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Global stock markets rose Tuesday as investors hoped that a fresh round of global trade tariffs from US President Donald Trump could prove his last.US stock markets initially eased lower as uncertainty reigned over the size and scope of the latest move in Trump’s campaign to shake up global trade, but by midday had moved into positive territory.Asian and European stock markets clawed back some of their recent hefty losses, as traders hoped for greater clarity ahead of the impending tariffs.In a sign of market uncertainty, safe-haven gold touched a fresh record high of $3,149 an ounce.US President Donald Trump has dubbed Wednesday “Liberation Day”, vowing to impose levies on “all countries”.”Hopes are that a recovery rally could take hold if Trump’s tariff announcements are seen as the final move from the White House in its trade war,” said Kathleen Brooks, research director at trading group XTB. “Markets are hoping for a clean decision, that allows traders to move on from tariffs.”But she warned that “the downside risk for stocks could emerge once more if Trump suggests that even more tariffs could be coming down the line”.Trump said Monday he would be “very kind” when he unveils the tariffs.”Some on Wall Street are already talking about how April 2 may very well be lighter-than-feared,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”The lack of details on who will be hit with what has stoked market unease and fears of a recession in the world’s largest economy.In the first quarter that ended on Monday the S&P 500 and the Nasdaq recorded their worst quarterly performance since 2022 as investors fretted over the impact of tariffs.In Europe, Paris and Frankfurt gained after data showed inflation in the eurozone slowed closer toward the European Central Bank’s two-percent target in March.EU chief Ursula von der Leyen said Tuesday the bloc still hopes for a “negotiated solution” to US tariffs, but that “all instruments are on the table” to hit back if necessary.London also rose, even as Prime Minister Keir Starmer said Britain is likely to suffer from US tariffs and despite making progress over a post-Brexit trade deal.”While countries such as the UK might stand in a good position to strike a deal, there is a risk that tomorrow marks the beginning of a tit-for-tat trade war that brings yet more uncertainty and concern for markets,” said Joshua Mahony, a chief analyst at Scope Markets.”The expected retaliation from Canada, the eurozone, China, Japan, and Korea does signal that it could get worse before it gets better,” he added.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while Taiwan indicated it too had plans to deal with the announcement.The Tokyo stock market, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda on tariff plans, closed flat while Hong Kong and Shanghai advanced.- Key figures around 1530 GMT -New York – Dow: UP less than 0.1 percent at 42,036.40 pointsNew York – S&P 500: UP 0.3 percent at 5,629.36New York – Nasdaq Composite: UP 0.7 percent at 17,425.04London – FTSE 100: UP 0.6 percent at 8,634.80 (close) Paris – CAC 40: UP 1.1 percent at 7,876.36 (close)Frankfurt – DAX: UP 1.7 percent at 22,539.98 (close)Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)Euro/dollar: DOWN at $1.0808 from $1.0817 on MondayPound/dollar: UP at $1.2927 from $1.2916Dollar/yen: DOWN at 149.30 yen from 149.94 yenEuro/pound: DOWN at 83.61 pence from 83.69 penceBrent North Sea Crude: UP 0.2 percent at $74.89 per barrelWest Texas Intermediate: UP 0.1 percent at $71.57 per barrelburs-rl/rlp

A Chinese construction company is facing questions over the deadly collapse of a Bangkok skyscraper — the only major building in the capital to fall in a catastrophic earthquake that has killed more than 2,000 people in Thailand and neighbouring Myanmar.The 30-storey tower, still under construction, was to house government offices, but the shaking reduced the structure to a pile of rubble in seconds, killing at least 13 people and injuring nine.It was the deadliest single incident in Thailand after Friday’s 7.7-magnitude quake, with the majority of the kingdom’s 20 fatalities thought to be workers on the building site and hopes fading for around 70 still trapped. Sprawling Bangkok bristles with countless high-rise blocks, but none have reported major damage, prompting many to ask why the block under construction gave way.”We have to investigate where the mistake happened,” said Thai Prime Minister Paetongtarn Shinawatra, who has ordered a probe into the materials and safety standards at the construction site.”What happened from the beginning since it was designed? How was this design approved? This was not the first building in the country,” she told reporters on Saturday.The development near Bangkok’s popular Chatuchak market was a joint project involving China Railway No. 10 Engineering Group (Thailand) — an offshoot of China Railway Group (CREC), one of the world’s largest construction and engineering contractors.- Questions raised -Testing of steel rebars — struts used to reinforce concrete — from the site has found that some of the metal used was substandard, Thai safety officials said on Monday.Industry Minister Akanat Promphan announced that a committee would be set up to investigate, saying one supplier of the steel had failed safety tests in December and may have its licence withdrawn. He did not name the supplier.Professor of Civil Engineering at King Mongkut’s Institute of Technology Ladkrabang Suchatwee Sunaswat said there were questions to be answered.”We have to look at the design. At the beginning, how they calculate, how they design. And in the rescue mission, how they collect evidence at the same time,” he told reporters on Saturday.- Safety complaints – The local partner in the project, Italian-Thai Development (ITD) offered condolences on Monday to quake victims but said it was “confident” the incident would not impact its other projects.Beijing-owned building conglomerate CREC is one of the world’s largest construction and engineering contractors, with projects in more than 90 countries and regions, according to its website.The Bangkok construction collapse is not the first time CREC and its subsidiaries have come under fire after deadly incidents.A tide of anger was unleashed at authorities in Serbia following the deaths of 14 people when a roof collapsed in November last year at a train station built by CREC subsidiaries — largely focused on reports of alleged shortcuts made with building projects.Roisai Wongsuban of the Migrant Working Group advocacy organisation said there have been a large number of complaints from migrant workers employed by Chinese companies in Thailand about lax safety standards and poor labour rights.”For Chinese companies we can’t see the human rights due diligence, to see if labour standards are being met,” she told AFP. “There is always a power imbalance between employer and employee.”Bangkok’s construction boom is powered by an army of labourers, a large proportion of them migrant workers from Myanmar, toiling on hot building sites for low pay.The Migrant Working Group has called on Thailand’s labour ministry to hold the employers involved in the construction project criminally liable if they have failed to meet health and safety laws.- China sensitivities -AFP has asked China Rail No. 10 Engineering Thailand and CREC for comment but has not had a response.An announcement celebrating the completion of the main structure at the Chatuchak construction site posed on China Rail No. 10’s official WeChat channel was deleted soon after Friday’s quake.AFP archived the post shortly after the tremors hit but before the page was removed.Local media said that four Chinese nationals were apprehended on Saturday for attempting to retrieve documents from the collapse site.But China is the largest source of foreign direct investment in Thailand, injecting $2 billion into the kingdom in 2024, according to Open Development Thailand, and the government typically handles anything linked to Beijing with kid gloves.Paetongtarn said an investigation into the collapse launched on Monday would not be “specific to one country”.”We do not want one particular country to think we are only keeping eyes on (it),” she said on Tuesday.At a small shelter near the site on Monday, 45-year-old Naruemol Thonglek waited for news of her boyfriend, electrician Kyi Than, who was missing under the enormous mound of concrete and twisted metal being lifted by mechanical diggers.”I’m devastated,” she told AFP. “I’ve never seen anything like this in my entire life.”

Asian and European stock markets advanced Tuesday, clawing back some of the recent hefty losses, as traders hoped for greater clarity ahead of impending US tariffs. In a sign of market uncertainty, safe-haven gold reached a fresh record high of $3,149 an ounce. Investors are bracing for a fresh onslaught of tariffs on US President Donald Trump’s “Liberation Day” due Wednesday, expected to see him impose levies on “all countries”.”Markets are hoping for a clean decision, that allows traders to move on from tariffs,” said Kathleen Brooks, research director at trading group XTB. “Hopes are that a recovery rally could take hold if Trump’s tariff announcements are seen as the final move from the White House in its trade war,” she added.But she warned that “the downside risk for stocks could emerge once more if Trump suggests that even more tariffs could be coming down the line”.Trump said Monday he would be “very kind” when he unveils the tariffs.But the lack of details on who will be hit with what has stoked market unease and fears of a recession in the world’s largest economy. In Europe, Paris and Frankfurt extended the morning’s gains after data showed inflation in the eurozone slowed closer toward the European Central Bank’s two-percent target in March.London also rose, even as Prime Minister Keir Starmer said Britain is likely to suffer from US tariffs and despite making progress over a post-Brexit trade deal. “While countries such as the UK might stand in a good position to strike a deal, there is a risk that tomorrow marks the beginning of a tit-for-tat trade war that brings yet more uncertainty and concern for markets,” said Joshua Mahony, chief market analyst at Scope Markets. “The expected retaliation from Canada, the eurozone, China, Japan, and Korea does signal that it could get worse before it gets better,” he added.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while the European Union and Taiwan indicated they had plans to deal with the announcement.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”The Tokyo stock market, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda on tariff plans, closed flat while Hong Kong and Shanghai advanced.The rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.- Key figures around 1030 GMT -London – FTSE 100: UP 0.7 percent at 8,638.69 pointsParis – CAC 40: UP 0.7 percent at 7,842.85Frankfurt – DAX: UP 1.0 percent at 22,380.79 Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)New York – Dow: UP 1.0 percent at 42,001.76 (close)Euro/dollar: DOWN at $1.0809 from $1.0817 on MondayPound/dollar: UP at $1.2922 from $1.2916Dollar/yen: DOWN at 149.47 yen from 149.94 yenEuro/pound: DOWN at 83.64 pence from 83.69 penceBrent North Sea Crude: UP 0.6 percent at $75.21 per barrelWest Texas Intermediate: UP 0.6 percent at $71.94 per barrel

US trading partners scrambled Tuesday to prepare for the latest raft of Donald Trump tariffs, after the US president left unclear who would be targeted but promised to be “very kind” in addressing what he says are unfair trade imbalances.Trump — who has been making unprecedented use of presidential powers since taking office in January — said he could announce as early as Tuesday night exactly what “reciprocal tariffs” will be imposed.According to the Republican billionaire, the world’s biggest economy has been “ripped off by every country in the world,” and he is promising “Liberation Day” for the United States.Asked for details, he told reporters Monday: “You’re going to see in two days, which is maybe tomorrow night or probably Wednesday.”But he added: “We’re going to be very nice, relatively speaking, we’re going to be very kind.”Critics warn that the strategy risks a global trade war, provoking a chain reaction of retaliation by major trading partners like China, Canada and the European Union.Over the weekend, China, South Korea and Japan agreed to strengthen free trade between themselves.But Trump said he was not worried the levies would push allies toward Beijing, adding that a deal on TikTok could also be tied to China tariffs.White House Press Secretary Karoline Leavitt said the goal on Wednesday would be to announce “country-based tariffs,” although Trump remains committed to imposing separate, sector-specific charges.The Wall Street Journal reported that Trump’s advisers pitched imposing a 20 percent global tariff to hit almost all US trading partners. Trump has remained vague, saying his tariffs would be “far more generous” than ones already levied against US products.The uncertainty has jolted markets, hammering equities across the board and stoking recession fears. Asian stocks, which fell sharply Monday after Trump said his tariffs would include “all countries”, rebounded somewhat Tuesday after his promises to be “nice”.- ‘Economic pain’ -Trump’s fixation on tariffs is fanning US recession fears. Goldman Sachs analysts raised their 12-month recession probability from 20 percent to 35 percent.This reflects a “lower growth forecast, falling confidence, and statements from White House officials indicating willingness to tolerate economic pain.” Goldman Sachs also lifted its forecast for underlying inflation at the end of 2025.For now, IMF chief Kristalina Georgieva said Trump’s tariffs were causing anxiety, but their global economic impact should not be dramatic.China and Canada have imposed counter-tariffs on US goods, while the EU unveiled its own measures to start mid-April.EU chief Ursula von der Leyen said Tuesday the bloc still hopes for a “negotiated solution”, but that “all instruments are on the table” to hit back if necessary.The EU has already been hit by several US tariff announcements since Trump returned to office in January, including a 25-percent levy on auto imports coming into force on Thursday.Besides reciprocal country tariffs, Trump’s “Liberation Day” announcement could entail additional sector-specific levies on the likes of pharmaceuticals and semiconductors. Economists have expected the upcoming salvo could target the 15 percent of partners that have persistent trade imbalances with the United States, a group that US Treasury Secretary Scott Bessent dubbed a “Dirty 15.”The United States has some of its biggest goods deficits with China, the EU, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada and India.- ‘Existential moment’ -US trade partners are rushing to minimize their exposure, with reports suggesting India might lower some duties.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products.Japan announced it will set up around 1,000 “consultation centers” for businesses hit by US tariffs.Speaking by phone to his US counterpart on Monday, Mexican Foreign Secretary Juan Ramon de la Fuente urged the preservation of free trade agreements between North American countries, and discussed the automobile industry, where 25 percent tariffs are poised to come into effect on April 3.European Central Bank President Christine Lagarde said Monday that Europe should move towards economic independence, telling France Inter radio that Europe faces an “existential moment.”Separately, British Prime Minister Keir Starmer spoke with Trump on “productive negotiations” towards a UK-US trade deal, while German Chancellor Olaf Scholz said the EU would respond firmly to Trump but was open to compromise.It is “entirely possible” for fresh tariffs to be swiftly reduced or put on hold, said Greta Peisch, a former official at the US Trade Representative’s office.In February, Washington paused steep levies on Mexican and Canadian imports for a month as the North American neighbors pursued negotiations.

Asian and European markets squeezed out gains Tuesday, clawing back some of their recent hefty losses, though sluggish sentiment and increased uncertainty saw gold hit another record high as Donald Trump prepares to unveil sweeping tariffs.Investors have been rushing to position themselves for the US president’s “Liberation Day” on Wednesday, when he warned he will impose levies on “all countries” for what he has said is years of them ripping off Americans.Trump said Monday he would be “very kind” when he unveils the tariffs but with little detail on who will be hit with what, trading floors are awash with uncertainty, hammering equities across the board and stoking recession fears.Trump’s threat last week to impose 25 percent tariffs on car and parts imports added to the dour mood, and some warn the volatility will likely continue as governments react to the measures by either appeasing the Republican or retaliating in kind.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while the European Union and Taiwan indicated they had plans to deal with the announcement.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”After a run of big losses across markets, equities staged a mild recovery Tuesday.Tokyo, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda, edged up along with Hong Kong, Shanghai, Sydney, Seoul, Taipei, Bangkok, Singapore and Wellington. Mumbai dipped.London, Paris and Frankfurt rose in the morning.But the rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.With uncertainty reigning, gold — a go-to safe haven in times of turmoil — chalked up another record, hitting $3,149.00.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.”We continue to think that markets including Asia forex are underpricing the magnitude of these tariffs, and our North Star is for Trump to be more aggressive than many think possible in a significant structural change to the post-World War II global order, beyond the day-to-day policy whiplash and uncertainty,” said Michael Wan at MUFG.- Key figures around 0810 GMT -Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)London – FTSE 100: UP 0.7 percent at 8,639.85 Euro/dollar: DOWN at $1.0803 from $1.0817 on MondayPound/dollar: DOWN at $1.2908 from $1.2916Dollar/yen: DOWN at 149.60 yen from 149.94 yenEuro/pound: DOWN at 83.67 pence from 83.69 penceWest Texas Intermediate: DOWN 0.1 percent at $71.38 per barrelBrent North Sea Crude: DOWN 0.1 percent at $74.68 per barrelNew York – Dow: UP 1.0 percent at 42,001.76 (close)

Whole herds of cattle have drowned in vast inland floods sweeping across the Australian outback, officials said Tuesday, as the muddy tide drenched an area the size of France.Swollen rivers burst their banks after unusually heavy downpours last week over outback Queensland, an arid region home to some of the country’s largest cattle ranches.Officials said more than 100,000 livestock — cattle, sheep, goats and horses — had been swept away, were missing, or had drowned.”These are only early indications of the magnitude of this disaster and while these preliminary numbers are shocking, we are expecting them to continue to climb as flood waters recede,” said state agriculture minister Tony Perrett.”It’s heartbreaking to consider what western Queenslanders will be going through over the weeks and months as they discover the full extent of losses and damage — and start the long slog to start again.”Researchers have repeatedly warned that climate change amplifies the risk of natural disasters such as bushfires, floods and cyclones.- Fodder drop -Flood waters stretched some 500,000 square kilometres (190,000 square miles) across sparsely populated western Queensland, Perrett said, a landmass roughly equivalent to France.Industry body AgForce told local media some cattle ranches may have lost almost 100 percent of their herd.The government Bureau of Meteorology said some towns had recorded as much as 500 millimetres (20 inches) of rain in the space of a week — their typical yearly total.”Unfortunately, more rainfall is on the way,” forecaster Dean Narramore said.”The reason why we are so concerned about that is because we have numerous flood warnings current for much of Queensland.”Muddy livestock survived by crowding together on the few small hills cresting above the flood waters, photos posted to social media showed.Queensland’s fire department used helicopters to drop bales of fodder near surviving animals cut off from food.The state’s primary industries department said some 4,000 kilometres (2,500 miles) of road had been flooded — a distance greater than the famed Route 66 connecting Chicago to Los Angeles.Rising waters on Tuesday morning encircled the remote outpost of Thargomindah, which describes itself as Australia’s farthest town from the sea.A makeshift dirt flood levy was dug around the town to protect its 200 residents.- Cattle country -“Preparations are well underway, including securing food deliveries, ensuring the airport has enough aircraft fuel and if need be an evacuation point and accommodation,” the shire council said.”Our shire’s isolated properties are stocked with food and supplies and doing okay under the circumstances.”Australia’s so-called “channel country” is one of the nation’s biggest cattle fattening grounds.Most of the time its sweeping plains are dry and inhospitable. But cattle gorge themselves on the pastures that sprout whenever wet season rains fill the dry creek beds — or channels — that snake through the region.  

Asian markets mostly rose Tuesday, clawing back some of the hefty losses suffered in recent weeks, though sentiment remains sluggish and gold hit another record high as Donald Trump prepares to unveil sweeping tariffs.Investors have been rushing to position themselves for the US president’s “Liberation Day” on Wednesday, when he warned he will impose levies on “all countries” for what he has said is years of them ripping off Americans.Trump said Monday he would be “very kind” when he unveils the tariffs but with little detail on who will be hit with what, trading floors are awash with uncertainty, hammering equities across the board and stoking recession fears.Trump’s threat last week to impose 25 percent tariffs on car and parts imports added to the dour mood, and some warn the volatility will likely continue as governments react to the measures by either appeasing the Republican or retaliating in kind.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”After a run of big losses across markets, Asia staged a mild recovery Tuesday.Tokyo, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda, edged up along with Hong Kong, Shanghai, Sydney, Seoul and Taipei.Singapore and Wellington dipped.But the rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.With uncertainty reigning, gold — a go-to safe haven in times of turmoil — chalked up another record, hitting $3,138.26.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.”We continue to think that markets including Asia forex are underpricing the magnitude of these tariffs, and our North Star is for Trump to be more aggressive than many think possible in a significant structural change to the post-World War II global order, beyond the day-to-day policy whiplash and uncertainty,” said Michael Wan at MUFG.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 35,825.59 (break)Hong Kong – Hang Seng Index: UP 0.8 percent at 23,303.32Shanghai – Composite: UP 0.5 percent at 3,352.48Euro/dollar: UP at $1.0822 from $1.0817 on MondayPound/dollar: UP at $1.2924 from $1.2916Dollar/yen: DOWN at 149.81 yen from 149.94 yenEuro/pound: UP at 83.73 pence from 83.69 penceWest Texas Intermediate: UP 0.1 percent at $71.55 per barrelBrent North Sea Crude: UP 0.1 percent at $74.83 per barrelNew York – Dow: UP 1.0 percent at 42,001.76 (close)London – FTSE 100: DOWN 0.9 percent at 8,582.81 (close)

Support for cryptocurrencies from US President Donald Trump or Argentine leader Javier Milei has seen investors lose billions of dollars and is damaging a sector struggling for credibility, researchers told AFP.”The entire crypto industry is being tarnished,” said Claire Balva, strategy director for fintech company Deblock.Argentine prosecutors are reportedly examining whether Milei engaged in fraud or criminal association, or was in breach of his duties, when he praised the $LIBRA cryptocurrency on social media in February.The token’s value soared from just a few cents to almost $5 and then crashed. Milei deleted his blessing hours later.He denies all allegations made against him.”I did not promote it,” Milei told broadcaster TN in February, adding it “is a problem between private parties because the State does not play a role here”.”I acted in good faith,” he said.The price collapsed after a handful of early investors decided to sell at a huge profit, causing colossal losses for the majority of those who purchased $LIBRA.It also dragged down prices of other cryptocurrencies, including bitcoin.Hayden Davis, who helped launch $LIBRA, said he had been inspired by the initial success of Trump’s memecoin, $TRUMP, that marked the president’s inauguration.Having reportedly made Trump at least $350 million, according to the Financial Times, about 810,000 buyers went on to lose more than $2 billion combined, stated crypto data group Chainalysis.A memecoin is a cryptocurrency that rides on the popularity of a viral personality or phenomenon on the internet and is often seen as a purely speculative asset.- Relying on trust -Once a fierce critic of cryptocurrencies, Trump has become a fervent defender.He is offering multiple products linked to digital currencies, notably through his World Liberty Financial exchange, increasing accusations of a conflict of interest. On paper, his support for crypto projects could boost the sector’s legitimacy.”But at the same time, it can backfire,” said Larisa Yarovaya, director of the Centre for Digital Finance at Southampton Business School. “Any conflicts that will emerge from it… any hackers, speculative attacks, any problems in relation to these specific coins or these specific projects” can prove counterproductive, she told AFP.There is scepticism also over the launch in February of the memecoin $CAR by the Central African Republic.”The domain name had been reserved only a few days before” launch, noted Balva, which “shows that there was too little preparation”.The Central African Republic was the second country to adopt bitcoin as legal tender, after El Salvador in 2021, which has since reversed course owing to a lack of local popularity.A precursor to other cryptocurrencies, bitcoin was launched in 2008 as a way to free transactions from traditional financial institutions, notably banks.Cryptocurrencies are based on blockchain technology, which publicly records transactions between people holding and exchanging them.In the absence of a centralised authority, the system relies on “trust” in the people “who are endorsing these products”, said Maximilian Brichta, a doctoral student of communication at the University of Southern California.- Rigged game -Many traders will use automated programmes to buy a new token as early as possible in the hope of reselling it for maximum profit.Milei defended himself by likening losses endured by buyers of $LIBRA to someone entering a casino and knowing they may not win.However with crypto, it is argued by some that the “game” is rigged from the outset.To avoid price manipulation, “when launching a cryptocurrency, best practice dictates that the first investors… hold a very small share of the offering” and are prevented from selling for “several years”, said Balva.Except that at the launch of $LIBRA, “more than 80 percent” of the available tokens were in the hands of “a handful of large holders (who) controlled all the liquidity and could liquidate it all at any time”, she added.According to Balva, this was “either monumental recklessness or outright fraud”.

Global stock markets largely slipped on Monday after another turbulent day of trading, with the S&P 500 briefly falling into correction territory before reversing course ahead of a wave of US tariffs this week that have fanned recession fears.On Wall Street, US stocks shook off some early gloom about President Donald Trump’s imminent tariff announcement on Wednesday — which he has dubbed “Liberation Day” — to close mixed.But despite the S&P’s revival later in the day, it wasn’t enough to save the index from posting its worst quarter since 2022, along with the tech-rich Nasdaq Composite. “I think [traders] were taking advantage of an oversold situation,” CFRA’s Sam Stovall told AFP. “They still have another day in which to sort of play around,” before Trump’s big tariff announcement, he added. Asian markets plunged, while European markets also finished lower amid the trade uncertainty.  – Tariff fears elevated -“There is an air of capitulation in financial markets ahead of the April 2 reciprocal tariff announcement from the US,” said Kathleen Brooks, research director at XTB.As it has become clear that Trump intends to go through with imposing massive tariffs on major US trading partners, concerns have grown about their inflationary impact and the possibility they may trigger a recession.Adding to investors’ fears, Trump said Sunday that tariffs would apply to “all countries”, not just those with the largest trade imbalances with the United States.His administration has still not released a detailed plan about who or what will be impacted.Underscoring the uncertainty, the CBOE Volatility Index, colloquially known as Wall Street’s “fear gauge,” spiked on Monday, before cooling down somewhat as the day progressed. – Car levy concerns -Automakers were hit particularly hard in the wake of Trump’s announcement that he would also impose 25 percent duties on imports of all vehicles and parts.In Europe, Porsche and Volkswagen both fell more than three percent. Toyota, the world’s biggest carmaker, plunged over three percent, along with Nissan and Mazda. “Within the Asia-Pacific region, the car levies will hit Japan and South Korea the hardest,” Moody’s Analytics economists wrote in a note to clients. “Such a sizeable tariff hike will undermine confidence, hit production and reduce orders,” they said. “Given the long and complex supply chains in car manufacturing, the impact will ripple through these countries’ economies,” they added. Gold, seen as a safe haven asset in times of uncertainty, hit a new record high over $3,100 an ounce.Yields fell on government bonds, including those of the United States, “reflecting ongoing safe-haven trading due to concerns about US trade policy,” said Briefing.com analyst Patrick O’Hare.Among individual companies, cloud computing company Coreweave fell 7.3 percent days after going public, closing sharply below its initial public offering price. And in Asia, CK Hutchison shed 3.1 percent in Hong Kong as a Chinese review of a multi-billion-dollar deal to offload ports operations, including those in the Panama Canal, appeared likely to lead to a delay of its Wednesday signature.- Key figures around 2100 GMT -New York – Dow: UP 1.0 percent at 42,001.76 (close)New York – S&P 500: UP 0.6 percent at 5,611.85 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 17,299.29 (close)London – FTSE 100: DOWN 0.9 percent at 8,582.81 (close)Paris – CAC 40: DOWN 1.6 percent at 7,790.71 (close)Frankfurt – DAX: DOWN 1.3 percent at 22,163.49 (close)Tokyo – Nikkei 225: DOWN 4.1 percent at 35,617.56 points (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 23,119.58 (close)Shanghai – Composite: DOWN 0.5 percent at 3,335.75 (close)Euro/dollar: DOWN at $1.0817 from $1.0838 on FridayPound/dollar: DOWN at $1.2916 from $1.2947Dollar/yen: UP at 149.94 yen from 149.72 yenEuro/pound: UP at 83.69 pence from 83.68 penceWest Texas Intermediate: UP 3.1 percent at $71.48 per barrelBrent North Sea Crude: UP 1.5 percent at $74.74 per barrelburs-da/dw

President Donald Trump again downplayed risks that TikTok is in danger of being banned in the United States, saying he remains confident of finding a buyer for the app’s US business by a Friday deadline.The hugely popular video-sharing app, which has over 170 million American users, is under threat from a law that passed overwhelmingly last year and orders TikTok to split from its Chinese owner ByteDance or face a ban in the United States.Motivated by widespread belief in Washington that TikTok is ultimately controlled by the Chinese government, the law took effect on January 19, one day before Trump’s inauguration.But the Republican president quickly announced a delay that has allowed it to continue to operate; that delay is set to expire on April 5.”We have a lot of potential buyers. There’s tremendous interest in TikTok,” Trump told reporters onboard Air Force One late Sunday.”We have a lot of people that want to buy TikTok. We’re dealing with China also on it, because they may have something to do with it,” he said, adding “I’d like to see TikTok remain alive.”Any deal to divest TikTok from ByteDance will require the approval of Beijing, and Trump has said he may offer to reduce tariffs on China as a way to get Beijing’s approval for the sale.Trump, though he supported a ban in his first term, has lately become the app’s greatest defender, seeing it as a reason more young voters supported him in November’s election.One of his major political donors, billionaire Jeff Yass, is also a major stakeholder in parent company ByteDance.- ByteDance on board? -Several proposals for TikTok’s US business have emerged since the law began to make its way through Congress last year.But according to The New York Times, citing people involved in coming up with a solution, the most likely fix would see existing US investors in ByteDance roll over their stakes into a new independent global TikTok company.Additional US investors would be brought on to reduce the proportion of Chinese investors. Trump at one point said the US government could also take a stake through a newly announced national sovereign fund.Dan Ives of Wedbush Securities told AFP that he believed cloud company Oracle would “play a major role” in such a deal and that “ByteDance will still control and own the algorithm” and have board seats.Much of TikTok’s US activity is already housed on Oracle servers, and the company’s executive chairman, Larry Ellison, is a longtime Trump ally who was also floated as a buyer of TikTok’s US activity in Trump’s first term.The arrangement would go against the spirit of the law, which is in part based on the premise that TikTok’s algorithm can be weaponized by the Chinese against US interests.But University of Richmond School of Law professor Carl Tobias said he did not expect opposition in the Republican-led Congress, or if Trump ordered another extension to the sale deadline.”Lawmakers have expressed little opposition to Trump’s actions (including ones) which federal judges have ruled violate the Constitution or congressionally-passed statutes,” he said.Other proposals include an initiative called “The People’s Bid for TikTok,” launched by real estate and sports tycoon Frank McCourt’s Project Liberty initiative.Artificial intelligence startup Perplexity recently expressed interest in buying TikTok as did a joint venture involving YouTube mega-celebrity MrBeast.When the last deadline passed, in January, TikTok temporarily shut down in the United States, to the dismay of millions of users.