Afp Business Asia

President Donald Trump said Monday that the United States has been “dealing very nicely with China” — while Beijing said it was seeking positive outcomes — hours before a tariff truce between both countries was due to expire.While the United States and China slapped escalating tariffs on each other’s products this year, reaching prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them.But their 90-day halt in steeper levies is due to expire Tuesday, and all eyes are now on a path forward.Asked about the deadline on Monday, Trump said: “We’ll see what happens. They’ve been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.”Trump also touted the tariff revenue his country has collected this year, saying “we’ve been dealing very nicely with China.””We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state,” said Chinese foreign ministry spokesman Lin Jian in a statement.He added that Beijing also hopes Washington will “strive for positive outcomes on the basis of equality, respect and mutual benefit.”- Shaky truce -Although both sides reached a pact to de-escalate tensions after high level talks in Geneva in May, their truce has been shaky.In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers again met in Stockholm last month.Even as both countries appeared to be seeking to push back the reinstatement of duties, US trade envoy Jamieson Greer said last month that Trump will have the “final call” on any such extension.Last week, US Commerce Secretary Howard Lutnick said in an interview that it is likely Trump will further the pause by another 90 days.The White House did not respond to queries about the matter on Monday.Trump said in a social media post late Sunday that he hoped China will “quickly quadruple its soybean orders,” adding that this would be a way to balance trade with the United States.For now, fresh US tariffs on Chinese goods this year stand at 30 percent, while Beijing’s corresponding levy on US products is at 10 percent.Since returning to the presidency in January, Trump has slapped a 10-percent “reciprocal” tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying, steeper levels last Thursday for dozens of economies.Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria.The “reciprocal” tariffs exclude sectors that have been separately targeted, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors.Trump has also taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil.Canada and Mexico come under a different tariff regime.

President Donald Trump on Monday confirmed reports that semiconductor giant Nvidia would pay the United States 15 percent of its revenues from sales of certain artificial intelligence chips to China.Speaking to reporters at the White House, Trump argued that Nvidia’s “H20” chips are “obsolete,” despite previously being targeted for export restrictions.He said that to lift the restrictions, he had agreed to a 15-percent cut from Nvidia: “If I’m going to do that, I want you to pay us as a country something, because I’m giving you a release. I released them only from the H20.”The California-based company produces some of the world’s most advanced semiconductors but cannot ship its most cutting-edge chips to China due to concerns that Beijing could use them to enhance military capabilities.Nvidia developed the H20 — a less powerful version of its AI processing units — specifically for export to China. That plan stalled when the Trump administration tightened export licensing requirements in April.Nvidia CEO Jensen Huang met with Trump at the White House last week and agreed to give the federal government the cut from its revenues, a highly unusual arrangement in the international tech trade, according to reports in the Financial Times, Bloomberg and New York Times.”While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide,” a Nvidia spokesperson told AFP.The company spokesperson added: “America cannot repeat 5G and lose telecommunication leadership. America’s AI tech stack can be the world’s standard if we race.” Investors are betting that AI will transform the global economy, and last month Nvidia — the world’s most valuable company and a leading designer of high-end AI chips — became the first company ever to hit $4 trillion in market value.The firm has, however, become entangled in trade tensions between China and the United States, which are waging a heated battle for dominance to produce the chips that power AI.’Political tariff’The United States has been restricting which chips Nvidia can export to China on national security grounds.After Huang’s meeting with Trump, the Commerce Department on Friday started granting the licenses for chip sales, according to media reports.Silicon Valley-based AMD will also pay 15 percent of revenue on Chinese sales of its MI308 chips, which it was previously barred from exporting to the country.AMD did not respond to requests for comment.The move comes as the Trump administration has been imposing stiff tariffs, with goals varying from addressing US trade imbalances, wanting to reshore manufacturing, and pressuring foreign governments to change policies.A 100 percent tariff on many semiconductor imports came into effect last week, with exceptions for tech companies that announce major investments in the United States.”It’s a political tariff in everything but name, brokered in the shadow of heightened US-China tech tensions,” Stephen Innes of SPI Asset Management said. 

Equity markets moved little in cautious European and US trading Monday as investors await key US inflation data this week that could offer guidance on rate cuts long sought by President Donald Trump.Reports that chip giants Nvidia and AMD would give Washington a 15-percent cut of the revenue from AI sales to China also bolstered expectations of a new pause on Washington’s tariffs against China.”The market seems very relaxed ahead of tomorrow’s deadline on US-China trade talks, reflecting the assumption an extension is in the offing and a deal will eventually be reached,” said AJ Bell investment director Russ Mould.Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and ease tough Western sanctions against Moscow.London’s FTSE 100 index edged higher but Paris and Frankfurt closed lower, pulled down in particular by defence stocks as investors calculated the chances of an end to the Ukraine war.The key Wall Street indices came under moderate pressure after the Nasdaq climbed to another record high on Friday, bolstered by solid earnings from tech giants in particular.”Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank.  The US consumer price index on Tuesday could provide grist for Trump’s campaign against Federal Reserve chief Jerome Powell.Powell has been in the president’s crosshairs over his refusal to cut interest rates while awaiting the impact of Trump’s tariffs blitz on the economy.But investors have ramped up their bets the Fed will lower borrowing costs at its September meeting following a series of reports — particularly on jobs — indicating the world’s biggest economy was slowing.Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.Gold futures retreated after hitting a record high Friday following reports of an unexpected US tariff on gold bars from Switzerland.In company news, Nvidia and AMD advanced on the reports they had agreed to pay Washington 15 percent of AI chip sales to China.US officials had blocked the sale of the cutting-edge chips citing security concerns, which both companies had warned would deprive them of massive profits.Investors are betting that AI will transform the global economy, and last month Nvidia, the world’s largest semiconductor producer, became the first company to hit $4 trillion in market value.Elsewhere, shares in Danish renewable energy firm Orsted plunged 30 percent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.The company added that it dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.- Key figures at around 1600 GMT -New York – Dow: DOWN 0.3 percent at 44,052.71 pointsNew York – S&P 500: FLAT at 6,392.60New York – Nasdaq: UP 0.2 percent at 21,496.75London – FTSE 100: UP 0.4 percent at 9,129.71 (close)Paris – CAC 40: DOWN 0.6 percent at 7,698.52 (close)Frankfurt – DAX: DOWN 0.3 percent at 24,081.34 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1608 from $1.1643Pound/dollar: DOWN at $1.3417 from $1.3451 on FridayDollar/yen: UP at 147.97 yen from 147.79 yenEuro/pound: DOWN at 86.52 pence from 86.54 penceBrent North Sea Crude: FLAT at $66.57 per barrelWest Texas Intermediate: FLAT percent at $63.88 per barrelburs-ajb/js/kjm

Equity markets moved little in cautious European and US trading Monday as investors braced for key US inflation data this week that could offer guidance on rate cuts long sought by President Donald Trump.Reports that chip giants Nvidia and AMD would give Washington a 15 percent cut of the revenue from AI sales to China also bolstered expectations of a new pause on Washington’s tariffs against China.”The market seems very relaxed ahead of tomorrow’s deadline on US-China trade talks, reflecting the assumption an extension is in the offing and a deal will eventually be reached,” said AJ Bell investment director Russ Mould.Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and potentially ease tough Western sanctions against Moscow.London’s FTSE 100 index edged up in afternoon trading but Paris and Frankfurt were lower, pulled down in particular by defence stocks as investors calculated the chances of an end to the Ukraine war.The key Wall Street indices were flat after the Nasdaq climbed to another record high on Friday, bolstered by solid earnings from tech giants in particular.”Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank.  The US consumer price index on Tuesday could provide grist for Trump’s campaign against Federal Reserve chief Jerome Powell.Powell has been in the president’s crosshairs over his refusal to cut interest rates while awaiting the impact of Trump’s tariffs blitz on the economy.Investors have ramped up their bets the Fed will lower borrowing costs at its September meeting following a series of reports — particularly on jobs — indicating the world’s biggest economy was slowing.Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.Gold futures edged down after hitting a record high Friday following reports of an unexpected US tariff on gold bars from Switzerland.In company news, Nvidia and AMD retreated from recent gains on the reports they will had agreed to pay Washington 15 percent of AI chip sales to China.US officials had blocked the sale of the cutting-edge chips citing security concerns, which both companies had warned would deprive them of millions in profit.Investors are betting that AI will transform the global economy, and last month Nvidia, the world’s largst semiconductor producer, became the first company to hit $4 trillion in market value.Elsewhere, shares in Danish renewable energy firm Orsted plunged 31 percent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.The company dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.- Key figures at around 1400 GMT -New York – Dow: FLAT at 44,193.36 pointsNew York – S&P 500: UP 0.1 percent at 6,394.84New York – Nasdaq: FLAT at 21.463.17London – FTSE 100: UP 0.4 percent at 9,128.88Paris – CAC 40: DOWN 0.4 percent at 7,715.00Frankfurt – DAX: DOWN 0.4 percent at 24,073.10Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1617 from $1.1643Pound/dollar: DOWN at $1.3419 from $1.3451 on FridayDollar/yen: UP at 147.94 yen from 147.79 yenEuro/pound: UP at 86.57 pence from 86.54 penceBrent North Sea Crude: UP 0.3 percent at $66.86 per barrelWest Texas Intermediate: UP 0.3 percent at $64.18 per barrelburs-ajb/bcp/js/lth

Equity markets mostly rose Monday as investors eyed a week dominated by speculation about US inflation data and a prolonged pause for Washington’s tariffs on China.Observers expect Donald Trump to announce an extension of a trade war truce reached with China last month, ahead of a 90-day deadline set for Tuesday.Meanwhile, a key US consumer price index report is set up for Tuesday and could shape future policy decisions by the Federal Reserve, which has come under increasing pressure from the president to cut rates.Investors have ramped up their bets on the central bank lowering borrowing costs at its next meeting in September following a series of reports — particularly on jobs — indicating the world’s number one economy was slowing.Also in view is a high-stakes summit between Trump and Russian counterpart Vladimir Putin on Friday in Alaska, which could pave the way for a deal to resolve the Ukraine war that involves an easing of tough sanctions on Moscow.The prospect of a breakthrough at the meeting added to downward pressure on oil prices, which was already falling on the back of economy worries and a bump in output from OPEC and other key producers.Stocks in Hong Kong, Shanghai, Sydney, Wellington, Taipei, Mumbai and Jakarta rose, though there were losses in Seoul, Singapore and Manila. Tokyo was closed for a public holiday.London advanced in the morning but Paris and Frankfurt edged down.With Tuesday’s US-China tariff truce deadline looming, investors are bullish about the prospects of another extension.”The market has fully subscribed to the high probability of the tariff truce being rolled over for another 90 days,” said Chris Weston of Pepperstone.”As such, unless diplomatic talks fully break down, news of extension shouldn’t move markets too intently,” he added.Gold futures edged down after hitting a record high Friday, following reports of an unexpected tariff on the precious metal.Despite protracted uncertainty about trade, investors remain optimistic about artificial intelligence — an area of fierce competition between Beijing and Washington.Reports Monday said that US chip giants Nvidia and Advanced Micro Devices (AMD) had agreed to pay Washington 15 percent of their revenue from selling AI chips to China.Investors are betting that AI will transform the global economy, and last month Nvidia — the world’s leading semiconductor producer — became the first company ever to hit $4 trillion in market value.- Key figures at 0810 GMT -Hong Kong – Hang Seng Index: UP 0.2 percent at 24,906.81 (close)Shanghai – Composite: UP 0.3 percent at 3,647.55 (close)London – FTSE 100: UP 0.2 percent at 9,113.29Tokyo – Nikkei 225: Closed for a holidayPound/dollar: UP at $1.3454 from $1.3451 on FridayEuro/dollar: UP at $1.1648 from $1.1643Dollar/yen: DOWN at 147.38 yen from 147.79 yenEuro/pound: UP at 86.58 pence from 86.54 penceWest Texas Intermediate: DOWN 1.1 percent at $63.20 per barrelBrent North Sea Crude: DOWN 0.9 percent at $65.98 per barrelNew York – Dow: UP 0.5 percent at 44,175.61 (close)

Indonesia and Peru sealed a trade agreement Monday as their leaders met in Jakarta, with Southeast Asia’s biggest economy looking to make inroads into South American markets.The agreement comes after US President Donald Trump recently imposed a tariff rate of 19 percent on imports from Indonesia under a new pact.Peruvian President Dina Boluarte was greeted by a marching band and national anthems at a ceremony at the presidential palace in the Indonesian capital before talks.Indonesian President Prabowo Subianto said the leaders then witnessed the signing of the trade pact, dubbed a Comprehensive Economic Partnership Agreement (CEPA), which will deepen ties between the two nations after he visited Lima last year.”This agreement will expand market access and boost trade activity between the two countries,” Prabowo said after their meeting.”Normally, this agreement would have taken years, but Indonesia and Peru managed to finalise this agreement within 14 months.”They agreed to boost cooperation in fields including defence, narcotics, food security, energy, fisheries and mining, he said, without providing details.In 2024 Indonesian exports to Peru were worth $329.4 million while Peru’s exports to Indonesia amounted to $149.6 million, according to trade ministry data.Boluarte’s trip was a reciprocal visit after Prabowo travelled to Peru in November for the APEC Summit.Indonesia’s trade minister said before Boluarte’s state visit that the economic deal would allow Indonesian goods to enter markets in Central and South America.Boluarte, 63, is a highly unpopular leader at home and has faced protests against an explosion of gang violence.Her approval rating hovered around 2 percent in May.

Asian markets mostly rose Monday as investors eyed a week dominated by speculation about US inflation data and a prolonged pause for Washington’s tariffs on China.Observers expect Donald Trump to announce an extension of a trade war truce reached with China last month, ahead of a 90-day deadline due to expire Tuesday.Meanwhile, a key US consumer price index report is set up for Tuesday and could shape future policy decisions by the Federal Reserve, which has come under increasing pressure from the president to cut rates.Investors have ramped up their bets on the central bank lowering borrowing costs at its next meeting in September following a series of reports — particularly on jobs — indicating the world’s number one economy was slowing.Also in view is a high-stakes summit between Trump and Russian counterpart Vladimir Putin on Friday in Alaska, which could pave the way for a deal to resolve the Ukraine war that involves an easing of tough sanctions on Moscow.In early trade, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta all rose though there were losses in Singapore and Manila. Tokyo was closed for a public holiday.With Tuesday’s US-China tariff truce deadline looming, investors are bullish about the prospects of another extension.”The market has fully subscribed to the high probability of the tariff truce being rolled over for another 90 days” said Chris Weston of Pepperstone.”As such, unless diplomatic talks fully break down, news of extension shouldn’t move markets too intently,” he added.Gold futures edged down after hitting a record high Friday following reports of an unexpected tariff on the precious metal.Despite protracted uncertainty about trade, investors remain optimistic about artificial intelligence — an area of fierce competition between Beijing and Washington.Reports Monday said that US chip giants Nvidia and Advanced Micro Devices (AMD) had agreed to pay Washington 15 percent of their revenue from selling AI chips to China.Investors are betting that AI will transform the global economy, and last month Nvidia — the world’s leading semiconductor producer — became the first company ever to hit $4 trillion in market value.- Key figures at 0300 GMT -Hong Kong – Hang Seng Index: UP 0.2 percent at 24,896.02Shanghai – Composite: UP 0.3 percent at 3,644.73Tokyo – Nikkei 225: Closed for a holidayPound/dollar: UP at $1.3457 from $1.3451 on FridayEuro/dollar: UP at $1.1667 from $1.1643Dollar/yen: DOWN at 147.56 yen from 147.79 yenEuro/pound: UP at 86.70 pence from 86.54 penceWest Texas Intermediate: DOWN 0.6 percent at $63.50 per barrelBrent North Sea Crude: DOWN 0.5 percent at $66.27 per barrelNew York – Dow: UP 0.5 percent at 44,175.61 (close)London – FTSE 100: DOWN 0.1 percent at 9,095.73 (close)

Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks finished the week on a mixed note.Wall Street enjoyed a sunny Friday led by the tech-rich Nasdaq Composite Index, which posted a second straight record, part of a buoyant session in New York amid optimism over artificial intelligence and less uncertainty over trade policy.Investors are growing confident that President Donald Trump’s constantly-changing US trade policy won’t derail the surge in investment around artificial intelligence.”Part of the relief was that the tariffs on a very important sector around the US outlook on earnings, which is tech and AI, is mostly left unaffected,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.Apple, which pledged increased US investment at a White House meeting this week, won 4.2 percent, its third straight significant gains. Nvidia and Google parent Alphabet also advanced.Gold futures shot to a new all-time intraday high at $3,534.10 an ounce after the Financial Times reported that Washington had classified one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market, as subject to “reciprocal” tariff rates.One-kilo bars make up the largest part of Switzerland’s gold shipments to the United States. Imports from Switzerland face a 39-percent reciprocal tariff from Thursday. The FT said 100-ounce bars would also face the levy.The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group. After hitting the high, the gold future price later pulled back to around $3,454 an ounce.A White House official told AFP that the Trump administration plans to “issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products.”In European trading, both London’s FTSE 100 and Frankfurt dipped, while Paris stocks edged higher.Japanese stocks led the way on a mostly negative day for Asian markets, fueled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.”Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.”In Japan, there is relief today upon hearing that the various tariffs will not be cumulative,” he added.The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said Washington was expected to revise an executive order that stacked tariffs on top of each other.”However, it remains unclear whether the same rules apply for Japan and the EU,” Stanzl added.- Key figures at around 2030 GMT -New York – Dow: UP 0.5 percent at 44,175.61 (close)New York – S&P 500: UP 0.8 percent at 6,389.45 (close)New York – Nasdaq Composite: UP 1.0 percent at 21,450.02 (close)London – FTSE 100: DOWN 0.1 percent at 9,095.73 (close)Paris – CAC 40: UP 0.4 percent at 7,743.00 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,162.86 (close)Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)Pound/dollar: UP at $1.3451 from $1.3444 on ThursdayEuro/dollar: DOWN at $1.1643 from $1.1666Dollar/yen: UP at 147.79 yen from 147.14 yenEuro/pound: DOWN at 86.54 pence from 86.77 penceBrent North Sea Crude: UP 0.2 percent at $66.59 per barrelWest Texas Intermediate: FLAT at $63.88 per barrelburs-jmb/sla

Gold futures hit a record high Friday after reports of an unexpected tariff on the precious metal, while stock markets fluctuated as investors tracked US President Donald Trump’s latest moves.Oil prices added to losses from the previous day on news of a meeting between Trump and Russian leader Vladimir Putin, perhaps as early as next week, which raised hopes of a truce with Ukraine.Gold futures reached a new intraday high at $3,534.10 an ounce after the Financial Times reported that Washington had classified one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market, as subject to “reciprocal” tariff rates.One-kilo bars make up the largest part of Switzerland’s gold shipments to the United States. Imports from Switzerland face a 39-percent reciprocal tariff from Thursday. The FT said 100-ounce bars would also face the levy.The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group. After hitting the high, the gold future price later pulled back to around $3,454 an ounce.Spot gold prices sat around $3,400 an ounce.Saxo Bank analyst Ole Hansen said banks invest in gold futures to protect themselves from price swings in the physical bullion market.As tariffs threaten to raise prices for physical gold, these “short positions originally intended as hedges suddenly blow up”, prompting banks to buy back futures and driving prices higher.Wall Street stocks pushed higher, a day after the tech-heavy Nasdaq finished at a fresh record. That kept the market on track for weekly gains near the finale of an earnings season that has generally topped expectations.With most major companies having already reported quarterly results, companies in the S&P 500 are on track for greater than eight-percent growth, compared with the 2.2 percent forecast just ahead of the reporting period, said a note from CFRA Research.CFRA’s Sam Stovall said the results had reassured investors, who are “discounting the uncertainties and going along with the expectation that the economy is holding up better than people might be worrying about”.In European trading, both London’s FTSE 100 and Frankfurt dipped, while Paris stocks edged higher.Japanese stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.”Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.”In Japan, there is relief today upon hearing that the various tariffs will not be cumulative,” he added.The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said Washington was expected to revise an executive order that stacked tariffs on top of each other.”However, it remains unclear whether the same rules apply for Japan and the EU,” Stanzl added.- Key figures at around 1530 GMT -New York – Dow: UP 0.3 percent at 44,076.64 pointsNew York – S&P 500: UP 0.6 percent at 6,378.57 New York – Nasdaq Composite: UP 0.8 percent at 21,408.81 London – FTSE 100: DOWN less than 0.1 percent at 9,095.73 (close)Paris – CAC 40: UP 0.4 percent at 7,743.00 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,162.86 (close)Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)Pound/dollar: UP at $1.3453 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1664 from $1.1665Dollar/yen: UP at 147.73 yen from 147.07 yenEuro/pound: DOWN at 86.73 pence from 86.76 penceBrent North Sea Crude: DOWN less than 0.1 percent at $66.37 per barrelWest Texas Intermediate: DOWN 0.3 percent at $63.66 per barrelburs-rl/jj/dc

Stock markets fluctuated and gold futures hit a record high Friday, tracking the latest twists in US President Donald Trump’s tariffs spree. Oil prices steadied after declining the previous day on news of a meeting between Trump and Russian leader Vladimir Putin in coming weeks, which raised hopes of a truce with Ukraine. London’s FTSE 100 was flat, Paris stocks edged up and Frankfurt dipped in early afternoon deals.Japanese stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.”Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface,” said Jochen Stanzl, chief market analyst at CMC Markets.”In Japan, there is relief today upon hearing that the various tariffs will not be cumulative.”However, it remains unclear whether the same rules apply for Japan and the EU,” he added.Gold futures reached a record high at $3,534.10 an ounce after the Financial Times reported that Washington would put tariffs on one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market. It also makes up the largest part of Switzerland’s gold shipments to the United States. The FT said 100-ounce bars would also face tolls.The levy caused “shock and confusion” in markets, said Han Tan, chief market analyst at Nemo.money trading group. Spot prices sat around $3,400 an ounce.The Nikkei 225 stocks index jumped nearly two percent after Japan’s tariffs envoy said that Washington is expected to revise an executive order that stacked tariffs on top of each other.Japan also urged the US to implement the lower tariffs agreed on autos, a crucial driver of the world’s number-four economy, leading shares in Toyota and Nissan to climb.The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.Elsewhere in Asia, Hong Kong and Shanghai both closed down. Investors kept tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.The dollar held most of its recent losses against its peers on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.Miran shares Trump’s calls for interest rate cuts and has been a critic of the central bank in the past.The greenback had already been under pressure this week following the release of data last Friday showing US job creation cratered in May, June and July.- Key figures at around 1100 GMT -London – FTSE 100: FLAT at 9,101.15 pointsParis – CAC 40: UP 0.3 percent at 7,728.34Frankfurt – DAX: DOWN 0.1 percent at 24,179.93Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)New York – Dow: DOWN 0.5 percent at 43,968.64 (close)Pound/dollar: DOWN at $1.3440 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1638 from $1.1665Dollar/yen: UP at 147.78 yen from 147.07 yenEuro/pound: DOWN at 86.57 pence from 86.76 penceBrent North Sea Crude: UP 0.9 percent at $67.05 per barrelWest Texas Intermediate: UP 0.9 percent at $64.45 per barrel