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Asian markets largely rose Friday, tracking Wall Street gains, as China said it was considering a US offer to negotiate steep tariffs.US markets forged higher Thursday following strong results from tech giants Microsoft and Meta that helped offset lingering economic worries.Apple reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting its supply chain.And Amazon reported a nine percent rise in first-quarter revenue, but its outlook fell as potential impact from the US-China trade war rattled investors.Washington’s punishing levies reached 145 percent on many Chinese products in April, while Beijing has responded with fresh 125 percent duties on imports from the United States.On Friday, China’s commerce ministry said it was evaluating a US offer for negotiations on tariffs, but wanted Washington to show “sincerity” and be ready to scrap levies that have roiled global markets and supply chains.US President Donald Trump has repeatedly claimed that China has reached out for talks on the tariffs, and this week said he believed there was a “very good chance we’re going to make a deal”.Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.Stephen Innes of SPI Asset Management said Beijing and Washington were now “waving detente flags” in their spiralling trade war.Beijing’s demand for sincerity was an apparent call to ditch the 145 percent rate, before holding serious talks, Innes said in a note Friday.”But dig a layer deeper, and the path is still littered with landmines,” he added.In Asia trading Friday, Hong Kong’s Hang Seng Index was up more than one percent in the morning, while Japan’s main Nikkei index gained about 0.6 percent.Japan’s envoy for US tariff talks said in Washington on Thursday that a second round of negotiations between the two countries had been “frank and constructive”.Japan, a key US ally and its biggest investor, is subject to the same 10 percent baseline tariffs imposed on most nations plus steeper levies on cars, steel and aluminium.The Bank of Japan warned earlier that tariffs were fuelling global economic uncertainty and revised down its growth forecasts while keeping its key interest rate steady.Traders are looking ahead Friday to US jobs data for April for indications of the US central bank’s path for interest rates.- Key figures at around 0220 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 36,677.95Hong Kong – Hang Seng Index: UP 1.2 percent at 22,386.08Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1297 from $1.1289 on ThursdayPound/dollar: UP at $1.3295 from $1.3277Dollar/yen: DOWN at 145.43 yen from 145.44 yenEuro/pound: DOWN at 84.98 pence from 85.02 penceWest Texas Intermediate: UP 0.9 percent at $59.75 per barrelBrent North Sea Crude: UP 0.8 percent at $62.62 per barrelNew York – Dow: UP 0.2 percent at 40,752.96 (close)London – FTSE 100: FLAT at 8,496.80 (close)burs-sco/rsc

Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting its supply chain.Apple expects US tariffs to cost $900 million in the current quarter, even though their impact was “limited” at the start of this year, chief executive Tim Cook said on an earnings call.Cook said he expected “a majority of iPhones sold in the US will have India as their country of origin,” adding that Apple’s products were exempt from Trump’s most severe reciprocal tariffs for now.”We are not able to precisely estimate the impact of tariffs, as we are uncertain of potential future actions prior to the end of the quarter,” Cook said. “Assuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our costs.”Tit-for-tat exchanges have seen hefty US levies imposed on China, with Beijing setting retaliatory barriers on US imports.High-end tech goods such as smartphones, semiconductors and computers received a temporary reprieve from US tariffs.Although completed smartphones are exempted from Trump’s tariffs for now, not all components that go into Apple devices are spared, said independent tech analyst Rob Enderle.”The more components are crossing borders, the most cost flows through to the device,” Enderle explained.”In the end, this all adds up to an expensive mess,” he said of the tariff situation.Canalys research manager Le Xuan Chiew said Apple built up inventory ahead of the tariffs going into effect.”With ongoing fluctuations in reciprocal tariff policies, Apple is likely to further shift US-bound production to India to reduce exposure to future risks,” he said.While iPhones produced in mainland China still account for the majority of US shipments, production in India ramped up toward the end of the quarter, according to Canalys.Cook said Vietnam would be the country of origin for almost all iPad, Mac, Apple Watch and AirPod products sold in the US.China will continue to be where most Apple products are made for sale outside the US, he insisted.”What we learned some time ago was that having everything in one location had too much risk with it and so we have, over time with certain parts of the supply chain, opened up new sources of supply,” Cook told analysts.”You could see that kind of thing continuing in the future.”- Sales slip in China -Apple’s revenue of $95.4 billion in the recently ended quarter was driven by iPhone sales, with the company reporting $24.8 billion profit for the quarter.”Apple saw strong growth in the Americas and Japan,” said CFRA Research equity analyst Angelo Zino, noting part of the reason could have been ramped up orders to get ahead of US tariffs.”China revenue declined 3 percent, but the hope was for growth as subsidies were put in place to help stimulate demand in the region.”Apple shares were down more than three percent in after-market trading.”The real story is in Tim Cook’s plans to navigate these unprecedented trade challenges,” said Emarketer analyst Jacob Bourne.Apple’s plan to shift manufacturing to India “raises pressing questions about execution timeline, capacity limitations, and potentially unavoidable cost increases that will shrink margins, be passed to consumers, or have a mix of consequences,” Bourne added.

The United States is set to end tariff exemptions on Friday for goods shipped from China worth less than $800, a move which could have significant ramifications on consumers’ purchasing habits. US President Donald Trump’s decision to ban the so-called “de minimis” exemption from May 2 could affect some 4 million shipments every day, according to the White House.The move announced last month means that goods shipped commercially will soon be subject to new tariffs of 145 percent — the current level of levies imposed on goods coming from China. Items sent through the US Postal Service will be hit with duties of 120 percent of their value, or a $100, which will increase to $200 next month. The measures mark the latest salvo in a burgeoning trade war between the United States and China — the world’s two largest economies.The White House has also slapped additional levies of 25 percent on several sectors including automobiles, steel and aluminum from China. Beijing retaliated with sweeping 125 percent levies on US imports. Most other US trading partners face a baseline tariff of 10 percent, except for Mexico and Canada which face a higher 25 percent tariff on goods not covered by a current North America free-trade deal. The effect of the de minimis change is likely to be significant, changing overnight the cost of small-ticket, Chinese-made items that Americans have come to rely on, from clothes to toys. The move threatens to hammer the business model of several large Chinese firms, including fast-fashion titans Shein and Temu. The Financial Times reported earlier this week that Shein was postponing a long-standing plan to list on public stock markets due to the looming de minimis changes.The company is exploring ways to restructure its business in the United States and is prioritizing finding “clarity” on tariffs over its initial public offering, according to the Financial Times. Trump first floated cancelling the exemption in February before backtracking after the move caused logistical disruptions. At the time, Beijing accused the United States of “politicizing trade and economic issues and using them as tools.”

Global stocks mostly rose Thursday with Wall Street forging higher following strong results from tech giants Microsoft and Meta that helped offset lingering economic worries.Several markets were shut in Europe and Asia for the May 1 holiday, including those in France, Germany, Hong Kong and mainland China.Among markets that were open, London was flat, while Tokyo climbed more than one percent after Japan’s central bank kept its key interest rate steady and warned of trade uncertainty.Back on Wall Street, the tech-dominated Nasdaq led major US indices, winning 1.5 percent after AI strength boosted Microsoft results while robust ad spending lifted Facebook parent Meta.Tokyo’s main Nikkei 225 index closed 1.1 percent higher after the central bank’s decision to hold rates caused the yen to fall against the dollar, boosting Japanese exporters.The Bank of Japan warned that trade tariffs are fueling global economic uncertainty and revised down its growth forecasts for the world’s fourth-largest economy.Oil prices finished solidly higher, rebounding from an early retreat as US President Donald Trump vowed to enforce sanctions and called for a global boycott of Iranian oil or petrochemicals.US stocks have been on an upswing over the last week or so as Trump’s administration has touted progress on talks with trading partners over his wide-ranging tariffs.But investors remain anxious about the economic outlook amid concerns that Trump’s trade wars are delaying corporate investment and depressing consumer spending.On Thursday, the Institute for Supply Management (ISM) manufacturing index slipped to 48.7 percent in April, a touch below its level in March, and below the 50-point mark separating expansion from contraction.Businesses that responded to the survey flagged Trump’s trade policy rollout as a key cause for concern.Meanwhile, an updated analysis from S&P Global Ratings lowered the 2025 economic growth forecast for the United States, saying, “We see a material slowdown in growth, but do not foresee a US recession at this juncture.”Markets are looking ahead to Friday’s US jobs data for April for indications of the Federal Reserve’s path for interest rates.”All that matters for the Fed is the jobs market so we head into a big risk event with tomorrow’s payrolls report,” said Neil Wilson, UK investor strategist at Saxo Markets.- Key figures at around 2040 GMT -New York – Dow: UP 0.2 percent at 40,752.96 (close)New York – S&P 500: UP 0.6 percent at 5,604.14 (close)New York – Nasdaq: UP 1.5 percent at 17,710.74 (close)London – FTSE 100: FLAT at 8,496.80 (close)Paris – CAC 40: closed for holidayFrankfurt – DAX: closed for holidayTokyo – Nikkei 225: UP 1.1 percent at 36,241.70 (close)Hong Kong – Hang Seng Index: closed for holidayShanghai – Composite: closed for holidayEuro/dollar: DOWN at $1.1289 from $1.1328 on WednesdayPound/dollar: DOWN at $1.3277 from $1.3329Dollar/yen: UP at 145.44 yen from 143.07 yenEuro/pound: UP at 85.02 pence from 85.00 penceWest Texas Intermediate: UP 1.8 percent at $59.24 per barrelBrent North Sea Crude: UP 1.8 percent at $62.13 per barrelburs-jmb/sst

Oil prices fell and stocks were mixed on Thursday in thin holiday trading, following weak US economic data that added to growth concerns. Several markets were shut in Europe and Asia for the May 1 holiday, including in France, Germany, Hong Kong and mainland China.Among markets that were open, London was flat, while Tokyo climbed over one percent after Japan’s central bank kept its key interest rate steady and warned of trade uncertainty.Oil plunged under $60 per barrel, weighed down by disappointing economic data from the US on Wednesday and on expectations that OPEC+ will increase production more than expected in June.Lower oil prices impacted energy giants BP and Shell, with their shares falling three percent and two percent respectively on London’s FTSE 100 index.”Oil prices are at lows not seen since the pandemic, as concerns about the trade hit to global growth keep swirling,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “As economies are expected to slow, demand for energy is set to follow suit,” she added.Tokyo’s main Nikkei 225 index closed 1.1 percent higher after the central bank’s decision to hold rates caused the yen to fall against the dollar, boosting Japanese exporters.The Bank of Japan warned that trade tariffs are fuelling global economic uncertainty and revised down its growth forecasts for the world’s fourth-largest economy.US President Donald Trump has imposed hefty levies on trading partners and imports including steel, aluminium and autos to rectify what he says are unfair trade imbalances.Markets are looking ahead to Friday’s US jobs data for April for indications of the Federal Reserve’s path for interest rates.”All that matters for the Fed is the jobs market so we head into a big risk event with tomorrow’s payrolls report,” said Neil Wilson, UK investor strategist at Saxo Markets.Wall Street stocks opened sharply lower on Wednesday after US government data showed the economy shrank by an annual rate of 0.3 percent in the first quarter, amplifying recession worries.But they moved gradually higher through the day, rising after mid-morning data showed personal spending in March topped estimates.As more companies pull back from earnings forecasts in the face of the uncertainty regarding US tariffs, tech giants Meta and Microsoft reported quarterly profits that were above expectations on Wednesday.Shares in Meta — which owns Facebook, Instagram and WhatsApp — rose more than four percent in after-market trades.Investors are now awaiting earnings from US giants Amazon and Apple later in the day for further signals of the impact of tariffs on businesses.- Key figures at around 1100 GMT -London – FTSE 100: FLAT at 8,497.13 pointsParis – CAC 40: closed for holidayFrankfurt – DAX: closed for holidayTokyo – Nikkei 225: UP 1.1 percent at 36,241.70 (close)Hong Kong – Hang Seng Index: closed for holidayShanghai – Composite: closed for holidayNew York – Dow: UP 0.4 percent at 40,669.36 (close)Euro/dollar: DOWN at $1.1333 from $1.1342 on WednesdayPound/dollar: UP at $1.3338 from $1.3328Dollar/yen: UP at 144.29 yen from 143.18 yenEuro/pound: FLAT at 84.97 pence from 84.97 penceWest Texas Intermediate: DOWN 3.0 percent at $56.45 per barrelBrent North Sea Crude: DOWN 2.8 percent at $59.38 per barrelburs-ajb/yad

The Bank of Japan revised down its growth forecasts and held interest rates steady on Thursday, warning that trade tariffs are fuelling global economic uncertainty.Kazuo Ueda, the central bank’s governor, said it was difficult to assess the impact of the sweeping levies imposed by US President Donald Trump and retaliatory measures by affected nations.”The level of uncertainty will be significant,” Ueda warned.”Even when the overall framework of the tariffs is decided, it will still be the implementation of tariffs of an unprecedented scale.” Trump’s hardball campaign to rectify what he says are unfair trade imbalances include tariffs on trading partners and imports including steel and automobiles.The BoJ said it now expects Japan’s gross domestic product (GDP) to rise 0.5 percent in fiscal 2025, which started in April — down from its previous estimate of 1.1 percent.In fiscal 2026 it expects GDP in the world’s fourth largest economy to expand 0.7 percent, down from 1.0 percent previously forecast.”Japan’s economic growth is likely to moderate as trade and other policies in each jurisdiction lead to a slowdown in overseas economies and to a decline in domestic corporate profits and other factors,” the bank said.However “factors such as accommodative financial conditions are expected to provide support” and “thereafter, Japan’s economic growth rate is likely to rise”.- Market fragility -The BoJ’s decision to stand pat on interest rates — holding them at around 0.5 percent — following a two-day policy meeting had been widely expected.Bank officials began lifting borrowing costs last year after nearly two decades of ultra-loose monetary policies aimed at kick-starting torpid economic growth in Japan.Its key rate is still much lower than the US Federal Reserve’s 4.25-4.5 percent and the Bank of England’s 4.5 percent.Masamichi Adachi and Go Kurihara of UBS said ahead of the BoJ policy meeting that “market fragility and uncertainty in the global economy due to the US tariff/trade policies” would lead the BOJ to hold rates.Analysts including Marcel Thieliant from Capital Economics said interest rate increases could still be on the table later this year.”We believe that the trade war won’t be as damaging as feared and we’re sticking to our forecast of another rate hike in July,” Thieliant said.Japanese tariff talks envoy Ryosei Akazawa will hold a second round of negotiations later Thursday in Washington, seeking to secure relief from the trade levies.”Fruitful negotiations between Washington and Tokyo to mitigate the impact of tariffs on exporters may help Japanese policy makers in hiking interest rates,” Katsutoshi Inadome at SuMi TRUST said.

Japanese stocks rose Thursday as the central bank kept its key interest rates steady as expected, in thin trade with most Asian markets shut for the May 1 holiday.Tokyo’s main Nikkei 225 index closed 1.1 percent higher after the bank’s decision caused the yen to fall against the dollar, boosting Japanese exporters.Several markets were shut in Asia for holidays on Thursday, including in Hong Kong and mainland China.Among open indexes, Sydney edged up 0.2 percent while New Zealand jumped two percent.The Bank of Japan warned that trade tariffs are fuelling global economic uncertainty and revised down its growth forecasts for the world’s fourth-largest economy.US President Donald Trump has imposed hefty levies on trading partners and imports including steel and automobiles to rectify what he says are unfair trade imbalances.”Heightened uncertainties regarding policies including tariffs are likely to have a large impact on business and household sentiment around the world and on the global financial and capital markets,” the BoJ said.Its policy decision sent the yen lower, with one dollar buying 144.41 yen compared to 143.13 yen Thursday morning.”On the back of the US rally on Wednesday and strong earnings results from Microsoft and other US companies, major AI-related stocks including Advantest were bought across the board,” IwaiCosmo Securities said.”In the afternoon, the yen weakened… following the downward revision of the Bank of Japan’s Outlook Report and other factors, which led to a broadening of the rally.”Markets are looking ahead to Friday’s US jobs data for April, which will be the first tangible reading of economic conditions after the Trump administration’s sweeping April 2 tariffs — many of which have been suspended. Wall Street stocks opened sharply lower on Wednesday after US government data showed the economy shrank by an annual rate of 0.3 percent in the first quarter, amplifying recession worries.But they moved gradually higher through the day, rising after mid-morning data showed personal spending in March topped estimates.As more companies pull back from earnings forecasts in the face of the uncertainty regarding US tariffs, tech giants Meta and Microsoft reported quarterly profits that were above expectations.Shares in Meta — which owns Facebook, Instagram and WhatsApp — rose more than four percent in after-market trades.”Strong earnings reports from US IT companies are expected to drive gains, led by the electronics sector,” strategist Takashi Ito of Nomura Securities told Bloomberg.- Key figures at around 0800 GMT -Tokyo – Nikkei 225: UP 1.1 percent at 36,241.70 (close)Hong Kong – Hang Seng Index: closed for holidayShanghai – Composite: closed for holidayEuro/dollar: DOWN at $1.1323 from $1.1342 on WednesdayPound/dollar: DOWN at $1.3314 from $1.3328Dollar/yen: UP at 144.32 yen from 143.18 yenEuro/pound: UP at at 85.01 pence from 84.97 penceWest Texas Intermediate: DOWN 1.2 percent at $57.50 per barrelBrent North Sea Crude: DOWN 1.02 percent at $60.44 per barrelNew York – Dow: UP 0.4 percent at 40,669.36 (close)London – FTSE 100: UP 0.4 percent at 8,494.85 (close)

United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and global supply chains, a Beijing-backed outlet said on Thursday citing sources.Punishing US tariffs that have reached 145 percent on many Chinese products came into force in April, while Beijing has responded with fresh 125 percent duties on imports from the United States.And on Thursday Yuyuan Tantian, a Chinese outlet linked to state broadcaster CCTV, said citing sources that Washington was “proactively” reaching out to China via “multiple channels” for talks on the tariffs.”From a negotiation standpoint the US is currently the more anxious party,” the outlet, which blends analysis with news reporting, said on the X-like platform Weibo.”The Trump administration is facing multiple pressures,” it added.AFP has reached out to China’s foreign ministry for comment.US President Donald Trump has repeatedly claimed that China has reached out for talks on the tariffs.And on Wednesday Trump reiterated there was a “very good chance we’re going to make a deal”.”But we’re going to make it on our terms and it’s got to be fair,” he told a NewsNation “town hall”.Beijing has vehemently denied any talks are taking place while repeatedly urging the United States to engage in dialogue in a “fair, respectful and reciprocal” manner.But it has also said it will fight a trade war to the bitter end if needed, with a video posted on social media this week by its foreign ministry vowing to “never kneel down!”

Rich in solar and wind power, and bulging in critical minerals for renewable energy technology, Australia touts itself as a leader in the race to net zero carbon emissions. But a political battle is being waged ahead of Saturday’s elections over whether to change Australia’s trajectory and add nuclear reactors to the mix for the first time.The row is reminiscent of the “climate wars” — a years-long political face-off over the need to slash carbon emissions — that Prime Minister Anthony Albanese vowed to end when he took power three years ago.Australia sits on some of the world’s largest uranium reserves but it has legally banned nuclear power generation for a quarter of a century.In the run-up to Saturday’s vote, conservative opposition leader Peter Dutton announced a US$200 billion plan to build seven large-scale nuclear reactors by 2050.His proposal would ramp up gas production, slow the rollout of solar and wind projects, and ditch the clean energy goals set by Albanese’s centre-left government.Dutton says nuclear power would be cheaper and more reliable than renewable energy.”I haven’t committed to nuclear energy for votes. I committed to it because it’s in the best interest of our country,” he said in a televised leaders’ debate.Interest in nuclear power is growing internationally as nations struggle to cut their dependence on fossil fuels. Thirty-one countries including the United States, France and Britain have signed up to a pledge to triple nuclear energy capacity by 2050.- Slow, costly -Australia is a fossil fuel powerhouse with vast reserves of coal and gas but it is also drenched in sun, with a broad landscape to accommodate wind turbines and solar panels.The national science agency CSIRO estimates that the nuclear option would be 50 percent more expensive for Australia than renewable energy and take at least 15 years to become operational.”The total development lead time needed for nuclear means it cannot play a major role in electricity sector emission abatement,” it said.Even countries with decades of experience in nuclear power generation struggle to get plants running on time and on budget.France started its latest reactor Flamanville 3 in December — 12 years behind schedule and about 10 billion euros (US$11 billion) beyond its original three-billion-euro budget.Albanese has embraced the global push towards decarbonisation, pouring public money into the renewable sector.The share of renewable energy in Australia’s electricity generation has increased to record highs in recent years, contributing 35 percent in 2023, government data shows.- ‘Dislocation and rupture’ -The energy industry has largely backed a renewables-first pathway as ageing coal-fired plants are retired.”We are in a position now where coal-fired power stations are closing — and they have done a great job for a long time. But they are old and need to be replaced by something,” said Clean Energy Council spokesperson Chris O’Keefe. “The best economic response for Australia right now is to continue on the path we are on. That is, building batteries, solar farms, wind farms,” he told AFP.”What we are seeing is a situation where nuclear energy is being used as an idea to placate the fossil fuel industry and the people they have been traditionally aligned with, but the problem is it will not deliver a single electron for close to two decades,” he said.Dave Sweeney, nuclear power analyst at the Australian Conservation Foundation, said switching the energy strategy now would cause “economic dislocation and rupture”. “Why change horses from renewables when you are halfway there?” Sweeney said. “This is a 1950s piece of policy that is promoting a 1950s sense of technology.”- ‘Outdated prohibitions’ -If Dutton’s conservative coalition wins the election there would be strong community, local government and stakeholder pushback to nuclear reactors being built, Sweeney predicted.”It would cause uncertainty, contest, fights and a lack of action around secure and clean energy. We would be back to hostile and conflict-fuelled and unproductive climate and energy wars,” Sweeney said.Still, nuclear supporters say the spotlight on the issue is long overdue. “Our decades-old nuclear ban no longer reflects the realities of modern reactor technology or the shifting attitudes of Australians,” said Kirsty Braybon, a university academic and nuclear law expert at the Nuclear for Australia lobby group. While other countries were moving ahead with nuclear, Australia was “held back by outdated prohibitions that stifle innovation, jobs and the chance to power a cleaner future”, she said.