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Asian e-commerce giant Shein said Monday it was banning sex dolls from sale on its sites globally after French authorities condemned it for featuring ones resembling children.France’s finance minister had threatened to ban the retailer from the country if it resumed selling the childlike dolls, just days before it opens its first physical store in Paris.The Paris prosecutors’ office said it had opened investigations against Shein, and also rival online retailer AliExpress, over the sale of sex dolls.The probes were also for distributing “messages that are violent, pornographic or improper, (and) accessible to minors”, the office told AFP.The investigations were launched after France’s anti-fraud unit reported on Saturday that Shein was selling “childlike” dolls of a likely pornographic nature.French daily Le Parisien published a photo of one of the dolls sold on the platform, accompanied by an explicitly sexual caption.The pictured doll measured around 80 centimetres (30 inches) in height and held a teddy bear.Shortly after the fraud watchdog’s statement, Shein announced the dolls had been withdrawn from its platform and it had launched an internal inquiry.It later announced, in a statement on Monday, that it was imposing a “total ban on sex-doll-type products” and had deleted all listings and images linked to them. A spokesperson told AFP the ban applied globally.”These publications came from third-party vendors, but I take personal responsibility,” said Shein’s chief executive Donald Tang.- French warning -France’s finance Minister Roland Lescure had warned Monday he would move to ban the company from the French market if the items returned online.”These horrible items are illegal,” he told the BFMTV broadcaster, promising a judicial investigation.Shein said it was setting up a dedicated team to ensure the “integrity” of content on the sales platform.France’s high commissioner for childhood, Sarah El Hairy, said several websites were being investigated, after French media reported Chinese shopping platform AliExpress sold the same dolls.AliExpress said it had immediately removed the items from its website.The anti-fraud office said in a statement later Monday that it was taking legal action against AliExpress for selling “child-porn-style dolls”.- Shein store in Paris -Shein is due on Wednesday to open its first physical store in the world inside the prestigious BHV Marais department store in central Paris, a move that has sparked outrage in France.Frederic Merlin, the director of the company that owns BHV, said selling the childlike dolls was “unacceptable”, but on Monday defended his decision to allow Shein into the department store.”Only clothes and items conceived directly by Shein for BHV will be sold in store,” he said.Shein, a Singapore-based company which was originally founded in China, has faced criticism over working conditions at its factories and the environmental impact of its ultra-fast fashion business model.Some brands have pulled their products from BHV Marais since the announcement.France has already fined Shein three times in 2025 for a total of 191 million euros ($220 million).Those sanctions were imposed for failing to comply with online cookie legislation, false advertising, misleading information and not declaring the presence of plastic microfibres in its products.The European Commission is also investigating Shein over risks linked to illegal products, while EU lawmakers have approved legislation aimed at curbing the environmental impact of fast fashion.

Stock markets mostly retreated Friday as the prolonged US government shutdown dragged on investor sentiment, along with worries about an AI bubble dismissed by President Donald Trump.Large tech names that have propelled major US equity indices to repeat records throughout 2025 were under pressure most of the day, although some big names inched into positive territory late in the session.US stocks finished Friday’s session mixed, with the Dow and S&P 500 narrowly positive, while the Nasdaq ended lower.But equity markets have hit resistance in recent days amid concerns that stocks are overvalued and doubts over tens of billions of dollars in new AI investments that have been announced.The worries include that “data centers might not be profitable in the near future.” said Tom Cahill of Ventura Wealth Management, who also emphasized the drag from the record-length government shutdown.”There are several data points that suggest that the labor market is really cooling and with all the uncertainty around the government shutdown and tariffs, that’s probably going to continue to weigh on hiring,” Cahill said.But Trump on Friday rejected talk of any AI bubble.”No, I love AI. I think it’s going to be very helpful,” Trump said in response to an AFP reporter about whether there is an AI bubble.”It’s truly going to be the future, and we’re leading the world.”US stocks got a boost late in the session on a revised offer from Senate Democratic Leader Charles Schumer that could end the shutdown, although leading Republicans quickly rejected the proposal.Investors have pointed to the shutdown as a source of unease because of the lack of government data. But analysts said there is also rising worry about the economic impact as well.”The longer this lasts the more damage it does,” said Art Hogan of B. Riley Wealth Management.”We’re at the point where investors are starting to realize it is causing real damage.”The shutdown is denting consumer sentiment, according to a University of Michigan survey that showed a decline in November compared with October.”With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy,” said surveys director Joanne Hsu.The University of Michigan data came a day after a report from outplacement firm Challenger, Gray & Christmas showed US layoffs hit the highest level in 22 years last month.Investors have been forced to use private data as a guide to the state of the world’s biggest economy because of the lack of official data.The shutdown also forced the cancelation of hundreds of flights on Friday after Trump’s administration ordered reductions to ease the strain on air traffic controllers who are working without paMarkets were also pressured by official data showing China’s exports fell in October for the first time in eight months as trade tensions flared in the weeks before Chinese President Xi Jinping and Trump reached a detente.London’s top-tier FTSE 100 index was dragged down by double-digit falls in the share prices of online property business Rightmove and British Airways owner IAG following earnings updates that undershot market expectations.- Key figures at around 2115 GMT -New York – Dow: UP 0.2 percent at 46,987.10 (close)New York – S&P 500: UP 0.1 percent at 6,728.80 (close)New York – Nasdaq Composite: DOWN 0.2 percent at 23,004.54 (close)London – FTSE 100: DOWN 0.6 percent at 9,682.57 (close)Paris – CAC 40: DOWN 0.2 percent at 7,950.18 (close)Frankfurt – DAX: DOWN 0.7 percent at 23,569.96 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)Euro/dollar: UP at $1.1563 from $1.1547 on ThursdayPound/dollar: UP at $1.3160 from $1.3137Dollar/yen: UP at 153.46 yen from 153.06 yenEuro/pound: DOWN at 87.86 pence from 87.90 penceBrent North Sea Crude: UP 0.4 percent at $63.63 per barrelWest Texas Intermediate: UP 0.5 percent at $59.75 per barrelburs-jmb/des

A leading German auto supplier said Friday that it had received permission to export Nexperia chips from China again as Chancellor Friedrich Merz hailed “positive signals” of de-escalation in a dispute that has alarmed carmakers.Dutch officials in September effectively took control of the Netherlands-based chipmaker Nexperia, whose Chinese parent company Wingtech is backed by Beijing.China responded by banning re-exports of the firm’s chips, triggering warnings from automakers of production stoppages as the components are critical to onboard electronics.But Beijing announced at the weekend it would exempt some chips from the export ban, reportedly part of a trade deal agreed by President Xi Jinping and his US counterpart Donald Trump.Aumovio, which supplies components like sensors and displays to top automakers, said it had “received an export license from the Chinese government to export Nexperia chips”.”We received the written confirmation yesterday,” a spokeswoman for the group, until recently part of Continental, told AFP.Speaking to reporters at climate talks in Brazil, Merz said that Germany and the Netherlands had held talks with China on the issue.”There are positive signals that the deliveries can start again,” Merz said, adding that “This could happen in the coming hours.””I am confident after speaking to the Dutch prime minister that this will work,” he added.While relatively simple technology, Nexperia’s semiconductors are vital for the electronics in modern, technology-packed vehicles. The chips are made in Europe but then sent to China for finishing, before being re-exported to clients in Europe and other markets.Volkswagen, Europe’s biggest carmaker, had warned of production stoppages if the crisis dragged on, while smaller firms were reported to be preparing to cut working hours.The Netherlands cited national security concerns when it moved to take control of Nexperia and accused the firm’s CEO of mismanagement.China had also accused the United States of getting involved in the case — Washington last year put Wingtech on a list of corporations viewed as acting contrary to US national security.

Stock markets tumbled Friday as fears of an AI bubble deepened a tech selloff, with investors also rattled by weak economic data and a prolonged US government shutdown.The tech-heavy Nasdaq index was down almost two percent near midday on Wall Street, with shares in the world’s most valuable company, AI chip designer Nvidia, shedding more than four percent.”It’s one thing for equity markets to suffer a general pullback, as happened during the Trump Tariff Tantrum in April,” said David Morrison, analyst at Trade Nation financial services firm.”But it’s quite another to see stocks at the vanguard of AI development getting trashed. What adds to concerns is that there has been no obvious catalyst for the selloff,” he added.Massive investments in artificial intelligence have fuelled a tech rally this year, but some investors fear the valuations are now too high, sparking a selloff this week.”Some analysts warn that this year’s artificial-intelligence-led rally has finally come to a halt,” said Forex.com analyst Fawad Razaqzada.”Others suggest markets needed to cool down anyway with indices racing to record highs without much pause and new stimulus,” he added.Investors were also rocked by data showing US consumer sentiment dipped in November to its lowest level since mid-2022.The University of Michigan’s index of consumer sentiment dropped by six percent this month, preliminary estimates indicate, to a reading of 50.3 from October’s 53.6 figure.It came a day afer a report from outplacement firm Challenger, Gray & Christmas showed US layoffs hit the highest level in 22 years last month.Investors have been forced to use private data as a guide to the state of the world’s biggest economy because the longest-running US government shutdown has closed numerous departments.The shutdown also forced the cancellation of hundreds of flights on Friday after President Donald Trump’s administration ordered reductions to ease the strain on air traffic controllers who are working without pay.While the latest jobs figures came a day after news that private hiring had increased, it sparked concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.Markets were also pressured by official data showing China’s exports fell in October for the first time in eight months as trade tensions flared in the weeks before Chinese President Xi Jinping and Trump reached a detente.London’s top-tier FTSE 100 index was dragged down by double-digit falls in the share prices of online property business Rightmove and British Airways owner IAG following earnings updates that undershot market expectations.- Key figures at around 1640 GMT -New York – Dow: DOWN 0.6 percent at 46,616.29 pointsNew York – S&P 500: DOWN 1.1 percent at 6,646.42 New York – Nasdaq Composite: DOWN 1.9 percent at 22,621.37London – FTSE 100: DOWN 0.6 percent at 9,682.57 Paris – CAC 40: DOWN 0.2 percent at 7,950.18Frankfurt – DAX: DOWN 0.7 percent at 23,569.96Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)Euro/dollar: UP at $1.1576 from $1.1548 on ThursdayPound/dollar: UP at $1.3165 from $1.3135Dollar/yen: UP at 153.05 yen from 153.04 yenEuro/pound: UP at 87.83 pence from 87.91 penceBrent North Sea Crude: UP 0.3 percent at $63.56 per barrelWest Texas Intermediate: UP 0.3 percent at $59.63 per barrelburs-bcp-lth/tw

Stock markets fell Friday on renewed fears of an AI bubble, a weak US job market and a prolonged US government shutdown.Wall Street opened lower, with shares in US chips designer Nvidia down 1.6 percent and fellow tech giant Palantir shedding 0.5 percent after a selloff the previous day.”It’s one thing for equity markets to suffer a general pullback, as happened during the Trump Tariff Tantrum in April,” said David Morrison, analyst at Trade Nation financial services firm.”But it’s quite another to see stocks at the vanguard of AI development getting trashed. What adds to concerns is that there has been no obvious catalyst for the selloff,” he added.Massive investments in artificial investments have fuelled a tech rally this year, but some investors fear the valuations are now far too high, sparking a selloff this week.”Some analysts warn that this year’s artificial-intelligence-led rally has finally come to a halt,” said Forex.com analyst Fawad Razaqzada.”Others suggest markets needed to cool down anyway with indices racing to record highs without much pause and new stimulus,” he added.Investors were also rattled by a report from outplacement firm Challenger, Gray & Christmas showing US layoffs hit the highest level in 22 years last month.The report found that this year had been the worst for layoffs since 2020, when the labour market was decimated by the pandemic.Investors have been forced to use private data as a guide to the state of the world’s biggest economy because the longest-running US government shutdown has closed numerous departments.The shutdown also forced the cancellation of hundreds of flights on Friday after President Donald Trump’s administration ordered reductions to ease the strain on air traffic controllers who are working without pay.While the latest jobs figures came a day after news that private hiring had increased, it sparked fresh concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.Fed Cleveland chief Beth Hammack said she remained “concerned about high inflation”.Chicago Fed boss Austan Goolsbee told CNBC he was concerned about making decisions during the shutdown without full data.Markets were also pressured by official data showing China’s exports fell in October for the first time in eight months as trade tensions flared in the weeks before Chinese President Xi Jinping and Trump reached a detente.London’s top-tier FTSE 100 index was dragged down by heavy losses to share prices of online property business Rightmove and British Airways owner IAG. They dropped 13 and eight percent respectively following earnings updates that undershot market expectations.- Key figures at around 1430 GMT -New York – Dow: DOWN 0.4 percent at 46,705.12 pointsNew York – S&P 500: DOWN 0.5 percent at 6,687.89 New York – Nasdaq Composite: DOWN 0.7 percent at 22,886.73London – FTSE 100: DOWN 0.9 percent at 9,644.01 Paris – CAC 40: DOWN 0.4 percent at 7,933.60Frankfurt – DAX: DOWN 1.0 percent at 23,506.30Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)Euro/dollar: UP at $1.1571 from $1.1548 on ThursdayPound/dollar: UP at $1.3138 from $1.3135Dollar/yen: UP at 153.37 yen from 153.04 yenEuro/pound: UP at 88.08 pence from 87.91 penceBrent North Sea Crude: UP 0.9 percent at $63.92 per barrelWest Texas Intermediate: UP 1.0 percent at $60.02 per barrelburs-bcp-lth/jj

In a World War II bunker east of Frankfurt, a steel door weighing over four tonnes protects Germany’s largest reserve of rare earths, a treasure at the heart of rising geopolitical tensions.The exact location is confidential and the site is under close video surveillance. This is where Tradium, a German company specialised in trading rare earths, keeps thousands of barrels of the precious materials — almost all from China, the world’s biggest producer.The materials in the bunker — such as dysprosium, terbium and neodymium — are essential for the manufacture of crucial modern technology including smartphones, electric cars and wind turbines.Tradium, which employs fewer than 40 people, expects to reach a turnover of 300 million euros ($346 million) this year.In the midst of the US-China trade war, Beijing imposed restrictions in April on rare earth exports, making them subject to licenses with stringent conditions. China controls over 60 percent of rare earths mining and 92 percent of refined production worldwide, according to the International Energy Agency.Germany’s flagship automotive sector is especially affected by the restrictions because it is dependent on rare earth magnets.China’s dominance in the sector has left European industry highly exposed.Matthias Rueth, president and founder of Tradium, said that “nervousness is rising” among his clients.For one industrial customer, any further shortage of rare earths “could go as far as halting production”, he said.”Our Chinese suppliers are naturally not very happy either” and would prefer open trade, Rueth said, adding that the Chinese government’s decisions had “tied their hands”.”The rest of the world is currently in a dilemma. There’s a shortage of these raw materials, prices are exploding, and no one really knows how things will turn out.”- Restrictions remain – China’s dominance of the rare earths market goes back decades.According to Rueth, at least since the 1990s Chinese governments have looked at the materials as an asset on a par with the Middle East’s oil reserves.Europe has never created a comparable mining industry, said Martin Erdmann from the Federal Institute for Geosciences and Natural Resources (BGR).He said Europe had preferred to “import these materials at lower cost from countries with less stringent environmental regulations”.The United States, which was the sector’s global leader until the 1990s, then “abandoned production for cost and environmental reasons, leaving China to dominate the market,” Erdmann told AFP. Although US President Donald Trump claimed that his agreement with Chinese counterpart Xi Jinping in late October meant the suspension of some of the restrictions related to rare earths, the reality is far less clear. According to Erdmann, “April’s restrictions remain” in place, with Beijing still requiring “mandatory licenses, which involve disclosing industrial secrets and proving that the material will not be used in defence industries”. Few European companies are able to accept these conditions.- ‘Already too late’ -About 15 years ago, Japan faced a similar rare earths crisis caused by difficulties with supply chains from China.In response, it developed alternative suppliers, notably in Australia, and built strategic reserves. For Europe, “it is crucial to learn the same lessons and invest massively,” said Erdmann. In 2024 the European Union adopted legislation to secure its supplies of 17 strategic raw materials.The Critical Raw Materials Act sets a 2030 target for at least 10 percent of rare earths consumed in the EU to be extracted within the bloc, along with 40 percent of necessary processing and 25 percent of recycling.However, meeting these targets will be complicated given that the rare earth market remains captive to “very low prices, probably deliberately maintained at this level” by Beijing, which aims to “prevent any profitable exploitation” outside China, said Erdmann. Rueth said that “our modern life entirely depends on these materials” but that finding an alternative when they become scarce “is very difficult”.Looking at the conundrum now faced by Europe to catch up in the race for critical rare earths, he said he has come to the gloomy conclusion that “it’s already too late”.

European and Asian stock markets retreated Friday after a slide on Wall Street following weak US jobs data and signals that the Federal Reserve will not cut interest rates this year.Growing worries that valuations, particularly among tech companies, are far too high following this year’s blockbuster rally added to the sense of unease on trading floors.Pressuring markets heading into the weekend pause was also weak Chinese exports data, the ongoing US government shutdown and some poorly-received earnings news, according to analysts.”Global stock indices are heading towards a weekly loss after pockets of volatility have knocked market sentiment,” noted Kathleen Brooks, research director at XTB trading group.”November is seasonally a strong month for stocks… The question now is, can seasonality outweigh valuation concerns and fears about the US economy to deliver more stock market gains this month?”A rollercoaster week looked set to end on a negative note after a report by outplacement firm Challenger, Gray & Christmas showed US layoffs hit the highest level in 22 years last month.The report found that this year has been the worst for layoffs since 2020, when the labour market was decimated by the pandemic.The Nasdaq shed 1.9 percent and S&P 500 more than one percent Thursday, with losses extending to Asia on Friday as Tokyo and Seoul closed down more than one percent.Losses among Europe’s main markets were about half-a-percent around midday.Investors have been forced to use private data as a guide to the state of the world’s biggest economy owing to the longest-running US government shutdown that has closed numerous departments.While the latest jobs figures came a day after news that private hiring had increased, it sparked fresh concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.Fed Cleveland chief Beth Hammack said she remained “concerned about high inflation”.And Chicago Fed boss Austan Goolsbee told CNBC he was concerned about making decisions during the shutdown without full data.Markets were pressured Friday also by official data showing China’s exports fell in October for the first time in eight months as trade tensions flared in the weeks before Chinese President Xi Jinping and US counterpart Donald Trump reached a detente.London’s top-tier FTSE 100 index was dragged down by heavy losses to share prices of online property business Rightmove and British Airways owner IAG, which dropped 13 and eight percent respectively following earnings updates that undershot market expectations.On the upside, British broadcaster ITV surged 15 percent after announcing it was in preliminary talks to sell its television and streaming business to US-owned rival Sky for £1.6 billion ($2.1 billion).- Key figures at around 1115 GMT -London – FTSE 100: DOWN 0.6 percent at 9,681.94 pointsParis – CAC 40: DOWN 0.4 percent at 7,934.59Frankfurt – DAX: DOWN 0.6 percent at 23,590.60Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)New York – Dow: DOWN 0.8 percent at 46,912.30 (close)Euro/dollar: UP at $1.1549 from $1.1548 on ThursdayPound/dollar: DOWN at $1.3108 from $1.3135Dollar/yen: UP at 153.30 yen from 153.04 yenEuro/pound: UP at 88.12 pence from 87.91 penceBrent North Sea Crude: UP 1.0 percent at $64.02 per barrelWest Texas Intermediate: UP 1.1 percent at $60.11 per barrelburs-bcp/ajb/lth

Stocks on Friday tracked Wall Street losses propelled by investors weighing weak US jobs data against signals the Federal Reserve won’t again cut interest rates this year.Growing worries that valuations, particularly among tech companies, are far too high following this year’s blockbuster rally added to the sense of unease on trading floors.A rollercoaster week looked set to end on a negative note after a report by outplacement firm Challenger, Gray & Christmas showed layoff US announcements hit the highest level in 22 years last month.The report found that this year has been the worst for layoffs since 2020, when the labour market was decimated by the pandemic.Investors have been forced to use private data as a guide to the state of the world’s biggest economy owing to the longest-running government shutdown that has closed numerous departments.While the latest jobs figures came a day after news that private hiring had increased, it sparked fresh concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.While stabilising the jobs market is one half of the Fed’s dual mandate, some decision-makers said they were more concerned about the other: keeping a cap on inflation.Fed Cleveland chief Beth Hammack said she remained “concerned about high inflation and believe policy should be leaning against it”.”To me, comparing the size and persistence of our mandate misses and the risks, inflation is the more pressing concern,” she said Thursday in prepared remarks for an event in New York. She called the current setting “barely restrictive”.Chicago Fed boss Austan Goolsbee told CNBC he was concerned about making decisions during the shutdown without the full data, adding that such a move made him “even more uneasy.And their St Louis counterpart said cutting rates would take away the downward pressure that was still needed on inflation.All three main indexes on Wall Street ended down as tech firms, which have been at the forefront of the surge to record highs this year, took the brunt of the selling.The Nasdaq shed 1.9 percent and S&P 500 more than one percentAsia fared barely any better, with Tokyo and Seoul off more than one percent, having recently hit all-time highs.Hong Kong, Shanghai, Sydney, Singapore, Taipei, Mumbai, Bangkok and Manila were also down, though Wellington and Jakarta rose.London opened lower but there were gains in Paris and Frankfurt.Traders have in recent weeks been taking stock of this year’s rally, which has sent several markets to all-time highs and valuations soaring — chip giant Nvidia last week became the first $5 trillion company.The gains have been fanned by a mind-boggling flood of investment into all things artificial intelligence as well as hopes for US rate cuts and an easing of trade tensions.But there is growing talk — even among some top CEOs — that a bubble has formed and stocks could be in for a pullback or even a correction in which they lose about 10 percent from their recent peaks.”Sentiment remains very fragile indeed, be that as a result of continued jitters over the AI frenzy, those warnings about a pullback from bank CEOs… or potentially just a reflection of the market at large having come a very long way, in a very short space of time,” wrote Pepperstone’s Michael Brown.But he added: “My belief remains that the fundamental bull case is a strong one, with the policy backdrop becoming increasingly loose, earnings growth robust, and the underlying economy resilient.”- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)London – FTSE 100: DOWN 0.1 percent at 9,724.94 Euro/dollar: DOWN at $1.1533 from $1.1548 on ThursdayPound/dollar: DOWN at $1.3124 from $1.3135Dollar/yen: UP at 153.42 yen from 153.04 yenEuro/pound: DOWN at 87.88 pence from 87.91 penceWest Texas Intermediate: UP 1.1 percent at $60.07 per barrelBrent North Sea Crude: UP 1.0 percent at $64.02 per barrelNew York – Dow: DOWN 0.8 percent at 46,912.30 (close)

US President Donald Trump hosted all five Central Asian leaders on Thursday for the first time, a few months after they held separate summits with Russia’s Vladimir Putin and China’s Xi Jinping. The West has upped its interest with the resource-rich region, where Moscow’s traditional influence has been questioned since the Kremlin’s Ukraine invasion and where China is also a major player.- ‘Incredible importance’ of rare earths -“We’re strengthening our economic partnerships, improving our security cooperation, and expanding our overall bonds,” Trump said before a dinner with the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.”One of the key items on our agenda is critical minerals,” Trump said at the so-called “C5+1” meeting.He hailed the countries’ “incredible importance and unbelievable potential.”On social media afterward, Trump announced “an incredible Trade and Economic Deal” with Uzbekistan, which he said included Tashkent investing nearly $35 billion over three years — and more than $100 billion in a decade — in key US sectors such as aviation, critical minerals, agriculture and IT.The United States and European Union are drawn by the region’s huge — but still mostly unexploited — natural resources as they try to diversify their rare earths supplies and reduce dependence on Beijing. Kazakhstan is the world’s largest uranium producer, Uzbekistan has giant gold reserves and Turkmenistan is rich in gas. Mountainous Kyrgyzstan and Tajikistan are also opening up new mineral deposits.  But exploiting these giant reserves remains complicated in the impoverished states with harsh and remote terrains. Almost as large as the EU, but home to only about 75 million people, Central Asia is landlocked and covered by deserts and mountains.It is sandwiched between countries that have strained ties with the West: Russia to the north, China to the east and Iran and Afghanistan to the south.- ‘Sent by heaven’ -Trump’s counterparts did not hesitate in offering praise to their host.”You are the great leader, statesman, sent by heaven to bring (back) common sense and traditions that we all share and value,” gushed Kazakh President Kassym-Jomart Tokayev.Uzbek President Shavkat Mirziyoyev was no less effusive.”Before that, none of the presidents of the United States of America ever treated Central Asia as you do,” he said.”In Uzbekistan, we call you the president of the world.”The five landlocked countries, which gained independence from the Soviet Union in 1991, have put on a united front for diplomacy.China — which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan — has presented itself as a main commercial partner for the region, investing in huge infrastructure projects.The ex-Soviet republics still see Moscow as a strategic partner but have been spooked by its invasion of Ukraine. – Abraham Accords -The biggest announcement of the day was that Kazakhstan will join the Abraham Accords between Israel and mainly Muslim nations, in a largely symbolic move aimed at boosting Trump’s push for Middle East peace.Kazakhstan will be the first country to join since the United Arab Emirates, Bahrain, Morocco and Sudan signed up to normalize ties with Israel in 2020.The central Asian republic has already had diplomatic ties with Israel for decades, but US Vice President JD Vance said Kazakhstan’s decision would nevertheless boost the initiative’s “momentum.”Several states in the Middle East have refused to join the accords so far, most notably Saudi Arabia.- Muffled human rights -For Trump, who has expressed admiration for hardline regimes, economic cooperation with Central Asia has taken precedence over promoting democratic values. While the region has opened up to tourism and foreign investment, rights groups have sounded the alarm over the further deterioration of civil freedoms. “The summit is taking place while all participating governments have increased efforts to stifle dissent, silence the media, and retaliate against critics at home and abroad,” Human Rights Watch said in a statement ahead of the talks. 

US and European stocks slumped Thursday as investors weighed another wave of corporate results, economic data and the likelihood of another interest rate cut.After rising throughout the summer and early part of the fall, US stocks have been choppy in recent weeks as a government shutdown depletes investors of key updates on the economy.”We are in a sense running out of catalysts right now to either support or propel stock prices,” said Sam Stovall of CFRA Research. “The market decided to take whatever profits it can and await additional news that could become encouraging once again.”Investors and policymakers alike have been left in a fog as the government has delayed the release of key data on employment, trade, retail sales and others.”Financial markets find themselves groping around in the dark,” said Chris Beauchamp, chief market analyst at investing and trading platform IG.Chicago Federal Reserve President Austan Goolsbee, who has been supportive of lowering interest rates, told CNBC in an interview that making cuts amidst a lack of data on inflation made him “uneasy.”With key economic data produced by the US government unavailable due to the shutdown, investors have been turning to private data sources.A report by outplacement firm Challenger, Gray & Christmas said the number of layoff announcements in October hit the highest level in 22 years.The report “painted a grim picture of the jobs market,” said Joe Mazzola, head trading and derivatives strategist at Charles Schwab brokerage.The report found that this year has been the worst for layoffs since 2020, when the labor market was decimated by the pandemic, and that hiring has slowed to a 14-year low.However the report “bolstered the case for a Federal Reserve rate cut in December despite Chairman Jerome Powell’s unexpectedly hawkish tone following the Fed meeting last month,” Mazzola added.Investors were also digesting news that a majority of the US Supreme Court was skeptical about the legality behind a swath of Trump’s sweeping tariffs, which also lent support to equities.”Is it good news? Paradoxically, not really,” said Swissquote Bank senior analyst Ipek Ozkardeskaya, who noted that the litigation means heightened uncertainty on international trade dynamics and how much tariff revenue will be available to the US Treasury.Investors were also reacting to the Bank of England’s decision, in a tight vote, to keep its key interest rate unchanged before the UK’s Labor government presents its budget this month.Weighing on European sentiment were some poorly received company earnings and official data that showed industrial production in Germany rebounded less than expected in September.Shares in Franco-Dutch group Air France-KLM plunged more than 14 percent after it reported a drop in third-quarter net profit.In New York, shares in chip-maker Qualcomm fell 3.6 percent despite a positive earnings report. Tesla shares dropped 3.5 percent ahead of a vote by shareholders on a pay package for Elon Musk that could reach as much as $1 trillion.- Key figures at around 2120 GMT -New York – Dow: DOWN 0.8 percent at 46,912.30 (close)New York – S&P 500: DOWN 1.1 percent at 6,720.32 (close)New York – Nasdaq Composite: DOWN 1.9 percent at 23,053.99 (close)London – FTSE 100: DOWN 0.4 percent at 9,735.78 (close)Paris – CAC 40: DOWN 1.4 percent at 7,964.77 (close)Frankfurt – DAX: DOWN 1.3 percent at 23,734.02 (close)Tokyo – Nikkei 225: UP 1.3 percent at 50,883.68 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 26,485.90 (close)Shanghai – Composite: UP 1.0 percent at 4,007.76 (close)Euro/dollar: UP at $1.1548 from $1.1492 on WednesdayPound/dollar: UP at $1.3135 from $1.3050Dollar/yen: DOWN at 153.04 yen from 154.12 yenEuro/pound: DOWN at 87.91 pence from 88.06 penceBrent North Sea Crude: DOWN 0.2 percent at $63.38 per barrelWest Texas Intermediate: DOWN 0.3 percent at $59.43 per barrelburs-jmb/des