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Chinese President Xi Jinping on Thursday inaugurated Latin America’s first Beijing-funded port in Chancay, Peru — a symbol of the Asian superpower’s growing influence on the continent as it prepares to face off with a new Donald Trump administration.The $3.5-billion complex, about 50 miles (80 kilometers) north of Lima, is meant to serve as a hub for Chinese trade as the country is under threat of major tariff hikes once Trump reenters the White House for a second term.The port was officially opened in a ceremony overseen virtually by Xi and Peruvian counterpart Dina Boluarte from Lima, where they will attend an Asia-Pacific Economic Cooperation (APEC) summit on Friday and Saturday.”China plays a major role in the growth of our economy,” Boluarte said at the event, even as a US official warned Latin American nations should be vigilant on Chinese investment.”We believe it is essential that countries across the hemisphere ensure that PRC (People’s Republic of China) economic activities respect local laws as well as safeguard human rights and environmental protections,” Brian Nichols, the top US diplomat for Latin America, said in Lima.Xi, for his part, said the port would help “promote connectivity” between South America and China.”We are witnessing… the birth of a new land-sea channel between Asia and Latin America in the new era,” Xi saidUS President Joe Biden also arrived Thursday to attend the APEC summit in Peru, which Nichols described as a “crucial ally.”- Belt and Road -Peru — one of Latin America’s fastest-growing economies over the past decade — is China’s fourth-largest Latin American trading partner, with bilateral flows of nearly $36 billion in 2023.Chancay port will also serve Chile, Colombia, Ecuador and other South American countries, allowing them to skirt ports in Mexico and the United States as they trade with Asia.Chancay is the latest addition to a vast collection of railways, highways and other infrastructure projects built under China’s massive Belt and Road Initiative to stimulate trade and boost Beijing’s political clout.Hong Kong-listed Cosco Shipping Ports, which owns 60 percent of the port, has a 30-year concession to operate the terminal and has forecast it will handle up to a million containers in its first year of operation.Cosco Shipping Ports is a subsidiary of China’s COSCO Shipping Corporation.The port’s maximum depth is 17.8 meters (58.4 feet), allowing it to handle the world’s biggest container ships.Chancay, a fishing town of some 50,000 inhabitants, was chosen for its strategic location in the heart of South America.It is now expected to become a major hub for imports of Asian electronics, textiles and other consumer goods and for the export of minerals — including lithium and copper.Xi described the complex as South America’s “first smart and green port.”Once completed, he said, it will reduce the transit between China and Peru by more than 10 days, and cut logistics costs by over 20 percent.burs-mlr/acb

US stocks slipped Thursday as investors digested comments from Federal Reserve Chair Jerome Powell, while worries over Donald Trump’s presidency clouded optimism.Bitcoin dipped below the $90,000 level after striking a record of $93,462 on Wednesday. Observers are expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.Investors were looking to a speech Thursday by Powell for indications about future interest rate cuts, but his remarks cooled expectations of a December reduction.Powell told a conference in Texas that the path of rate cuts “is not preset,” adding that “the economy is not sending any signals that we need to be in a hurry to lower rates.””The inflation data this week and the Fed Chair Powell’s comments today have pushed down the expectations of a rate cut in December,” Ventura Wealth Management chief investment officer Tom Cahill told AFP. “That’s what’s troubling the market.”US consumer inflation data released on Wednesday showed that consumer prices rose in line with forecasts.With Trump having vowed to impose across-the-board tariffs, that could boost inflation and give the Fed reason to pause cutting interest rates.”As things stand, the market is cautiously pricing in just 50 basis points of easing by mid-2025 — a marked revision from before the US election” when it expected more cuts, said City Index and FOREX.com analyst Fawad Razaqzada.Meanwhile data released on Thursday showed upticks in wholesale price inflation, which could also give the Fed reason to reevaluate the need to cut rates further.”The higher interest rates, I think, are kind of acting as a headwind of sorts for the equity market right now,” said Patrick O’Hare of Briefing.com.Wall Street’s main indices opened with modest gains, but then dipped lower.European markets fared better, with updated data confirming the eurozone recorded 0.4 percent growth in the third quarter.Tokyo, Hong Kong and Shanghai all fell on Thursday as concerns over another possible China-US trade war, and Beijing’s economic woes, weighed on Asian markets.The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.In company news, shares in Disney closed 6.2 percent up after the entertainment giant beat expectations in its latest quarterly earnings.While its net profits dipped, its earnings per share excluding exceptional items beat analyst expectations, as did a six percent increase in sales.Shares in Meta were barely dented after the EU fined it almost 800 million euros ($840 million) on Thursday for breaching antitrust rules by giving users of its Facebook social network automatic access to classified ads service Facebook Marketplace. Meta said it would appeal the decision.Shares in struggling British fashion house Burberry rose around 20 percent on London’s FTSE 250 as the group announced cost-cutting plans after posting a loss. – Key figures around 2140 GMT -New York – Dow: DOWN 0.5 percent at 43,750.86 points (close)New York – S&P 500: DOWN 0.6 percent at 5,949.17 (close)New York – Nasdaq Composite: DOWN 0.6 percent at 19,107.65 (close)London – FTSE 100: UP 0.5 percent at 8,071 (close)Paris – CAC 40: UP 1.3 percent at 7,311.80 (close)Frankfurt – DAX: UP 1.4 percent at 19,263.70 (close)Tokyo – Nikkei 225: DOWN 0.5 percent at 38,535.70 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 19,435.81 (close)Shanghai – Composite: DOWN 1.7 percent at 3,379.84 (close)Dollar/yen: UP at 156.28 yen from 155.51 yen on WednesdayEuro/dollar: DOWN at $1.0524 from $1.0564Pound/dollar: DOWN at $1.2662 from $1.2710Euro/pound: FLAT at 83.11 pence from 83.11 penceWest Texas Intermediate: UP 0.4 percent at $68.70 per barrelBrent North Sea Crude: UP 0.4 percent at $72.56 per barrelburs-rl/giv/bys/des

Chinese President Xi Jinping arrived in Peru Thursday for an Asia-Pacific summit where he will meet US counterpart Joe Biden under the shadow of a looming trade war with the incoming administration of Donald Trump.Xi arrived at an air base outside the capital Lima hours before the expected touchdown of Biden on the eve of a two-day heads-of-state meeting of the Asia-Pacific Economic Cooperation (APEC) grouping.Biden and Xi are due to hold a bilateral Saturday, in what a US administration official said will likely be the last meeting between the sitting leaders of the world’s largest economies before Biden hands the reins back to Trump.APEC, created in 1989 with the goal of regional trade liberalization, brings together 21 economies that jointly represent about 60 percent of world GDP and over 40 percent of global commerce.On Thursday, APEC ministers, including US Secretary of State Antony Blinken, held their own meeting behind closed doors in Lima to set the tone for the two-day summit to follow.The APEC program was to focus on trade and investment for what proponents dubbed inclusive growth.But uncertainty over Trump’s next moves following his November 5 election victory now clouds the agenda — as it does for the COP29 climate talks underway in Azerbaijan, and a G20 summit in Rio de Janeiro next week.With the US president-elect having signaled a confrontational approach to Beijing for his second term in the White House, Saturday’s face-to-face between Xi and Biden will be a closely-watched affair.- ‘America First’ -The summit will also be attended by Japan, South Korea, Canada, Australia and Indonesia, among others.President Vladimir Putin of APEC member Russia will not attend.Trump’s “America First” agenda is characterized by protectionist stances on global commerce, fossil fuel extraction and foreign conflicts.It threatens alliances Biden had built on issues ranging from the wars in Ukraine and the Middle East to climate change and trade.The Republican president-elect has threatened tariffs of up to 60 percent on imports of Chinese goods to even out what he says is an imbalance in bilateral trade.China is grappling with a prolonged housing crisis and sluggish consumption that can only be made worse by a new trade war with Washington.But economists say punitive levies will also harm the American economy and affect trade with its neighbors and with Europe.- ‘Criminals and drugs’ -China is an ally of Western pariahs Russia and North Korea, and is building up its own military capacity while ramping up pressure on Taiwan, which it claims as part of its territory.It is also expanding its reach into Latin America through infrastructure and other projects under its Belt and Road Initiative.Xi will on Thursday inaugurate South America’s first Chinese-funded port, in Chancay, north of Lima.Xi, in an article penned for the official El Peruano newspaper, said Beijing was ready to work with Lima towards “true multilateralism” and “a universally beneficial and inclusive economic globalization.”Biden, meanwhile, will on Friday meet Japanese Prime Minister Shigeru Ishiba and South Korean President Yoon Suk Yeol — key US allies in Asia.Before leaving Tokyo for the summit, Ishiba said the talks would seek to “confirm and enhance” trilateral cooperation.As for China, “there are issues between the two countries. But there are also issues that we must work together on. I would like to have a frank exchange of opinions on these issues,” said Ishiba.China isn’t the only country in Trump’s economic crosshairs.The incoming US leader has threatened tariffs of 25 percent or more on goods coming from Mexico — another APEC member — unless it stops an “onslaught of criminals and drugs” crossing the border.Peru has deployed more than 13,000 members of the armed forces to keep the peace in Lima as transport workers and shop owners protested against crime and perceived government neglect.Several dozen demonstrators gathered near the summit venue Thursday.

US stocks wobbled on Thursday as investors waited for more clues about future interest rate cuts and worries over Donald Trump’s presidency clouded optimism.Bitcoin dipped below $90,000 level after striking a record of $93,462 on Wednesday. Observers are expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.Investors were looking to a speech later Thursday by US Federal Reserve Chairman Jerome Powell for indications about future interest rate cuts.”Powell will likely face questions about the latest inflation data and the potential effects of protectionist policies under Trump, on the central’s monetary policy in 2025,” said City Index and FOREX.com analyst Fawad Razaqzada.”If Powell refrains from directly linking these factors to Fed policy, it might dampen market worries (and) reduce rate hike expectations,” he added.US consumer inflation data released on Wednesday showed that consumer prices rose in line with forecasts, cementing expectations that the Federal Reserve will cut interest rates again next month.But with Trump having vowed to impose across-the-board tariffs that could boost inflation and give the Fed reason to pause cutting interest rates.”As things stand, the market is cautiously pricing in just 50 basis points of easing by mid-2025 — a marked revision from before the US election” when it expected more cuts, added Razaqzada.”The market, though, has a tendency of making its own mind up, and any dovish Powell remarks might fall on deaf ears.”Meanwhile data released on Thursday showed upticks in wholesale price inflation, which could also give the Fed reason to reevaluate the need to cut rates further.”The higher interest rates, I think, are kind of acting as a headwind of sorts for the equity market right now,” said Patrick O’Hare of Briefing.com.Wall Street’s main indices opened with modest gains, but then dipped lower and subsequently bobbed around.European markets fared better, with updated data confirming the eurozone recorded 0.4 percent growth in the third quarter.Tokyo, Hong Kong and Shanghai all fell on Thursday as concerns over another possible China-US trade war, and Beijing’s economic woes, weighed on Asian markets.The dollar advanced against its peers on the prospect that Trump’s policies will keep the Fed from cutting interest rates as much as initially expected, but then turned lower against the euro and the pound.The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.In company news, shares in Disney jumped more than 11 percent before paring gains after the entertainment giant beat expectations in its latest quarterly earnings.While its net profits dipped, its earnings per share excluding exceptional items beat analyst expectations, as did a six percent increase in sales.Shares in Meta were barely dented after the EU fined it almost 800 million euros ($840 million) on Thursday for breaching antitrust rules by giving users of its Facebook social network automatic access to classified ads service Facebook Marketplace. Meta said it would appeal the decision.Shares in struggling British fashion house Burberry rose around 20 percent on London’s FTSE 250 as the group announced cost-cutting plans after posting a loss. – Key figures around 1630 GMT -New York – Dow: FLAT at 43,954.02 pointsNew York – S&P 500: DOWN 0.1 percent at 5,979.15 New York – Nasdaq Composite: DOWN 0.2 percent at 19,200.47London – FTSE 100: UP 0.5 percent at 8,071 (close)Paris – CAC 40: UP 1.3 percent at 7,311.80 (close)Frankfurt – DAX: UP 1.4 percent at 19,263.70 (close)Tokyo – Nikkei 225: DOWN 0.5 percent at 38,535.70 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 19,435.81 (close)Shanghai – Composite: DOWN 1.7 percent at 3,379.84 (close)Dollar/yen: UP at 155.79 yen from 155.51 yen on WednesdayEuro/dollar: UP at $1.0578 from $1.0564Pound/dollar: UP at $1.2713 from $1.2710Euro/pound: UP at 83.21 pence from 83.11 penceWest Texas Intermediate: UP 0.5 percent at $68.77 per barrelBrent North Sea Crude: UP 0.5 percent at $72.64 per barrelburs-rl/giv

US President Joe Biden and his Chinese counterpart Xi Jinping arrive Thursday in Lima for an Asia-Pacific summit overshadowed by the prospect of a world embroiled in trade wars under Donald Trump.Biden and Xi are due to hold a bilateral in Peru Saturday — the second and final day of a heads-of-state meeting of the Asia-Pacific Economic Cooperation (APEC) grouping.APEC, created in 1989 with the goal of regional trade liberalization, brings together 21 economies that jointly represent about 60 percent of world GDP and over 40 percent of global commerce.On Thursday, APEC ministers, including US Secretary of State Antony Blinken, held their own meeting behind closed doors in Lima to set the tone for the two-day summit to follow.The APEC program was to focus on trade and investment for what proponents dubbed inclusive growth.But uncertainty over Trump’s next moves following his November 5 election victory now clouds the agenda — as it does for the COP29 climate talks under way in Azerbaijan, and a G20 summit in Rio de Janeiro next week.With the US president-elect having signaled a confrontational approach to Beijing for his second term in the White House, Saturday’s face-to-face between Xi and Biden will be a closely-watched affair.It will likely be the last meeting between the sitting leaders of the world’s largest economies before Biden hands the reins back to Trump, a US administration official said.Biden and Xi will “take stock of efforts to responsibly manage competition,” said the official.- ‘America First’ -The summit will also bring together leaders and senior officials from Japan, South Korea, Canada, Australia and Indonesia, among others.President Vladimir Putin of APEC member Russia will not attend.Trump’s “America First” agenda, with protectionist stances on global commerce, fossil fuel extraction and foreign conflicts, is threatening alliances Biden had built on issues ranging from the wars in Ukraine and the Middle East to climate change and trade.The Republican president-elect has threatened tariffs of up to 60 percent on imports of Chinese goods in an attempt to balance bilateral trade.China is grappling with a prolonged housing crisis and sluggish consumption that can only be made worse by a new trade war.But economists say punitive levies will likely also harm the American economy and affect trade with its neighbors and with Europe.- ‘Criminals and drugs’ -China is an ally of Western pariahs Russia and North Korea, and is building up its own military capacity while ramping up pressure on Taiwan, which it claims as part of its territory.It is also expanding its reach into Latin America through infrastructure and other projects under its Belt and Road Initiative.Xi will on Thursday inaugurate South America’s first Chinese-funded port, in Chancay, north of Lima.Xi, in an article published in El Peruano newspaper, said China was ready to work with Peru to “practice true multilateralism, promoting an egalitarian and orderly multipolar world and a universally beneficial and inclusive economic globalization.”Biden, meanwhile, will on Friday meet Japanese Prime Minister Shigeru Ishiba and South Korean President Yoon Suk Yeol — key US allies in Asia.Before leaving Tokyo for the summit, Ishiba said the talks would seek to “confirm and enhance” trilateral cooperation.He told reporters efforts were being made to secure a meeting with Xi.”There are issues between the two countries. But there are also issues that we must work together on. I would like to have a frank exchange of opinions on these issues,” said Ishiba.About meeting Trump, “nothing concrete has been decided,” the prime minister added.China isn’t the only country in Trump’s economic crosshairs.The incoming US leader has threatened tariffs of 25 percent or more on goods coming from Mexico — another APEC member — unless it stops what he called an “onslaught of criminals and drugs” crossing the border.

US and European stocks rose on Thursday as investors waited for more clues about future interest rate cuts, while worries over Donald Trump’s presidency clouded optimism.Bitcoin was trading above the $90,000 level but below Wednesday’s record of $93,462. Observers are expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.Investors were looking forward to a speech by US Federal Reserve Chairman Jerome Powell for indications about future interest rate cuts.”Powell will likely face questions about the latest inflation data and the potential effects of protectionist policies under Trump, on the central’s monetary policy in 2025,” said City Index and FOREX.com analyst Fawad Razaqzada.US consumer inflation data released on Wednesday showed that consumer prices rose in line with forecasts, cementing expectations that the Federal Reserve will cut interest rates again next month.But with Trump having vowed to impose across-the-board tariffs that could boost inflation and give the Fed reason to pause cutting interest rates.”As things stand, the market is cautiously pricing in just 50 basis points of easing by mid-2025 –- a marked revision from before the US election” when it expected more cuts, added Razaqzada.”The market, though, has a tendency of making its own mind up, and any dovish Powell remarks might fall on deaf ears.”Meanwhile data released on Thursday showed upticks in wholesale price inflation, which could also give the Fed reason to reevaluate the need to cut rates further.Wall Street’s main indices opened with modest gains.European markets fared better, with updated data confirming the eurozone recorded 0.4 percent growth in the third quarter.Tokyo, Hong Kong and Shanghai all fell on Thursday as concerns over another possible China-US trade war, and Beijing’s economic woes, weighed on Asian markets.The dollar built on advances against its peers on the prospect that Trump’s policies will keep the Fed from cutting interest rates as much as initially expected.The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.The dollar was also at a more than one-year high against the euro.In company news, shares in Disney jumped more than 11 percent after the entertainment giant beat expectations in its latest quarterly earnings.While its net profits dipped, its earnings per share excluding exceptional items beat analyst expectations, as did a six percent increase in sales.Shares in Meta fell 0.7 percent after the EU fined it almost 800 million euros ($840 million) on Thursday for breaching antitrust rules by giving users of its Facebook social network automatic access to classified ads service Facebook Marketplace.Shares in struggling British fashion house Burberry rose around 19 percent on London’s FTSE 250 as the group announced cost-cutting plans after posting a loss. Chinese tech giant Tencent rose more than one percent after an upbeat earnings announcement in which it saw forecast-beating profits in the third quarter.It also said it saw signs of a recovery in the world’s number two economy.Chinese e-commerce giant JD.com also announced a pickup in third-quarter revenue, in a positive sign for the firm as it grapples with lacklustre consumer spending. The firm’s latest results — as well as rival Alibaba’s expected third-quarter filing on Friday — are being closely scrutinised by analysts and investors for signs that recent measures taken by the Chinese government to boost activity are having an impact.- Key figures around 1430 GMT -New York – Dow: UP 0.2 percent at 44,042.31New York – S&P 500: UP 0.1 percent at 5,992.15 New York – Nasdaq Composite: UP 0.2 percent at 19,259.37London – FTSE 100: UP 0.6 percent at 8,080.37Paris – CAC 40: UP 1.4 percent at 7,315.80Frankfurt – DAX: UP 1.5 percent at 19,294.96Tokyo – Nikkei 225: DOWN 0.5 percent at 38,535.70 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 19,435.81 (close)Shanghai – Composite: DOWN 1.7 percent at 3,379.84 (close)Dollar/yen: UP at 155.68 yen from 155.51 yen on WednesdayEuro/dollar: DOWN at $1.0554 from $1.0564Pound/dollar: DOWN at $1.2690 from $1.2710Euro/pound: UP at 83.17 pence from 83.11 penceWest Texas Intermediate: UP 1.3 percent at $69.35 per barrelBrent North Sea Crude: UP 1.3 percent at $73.19 per barrelburs-rl/yad

Stock markets diverged on Thursday as investors digested US inflation data that supported the case for another interest rate cut next month, while worries over Donald Trump’s presidency clouded optimism.Bitcoin was trading above the $90,000 level but below Wednesday’s record of $93,462. Observers are expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.US inflation data showed that consumer prices rose in line with forecasts, cementing expectations that the Federal Reserve will cut interest rates again next month. “Inflation is moving sideways on a year-on-year basis, but there is nothing in (the) report that would alarm the Fed,” said Bank of America Global Research in a report.”A 25-basis-point cut in December firmly remains our base case.”Still, there are worries about the impact of Trump’s plans to slash taxes, ease regulations and impose huge tariffs on imports — particularly from China — which observers say could reignite inflation.Some players are now scaling back their bets on how many cuts the Fed will make in 2025 in response to that.Tokyo, Hong Kong and Shanghai all fell on Thursday as concerns over another possible China-US trade war, and Beijing’s economic woes, weighed on Asian markets.European markets fared better, ahead of data on the health of the Eurozone’s economy due later in the day and data on the UK economy due on Friday.Shares in struggling British fashion house Burberry rose around 15 percent on London’s FTSE 250 as the group announced cost-cutting plans after posting a loss. The dollar built on advances against its peers on the prospect that Trump’s policies will keep the Fed from cutting interest rates as much as initially expected.The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.The dollar was also at a more than one-year high against the euro.In company news, Chinese tech giant Tencent rose more than one percent after an upbeat earnings announcement in which it saw forecast-beating profits in the third quarter.It also said it saw signs of a recovery in the world’s number two economy.Chinese e-commerce giant JD.com also announced a pickup in third-quarter revenue, in a positive sign for the firm as it grapples with lacklustre consumer spending. The firm’s latest results — as well as rival Alibaba’s expected third-quarter filing on Friday — are being closely scrutinised by analysts and investors for signs that recent measures taken by the Chinese government to boost activity are having an impact.- Key figures around 1100 GMT -London – FTSE 100: UP 0.3 percent at 8,052.13Paris – CAC 40: UP 0.9 percent at 7,284.77Frankfurt – DAX: UP 1.2 percent at 19,220.72Tokyo – Nikkei 225: DOWN 0.5 percent at 38,535.70 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 19,435.81 (close)Shanghai – Composite: DOWN 1.7 percent at 3,379.84 (close)New York – Dow: UP 0.1 percent at 43,958.19 (close) Dollar/yen: UP at 155.71 yen from 155.51 yen on WednesdayEuro/dollar: DOWN at $1.0508 from $1.0564Pound/dollar: DOWN at $1.2636 from $1.2710Euro/pound: UP at 83.19 pence from 83.11 penceWest Texas Intermediate: UP 0.4 percent at $68.70 per barrelBrent North Sea Crude: DOWN 0.4 percent at $72.55 per barrel

Markets mostly fell Thursday as investors digested US inflation data that supported the case for another interest rate cut next month, while worries over Donald Trump’s next administration continued to cloud optimism.Bitcoin eased just below the $90,000 level it broke for the first time Wednesday when it hit a record $93,462, with observers expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.After a tough first half of the week for Asian investors, many are trying to get back into the game via bargain-buying, but concerns over another possible China-US trade war, and Beijing’s economic woes, are weighing on confidence.Wall Street provided a tepid lead after news that US consumer prices had picked up pace last month from September, which was in line with forecasts but highlighted the slow progress in bringing inflation under control.The figure lifted hopes that the Federal Reserve will cut rates again next month.”This is a business-as-usual print for the Fed. Inflation is moving sideways on a year-on-year basis, but there is nothing in (the) report that would alarm the Fed,” said Bank of America Global Research in a report.”A 25-basis-point cut in December firmly remains our base case.”Still, officials at the US central bank trod a careful road.Minneapolis Fed boss Neel Kashkari said: “Right now, I think that inflation is headed in the right direction. I’ve got confidence about that, but we need to wait.””We’ve got another month or six weeks of data to analyse before we make any decisions,” he said in an interview with Bloomberg Television.His Dallas counterpart Lorie Logan added that she saw more reductions to borrowing costs but that the neutral level — one which supports growth but keeps inflation in check — was uncertain.”I think it behooves us to proceed cautiously at this point,” she said.Still, there are worries about the impact of Trump’s plans to slash taxes, ease regulations and impose huge tariffs on imports — particularly from China — which observers say could reignite inflation.Some players are now scaling back their bets on how many cuts the Fed will make in 2025 in response to that.After Wall Street’s flat day, Asia struggled.Tokyo, Hong Kong, Shanghai, Mumbai, Taipei, Manila, Bangkok and Jakarta all fell, though Sydney, Seoul, Singapore and Wellington eked out gains.London opened lower, though Paris and Frankfurt edged up.The dollar built on advances against its peers on the prospect that Trump’s policies will keep the Fed from cutting as much as initially expected.The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.The dollar was also at a more than one-year high against the euro.In company news, Chinese tech giant Tencent rose more than one percent after an upbeat earnings announcement in which it saw forecast-beating profits in the third quarter.It also said it saw signs of a recovery in the world’s number two economy.The results are expected to be followed this week by fellow tech titans JD.com and Alibaba, which will be pored over for signs of an improvement in Chinese domestic consumption.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.5 percent at 38,535.70 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 19,435.81 (close)Shanghai – Composite: DOWN 1.7 percent at 3,379.84 (close)London – FTSE 100: DOWN 0.1 percent at 8,024.02Dollar/yen: UP at 155.71 yen from 155.51 yen on WednesdayEuro/dollar: DOWN at $1.0555 from $1.0564Pound/dollar: DOWN at $1.2694 from $1.2710Euro/pound: UP at 83.15 pence from 83.11 penceWest Texas Intermediate: DOWN 0.5 percent at $68.06 per barrelBrent North Sea Crude: DOWN 0.5 percent at $71.92 per barrelNew York – Dow: UP 0.1 percent at 43,958.19 (close) 

Asian markets diverged Thursday as investors digested US inflation data that supported the case for another interest rate cut next month but worries over the next Trump administration continued to cloud optimism.Bitcoin sat just above the $90,000 level it broke for the first time Wednesday when it hit a record $93,462, with observers expecting it to soon top $100,000 following pro-crypto pledges from the president-elect.After a tough first half of the week for Asian investors, many are trying to get back into the game via bargain-buying, but concerns over another possible China-US trade war, and Beijing’s economic woes are weighing on confidence.Wall Street provided a tepid lead after news that US consumer prices had picked up pace last month from September, which was in line with forecasts but highlighted the slow progress in bringing inflation under control.The figure lifted hopes that the Federal Reserve will cut rates again next month, though officials at the bank trod a careful road.Minneapolis Fed boss Neel Kashkari said: “Right now, I think that inflation is headed in the right direction. I’ve got confidence about that, but we need to wait.””We’ve got another month or six weeks of data to analyse before we make any decisions,” he said in an interview with Bloomberg Television.His Dallas counterpart Lorie Logan added that she saw more reductions to borrowing costs but that the neutral level — one which supports growth but keeps inflation in check — was uncertain.”I think it behooves us to proceed cautiously at this point,” she said.Still, there are worries about the impact of Donald Trump’s plans to slash taxes, ease regulations and impose huge tariffs on imports — particularly from China — which observers say could reignite inflation.Some players are now scaling back their bets on how many cuts the Fed will make in 2025 in response to that.After Wall Street’s flat day, Asia fluctuated.Hong Kong, Shanghai, Singapore, Taipei, Manila and Jakarta all fell in the morning, though Tokyo, Sydney, Seoul and Wellington eked out gains.The dollar extended gains against its peers on the prospect that Trump’s policies will keep the Fed from cutting as much as initially expected.The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities, who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.The greenback was also at a more than one-year high against the euro.In company news, Chinese tech giant Tencent rose more than one percent after an upbeat earnings announcement in which it saw forecast-beating profits in the third quarter.It also said it saw signs of a recovery in the world’s number two economy.The results are expected to be followed this week by fellow tech titans JD.com and Alibaba, which will be pored over for signs of an improvement in Chinese domestic consumption.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 38,761.02 (break)Hong Kong – Hang Seng Index: DOWN 0.7 percent at 19,689.46Shanghai – Composite: DOWN 0.2 percent at 3,432.82Dollar/yen: UP at 155.88 yen from 155.51 yen on WednesdayEuro/dollar: DOWN at $1.0555 from $1.0564Pound/dollar: DOWN at $1.2693 from $1.2710Euro/pound: UP at 83.16 pence from 83.11 penceWest Texas Intermediate: DOWN 0.3 percent at $68.23 per barrelBrent North Sea Crude: DOWN 0.2 percent at $72.15 per barrelNew York – Dow: UP 0.1 percent at 43,958.19 points (close) London – FTSE 100: UP 0.1 percent at 8,030.33 (close)

Global equities stalled Wednesday while bitcoin hit a fresh high as traders digested a small rise in inflation and mulled what Donald Trump’s presidency might mean for global trade and the adoption of cryptocurrency.US stocks were little changed on Wednesday, as traders digested data pointing to a small increase in the Consumer Price Index (CPI) measure of inflation last month.”The drivers in large part are the fact that the CPI came in very much in line with expectations, and some buzz in the markets yesterday,” B. Riley Wealth Management chief market strategist Art Hogan told AFP. “So that coming in line was very much a positive,” he added.Despite inflation matching expectations, there are lingering concerns that Trump’s stated plans for sweeping tariffs could prove to be inflationary, forcing the US Federal Reserve to cut interest rates by less than they otherwise would. “If prices are already looking unruly, expectations will rise for Trump’s threats to be watered down,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. For Srijan Katyal, global head of strategy and trading services at ADSS brokerage, “this (inflation data) reading has slightly disrupted the disinflationary pattern we have seen in the last few months but continues to remain stable around the targeted level.”Yet, given Trump’s election victory, “inflation worries could return to markets,” he said.- Bitcoin hits fresh record -As inflation edged up, bitcoin, the world’s best-known cryptocurrency, soared to an all-time peak above $93,400 before easing back slightly.Trump has notably pledged to ease regulation around digital tokens.With main European indices hardly budging — Frankfurt and Paris lost a bit of ground and London closed barely ahead — FOREX.com analyst Fawad Razaqzada suggested that “this week’s US inflation data may impact Wall Street but will likely have limited implications for European indices.”But, he added, “one factor that is certainly weighing on sentiment on this side of the pond is political uncertainty in Germany,” which faces elections in February.Asian markets had mostly ended lower as Trump named known China hawks to key cabinet positions, fuelling concerns about another debilitating trade war between the economic superpowers.- Key figures around 2130 GMT -New York – Dow: UP 0.1 percent at 43,958.19 points (close) New York – S&P 500: UP less than 0.1 percent at 5,985.38 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 19,230.74 (close)London – FTSE 100: UP 0.1 percent at 8,030.33 (close)Paris – CAC 40: DOWN 0.1 percent at 7,216.83 (close)Frankfurt – DAX: DOWN 0.2 percent at 19,003.11 (close)Tokyo – Nikkei 225: DOWN 1.7 percent at 38,721.66 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 19,823.45 (close)Shanghai – Composite: UP 0.5 percent at 3,439.28 (close)Dollar/yen: UP at 155.51 yen from 154.59 yen on TuesdayEuro/dollar: DOWN at $1.0564 from $1.0625Pound/dollar: DOWN at $1.2710 from $1.2748Euro/pound: DOWN at 83.11 pence from 83.34 penceBrent North Sea Crude: UP 0.5 percent at $72.28 per barrelWest Texas Intermediate: UP 0.5 percent at $68.43 per barrel