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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)

Equities extended a global rally 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 into all things artificial intelligence but that trade has been questioned in recent months, sparking fears of a bubble that could pop.With few catalysts to drive gains on Wall Street, tech was again at the forefront of buying 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 more buying, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Wellington and Jakarta all comfortably higher.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 was within a whisker of $4,500 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.”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 0230 GMT – Tokyo – Nikkei 225: UP 0.1 percent at 50,442.12 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 25,850.32Shanghai – Composite: UP 0.1 percent at 3,922.71Dollar/yen: DOWN at 156.42 yen from 156.99 yen on MondayEuro/dollar: UP at $1.1776 from $1.1756Pound/dollar: UP at $1.3481 from $1.3458Euro/pound: UP at 87.36 pence from 87.35 penceWest Texas Intermediate: DOWN 0.1 percent at $57.94 per barrelBrent North Sea Crude: DOWN 0.1 percent at $62.00 per barrelNew York – Dow: UP 0.5 percent at 48,362.68 (close)London – FTSE 100: DOWN 0.3 percent at 9,865.97 (close)

Wall Street stocks pushed higher Monday to begin a holiday-shortened trading week, while oil prices rallied amid worsening tensions between the United States and Venezuela.Gold and silver also struck fresh record highs, as the United States pushed on with its Venezuela oil blockade.US market watchers are expecting a low-key week, with equity markets closing early Wednesday and all day Thursday for the Christmas holiday, a dynamic expected to result in light trading volumes.”US stock indices continue to power ahead in what some describe as the long-awaited traditional ‘Santa rally’,” said Axel Rudolph, an analyst at IG trading platform.All three major US indices finished solidly higher after spending the entire day in positive territory. The broad-based S&P 500 closed up 0.6 percent.Interactive Brokers’ Steve Sosnick predicted stocks would drift higher in the absence of major trading catalysts.”Barring any outside shocks, this kind of pattern is likely to prevail until the end of the year,” Sosnick said.Most leading tech names advanced in New York.Tech firms also led the rally in Asia, with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.However, in Europe both London and Paris fell, while Frankfurt ended the day flat.Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Oil prices rose more than two percent amid the geopolitical tensions.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more rate increases early in the new year.Meanwhile, Oracle tech tycoon Larry Ellison offered a $40.4 billion personal guarantee to back Paramount’s hostile bid for Warner Bros. Discovery, deepening a bidding war with Netflix.Shares in Paramount jumped 4.3 percent and those in Warner Bros. Discovery rose 3.5 percent. Shares in Netflix slid 1.2 percent.- Key figures at around 2115 GMT – New York – Dow: UP 0.5 percent at 48,362.68 (close)New York – S&P 500: UP 0.6 percent at 6,878.49 (close)New York – Nasdaq Composite: UP 0.5 percent at 23,428.83 (close)London – FTSE 100: DOWN 0.3 percent at 9,865.97 (close)Paris – CAC 40: DOWN 0.4 percent at 8,121.07 (close)Frankfurt – DAX: FLAT at 24,283.97 (close)Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)Dollar/yen: DOWN at 156.99 yen from 157.75 yen on FridayEuro/dollar: UP at $1.1756 from $1.1710Pound/dollar: UP at $1.3458 from $1.3379Euro/pound: DOWN at 87.35 pence from 87.52 penceWest Texas Intermediate: UP 2.6 percent at $58.01 per barrelBrent North Sea Crude: UP 2.7 percent at $62.07 per barrelburs-jmb/msp

The European Union hit out at China on Monday, saying it was “unjustified” for Beijing to impose duties of up to 42.7 percent on some dairy products from the 27-nation bloc.China’s announcement on Monday was the latest in a trade spat with the EU covering a series of goods from food to electric vehicles.The temporary “duty deposits”, which range from 21.9 percent to 42.7 percent, come into effect on Tuesday.They hit an array of items including fresh and processed cheese, curd, blue cheese and some milk and cream, the commerce ministry in Beijing said in a statement.Chinese officials launched an anti-subsidy probe in August 2024 after receiving a request from the Dairy Association of China. The probe will conclude in February and China could then modify the duties.China’s commerce ministry said on Monday that preliminary findings showed a link between EU subsidies and “substantial damage” to its domestic dairy industry.European officials contested such conclusions.”Our assessment is that the investigation is based on questionable allegations and insufficient evidence, and that the measures are therefore unjustified and unwarranted,” said European Commission trade spokesman Olof Gill.He said the commission — the EU’s executive arm — had already taken action at the World Trade Organization after China initiated its dairy investigation and would assess the latest steps against WTO rules.”We are doing everything it takes to defend EU farmers and exporters, as well as the Common Agricultural Policy, against China’s unfair use of trade defence instruments,” said Gill.The spokesman called the provisional duties “a very negative development” in EU-China relations.Industry associations in Europe also criticised the move, with France’s FNIL calling it a “shock”.A spokesman for Germany’s Dairy Industry Association told AFP it was a “hard blow” for the companies involved and urged all sides not to “inappropriately involve” dairy products in an unrelated trade dispute.EU countries exported more than 1.6 billion euros ($1.9 billion) of dairy products to China last year, according to European Commission data, down from a record of just over two billion euros in 2022.The dairy levies come a week after Beijing said it would impose duties on EU pork imports for five years to counter alleged dumping of products on the Chinese market.Those duties kicked in on December 17 and range from 4.9 percent to 19.8 percent — down from temporary levies of 15.6 to 62.4 percent that had been in place since September.- Escalating spat -The two economic powerhouses have been locked in a trade struggle.It erupted in 2024 when the EU began moving towards imposing hefty tariffs on Chinese electric vehicles, arguing that Beijing’s subsidies were unfairly undercutting European competitors.Beijing denied the claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products.After the EU went ahead with the tariffs on Chinese electric vehicles, Beijing forced EU brandy manufacturers to raise prices or face anti-dumping taxes of up to 34.9 percent.Steel is another source of tension, with the EU angered by Beijing subsidising its steelmakers who, it says, have been flooding the market with large quantities at knock-down prices.Brussels unveiled proposals to hike tariffs on foreign steel in October.Two days later, China, the world’s top producer of rare earths, announced new controls on exports of the elements used to make magnets crucial to the auto, electronics and defence industries.The trade dispute is also fuelled by what many European countries view as an unbalanced economic relationship with China.The EU ran a trade deficit of more than $350 billion with China in 2024.French President Emmanuel Macron said this month that Europe would consider adopting strong measures against China, including tariffs, if the trade imbalance was not addressed.Alongside trade frictions, China and the EU are at odds on issues such as Russia’s 2022 invasion of Ukraine.The EU has urged China to exert pressure on Moscow to end the war, seemingly to no avail.burs/jxb/mlm

Wall Street and Asian stock markets advanced on Monday, with tech stocks leading the way.Gold and silver also struck fresh record highs, while oil prices climbed as the US pushed on with its Venezuela oil blockade.”US stock indices continue to power ahead in what some describe as the long-awaited traditional ‘Santa rally’,” said Axel Rudolph, an analyst at IG trading platform.Tech stocks pushed higher as concerns about a bubble in AI stocks receded, with the so-called Magnificent Seven tech stocks rising 0.5 percent.”There is a stir in the market thanks to a Reuters report that Nvidia is looking to start H200 (chip) shipments to China by mid-February,” said Briefing.com analyst Patrick O’Hare.The Trump administration earlier this month gave the go-ahead to ship the chips to China, reversing US export policy for the advanced AI chips.Shares in Nvidia added 1.4 percent in early afternoon trading.O’Hare also pointed to a report that OpenAI had boosted its margin on paid products as boosting sentiment.Wall Street’s tech-heavy Nasdaq rose 0.6 percent.Tech firms also led the rally in Asia, with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.However, in Europe both London and Paris fell, while Frankfurt ended the day flat.”Tech stocks are leading this ‘Santa Rally’ and Europe is tech-light, so it may be a laggard as we start a new week,” said Kathleen Brooks, research director at trading group XTB.The tech bounce came after a bout of selling fuelled by concerns that valuations had been stretched and questions were being asked about the vast sums invested in artificial intelligence that some warn could take time to see returns.Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Oil prices rose more than two percent amid the geopolitical tensions.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more increases early in the new year.Meanwhile, Oracle tech tycoon Larry Ellison offered a $40.4 billion personal guarantee to back Paramount’s hostile bid for Warner Bros. Discovery, deepening a bidding war with Netflix.Shares in Paramount jumped six percent and those in Warner Bros. Discovery rose three percent. Shares in Netflix slid 0.8 percent.- Key figures at around 1630 GMT – New York – Dow: UP 0.5 percent at 48,388.95 pointsNew York – S&P 500: UP 0.6 percent at 6,875.89New York – Nasdaq Composite: UP 0.6 percent at 23,445.06London – FTSE 100: DOWN 0.3 percent at 9,865.97 (close)Paris – CAC 40: DOWN 0.4 percent at 8,121.07 (close)Frankfurt – DAX: FLAT at 24,283.97 (close)Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)Dollar/yen: DOWN at 156.95 yen from 157.59 yen on FridayEuro/dollar: UP at $1.1761 from $1.1719Pound/dollar: UP at $1.3452 from $1.3386Euro/pound: DOWN at 87.45 pence from 87.55 penceWest Texas Intermediate: UP 2.0 percent at $57.65 per barrelBrent North Sea Crude: UP 2.0 percent at $61.67 per barrelburs-rl/rmb

Brussels hit back Monday at China slapping duties of up to 42.7 percent on some dairy products from the European Union, calling the move “unjustified”.China’s announcement on Monday is the latest in a trade spat with the EU that spans from food to electric vehicles.The “duty deposits”, which range from 21.9 percent to 42.7 percent, come into effect on Tuesday.They hit a range of items including fresh and processed cheese, curd, blue cheese and some milk and cream, the commerce ministry in Beijing said in a statement.Chinese officials launched an anti-subsidy probe in August 2024 after receiving a request from the Dairy Association of China. The probe will conclude in February.China’s commerce ministry said Monday that preliminary findings showed a link between EU subsidies and “substantial damage” to its domestic dairy industry.European officials contested such conclusions.”Our assessment is that the investigation is based on questionable allegations and insufficient evidence, and that the measures are therefore unjustified and unwarranted,” a European Commission trade spokesman said.”Right now, the Commission is examining the preliminary determination and will provide comments to the Chinese authorities,” he added.The French dairy association FNIL, which includes major groups Danone and Lactalis, also criticised the duties.”It’s a shock, a blow,” said the trade association’s chief, François-Xavier Huard.He said the decision was in particular a blow for French food company Savencia, a major exporter of cheese to China, and which had cooperated extensively with Chinese authorities.The levies on EU dairy come a week after Beijing said it would impose duties on EU pork imports for five years, to counter alleged dumping of products on the Chinese market.Those duties kicked in on December 17 and range from 4.9 percent to 19.8 percent — down from temporary levies of 15.6 to 62.4 percent that had been in place since September.The two economic powerhouses have been locked in a trade struggle fuelled by what many European countries view as an unbalanced economic relationship with China.- Escalating spat -The current trade spat erupted in 2024 when the EU began moving towards imposing hefty tariffs on Chinese electric vehicles, arguing that Beijing’s subsidies were unfairly undercutting European competitors.Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products.After the EU went ahead with the tariffs on Chinese electric vehicles, Beijing forced EU brandy manufacturers to raise prices or face anti-dumping taxes of up to 34.9 percent.The EU ran a trade deficit of more than $350 billion with China in 2024.French President Emmanuel Macron said this month that Europe would consider adopting strong measures against China, including tariffs, if the trade imbalance was not addressed.Alongside trade frictions, China and the EU are at odds on issues such as Russia’s 2022 invasion of Ukraine.The EU has urged China to exert pressure on Moscow to end the war, but Beijing has shown no sign of acceding.burs-rl/rmb

Stock markets diverged Monday and gold hit a record high as the latest round of US data boosted hopes for more interest rate cuts and concerns over AI spending subsided.In the final business days before Christmas, tech firms led a rally in Asia, with South Korea’s Samsung Electronics, Taiwan’s TSMC and Japan’s Renesas among the best performers.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.However, London, Paris and Frankfurt fell.”Tech stocks are leading this ‘Santa Rally’ and Europe is tech-light, so it may be a laggard as we start a new week,” said Kathleen Brooks, research director at trading group XTB.Gold, which benefits from lower US interest rates, hit a fresh record of $4,420.30, while silver also struck a new peak.The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia’s shadow fleet in the Mediterranean.Oil prices rose more than one percent amid the geopolitical tensions.Equity gains tracked a surge on Wall Street Friday led by the Nasdaq as technology giants rallied following a bumper earnings report from chip giant Micron Technology that reinvigorated the AI trade.That came on top of news that Oracle will take a 15 percent stake in a TikTok joint venture that will allow the social media company to maintain operations in the United States.The tech bounce came after a bout of selling fuelled by concerns that valuations had been stretched and questions were being asked about the vast sums invested in artificial intelligence that some warn could take time to see returns.Forex traders are keeping tabs on Tokyo after Japan’s top currency official said he was concerned about the yen’s recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more increases early in the new year.- Key figures at around 1045 GMT – London – FTSE 100: DOWN 0.4 percent at 9,858.28 pointsParis – CAC 40: DOWN 0.4 percent at 8,115.74Frankfurt – DAX: DOWN 0.1 percent at 24,267.32Tokyo – Nikkei 225: UP 1.8 percent at 50,402.39 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,801.77 (close)Shanghai – Composite: UP 0.7 percent at 3,917.36 (close)New York – Dow: UP 0.4 percent at 48,134.89 (close)Dollar/yen: DOWN at 157.40 yen from 157.59 yen on FridayEuro/dollar: UP at $1.1736 from $1.1719Pound/dollar: UP at $1.3438 from $1.3386Euro/pound: DOWN at 87.34 pence from 87.55 penceWest Texas Intermediate: UP 1.7 percent at $57.45 per barrelBrent North Sea Crude: UP 1.6 percent at $61.44 per barrel