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Global stocks rallied with US futures on Thursday after a US court blocked Donald Trump’s sweeping tariff blitz, dealing a hefty blow to the president’s signature trade policy and providing some much-needed relief.The ruling provided an extra shot in the arm for investors already upbeat after forecast-busting earnings from chip titan Nvidia revived optimism about the tech sector.And while the White House has appealed against the decision, analysts said traders were making the most of the buying opportunity on hopes the levies will not be imposed.After hearing cases brought by businesses and a coalition of state governments, the three-judge Court of International Trade agreed that the president’s actions violated the power of the purse given to Congress under the Constitution.The White House slammed the ruling by “unelected judges”.China — the main target of Trump’s ire but which reached a deal for a temporary reprieve from most of the duties — urged Washington to “fully cancel the wrongful unilateral” measures, adding that it urged officials to “heed the rational voices from the international community and domestic stakeholders”.News of the ruling revived risk appetite among investors, who remain anxious despite slowly recovering from the shell shock of Trump’s April 2 “Liberation Day” tariffs that fanned fears of a global recession.Markets in Japan and South Korea — major exporters who faced huge tariffs — surged 1.9 percent thanks to rallies in tech firms and automakers. Seoul was also helped by a central bank interest rate cut.Hong Kong piled on more than one percent, while Shanghai, Sydney, Bangkok and Mumbai were also higher with London, Paris and Frankfurt. Futures for all three main indexes in New York were up close to two percent each, while the dollar strengthened against its main peers and safe haven gold fell.- ‘Market exhaling’ -Still, David Chao, Asia Pacific global markets strategist at Invesco, warned: “It’s entirely possible that the Supreme Court rules in Trump’s favour, handing him back the power granted under the IEEPA (International Emergency Economic Powers Act).”He added that “we don’t believe that the latest ruling reduces any uncertainty related to tariff developments. It’s possible that we could see Trump escalate trade tensions further in response”.The gains were helped by a rally in tech firms that came after Nvidia reported better-than-expected first-quarter earnings, even as it faced increased export controls that it warned could cost it billions in the current quarter.The firm posted a profit of $18.8 billion on revenue of $44.1 billion, and forecast strong sales for the second quarter, thanks to still-booming demand for chips to power artificial intelligence.Investors extending the Nvidia-fuelled rally showed “the market exhaling after weeks of white-knuckle volatility sparked by trade war brinkmanship”, Stephen Innes at SPI Asset Management wrote in a commentary.US judges gave a clear message, Innes said: “The Oval Office isn’t a trading desk, and the Constitution isn’t a blank cheque.”The ruling is “a structural pivot in the narrative: from strongman tariffs to institutional guardrails”, he added.”Executive overreach may finally have found its ceiling. And with it, a fresh dose of macro stability — at least until the next headline.”Oil, meanwhile, extended Wednesday’s rally that was already underway ahead of an OPEC meeting to discuss output and rising tensions over Russia and Iran.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.9 percent at 38,432.98 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 23,573.38 (close)Shanghai – Composite: UP 0.7 percent at 3,363.45 (close)London – FTSE 100: UP 0.1 percent at 8.730.59 Euro/dollar: DOWN at $1.1278 from $1.1291 on WednesdayPound/dollar: DOWN at $1.3460 from $1.3468Dollar/yen: UP at 145.20 yen from 144.82 yenEuro/pound: DOWN at 83.72 pence from 83.84 penceWest Texas Intermediate: UP 1.7 percent at $62.89 per barrel Brent North Sea Crude: UP 1.6 percent at $65.96 per barrelNew York – S&P 500: DOWN 0.6 percent at 5,888.55 (close)

Asian stocks rallied with US futures Thursday after a US court blocked Donald Trump’s sweeping global tariff blitz, dealing a hefty blow to the president’s signature trade policy and providing some much-needed relief.The ruling provided an extra shot in the arm for investors already upbeat after forecast-busting earnings from chip titan Nvidia revived optimism about the tech sector.And while the White House has appealed against the decision, analysts said traders were making the most of the buying opportunity on hopes the levies will not be imposed.After hearing cases brought by businesses and a coalition of state governments, the three-judge Court of International Trade agreed that the president’s actions violated the power of the purse given to Congress under the constitution.The White House slammed the ruling by “unelected judges”.The news revived risk appetite among investors, who remain anxious despite slowly recovering from the shellshock of the president’s April 2 “Liberation Day” tariffs that fanned fears of a global recession.Markets in Japan and South Korea — major exporters who faced huge tariffs — surged more than one percent thanks to rallies in tech firms and auto makers.Seoul was also helped by a central bank interest rate cut.Hong Kong, Shanghai, Sydney, Taipei and Manila were also higher, while the futures for all three main indexes in New York piled on more than one percent each.- ‘Market exhaling’ -The gains were helped by a rally in tech firms that came after Nvidia reported better-than-expected first-quarter earnings, even as it faced increased export controls that it warned could cost it billions in the current quarter.The firm posted a profit of $18.8 billion on revenue of $44.1 billion, and forecast strong sales for the second quarter, thanks to still-booming demand for chips to power artificial intelligence.Stephen Innes at SPI Asset Management said investors extending the Nvidia-fuelled rally showed “the market exhaling after weeks of white-knuckle volatility sparked by trade war brinkmanship,” he wrote in a commentary.US judges gave a clear message, Innes said: “The Oval Office isn’t a trading desk, and the Constitution isn’t a blank cheque.”The ruling is “a structural pivot in the narrative: from strongman tariffs to institutional guardrails”, he said.”Executive overreach may finally have found its ceiling. And with it, a fresh dose of macro stability — at least until the next headline.”The prospect that the worst of the tariffs could be avoided also weighed on safe-haven assets, with gold and the yen retreating.Oil, meanwhile, extended Wednesday’s rally that was already underway ahead of an OPEC meeting to discuss output and rising tensions over Russia and Iran.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.7 percent at 38,355.70 (break)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,347.38 Shanghai – Composite: UP 0.6 percent at 3,359.32Euro/dollar: DOWN at $1.1242 from $1.1291 on WednesdayPound/dollar: DOWN at $1.3430 from $1.3468Dollar/yen: UP at 145.89 yen from 144.82 yenEuro/pound: DOWN at 83.71 pence from 83.84 penceWest Texas Intermediate: UP 1.1 percent at $62.50 per barrel Brent North Sea Crude: UP 1.0 percent at $65.54 per barrelNew York – S&P 500: DOWN 0.6 percent at 5,888.55 (close)London – FTSE 100: DOWN 0.6 percent at 8,726.01 (close) 

Nvidia on Wednesday reported earnings that topped market expectations, with a $4.5 billion hit from US export controls being less than the Silicon Valley chip juggernaut had feared.However, Nvidia Chief Financial Officer Colette Kress warned in an earnings call that export constraints are expected to cost the AI chip titan about $8 billion in the current quarter.Nvidia in April notified regulators that it expected a $5.5 billion hit in the recently-ended quarter due to a new US licensing requirement on the primary chip it can legally sell in China.US officials had told Nvidia it must obtain licenses to export its H20 chips to China because of concerns they may be used in supercomputers there, the company said in a Securities and Exchange Commission filing.The new licensing rule applies to Nvidia graphics processing units, or GPUs, with bandwidth similar to that of the H20.”China is one of the world’s largest AI markets and a springboard to global success,” Nvidia chief executive Jensen Huang said in an earnings call.”The platform that wins China is positioned to lead globally; however, the $50 billion China market is effectively closed to us.”Nvidia cannot dial back the capabilities of its H20 chips any further to comply with US export constraints, winding up forced to write off billions of dollars on inventory that can’t be sold or repurposed, according to Huang.”The US has based its policy on the assumption that China cannot make AI chips,” Huang said.”That assumption was always questionable, and now it’s clearly wrong.”China’s AI is moving on without Nvidia technology, while that country’s chip-makers innovate products and ramp up operations, according to Huang.”The question is not whether China will have AI; it already does,” he said.”The question is whether one of the world’s largest markets will run on American platforms.”The new requirements resulted in Nvidia incurring a charge of $4.5 billion in the quarter, associated with H20 excess inventory and purchase obligations “as demand for H20 diminished,” the chip-maker said in an earnings report.US export constraints stopped Nvidia from bringing in an additional $2.5 billion worth of H20 revenue in the quarter, according to the company.Nvidia said it made a profit of $18.8 billion on revenue of $44.1 billion, causing shares to rise more than four percent in after-market trades.- Hot demand -Huang said demand for the company’s AI-powering technology remains strong, and a new Blackwell NVL72 AI supercomputer referred to as a “thinking machine” is in full-scale production.”Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and Nvidia stands at the center of this profound transformation,” Huang said.Nvidia high-end GPUs are in hot demand from tech giants building data centers to power artificial intelligence.The company said its data center division revenue in the quarter was $39.1 billion, up 10 percent from the same period last year.The market had expected more from the unit, however.”Nvidia beat expectations again but in a market where maintaining this dominance is becoming more challenging,” said Emarketer analyst Jacob Bourne.”The China export restrictions underscore the immediate pressure from geopolitical headwinds but Nvidia also faces mounting competitive pressure as rivals like AMD gain ground,” said Emarketer analyst Jacob Bourne.Revenue in Nvidia’s gaming chip business hit a record high of $3.8 billion, leaping 48 percent and eclipsing forecasts.The AI boom has propelled Nvidia’s stock price, which has regained much of the ground lost in a steep sell-off in January triggered by the sudden success of DeepSeek.China’s DeepSeek unveiled its R1 chatbot, which it claims can match the capacity of top US AI products for a fraction of their costs.”The broader concern is that trade tensions and potential tariff impacts on data center expansion could create headwinds for AI chip demand in upcoming quarters,” analyst Bourne said of Nvidia.

Global stock markets sank Wednesday on evaporating cheer over eased tariff tensions, while oil prices climbed as Washington appeared closer to imposing new sanctions on Moscow over Ukraine.On Wall Street, all three major indices closed lower ahead of earnings from artificial intelligence titan Nvidia, with US Treasury bond yields ticking higher.The US chip designer’s shares jumped after the bell on news it had reported better-than-expected earnings despite increased export controls, recording a profit of $18.8 billion on revenue of $44.1 billion.Minutes from the most recent Federal Reserve meeting also published on Wednesday reported that US firms had warned the US central bank that the cost of President Donald Trump’s tariffs would likely be borne by consumers.Earlier, London, Paris and Frankfurt all closed lower, following Asia’s lead.- Oil prices rise -Crude prices surged more than two percent on Wednesday before paring some gains, ahead of an OPEC meeting to discuss output and hiked tensions over Russia and Iran.Trump’s rare rebuke Tuesday of Russian counterpart Vladimir Putin over stepped-up attacks on Ukraine — saying he was “playing with fire” — raised the prospect of tougher US sanctions on Russian energy and banking sectors.US-Iran talks on curbing Tehran’s nuclear programme have also yielded no breakthrough so far, additionally fuelling speculation of tightened sanctions.The US dollar picked up against major currencies, but analysts said that masked a fundamental weakness in the greenback, and in the US debt market, evident in recent weeks.”It’s the creeping realization that US assets no longer provide the same refuge,” said Stephen Innes of SPI Asset Management. “Dollar strength is no longer reflexive — it’s contested.”- Investors ‘looking past tariffs’ -Europe and Asia fell after a rally over the previous two days triggered by Trump’s announcement that he was pausing threatened 50-percent tariffs on the European Union to give space for trade negotiations.”The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random,” said Kathleen Brooks, research director at XTB.”It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds,” said David Morrison, senior market analyst at Trade Nation. “This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve.”In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named North America chief Antonio Filosa as its next chief executive, succeeding Carlos Tavares, who was sacked in December.”To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23,” the company said.Stellantis’s shares closed more than two percent lower in Milan.- Key figures at around 2045 GMT -New York – S&P 500: DOWN 0.6 percent at 5,888.55 points (close)New York – Dow: DOWN 0.6 percent at 42,098.70 (close)New York – Nasdaq Composite: DOWN 0.5 percent at 19,100.94 (close)London – FTSE 100: DOWN 0.6 percent at 8,726.01 (close) Paris – CAC 40: DOWN 0.5 percent at 7,788.10 (close)Frankfurt – DAX: DOWN 0.8 percent at 24,038.19 (close)Tokyo – Nikkei 225: FLAT at 37,722.40 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,258.31 (close)Shanghai – Composite: DOWN less than 0.1 percent at 3,339.93 (close)Euro/dollar: DOWN at $1.1291 from $1.1329 on TuesdayPound/dollar: DOWN at $1.3468 from $1.3504Dollar/yen: UP at 144.82 yen from 144.34 yenEuro/pound: DOWN at 83.84 pence from 83.88 penceBrent North Sea Crude: UP 1.3 percent at $64.90 per barrelWest Texas Intermediate: UP 1.6 percent at $61.84 per barrel burs-da/dw

Stock markets sank Wednesday on evaporating cheer over eased tariff tensions, and oil prices climbed as Washington appeared closer to possibly putting fresh sanctions on Moscow over Ukraine.London, Paris and Frankfurt all closed lower, following Asia down.New York was trading in similar red territory.Much of the focus on Wall Street was on Nvidia, the US chipmaker, whose earnings report — to be released after New York’s close — was being viewed as a bellwether for tech stocks generally.”This is expected to be another quarter of monster revenue for Nvidia, however it may lead to the familiar question, can these results continue?” asked Kathleen Brooks, research director at XTB.She and others pointed to uncertainty over US restrictions on semiconductor exports, against a backdrop of effervescent chip demand as artificial intelligence development accelerates.Crude prices surged more than two percent, ahead of an OPEC meeting to discuss output and hiked tensions over Russia and Iran.President Donald Trump’s rare rebuke Tuesday of Russian counterpart Vladimir Putin over stepped-up attacks on Ukraine — saying he was “playing with fire” — raised the prospect of tougher US sanctions on Russian energy and banking sectors.US-Iran talks on curbing Tehran’s nuclear programme have also yielded no breakthrough so far, additionally fuelling speculation of tightened sanctions.The US dollar picked up against major currencies, but analysts said that masked a fundamental weakness in the greenback, and in the US debt market, evident in recent weeks.”It’s the creeping realisation that US assets no longer provide the same refuge” they used to, said Stephen Innes of SPI Asset Management. “Dollar strength is no longer reflexive — it’s contested.”Europe and Asia were down after a rally over the previous two days triggered by Trump’s announcement he was pausing threatened 50-percent tariffs on the European Union to give space to trade negotiations.”The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random,” said Brooks.David Morrison, senior market analyst at Trade Nation, said: “It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds. This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve.”In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named a new CEO — its North America chief Antonio Filosa — to succeed Carlos Tavares, who was sacked in December.”To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23,” the company said.Stellantis shares closed more than two percent down.A Financial Times report that European Central Bank President Christine Lagarde had discussed leaving her post early to take the helm of the World Economic Forum had little impact on the euro.”It is trading in a relatively tight range, suggesting that reports Christine Lagarde may not fulfill her full term at the ECB is not having an impact on European markets,” said XTB’s Brooks.- Key figures at around 1545 GMT -New York – Dow: DOWN 0.3 percent at 42,198.20 pointsNew York – S&P 500: DOWN 0.3 percent at 5,905.81New York – Nasdaq Composite: DOWN 0.1 percent at 19,173.59London – FTSE 100: DOWN 0.6 percent at 8,726.01 (close) Paris – CAC 40: DOWN 0.5 percent at 7,788.10 (close)Frankfurt – DAX: DOWN 0.8 percent at 24,038.19 (close)Tokyo – Nikkei 225: FLAT at 37,722.40 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,258.31 (close)Shanghai – Composite: FLAT at 3,339.93 (close)Euro/dollar: DOWN at $1.1288 from $1.1329 on TuesdayPound/dollar: DOWN at $1.3460 from $1.3504Dollar/yen: UP at 145.01 yen from 144.34 yenEuro/pound: DOWN at 83.85 pence from 83.88 penceBrent North Sea Crude: UP 2.3 percent at $64.99 per barrelWest Texas Intermediate: UP 2.6 percent at $62.44 per barrel

US stock markets rose on Wednesday as investors focused on prospects for Big Tech profitability, while European indices swung lower.Oil prices rose ahead of an OPEC+ meeting, and the dollar ticked up against major currencies.Investors were watching carefully to see how US chipmaker Nvidia — a bellwether for tech stocks — was faring, between US semiconductor export restrictions to China and surging demand by AI development.Nvidia shares were down at opening trade on Wednesday — after being strongly pushed up on Tuesday in advance of the company’s earnings report. The tech-heavy Nasdaq was up 0.3 percent.”This is expected to be another quarter of monster revenue for Nvidia, however it may lead to the familiar question, can these results continue?” asked Kathleen Brooks, research director at XTB.European shares, though, were in the red in mid-afternoon trading, echoing a sell-off in Asia.Analysts said it appeared the steam had gone out of a rally over the previous two days triggered by President Donald Trump announcing a pause in 50-percent tariffs on the EU.Investors have learned to take Trump’s tariff threats in their stride, knowing now that they are usually paused or rolled back before they took effect.”The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random,” said Brooks.David Morrison, senior market analyst at Trade Nation, said: “It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds. This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve.”The Japanese yen slid after an auction of 40-year Japanese government bonds was met with the worst take-up since July.The rising cost of government debt in Japan and the United States has been an underlying cause of concern over recent weeks. Some analysts said US debt — much of which is held by Japan and China — was undergoing a fundamental shift in perception, and the dollar’s rise on Wednesday masked a broader slide in its value. “It’s the creeping realisation that US assets no longer provide the same refuge” as they used to, said Stephen Innes of SPI Asset Management. “Dollar strength is no longer reflexive — it’s contested.”In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named a new CEO — its North America chief Antonio Filosa — to succeed Carlos Tavares, who was sacked in December.”To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23,” the company said.A Financial Times report that European Central Bank President Christine Lagarde had discussed leaving her post early to take the helm of the World Economic Forum had little impact on the euro.”It is trading in a relatively tight range, suggesting that reports Christine Lagarde may not fulfill her full term at the ECB is not having an impact on European markets,” said XTB’s Brooks.- Key figures at around 1335 GMT -New York – Dow: UP 0.2 percent at 42,505.22 pointsNew York – S&P 500: UP 0.2 percent at 5,931.22New York – Nasdaq Composite: UP 0.3 percent at 19,248.13London – FTSE 100: DOWN 0.1 percent at 8,767.41 Paris – CAC 40: UNCHANGED at 7,824.29Frankfurt – DAX: DOWN 0.3 percent at 24,148.44Tokyo – Nikkei 225: FLAT at 37,722.40 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,258.31 (close)Shanghai – Composite: FLAT at 3,339.93 (close)Euro/dollar: DOWN at $1.1314 from $1.1329 on TuesdayPound/dollar: DOWN at $1.3477 from $1.3504Dollar/yen: UP at 144.74 yen from 144.34 yenEuro/pound: UP at 83.96 pence from 83.88 penceBrent North Sea Crude: UP 1.3 percent at $64.37 per barrelWest Texas Intermediate: UP 1.5 percent at $61.81 per barrel

Bangladesh waved off its first consignment of mangoes to China on Wednesday, a largely symbolic export as Beijing sweetens ties after relations soured between Dhaka and former ally and neighbour India.Bangladesh, still reeling from the political fallout of a 2024 uprising that ended the autocratic rule of Sheikh Hasina — who fled by helicopter to New Delhi — has since been courted by Beijing, India’s rival.”It is such a great pleasure to jointly witness this historic moment, as the first consignment of Bangladesh’s premium mangoes sets off for China,” China’s ambassador to Bangladesh Yao Wen said, alongside government officials.Bangladesh, largely encircled by land by India, has seen relations with New Delhi turn icy.Interim Bangladeshi leader Muhammad Yunus’s first state visit was to China, while Bangladesh has also moved closer to Pakistan, India’s arch-enemy.”President Xi Jinping has emphasised on several occasions that China’s door of opening up will not close, but will only open wider,” Yao said, at a small ceremony at the airport alongside Bangladeshi ministers.”I am confident that the export of Bangladeshi mangoes to China is just the beginning,” he added.In China, the fruit has a particular historic diplomatic resonance — including the curious cult of the mango.After Chairman Mao Zedong was pictured gifting a mango to a group of workers in 1968, during the mania of the Cultural Revolution, the fruit became an object of veneration.Those mangoes were reportedly a gift from the foreign minister of Pakistan — and at that time, in 1968, Bangladesh had yet to win its independence from Islamabad.Export levels are small so far, just 50 tonnes in an initial phase, but both Bangladesh and China said they hoped to increase that.In the past year, China has sponsored several tours for Dhaka’s political party leaders, and has begun hosting Bangladeshi patients in its hospitals.India has long been wary of China’s growing regional clout and the world’s two most populous countries compete for influence in South Asia, despite a recent diplomatic thaw.

Stock markets dipped Wednesday as optimism over easing trade tensions ran out of steam and a weak Japanese debt sale fuelled concerns about rising bond yields.European and Asian equities struggled to track a rally the previous day on Wall Street fuelled by forecast-beating US consumer confidence data and easing tensions between the US and European Union.”The fizz of relief boosting stocks so far this week looks set to go a little flat, as a wait-and-see mood looks set to spread on Wall Street,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Investors also awaited first-quarter earnings from US chipmaking giant Nvidia later on Wednesday for signs of uncertainty on the business, particularly from US chip export restrictions, analysts said. Markets had been lifted at the start of the week after US President Donald Trump delayed 50 percent tariffs on the EU that had sparked a market rout. But “risk sentiment has lost some steam on Wednesday”, said Kathleen Brooks, research director at trading group XTB.”There are no major drivers of sentiment this morning, however, multiple factors have led to a softening in risk appetite including, higher bond yields after a weak auction of Japanese debt,” she added.London, Paris and Frankfurt were all lower in midday deals, after giving up earlier gains. In Asia, Hong Kong fell while Shanghai and Tokyo were flat at the close. Wellington was also in the red even after New Zealand’s central bank cut interest rates for the sixth meeting in a row.The yen lost some of its early gains after the auction of 40-year Japanese government bonds (JGBs) was met with the worst take-up since July.That came after last week saw the worst auction of 20-year notes for more than a decade.The cost of government debt has risen around the world in recent weeks — notably hitting record highs last week in Japan — amid worries about rising spending as leaders try to support their economies and after Trump’s April 2 tariff blitz.The Bank of Japan’s decision to reduce its purchases of JGBs as it looks to tighten monetary policy in the face rising inflation has added to the rising yields.The gloomy auction reversed Tuesday’s rally that came after Japan’s Ministry of Finance sent a questionnaire to market players regarding issuance, fuelling talk that it was considering slowing its sales, meaning there would be less supply.Bonds yields rise and prices fall when demand is weak.Still, Masahiko Loo, senior fixed-income strategist at State Street Global Advisors, said the JGB panic may have been overdone.”Any perceived supply-demand imbalance is more a matter of timing mismatches, which is a technical dislocation rather than a fundamental flaw.”We expect these imbalances to be resolved as early as the third quarter of 2025,” he said.- Key figures at around 1045 GMT -London – FTSE 100: DOWN 0.2 percent at 8,762.29 pointsParis – CAC 40: DOWN 0.1 percent at 7,820.84Frankfurt – DAX: DOWN 0.2 percent at 24,188.93Tokyo – Nikkei 225: FLAT at 37,722.40 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,258.31 (close)Shanghai – Composite: FLAT at 3,339.93 (close)New York – Dow: UP 1.8 percent at 42,343.65 (close)Euro/dollar: UP at $1.1330 from $1.1329 on TuesdayPound/dollar: DOWN at $1.3500 from $1.3504Dollar/yen: DOWN at 144.26 yen from 144.34 yenEuro/pound: UP at 83.93 pence from 83.88 penceBrent North Sea Crude: UP 1.0 percent at $64.15 per barrelWest Texas Intermediate: UP 1.0 percent at $61.52 per barrel

France and Indonesia called Wednesday for progress on “mutual recognition” between Israel and the Palestinians at a key meeting next month as Emmanuel Macron visited Jakarta, bringing the world’s most populous Muslim-majority nation into his diplomatic efforts.It came as Paris and Jakarta signed a series of cooperation agreements, with Macron seeking to deepen trade and defence ties with Southeast Asia’s largest economy on a three-country tour promoting France as a balancing power between the United States and China.Speaking next to his French counterpart, Indonesian President Prabowo Subianto made a rare pledge to recognise Israel if it allowed for a Palestinian state. Indonesia has no formal ties with Israel and support for the Palestinian cause runs high there.”Indonesia sees that the two-state solution and the freedom of Palestine is the only way to achieve the true peace,” Prabowo told a news conference.”We must acknowledge and guarantee Israel’s rights as a sovereign country that must be paid attention to and guaranteed safety. Indonesia has stated that once Israel recognises Palestine, Indonesia is ready to recognise Israel and open the diplomatic relationship.”Macron said Paris hopes to “trigger a movement of recognition for a Palestinian state under certain conditions”, including the demilitarisation of Hamas and recognition of Israel’s right to exist and protect itself.”This is the only way and your president this morning made a very important speech,” he said of Prabowo’s remarks.Macron earlier issued a joint statement with Prabowo that condemned Israeli plans to take control of Gaza and any moves to “forcibly remove the Palestinian population from their homeland”.But they also called for restoring the political prospect of the two-state solution at a conference Paris will co-chair with Saudi Arabia at the UN headquarters in New York next month, and expressed hope for a “credible roadmap”.They said the event “should allow for an irreversible path towards the realisation of a Palestinian State, (and) mutual recognition between Israel and Palestine”.Macron held talks with Prabowo after being greeted by a gun salute and thousands of young Indonesians waving French flags.”Our partnership on all the fields, defence and security, economy, culture is already strong, but we are strengthening it,” Macron told Prabowo.”Thank you very much for your support, our friendship and your very special attachment to France.”Prabowo replied: “Merci beaucoup, monsieur!”- ‘Third way’ -The nations on Wednesday signed a series of memoranda of understanding on cooperation in a range of fields including defence, trade, agriculture, disaster management, culture and transport.The French president was later scheduled to meet investors and students, and attend a state dinner. On Thursday, he will travel to Yogyakarta on Indonesia’s Java island to visit the world’s largest Buddhist temple, before heading to Singapore to conclude his six-day tour. In the face of US President Donald Trump’s tariffs and Washington’s economic confrontation with China, Macron was seeking to turn his “third way” position into contracts for French companies, particularly in defence, energy and critical minerals.French Armed Forces Minister Sebastien Lecornu said Indonesia signed a letter of intent for future purchases of more Rafale jets from French company Dassault Aviation, without specifying figures or a timeline.Indonesia also pledged to buy light frigates and Scorpene submarines, as well as Caesar howitzers and ammunition from French-German defence group KNDS, the minister wrote on X.French mining giant Eramet also signed a memorandum of understanding with Indonesia’s new sovereign wealth funds Danantara and the Indonesian Investment Authority “to explore the establishment of a strategic investment platform in the nickel sector”, the mining firm said in a statement.In Vietnam on Tuesday, Macron presented France as a “power of peace and balance”, committed to an international order “based on law”.This was viewed as a message both to Beijing, which has become increasingly assertive in its territorial claims in the South China Sea, and to Washington over Trump’s threats of wide-ranging tariffs.Macron warned that “constantly creating uncertainty” with trade policy was “holding back investment and the economy”.

Asian equities wobbled Wednesday as investors struggled to track a Wall Street rally fuelled by forecast-beating US consumer confidence data, with a weak Japanese debt sale adding to worries about rising bond yields.New York investors returned to their desks after a long weekend break in a good mood after Donald Trump delayed until July the 50 percent tariffs on the European Union he announced out of the blue on Friday, sparking a market rout.The US president’s announcement Sunday delaying them soothed worries about a fresh flare-up in his trade war that has rattled global sentiment, fanned uncertainty and led some to question their confidence in the world’s biggest economy.Buying was also boosted by Trump’s post on social media flagging progress with Brussels.”I have just been informed that the E.U. has called to quickly establish meeting dates,” he said on his Truth Social platform.”This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America.”Markets also cheered data showing a bigger-than-expected jump in US consumer confidence thanks to a slight easing of trade tensions, particularly with China.However, investors were unable to maintain their momentum, with optimism sapped by the disappointing sale of 40-year Japanese government bonds (JGBs).Hong Kong, Sydney, Mumbai and Jakarta all fell, with Wellington also in the red even after New Zealand’s central bank cut interest rates for the sixth meeting in a row.Shanghai and Jakarta were barely moved, while Singapore, Seoul, Taipei, Manila and Bangkok rose with London, Frankfurt and Paris.Tokyo was flat and the yen lost early gains after the auction of the long-term JGBs was met with the worst take-up since July. That came after last week saw the worst auction of 20-year notes for more than a decade.The cost of government debt has surged around the world in recent weeks — hitting record highs last week in Japan — amid worries about rising spending as leaders try to support their economies and after Trump’s April 2 tariff blitz.The Bank of Japan’s decision to reduce its purchases of JGBs — as it looks to tighten monetary policy in the face rising inflation — has added to the rising yields.The poor result reversed Tuesday’s rally that came after Japan’s Ministry of Finance sent a questionnaire to market players regarding issuance, fuelling talk that it was considering slowing its sales down, meaning there would be less supply.Bonds yields rise and prices fall when demand is weak.Still, Masahiko Loo, senior fixed income strategist at State Street Global Advisors, said the JGB panic may have been overdone.”We maintain our long-standing view that the challenges in the JGB market are technical rather than structural. These issues are largely addressable through adjustments in issuance volume or composition,” he wrote in a commentary.”We believe the concern on loss of control over the super-long end is overblown. Around 90 percent of JGBs are domestically held, and the ‘don’t fight the BOJ/MOF’ mantra remains a powerful anchor,” he added, referring to the Bank of Japan and Ministry of Finance.”Any perceived supply-demand imbalance is more a matter of timing mismatches, which is a technical dislocation rather than a fundamental flaw.”We expect these imbalances to be resolved as early as the third quarter of 2025. The MOF potential reduction headline reinforces our view.”- Key figures at around 0810  GMT -Tokyo – Nikkei 225: FLAT at 37,722.40 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,258.31 (close)Shanghai – Composite: FLAT at 3,339.93 (close)London – FTSE 100: UP 0.2 percent at 8,795.26Euro/dollar: DOWN at $1.1326 from $1.1329 on TuesdayPound/dollar: DOWN at $1.3501 from $1.3504Dollar/yen: DOWN at 144.33 yen from 144.34 yenEuro/pound: DOWN at 83.86 pence from 83.88 penceWest Texas Intermediate: UP 0.5 percent at $61.21 per barrelBrent North Sea Crude: UP 0.5 percent at $64.41 per barrelNew York – Dow: UP 1.8 percent at 42,343.65 (close)