Tencent said on Wednesday that profits in the fourth quarter of 2024 surged 90 percent as the firm accelerates a push into artificial intelligence (AI).The publication of quarterly and annual results came after weeks of robust investor confidence in Chinese technology stocks, and in AI in particular, following January’s shock emergence of local startup DeepSeek on the global stage.Shenzhen-based Tencent is the operator of China’s all-purpose WeChat app and a major player in the global gaming industry.Its net profits in the three months ending on December 31 totalled 51.3 billion yuan ($7.1 billion), up 90 percent year-on-year, according to a statement on the Hong Kong Stock Exchange website.The statement also showed that Tencent’s revenue in the period reached 172.4 billion yuan, a rise of 11 percent year-on-year that outpaced a Bloomberg forecast.Tencent CEO Pony Ma said the double-digit revenue growth was down to using AI to enhance the firm’s advertising platform, higher video account engagement and growth in its gaming arm.He said Tencent had “reorganised our AI teams” around fast product innovation and deep model research, while also boosting AI-related spending.Tencent brought in revenue of 660.3 billion yuan for the whole year, increasing eight percent from 2023.Net profits jumped 68 percent to 194.1 billion yuan.The strong results came after the company’s stock price soared this month to its highest level in nearly four years.- AI frenzy -Chinese tech giants have been funnelling resources into the competitive field of AI since the release of DeepSeek’s chatbot in January.The little-known Chinese company caused a global stir because it appeared to have developed the chatbot at a fraction of the price of Western industry leaders such as the United States’s OpenAI.Ma told a news conference on Wednesday that Tencent had “actively embraced” DeepSeek across multiple services.”I think it’s a very great thing. We have a lot of respect for them and we also embrace them,” Ma said.Tencent said last month that it had started trialling its own AI reasoning model called “Hunyuan Thinker”, which will offer a more “professional” format for answering questions and a more “human” writing style.Rival Alibaba also said it would spend more than $50 billion on AI and cloud computing over the next three years.Investors were also heartened by a rare meeting last month between Chinese President Xi Jinping and a gathering of prominent entrepreneurs that included Tencent’s Ma.However, the company continues to face challenges, including a sluggish domestic economy and political pressure from Washington.In January, US authorities added Tencent to a list of firms it says are affiliated with Beijing’s military.Tencent described the move as a “mistake” and China’s foreign ministry accused Washington of “suppression”.

Distraught Myanmar relief camp dwellers received final handouts from the World Food Programme on Wednesday as the UN agency begins halting aid to a million people in the country because funding has dried up.President Donald Trump’s slashing of the US aid budget has contributed to “critical funding shortfalls” for WFP, forcing it to make sweeping cuts in Myanmar, which has been racked by a four-year, multi-sided civil war.”I pray every night that this news is not true,” said Byar Mee, who on Tuesday received the last of her monthly payouts worth around $50, which she uses to feed her family of five.”I pray to God that the donors are blessed and are able to help us again,” she told AFP in a camp outside the northeastern city of Myitkyina. “Please help us and pity us.”Since the military toppled a civilian government in 2021, Myanmar has been in the grip of a conflict that has killed thousands, displaced millions and pushed the poverty rate up to 50 percent.Because of cuts, WFP says it will only serve around 35,000 people in April — a fraction of the 15 million people unable to meet their daily food needs.One person in need, Zi Yay Tar, has been displaced from his home by landmines and fighting for more than a year.His family of seven have scraped by alongside Byar Mee’s in the relief camp run by the Waingmaw Lisu Baptist Association in Kachin state, 25 miles (40 kilometres) from the border with China.”We are struggling because we don’t have any other income,” the 32-year-old told AFP. “The World Food Programme was our biggest hope.”WFP Myanmar chief Michael Dunford told AFP last week the organisation was being forced to winnow down aid because donors including the United States were no longer forthcoming.Since returning to office in January, Trump has overseen a crusade to dismantle federal spending spearheaded by his top donor and the world’s richest person Elon Musk.The US Agency for International Development (USAID) — formerly a major WFP donor — has had its $42.8 billion budget eviscerated.- ‘We are going to starve’ -There are 379 households — more than 1,800 people — living in the Waingmaw Lisu Baptist Association camp, which has been supported by WFP since July, according to Le Tarr, a community organiser among its residents.”After we heard the WFP announcement, all the people in the camp are depressed and are having trouble sleeping,” he said.”Without food and supplies, we are going to starve. After we heard this announcement, we felt hopeless.”Trump has presented the cuts as part of his campaign to undo bloated government spending.But USAID accounted for only between 0.7 and 1.4 percent of total US government spending in the last quarter century, according to the Pew Research Center.The United Nations’ special rapporteur on Myanmar Tom Andrews on Monday said the United States’ “sudden, chaotic withdrawal of support” was having a “crushing impact” on people in the country.”The abrupt termination of this support is going to kill them,” he told a press conference in Geneva.

Equity markets were mixed and gold hit another record high on Wednesday as trade war worries cast a shadow and geopolitical concerns returned to the fore.The tepid start to the day followed tech-led losses on Wall Street, while an agreement between US President Donald Trump and Vladimir Putin that Russia would stop targeting Ukrainian energy was met with a shrug.The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about the outlook amid “high uncertainties” including over trade.Investors are also gearing up for central bank decisions in the United States, the United Kingdom and Indonesia, where stocks tanked Tuesday on concerns about Indonesia’s economy.Fresh pledges by China to boost domestic consumption and welcome data out of the United States that eased recession worries helped Asian markets to a strong start to the week.But Trump’s scattergun trade policies, which have seen him impose measures on some key partners but delay others, have stoked uncertainty.While no new levies have been announced in recent days, the next key date is April 2, when sweeping reciprocal measures are due to kick in, with Treasury Secretary Scott Bessent telling Fox Business “each country will receive a number that we believe represents their tariffs”. “We are going to go to them and say, look, here’s where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labour suppression,” he said on “Mornings With Maria”.Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.With that in mind, the Federal Reserve’s policy meeting, which ends later Wednesday, is being closely followed by traders hoping for an idea about officials’ plans to deal with any negative impact.- Gold hits new record -The Bank of Japan, as expected, stood pat on interest rates, having hiked them last month amid concerns over the outlook, particularly with regard to trade.”There remain high uncertainties surrounding Japan’s economic activity and prices, including the evolving situation regarding trade,” the bank warned in a statement after its announcement.Stefan Angrick of Moody’s Analytics wrote in a note ahead of the decision that “a wave of tariff measures and threats from Washington have kept financial markets on edge”.The yen rose against the dollar initially but later resumed the downward path it had started the day on, while Japan’s Nikkei 225 stock index also gave up gains to end lower.Elsewhere in Asia, Hong Kong, Seoul, Singapore, Manila, Mumbai and Bangkok edged up. Jakarta gained more than one percent, clawing back some of the painful losses suffered Tuesday, when it shed more than seven percent at one point on economic fears.But Shanghai, Sydney, Wellington and Taipei dipped.London, Frankfurt and Paris slipped at the open.Gold struck another record high above $3,045 on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Those concerns helped dampen sentiment on Wall Street, where all three main indexes resumed a sell-off after a two-day recovery from recent losses.Trump’s talks with Putin failed to yield a full ceasefire, with the Russian leader instead only agreeing to halt attacks against Ukrainian energy targets for 30 days. While the White House hailed the talks as “good and productive”, Ukrainian President Volodymyr Zelensky pledged to continue fighting in Russia’s Kursk region.Top US envoy Steve Witkoff told Fox News that fresh talks had been planned to take place on Sunday in Jeddah.However, Chris Weston at Pepperstone Group said: “While Russia-Ukraine ceasefire talks are ongoing, most feel that we’re no closer to anything truly tangible and a lasting agreement.”- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 37,751.88 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,771.14 (close)Shanghai – Composite: DOWN 0.1 percent at 3,426.43 (close)London – FTSE 100: DOWN 0.2 percent at 8,688.39Euro/dollar: DOWN at $1.0900 from $1.0944 on TuesdayPound/dollar: DOWN at 1.2969 from 1.3003Dollar/yen: UP at 149.50 yen from 149.36 yenEuro/pound: DOWN at 84.05 pence from 84.16 penceWest Texas Intermediate: DOWN 0.5 percent at $66.58 per barrelBrent North Sea Crude: DOWN 0.4 percent at $70.27 per barrelNew York – Dow: DOWN 0.6 percent at 41,581.31 (close)

The Bank of Japan left its key interest rate unchanged Wednesday and warned about the economic outlook amid global uncertainty fuelled by Donald Trump’s trade war.Officials began lifting borrowing costs last year after nearly two decades of ultra-loose monetary policies aimed at kickstarting torpid growth in the world’s number four economy.But since coming to office in January the Trump administration has embarked on a hardball campaign to rectify what it says are unfair trade imbalances, and imposed levies on multiple trading partners and imports including steel.The uncertainty unleashed by that has forced central banks around the world to reassess their recent monetary policies. On Wednesday the BoJ, after a two-day meeting, said it would stand pat on its key rate, having lifted it to a 17-year high of around 0.5 percent in January. In a statement it said: “There remain high uncertainties surrounding Japan’s economic activity and prices, including the evolving situation regarding trade.”Later, governor Kazuo Ueda told reporters: “Tariffs can directly affect the economy through trade — especially production volumes, inflation and prices.”On the other hand, tariffs, or even the prospect of tariffs, can affect the mindset or confidence of households and businesses, which could directly impact spending.”Stefan Angrick of Moody’s Analytics said the BoJ statement “paints a fairly upbeat picture of the economy, which suggests the central bank is looking to tighten monetary policy further”.But “with the dust still settling from January’s rate hike… the BoJ wants to gauge the impact of recent policy changes before tightening further”, he wrote in a note.- ‘Pulse check’ -SPI Asset Management’s Stephen Innes said the Federal Reserve and Bank of England were also expected to hold rates this week “as policymakers take their first collective pulse check on the fallout from Trump’s trade policies”.Headline inflation in Japan has been above the bank’s two-percent target every month since April 2022, and a year ago it finally lifted its interest rates above zero, before increasing them to 0.25 percent in July.Wage trends are also key, after trade unions said early data showed they had secured an average 5.5 percent pay rise for members this year, a three-decade high and up from last year’s preliminary reading of 5.3 percent.The BoJ said on Wednesday that in Japan, “the employment and income situation has improved moderately”.”If the annual spring labour negotiations lead to significantly higher wages then we believe there is a possibility for an interest rate hike in the summer and another one six months later,” Katsutoshi Inadome of SuMi TRUST said.Prices excluding fresh food rose 3.2 percent on-year in January, accelerating from 3.0 percent in December. February inflation figures are due on Friday.The BoJ is aware that rising prices “are contributing negatively to people’s lives”, Ueda said on Wednesday.”A rise in food prices, including rice… can affect the basic pace of inflation through a change in households’ mindset and expectation of future inflation,” he said.