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European stock markets and shares in French banks fell Tuesday as investors fretted over fresh political turmoil in France.The Paris stock market tumbled and French borrowing costs rose over fears that France’s minority government could be toppled, after Prime Minister Francois Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.”Delaying or ditching (fiscal) reforms will make the debt situation more untenable and weigh on the economy,” said Neil Wilson, UK investor strategist at Saxo Markets. Shares in French banks sank, with BNP Paribas down around four percent while rival Societe Generale shed more than six percent — both major lenders that hold French government debt.”The question now is whether this develops into a broader drag on European assets or remains a distinctly French affair,” said Fawad Razaqzada, market analyst at StoneX.Paris, London and Frankfurt all closed lower, following losses in Asia.Wall Street’s main indexes advanced as investors tried to look past US President Donald Trump’s move to oust Federal Reserve governor Lisa Cook.The US leader cited allegations of false statements on her mortgage agreements, but Cook said Trump had no authority or legal cause to fire her, while her lawyer announced a planned legal challenge on Tuesday.The unusual step adds to fears about the independence of the central bank, fueled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday more cuts to US interest rates were on the horizon.”Investors are becoming increasingly concerned by the president’s persistent interference in the business of the central bank,” said David Morrison, senior market analyst at Trade Nation.Stock markets crept up and US Treasury bond yields, closely watched as a proxy for interest rates, were little changed.”One explanation could be that there’s a strong belief that this will fail in the courts because (Cook) has not been proven guilty of anything at the moment,” Steve Sosnick of Interactive Brokers said.Markets also were not swayed by a survey released on Tuesday that showed a fall in consumer confidence and a persistent worry over Trump’s tariffs — which the president threatened to expand on Monday to countries with measures “designed to harm” US technology.The dollar fell while gold rose as investors sought a safe place to store their gains.Wall Street remains focused on results due Wednesday from AI chip giant Nvidia, a bellwether for the artificial intelligence sector.Investors are also awaiting a US economic growth update on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices slid Tuesday following recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 2015 GMT -New York – Dow: UP 0.3 percent at 45,418.07 points (close)New York – S&P: UP 0.4 percent at 6,465.94 (close)New York – Nasdaq: UP 0.4 percent at 21,544.27 (close)Paris – CAC 40: DOWN 1.7 percent at 7,709.81 (close)London – FTSE 100: DOWN 0.6 percent at 9,265.80 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,152.87 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)Euro/dollar: UP at $1.1637 from $1.1624 on MondayPound/dollar: UP at $1.3475 from $1.3460Dollar/yen: DOWN at 147.45 yen from 147.70 yenEuro/pound: UP at 86.36 pence from 86.35 penceWest Texas Intermediate: DOWN 2.4 percent at $63.25 per barrelBrent North Sea Crude: DOWN 2.3 percent at $67.22 per barrelpfc-ajb-jxb-bys/md

European stock markets and shares in French banks fell Tuesday as investors fretted over fresh political turmoil in France.The Paris stock market tumbled and French borrowing costs rose over fears that France’s minority government could be toppled, after Prime Minister Francois Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.”Delaying or ditching (fiscal) reforms will make the debt situation more untenable and weigh on the economy,” said Neil Wilson, UK investor strategist at Saxo Markets. Shares in French banks sank, with BNP Paribas down around four percent while rival Societe Generale shed more than six percent — both major lenders hold French government debt.”The question now is whether this develops into a broader drag on European assets or remains a distinctly French affair,” said Fawad Razaqzada, market analyst at StoneX.Paris, London and Frankfurt were all substantially down at close, following losses in Asia.Wall Street’s main indexes were largely flat in morning trading as investors digested US President Donald Trump’s move to oust Federal Reserve governor Lisa Cook.He cited allegations of false statements on her mortgage agreement but Cook said Trump had no authority or legal cause to fire her, and her lawyer announced a legal challenge on Tuesday.The unusual step adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday more cuts to US interest rates were on the horizon.”Investors are becoming increasingly concerned by the president’s persistent interference in the business of the central bank,” said David Morrison, senior market analyst at Trade Nation.Yet morning trading on Wall Street suggested markets were not so preoccupied with the move.Stock markets were flat and US Treasury bond yields, closely watched as a proxy for interest rates, were little changed.”One explanation could be that there’s a strong belief that this will fail in the courts because (Cook) has not been proven guilty of anything at the moment,” Steve Sosnick of Interactive Brokers said.Markets also were not swayed by a survey released on Tuesday that showed a fall in consumer confidence and a persistent worry over Trump’s tariffs — which the president threatened to expand on Monday to countries with measures “designed to harm” US technology.The dollar fell while gold rose as investors sought a safe place to store their gains.Wall Street was focused on results due Wednesday from AI chip giant Nvidia, the world’s most valuable company and a bellwether for the artificial intelligence sector.Investors are also awaiting a US economic growth report on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices slid Tuesday following recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 1550 GMT -New York – Dow: DOWN  0.1 percent at 45,261.09 pointsNew York – S&P: FLAT at 6,438.75New York – Nasdaq: UP 0.1 percent at 21,467.13Paris – CAC 40: DOWN 1.7 percent at 7,709.81 (close)London – FTSE 100: DOWN 0.6 percent at 9,265.80 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,152.87 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)Euro/dollar: UP at $1.1656 from $1.1624 on MondayPound/dollar: UP at $1.3482 from $1.3460Dollar/yen: DOWN at 147.31 yen from 147.70 yenEuro/pound: UP at 86.45 pence from 86.35 penceWest Texas Intermediate: DOWN 2.1 percent at $63.42 per barrelBrent North Sea Crude: DOWN 2.0 percent at $66.89 per barrel

Stock markets fell Tuesday as political turmoil in France hit investors’ risk appetite, as did US President Donald Trump’s move to fire central bank governor Lisa Cook.The Paris stock market tumbled and French borrowing costs rose over fears that France’s minority government could be toppled, after Prime Minister Francois Bayrou proposed a confidence vote to break an impasse over his proposed budget cuts.”Delaying or ditching (fiscal) reforms will make the debt situation more untenable and weigh on the economy,” said Neil Wilson, UK investor strategist at Saxo Markets. Shares in French banks sank, with BNP Paribas down around five percent while rival Societe Generale shed more than six percent.Both major lenders hold large amounts of French government debt.London and Frankfurt were also down in midday trading, following losses in Asia.”The French instability puts further pressure on already uneasy global markets after Donald Trump said he is firing Fed Governor Lisa Cook,” said Victoria Scholar, head of investment at Interactive Investor.Trump on Monday cited allegations of false statements on Cook’s mortgage agreement. “Although Cook said she will not resign, this still raises concerns about the Fed’s ability to set interest rates independently from political interference,” Scholar added.The unusual step, which is likely to face a legal challenge, adds to fears about the independence of the central bank, fuelled by Trump’s repeated public demands to Fed chairman Jerome Powell to lower interest rates.Powell suggested on Friday more cuts to US interest rates were on the horizon.The dollar fell while gold rose on Tuesday as investors sought a safe place to store their gains.Trump also said on Monday he would impose “substantial additional tariffs” on shipments from countries that do not cancel digital taxes and regulations, which he said were “designed to harm” US technology.He threatened to introduce export restrictions on “highly protected (US) technology and chips”, without offering further details.Eyes are now turning toward a US economic growth report on Thursday and a key inflation gauge Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices slid Tuesday following recent increases as traders track a possible peace deal to end the war between Ukraine and key crude producer Russia.- Key figures at around 1050 GMT -Paris – CAC 40: DOWN 1.4 percent at 7,731.15 pointsLondon – FTSE 100: DOWN 0.5 percent at 9,274.64Frankfurt – DAX: DOWN 0.3 percent at 24,194.83Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)New York – Dow: DOWN 0.8 percent at 45,282.47 (close)Euro/dollar: UP at $1.1641 from $1.1624 on MondayPound/dollar: UP at $1.3474 from $1.3460Dollar/yen: DOWN at 147.64 yen from 147.70 yenEuro/pound: UP at 86.39 pence from 86.35 penceWest Texas Intermediate: DOWN 1.8 percent at $63.65 per barrelBrent North Sea Crude: DOWN 1.6 percent at $67.72 per barrel

Shares in a South Korean penmaker surged on Tuesday, an unexpected outcome from the first summit between US President Donald Trump and his counterpart Lee Jae Myung in Washington.Lee signed a guest book before entering the Oval Office for talks with Trump and the handcrafted wooden fountain pen he used caught the US leader’s eye.”Is that your pen? It’s a nice pen. Do you want to take it with you?” Trump said, drawing laughter in the room.”You know, I like it. The writing is beautiful, the thickness. Grab that pen for me,” he said with a smile, adding that he was not fond of ballpoints.Lee replied that he would gift it to Trump, calling it an “honour” and saying it would be “useful in your complicated signature”.Trump said he would not use it but instead “keep it in a very important place”.The US president is known for the bold, thick strokes of his signature, often filling a page with its sharp peaks and heavy lines.The exchange sent shares of South Korean penmaker Monami soaring on Tuesday, even though it did not make the pen used at the White House.Shares in the company, a household name that has produced pens for more than 60 years, closed up nearly 30 percent, simply on misguided speculation that it had made Lee’s pen.Zenyle, a domestic brand specialising in handcrafted pens, confirmed that it had made the pen used by Lee and coveted by Trump.”It was a custom-made pen and is not available for sale, nor do we have any plans to make it so,” Zenyle said on its website, adding that it had received “overwhelming orders” after Trump’s compliment.

Germany and Canada will sign an agreement Tuesday on boosting cooperation in the field of critical raw materials, Chancellor Friedrich Merz said, as they seek to reduce heavy dependence on China.China’s dominance in supplying the world with such materials has been in the spotlight since Beijing this year introduced export curbs on some key rare earths, triggering jitters among businesses globally. Rare earths are used in a wide variety of products from electric car batteries to wind turbines and computer hard drives. At a press conference in Berlin alongside Canadian Prime Minister Mark Carney, Merz said that Canadian and German ministers would sign a memorandum of understanding on raw materials. “This is a collaboration that I very much welcome and that we support,” the German leader said. “It is a positive step towards strengthening our economies and making them more secure.”Carney said a range of factors — from global trade volatility to the Ukraine war and coronavirus pandemic — had exposed the vulnerabilities of critical mineral supply chains.”Germany has been amongst the leaders in beginning that diversification away from China… Canada can play a role in accelerating that diversification for Germany and for Europe,” he said.”These issues are only going to become more important.”The leaders did not immediately reveal details of the agreement, which are expected to be released later.  News outlet Politico reported that the agreement will have five main objectives, with a focus on technologies related to raw material processing, refining and recycling.The effort will include materials ranging from rare earths to lithium and copper, which Canada can provide and that Germany is interested in, it said. The countries will also both aim to participate more in international initiatives on raw materials.

Global stocks retreated on Tuesday after a series of market-rattling announcements by US President Donald Trump, including an unusual move to fire a central bank official and threats to impose new export controls and tariffs.Traders had been riding a wave of confidence since Friday’s speech by US Federal Reserve Chairman Jerome Powell, which suggested coming interest rate cuts in the world’s largest economy.But the upward flurry appeared to die out on Wall Street on Monday as attention turned to this week’s earnings report from AI chip giant Nvidia — a bellwether for the industry as concerns over a tech bubble mount.Asian markets notched mostly moderate losses on Tuesday, tracking drops made the previous day in New York and Europe.Hong Kong’s main index recorded one of the more pronounced slides, finishing 1.2 percent lower.Tokyo, Shanghai, Seoul and Sydney were also down. Taipei was up slightly.Morning trading in Europe saw declines in London and Frankfurt, while Paris plummeted more than two percent on fears of a French political crisis ahead of a crucial confidence vote next month.Also weighing on investors’ minds was Trump’s Monday evening announcement in the United States that he was removing Federal Reserve governor Lisa Cook, citing allegations of false statements on her mortgage agreements.The highly unusual step — which will likely face a legal challenge — comes as worries grow about the independence of the central bank, fuelled by Trump’s repeated public demands to Powell to lower interest rates.The dollar fell following the news, then mostly recovered after Cook issued a statement vowing to continue in her role.Gold — widely perceived as a safe storage of wealth — advanced.Trump’s announcement “shows how increasingly politicised the central bank is becoming”, Neil Wilson, UK investor strategist at Saxo Markets, wrote in a note.”The question for markets right now is about the September meeting but be in no doubt that we are witnessing a regime shift like we have not seen in decades,” he added, referring to an upcoming Fed gathering at which officials will make a decision on rates.Trump also vowed Monday evening to impose “substantial additional tariffs” on shipments from countries that do not cancel digital taxes and regulations, which he said were “designed to harm” US technology.He added a threat to introduce export restrictions on “highly protected (US) technology and chips”, without offering further details.Eyes are now turning toward a US GDP report on Thursday and a key inflation gauge coming on Friday for clues on how far interest rates might fall — or not — in the coming months.Oil prices crept down on Tuesday, walking back increases made in recent days amid speculation about a peace deal to end the war in Ukraine.- Key figures at around 0830 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 42,394.40 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,524.92 (close)Shanghai – Composite: DOWN 0.4 percent at 3,868.38 (close)London – FTSE 100: DOWN 0.6 percent at 9,263.86Euro/dollar: DOWN at $1.1617 from $1.1624 on MondayPound/dollar: UP at $1.3467 from $1.3460Dollar/yen: DOWN at 147.56 yen from 147.70 yenEuro/pound: DOWN at 86.26 pence from 86.35 penceWest Texas Intermediate: DOWN 0.9 percent at $64.19 per barrelBrent North Sea Crude: DOWN 0.8 percent at $68.25 per barrelNew York – Dow: DOWN 0.8 percent at 45,282.47 (close)

Indian exports to the United States will face some of the highest tariffs in the world this week, barring a last-minute reversal from President Donald Trump. Trump has tied issues of war and peace to trade, threatening to slap 50 percent duties on New Delhi in retaliation for its continued purchases of Russian oil — which Washington argues help finance Moscow’s war in Ukraine.The tariff offensive has rattled US-India ties, given New Delhi a new incentive to repair relations with Beijing, and carries major consequences for the world’s fifth-largest economy.Trump issued a three-week deadline on August 6, which is expected to take effect on Wednesday morning in India.- How bad will it be? -The United States was India’s top export destination in 2024, with shipments worth $87.3 billion.Analysts at Nomura warn that 50 percent duties would be “akin to a trade embargo”, devastating smaller firms with “lower value add and thinner margins”. Elara Securities’s Garima Kapoor said no Indian product can “stand any competitive edge” under such heavy import taxes.Economists estimate tariffs could shave 70 to 100 basis points off India’s GDP growth this fiscal year, dragging growth below six percent, the weakest pace since the pandemic.Exporters in textiles, seafood and jewellery are already reporting cancelled US orders and losses to rivals such as Bangladesh and Vietnam, raising fears of heavy job cuts.A small reprieve: pharmaceuticals and electronics, including iPhones assembled in India, are exempt for now.S&P estimates exports equivalent to 1.2 percent of India’s GDP will be hit, but says it will be a “one-off” shock that “will not derail” the country’s long-term growth prospects.- Will either side blink? -There’s no sign yet. In fact, since the US and Russian presidents met in Alaska, Washington has ramped up criticism of India.”India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs,” White House trade adviser Peter Navarro wrote in the Financial Times earlier this month, slamming the country’s refiners for “profiteering”.Indian Foreign Minister Subrahmanyam Jaishankar fired back, arguing India’s purchases helped stabilise global oil markets — and were done with Washington’s tacit approval in 2022.He argued that both the United States and Europe buy refined oil and associated products from India.”If you have a problem buying oil from India, oil or refined products, don’t buy it”, he said, speaking in New Delhi. “Nobody forced you to buy it — but Europe buys, America buys.”Jaishankar said that, until Trump’s ultimatum, there had been “no conversations” asking them to stop buying Moscow’s oil.Trade trackers at Kpler say India’s stance will become clearer only in September, as most August shipments were contracted before Trump’s threats.But experts say India is in a tricky situation.India needs “considerable ingenuity and flexibility” to escape “what appears to be a no-win situation”, said Nandan Unnikrishnan of New Delhi-based Observer Research Foundation.Washington, Unnikrishnan argued, is telling India: “We think that you are the weakest link in the Russia-Ukraine geopolitics chain”.- What can India do? -New Delhi has sought to bolster its economy while deepening ties with both BRICS partners and regional rivals.Jaishankar flew to ally Moscow, producing pledges to ease barriers to bilateral trade, while Prime Minister Narendra Modi is preparing his first visit to China in seven years to repair long-frosty relations.Domestically, Indian media reports that the government is working on a $2.8 billion package for exporters, a six-year programme aimed at easing liquidity concerns.Modi has also proposed tax cuts on everyday goods to spur spending and cushion the economy.- What is blocking a trade deal? -Talks have stumbled over agriculture and dairy.Trump wants greater US access, while Modi is determined to shield India’s farmers, a huge voter bloc.Indian media reports suggested that US negotiators cancelled a planned late-August trip to India. That sparked speculation that discussions had broken down.Jaishankar, however, says talks are continuing, adding drily: “Negotiations are still going on in the sense that nobody said the negotiations are off,” he said. “And people, people do talk to each other.”

Asian stocks retreated Tuesday after a series of market-rattling announcements by US President Donald Trump, including the unusual firing of a central bank official and threats to impose export controls on microchips.Traders had been riding a wave of confidence since Friday’s speech by US Federal Reserve Chairman Jerome Powell, which suggested coming interest rate cuts in the world’s largest economy.But the upward flurry appeared to die out Monday on Wall Street as attention turned back to this week’s earnings report from AI chip giant Nvidia — a bellwether for the industry as concerns over a tech bubble mount.Asian markets started Tuesday broadly lower, tracking drops made the previous day in New York and Europe.Tokyo’s main index saw the largest fall, down over one percent just ahead of the midday break. Benchmarks in Hong Kong, Shanghai, Seoul, Taipei and Sydney were also down.Weighing on investors’ minds was Trump’s Monday evening announcement in the United States that he was removing Federal Reserve governor Lisa Cook, citing allegations of false statements on her mortgage agreements.The highly unusual step comes as worries grow about the independence of the central bank, fuelled by Trump’s repeated public demands on Powell to lower interest rates.The dollar fell following the news, while gold — widely perceived as a safe storage of wealth — advanced.”The independence of the Fed, already a fraying banner, looks tattered against the gusts of politics,” wrote Stephen Innes of SPI Asset Management in a note.”What’s left is a central bank suddenly with a missing vote, a looming inflation test on Friday and a president willing to make personnel changes with the flair of a ringmaster cracking the whip,” he added.Eyes are now turning toward a US GDP report on Thursday and a key inflation gauge coming on Friday for clues on how far interest rates might fall — or not — in the coming months.Trump also vowed Monday evening to impose “substantial additional tariffs” on shipments from countries that do not cancel digital taxes and regulations, which he said were “designed to harm” US technology.He added a threat to introduce export restrictions on “highly protected (US) technology and chips”, without offering further details.Oil prices crept down Tuesday, walking back increases made in recent days amid speculation about a peace deal to end the war in Ukraine.- Key figures at around 0215 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 42,365.52Hong Kong – Hang Seng Index: DOWN 0.3 percent at 25,740.95Shanghai – Composite: DOWN 0.2 percent at 3,875.732Euro/dollar: UP at $1.1644 from $1.1624 on MondayPound/dollar: UP at $1.3475 from $1.3460Dollar/yen: DOWN at 147.42 yen from 147.70 yenEuro/pound: UP at 86.42 pence from 86.35 penceWest Texas Intermediate: DOWN 0.5 percent at $64.49 per barrelBrent North Sea Crude: DOWN 0.4 percent at $68.51 per barrelNew York – Dow: DOWN 0.8 percent at 45,282.47 (close)London – FTSE 100: CLOSED Monday for Summer Bank Holiday

Bolivian right-wing presidential hopeful Jorge Quiroga on Monday vowed to scrap billion-dollar lithium extraction deals struck by the outgoing government with Russia and China if elected leader.”We don’t recognize (outgoing President Luis) Arce’s contracts… Let’s stop them, they won’t be approved,” the US-educated Quiroga, who has vowed a major shake-up in Bolivia’s alliances if elected president in October, told AFP in an interview.Quiroga came second in the first round of Bolivia’s August 17 presidential election with 26.7 percent, behind center-right senator Rodrigo Paz on 32 percent.The Movement Towards Socialism (MAS), in power since 2006, suffered a historic rout, with voters punishing the party founded by iconic ex-president Evo Morales over a deep economic crisis.Quiroga and Paz now face a second-round duel for the presidency on October 19.The fate of Bolivia’s lithium deposits — among the world’s largest of the metal used in smartphone and electric vehicle batteries — is a hot topic in the campaign.The so-called Lithium Triangle, spanning parts of Bolivia, Chile and Argentina, is home to 60 percent of the world’s lithium reserves, according to the US Geological Survey.But in the case of Bolivia, nearly all of it is still trapped underground, at an altitude of 3,600 meters (12,000 feet) in the vast Salar de Uyuni salt flat, one of the country’s top tourist attractions.In 2023 and 2024 Arce’s government signed deals with Russia’s Uranium One and China’s CBC, a subsidiary of battery manufacturer CATL, to extract lithium from the salt pan.Worth a combined $2 billion, the deals were intended to help Bolivia catch up in the race to mine the mineral.But they were blocked in Congress by infighting in the ruling party. Indigenous groups meanwhile went to court to have them scrapped on environmental grounds.Quiroga claimed Uranium One and CATL were selected “behind the back” of local authorities and said he would propose a new law on mineral deposits that precluded “favoritism.”- From gas to lithium -Bolivia enjoyed over a decade of strong growth under Morales (2006-2019), who nationalized the gas sector and ploughed the proceeds into anti-poverty programs.But underinvestment in exploration caused gas revenues to implode, eroding the government’s foreign currency reserves and leading to acute shortages of imported fuel, widely-used dollars and other basics.Inflation rose to 24.8 percent year-on-year in July, its highest level since at least 2008, causing voters to desert the left in droves.Quiroga, who served briefly as president in the early 2000s, has pledged a radical overhaul of Bolivia’s big-state economic model if elected, including steep spending cuts.His challenger Paz, who has campaigned as a moderate, on Monday ruled out strict austerity measures to rescue the country from the brink of bankruptcy.”There will be a stabilization process, we’re not calling it an adjustment,” the 57-year-old senator told AFP.He nonetheless revealed he would cut $1.2 billion in annual fuel subsidies — a major drain on the public purse — and save another $1.3 billion in unspecified “superfluous spending.”Paz added that he would create tax incentives to get Bolivians to bank any dollars hidden under their mattress but would not initially seek an international bailout, as proposed by Quiroga.”People understand that we have to get our house in order first,” said Paz, whose father Jaime Paz Zamora led Bolivia from 1989 to 1993.

Stocks mostly edged downwards on Monday, after rallies in Europe and the United States fueled by comments from the US central bank chief last week where he indicated the possibility of lower interest rates.Investors were also keenly awaiting an earnings report from dominant AI chip company Nvidia due on Wednesday. The firm’s stock fell sharply last week as investors worried that enthusiasm for AI may be overcooked, which helped drag down the buoyant tech industry.But on Monday, Nvidia shares climbed 1.0 percent.”AI has been the primary driver of the market this year,” said Christopher Low of FHN Financial, adding that Nvidia stock is particularly important as investors have used it to wager on the AI industry more broadly.Separately, Federal Reserve chief Jerome Powell told central bankers at an annual conference in Wyoming last Friday that “the balance of risks appears to be shifting” in the United States.In particular, he noted that risks to employment are rising and flagged the possibility they could materialize rapidly in the form of higher layoffs.Investors interpreted his remarks as a sure signal of a rate cut at the Fed’s meeting next month, as inflation has not shown signs of soaring in the wake of President Donald Trump’s tariffs blitz.”Powell basically delivered the 25 basis points before the September meeting,” said Ipek Ozkardeskaya, an analyst at Swissquote Bank.While global markets soared initially and Asian markets kept their gains, Wall Street’s major indexes closed lower.European indices fell back after a morning flurry, with a late slump on the Paris exchange after an announcement by Prime Minister Francois Bayrou that he would seek a vote of confidence in the National Assembly in a bid to push through his budget.All eyes now turn toward a US GDP report on Thursday and a key inflation gauge coming on Friday for clues on how far interest rates might fall — or not — in the coming months.In corporate news, shares in Danish wind group Orsted plunged 16 percent after the US government halted construction at an offshore site that is 80 percent complete.It was the latest move by Trump’s administration against wind power and other renewables in favor of oil and gas.France’s Valneva tumbled 22 percent following a US suspension of its chikungunya vaccine over “serious” side-effects, raising doubts about one of the few vaccines for the virus.And stocks in sportswear manufacturer Puma leapt 15 percent after reports suggested France’s Pinault family were trying to sell their 29 percent stake in the firm.- Key figures at around 2040 GMT -New York – Dow: DOWN 0.8 percent at 45,282.47 points (close)New York – S&P 500:  DOWN 0.4 percent at 6,439.32 (close)New York – Nasdaq: DOWN 0.2 percent at 21,449.29 (close)Paris – CAC 40: DOWN 1.6 percent at 7,843.04 points (close)Frankfurt – DAX: DOWN 0.4 percent at 24,273.12 (close)London – FTSE 100: CLOSED for Summer Bank HolidayTokyo – Nikkei 225: UP 0.4 percent at 42,807.82 (close)Hong Kong – Hang Seng Index: UP 1.9 percent at 25,829.91 (close)Shanghai – Composite: UP 1.5 percent at 3,883.56 (close)Euro/dollar: DOWN at $1.1624 from $1.1722 on FridayPound/dollar: DOWN at $1.3460 from $1.3523Dollar/yen: UP at 147.70 yen from 146.94 yenEuro/pound: DOWN at 86.35 pence from 86.69 penceWest Texas Intermediate: UP 1.8 percent at $64.80 per barrelBrent North Sea Crude: UP 1.6 percent at $68.80 per barrelburs-jxb-bys/jgc