Afp Business Asia

The company behind bringing Asian e-commerce giant Shein to a landmark Parisian department store suffered another setback Thursday as Disneyland Paris abandoned plans to open a pop-up boutique.Anger has been boiling since fast-fashion giant Shein announced earlier this month that it would open its first permanent physical store in November at BHV Marais, an iconic building that has stood across from Paris City Hall since 1856.The move prompted some French brands to announce they would leave BHV Marais, and a French state-owned bank pulled out of talks with the operator of the department store to purchase the building.Disneyland Paris had been slated to open a pop-up store in BHV Marais and stage “It’s a small world” themed window displays for the holidays, but announced Thursday it was pulling out.”Conditions are no longer exist to calmly hold Christmas events,” the company told AFP, confirming information originally reported by the Parisian daily.Trade unions at BHV Marais, which have gone on strike and publicly protested against Shein’s arrival, called the decision by Disneyland Paris a “hammer blow” against the department store following the departure of numerous other retailers.”The end of the year is ruined,” said the trade unions, Shein also announced plans to open shops at Galeries Lafayette department stores in the cities of Dijon, Reims, Grenoble, Angers and Limoges, which are also operated by SGM, which manages BHV Marais.SGM previously denounced “political pressure” against it over bringing Shein into France, but declined to comment on Thursday.The office of France’s new minister for small and medium-sized businesses said Thursday that Shein’s arrival sends “a bad signal that should be avoided.”Founded in China and now based in Singapore, Shein sells a wide variety of products at ultra-competitive prices.But it has also been under global scrutiny over its business model’s impact on the environment and labour conditions at its textile factories.

Crude prices spiked more than two percent Thursday after US President Donald Trump said he would impose heavy sanctions on two Russian oil companies. Meanwhile equity markets rallied after Beijing said it would hold tariff talks with Washington from Friday, tempering trade fears over reports of potential US curbs on software exports to China.Both main oil contracts jumped more than three percent — having climbed more than two percent Wednesday — on news of the measures after Trump said Ukraine peace efforts with Russian President Vladimir Putin “don’t go anywhere”.The move was joined by another round of punishments by the European Union as part of attempts to pressure Moscow to end its three-and-a-half-year invasion of Ukraine.Trump decided on the sanctions after plans for a fresh summit with Putin in Budapest collapsed this week.”Every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere,” the US president said in response to a question from an AFP journalist in the Oval Office.But he hoped the “tremendous sanctions” on oil giants Rosneft and Lukoil would be short-lived, and that “the war will be settled”.Brent and WTI were both sitting at near two-week highs after the spikes, helped by Trump’s claims that India agreed to cut its purchases of the commodity from Russia as part of a US trade deal. New Delhi has neither confirmed nor denied any policy shift.Bloomberg on Thursday cited unnamed Indian refinery sources as saying that flows from Russian crude were expected to plunge almost to zero as a result of the US sanctions.Equity markets fortunes were not as good in the morning but bounced as the day progressed as Beijing said Chinese Vice Premier He Lifeng would hold talks with top US officials in Malaysia on October 24-27.The news helped soothe recent concerns about China-US relations, with a report Wednesday saying the White House was looking at curbing shipments of software-powered exports to China, including laptops and jet engines, owing to Beijing’s rare earths controls.Those mineral controls prompted a round of tit-for-tat exchanges between the superpowers that sparked fresh trade war worries, including Trump’s threat of 100 percent tariffs on China.The negotiations come amid expectations that Trump will meet Chinese leader Xi Jinping next week at the APEC summit in South Korea.”Everything is on the table,” US Treasury Secretary Scott Bessent replied when asked about limits on software exports to China. “If these export controls, whether it’s software, engines or other things happen, it will likely be in coordination with our G7 allies,” he added, according to Bloomberg News.The talk of software curbs “inject a degree of doubt into the collective’s consensus position that we will ultimately see a positive resolution in the US–China trade negotiations,” said Pepperstone’s Chris Weston. But he added: “The ingrained belief remains that Trump’s threat of 100 percent additional import tariffs on China is unlikely to take effect on 1 November — or, if they do, that they’ll be rolled back soon enough — and that China is unlikely to retaliate with punchy tariffs of its own.”Hong Kong rose, while Shanghai, Sydney, Singapore, Wellington, Manila and Mumbai were also up with London, Frankfurt and Paris.Tokyo, Seoul, Taipei and Jakarta all retreated.Gold climbed more than one percent at around $4,100, recovering some of the previous two days’ losses but still well down from the record high above $4,381 touched earlier in the week. – Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.4 percent at 48,641.61 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,967.98 (close)Shanghai – Composite: UP 0.2 percent at 3,922.41 (close)London – FTSE 100: UP 0.1 percent at 9,526.62 Euro/dollar: DOWN at $1.1604 from $1.1606 on WednesdayPound/dollar: DOWN at $1.3354 from $1.3356Dollar/yen: UP at 152.47 from 151.99 yenEuro/pound: DOWN at 86.88 pence from 86.90 penceWest Texas Intermediate: UP 3.3 percent at $60.44 per barrelBrent North Sea Crude: UP 3.2 percent at $64.61 per barrelNew York – Dow: DOWN 0.7 percent at 46,590.41 (close) 

Taiwan has culled dozens of pigs after detecting its first cases of African swine fever, with the agriculture ministry saying Thursday no other infections have been detected elsewhere on the island.The virus — which does not affect humans — is highly contagious and fatal for pigs, and an outbreak is potentially devastating for the pork industry, experts say.”No abnormalities have been observed (elsewhere) so far,” Deputy Agriculture Minister Tu Wen-jane told a news conference in the central city of Taichung where the infections were detected. Samples of dead pigs at a farm in Wuqi district tested positive for swine fever this month and 195 pigs were culled, the ministry said Wednesday.Taichung authorities were tracing the whereabouts of 28 pigs from the farm that were sold in markets, Lin Nien-nung, from the ministry’s Animal and Plant Health Inspection Agency, said Thursday.The ministry said a three-kilometre (nearly two-mile) “control zone” was set up to prevent the infection from spreading, while the transport and slaughter of pigs across the island is banned for five days.Taiwan has around five million pigs and the pork industry generates about NT$70 billion (US$2.3 billion) a year, official data show.President Lai Ching-te has urged the public to “not panic” and called on local governments, livestock associations and pig farmers to be “highly vigilant”.”If any abnormal deaths or suspected animal infections are found among pigs, please immediately report them to the local animal quarantine authorities,” Lai said in a Facebook post.

Crude prices spiked more than two percent Thursday after Donald Trump said he would hit two Russian oil companies with hefty sanctions, while talk that the White House was planning curbs on software exports to China added to gloom on markets.Both main oil contracts jumped almost three percent — having climbed more than two percent Tuesday — on news of the measures after the US leader said Ukraine peace efforts with counterpart Vladimir Putin “don’t go anywhere”.The move was joined by another round of punishments by the European Union as part of attempts to pressure Moscow to end its three-and-a-half-year invasion of Ukraine.Trump decided on the sanctions after plans for a fresh summit with Putin in Budapest collapsed this week.”Every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere,” the US president said in response to a question from an AFP journalist in the Oval Office.But he hoped the “tremendous sanctions” on oil giants Rosneft and Lukoil Oil would be short-lived, and that “the war will be settled”.Brent and WTI were both sitting at near two week-highs after the spikes, helped by claims by Trump that India agreed to cut its purchases of the commodity from Russia as part of a US trade deal. New Delhi has neither confirmed nor denied any policy shift.Equity markets fortunes were not as good, with most of Asia tracking losses on Wall Street amid lingering concerns that a tech-led surge to record highs this year may be reaching its end, and some observers warning of a bubble forming.Tokyo, Hong Kong, Shanghai, Sydney, Taipei, Manila and Jakarta all tumbled, though Singapore, Seoul and Wellington edged up.And gold clawed back some of the previous two days’ losses, edging up around one percent to $4,075 — but well down from the record high above $4,381 touched earlier in the week.While there is an expectation Trump will meet Chinese counterpart next week at the APEC summit in South Korea, investors were jolted slightly when he suggested that might not take place.And on Wednesday uncertainty was stoked again after a report said the administration was looking at curbing shipments of a range of software-powered exports to China, including laptops and jet engines, owing to Beijing’s rare earths controls.Those mineral controls sparked a round of tit-for-tat exchanges between the superpowers that sparked fresh trade war worries, including Trump’s threat of 100 percent tariffs on China.”Everything is on the table,” US Treasury Secretary Scott Bessent replied when asked about limits on software exports to China. “If these export controls, whether it’s software, engines or other things happen, it will likely be in coordination with our G7 allies,” he added, according to Bloomberg News.There was a feeling that the issue was unlikely to explode into a full-on crisis, though analysts retained some caution.”Headlines that the US is considering software export curbs on China have certainly done risk no favours on the day,” said Pepperstone’s Chris Weston.They “inject a degree of doubt into the collective’s consensus position that we will ultimately see a positive resolution in the US–China trade negotiations”. “The ingrained belief remains that Trump’s threat of 100 percent additional import tariffs on China is unlikely to take effect on 1 November — or, if they do, that they’ll be rolled back soon enough — and that China is unlikely to retaliate with punchy tariffs of its own.”But is the market mispricing the risk of a strong-arm response from either side—one that could contradict the conciliatory tone both US and Chinese officials have projected through the media?”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.3 percent at 48,664.74 (break)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 25,637.25Shanghai – Composite: DOWN 0.9 percent at 3,880.18Euro/dollar: DOWN at $1.1598 from $1.1606 on WednesdayPound/dollar: DOWN at $1.3339 from $1.3356Dollar/yen: UP at 152.41 from 151.99 yenEuro/pound: UP at 86.95 pence from 86.90 penceWest Texas Intermediate: UP 2.3 percent at $59.85 per barrelBrent North Sea Crude: UP 2.3 percent at $64.05 per barrelNew York – Dow: DOWN 0.7 percent at 45,590.41 (close) London – FTSE 100: UP 0.9 percent at 9,515.00 (close)

Gold prices sank further Wednesday while major stock markets mostly fell following some disappointing corporate earnings amid lingering worries over trade tensions.Major US indices fell, with the Dow retreating from a record the prior day, as lackluster results from Netflix added to angst that upcoming reports from other tech giants may also fall short.”Any time you’ve got stocks that are priced with high expectations, if you’re not meeting those expectations, then the market is going to struggle with that,” said Dave Grecsek, a partner at wealth management firm Aspirant. More broadly, the market is wondering if “we are overextended here in this artificial intelligence trade,” he added.Most European equity indices also fell following declines in leading Asian markets earlier.Further earning reports from US tech giants and other blue chips in the coming days, including from Tesla, were also keeping investors wary as they gauged the business outlook and the impacts of US President Donald Trump’s tariffs.Late Wednesday, Tesla reported a 37 percent drop in profits to $1.4 billion in results that missed analyst forecasts. The company cited a drag from tariffs and other expenses.London’s benchmark FTSE 100 index was a rare climber as the pound dropped on lower-than-expected UK inflation data that signaled another potential interest-rate cut from the Bank of England this year.Gold was once again a major focus after plunging six percent on Tuesday, a sell-off from record highs that rattled investor confidence in what is traditionally a safe-haven asset.Traders are “desperately trying to gauge whether… (Tuesday’s) historical collapse was indicative of a new period of weakness or simply a case of blowing off steam after a dramatic surge into record highs”, said Joshua Mahony, chief market analyst at Scope Markets.Gold fell a further 1.4 percent to around $4,060 an ounce Wednesday after chalking up a record peak above $4,381 on Monday.The retreat hit the share prices of gold miners, while individual companies were impacted by earnings updates.In Paris, L’Oreal shed 6.7 percent after the cosmetics giant posted third-quarter earnings that undershot analysts’ expectations, with US tariffs weighing on American sales in particular.On the upside, Barclays and UniCredit posted positive results, easing fears of a new banking crisis emerging in the United States. Analysts have also cited lingering tensions over US-China trade relations following recent back and forth between Beijing and Washington.Among individual companies, Netflix slumped more than 10 percent after the streaming giant reported earnings that missed estimates. Netflix executives told financial analysts on an earnings call that absent the hefty cost in Brazil due to a tax dispute, it would have exceeded its operating margin forecast in the quarter.- Key figures at around 2055 GMT -New York – Dow: DOWN 0.7 percent at 45,590.41 (close) New York – S&P 500: DOWN 0.5 percent at 6,699.40 (close)_New York – Nasdaq: DOWN 0.9 percent at 22,740.40 (close)London – FTSE 100: UP 0.9 percent at 9,515.00 (close)Paris – CAC 40: DOWN 0.6 percent at 8,206.87 (close)Frankfurt – DAX: DOWN 0.7 percent at 24,151.13 (close)Tokyo – Nikkei 225: FLAT at 49,307.79 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 25,781.77 (close)Shanghai – Composite: DOWN 0.1 percent at 3,913.76 (close)Euro/dollar: UP at $1.1606 from $1.1600 on TuesdayPound/dollar: DOWN at $1.3356 from $1.3371Dollar/yen: UP at 151.99 from 151.93 yenEuro/pound: UP at 86.90 pence from 86.76 penceBrent North Sea Crude: UP 2.1 percent at $62.59 per barrelWest Texas Intermediate: UP 2.2 percent at $58.50 per barrel

Germany’s Volkswagen warned Wednesday that its car production could be hit by a shortage of Nexperia semiconductors amid a deepening row between China and the Netherlands over the chipmaker.Dutch officials invoked a Cold War-era law last month to effectively take control of the Netherlands-based but Chinese-owned Nexperia, citing national security concerns, as the sector increasingly becomes a focus of geopolitical tensions. The company then said Beijing had banned it from exporting certain goods from China since early October — potentially a serious problem for carmakers as its chips are widely used in vehicles’ electronic control units.Volkswagen, Europe’s biggest carmaker, confirmed some Nexperia components are used in its vehicles but said production was “currently unaffected”. “However given the dynamic nature of the situation, an impact on production cannot be ruled out in the short term,” added the company, whose 10 brands range from Audi to Seat and Skoda, without giving further details. It said production of the VW Golf and Tiguan would be suspended on Friday as part of planned measures and would resume the following week, though it denied earlier media reports that this was linked to the chip shortage.Germany’s Bild newspaper reported that the chip shortage would lead to the suspension of production at key VW factories from next week. However, a spokesman for the company’s Zwickau plant told AFP this was “incorrect”.Talks were due to take place later Wednesday between auto industry leaders and the German economy ministry on the fallout from the chip shortages, industry sources confirmed to AFP.Hildegard Mueller, president of Germany’s VDA auto industry association, had warned Tuesday that the fallout “could lead to significant production restrictions in the near future, and possibly even to production stoppages”.”The current focus should be on finding quick and pragmatic solutions,” she said.VW’s share price tumbled over two percent in Frankfurt on Wednesday after reports emerged of the potential stoppages at its plants.Stefan Bratzel, an auto industry expert at the Center of Automotive Management in Germany, told AFP that carmakers were making “attempts to switch to other suppliers”.”But it is not easy to find other suppliers at short notice,” he said. 

Gold prices sank further Wednesday and major stock markets mostly fell on fresh economic jitters caused by China-US trade uncertainty and a batch of weak company earnings.Most European equity indices were lower and Wall Street fell slightly at the US open after declines in most Asian markets earlier.Further earning reports from US tech giants and other blue chips in the coming days, including from Tesla later Wednesday, were also keeping investors wary as they gauged the business outlook and the impacts of US President Donald Trump’s tariffs.London’s benchmark FTSE 100 index was a rare climber as the pound dropped on lower-than-expected UK inflation data that signalled another potential interest-rate cut from the Bank of England this year.Gold was once again a major focus after plunging six percent on Tuesday, a sell-off from record highs that rattled investor confidence in what is traditionally a safe-haven asset.Traders are “desperately trying to gauge whether… (Tuesday’s) historical collapse was indicative of a new period of weakness or simply a case of blowing off steam after a dramatic surge into record highs”, said Joshua Mahony, chief market analyst at Scope Markets.Gold fell a further 1.4 percent to around $4,060 an ounce Wednesday after chalking up a record peak above $4,381 on Monday.The retreat hit the share prices of gold miners, while individual companies were impacted by earnings updates.In Paris, L’Oreal shed 6.7 percent after the cosmetics giant posted third-quarter earnings that undershot analysts’ expectations, with US tariffs weighing on American sales in particular.On the upside, Barclays and UniCredit posted positive results, easing fears of a new banking crisis emerging in the United States. There were also concerns regarding US-China trade relations after Trump said a meeting with his counterpart Xi Jinping might not occur.Trump said Tuesday that he expected to seal a “good” trade deal with Xi at the APEC summit in South Korea next week, adding: “I think we’re going to have a very successful meeting. Certainly, there are a lot of people that are waiting for it.”But he then added: “Maybe it won’t happen. Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet. It’s too nasty.’ But it’s really not nasty.”Oil prices rallied on speculation that India would agree to cut its purchases of the commodity from Russia as part of a trade deal with the United States.Trump has claimed New Delhi pledged to reduce its imports from Russia, which Washington says helps finance Moscow’s war in Ukraine.Indian officials have neither confirmed nor denied any policy shift.- Key figures at around 1550 GMT -New York – Dow: DOWN 0.2 percent at 46,829.77 pointsNew York – S&P 500: DOWN 0.3 percent at 6,716.56New York – Nasdaq: DOWN 0.7 percent at 22,782.73London – FTSE 100: UP 0.9 percent at 9,515.00 (close)Paris – CAC 40: DOWN 0.6 percent at 8,206.87 (close)Frankfurt – DAX: DOWN 0.7 percent at 24,151.13 (close)Tokyo – Nikkei 225: FLAT at 49,307.79 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 25,781.77 (close)Shanghai – Composite: DOWN 0.1 percent at 3,913.76 (close)Euro/dollar: UP at $1.1611 from $1.1606 on TuesdayPound/dollar: DOWN at $1.3372 from $1.3374Dollar/yen: DOWN at 151.79 from 151.92 yenEuro/pound: UP at 86.86 pence from 86.78 penceBrent North Sea Crude: UP 2.5 percent at $62.86 per barrelWest Texas Intermediate: UP 2.7 percent at $58.81 per barrel

Gold prices sank further Wednesday and major stock markets mostly dropped on fresh economic jitters caused by China-US trade uncertainty and some weak company earnings.London’s benchmark FTSE 100 index was a rare climber as the pound dropped on better-than-expected UK inflation data that signalled another potential interest-rate cut from the Bank of England this year.But after Chinese stock indices ended lower, major eurozone equity markets were in the red in midday trading.Focus was very much on gold, with traders “desperately trying to gauge whether… (Tuesday’s) historical collapse was indicative of a new period of weakness or simply a case of blowing off steam after a dramatic surge into record highs”, said Joshua Mahony, chief market analyst at Scope Markets.Gold, seen as a safe-haven investment, tanked as much as six percent at one point Tuesday and continued to fall during Asian trading hours.The precious metal dropped to around $4,000 an ounce Wednesday after chalking up a record peak above $4,381 Monday.The retreat hit share prices of gold miners, while individual companies were impacted by earnings updates.In Paris, L’Oreal shed 6.5 percent after the cosmetics giant posted third-quarter earnings that undershot analysts expectations.   On the upside, Barclays and UniCredit posted positive results, easing fears of a new banking crisis emerging in the United States. There were also concerns regarding US-China trade relations after President Donald Trump said a meeting with his counterpart Xi Jinping might not occur.Trump said Tuesday that he expected to seal a “good” trade deal with Xi at the APEC summit in South Korea next week, adding that “I think we’re going to have a very successful meeting. Certainly, there are a lot of people that are waiting for it.”But he then added: “Maybe it won’t happen. Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet. It’s too nasty.’ But it’s really not nasty.” Oil prices rallied Wednesday on speculation that India would agree to cut its purchases of the commodity from Russia as part of a trade deal with the United States.Trump has claimed New Delhi pledged to reduce its imports from Russia, which Washington says helps finance Moscow’s war in Ukraine.Indian officials have neither confirmed nor denied any policy shift.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.9 percent at 9,511.17 pointsParis – CAC 40: DOWN 0.2 percent at 8,241.52Frankfurt – DAX: DOWN 0.1 percent at 24,320.53Tokyo – Nikkei 225: FLAT at 49,307.79 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 25,781.77 (close)Shanghai – Composite: DOWN 0.1 percent at 3,913.76 (close)New York – Dow: UP 0.5 percent at 46,924.74 (close)Euro/dollar: DOWN at $1.1587 from $1.1606 on TuesdayPound/dollar: DOWN at $1.3315 from $1.3374Dollar/yen: DOWN at 151.80 from 151.91 yenEuro/pound: UP at 87.05 pence from 86.78 penceBrent North Sea Crude: UP 1.7 percent at $62.35 per barrelWest Texas Intermediate: UP 1.8 percent at $58.24 per barrel

Gold and silver sank for a second day Wednesday, bringing a rally in the precious metals to a juddering halt, while stocks were mixed after US President Donald Trump remarked that a meeting with Chinese counterpart Xi Jinping might not take place.Bullion has seen an eye-watering run-up since the turn of the year, helping it climb more than 60 percent and hitting multiple records, with observers suggesting it could soon hit $5,000 an ounce.The rally has been built on a range of issues including a weaker dollar, expectations of interest rate cuts, falling bond yields and central bank buying.Lingering worries about the global outlook have also boosted its haven status, while a fear of missing out on the surge has equally played a part.But the buying reversed Tuesday, tanking as much as six percent at one point, and continued its retreat in Asia, hit by profit-taking, hopes for a further easing of China-US tensions and a stronger dollar.At one point Wednesday it hit a low around $4,000 — after chalking up a record peak above $4,381 in Asian trade Tuesday. Silver, which has been riding the coattails of the rally, also plunged.The retreat hit gold miners and producers. Northern Star Resources in Sydney dived more than eight percent, with Perseus Mining losing more than six percent.Hong Kong-listed Zijin Gold International shed more than four percent and Shandong Gold Mining was off nearly two percent, while Merdeka Copper Gold dived around four percent in Jakarta. “Gold’s glorious charge finally met gravity. After months of one-way conviction and relentless inflows, the metal took a six-percent cliff dive,” said Stephen Innes at SPI Asset Management.”Volatility in gold has now surpassed equities, echoing the pandemic’s manic heartbeat,” he said.However, he added that the commodity would likely still retain support among investors.”Beneath the surface, the structural demand for insurance remains.”Central banks will keep stacking reserves, investors still question the durability of fiat promises, and the monetary plumbing remains swollen with debt and distortion.”Charu Chanana of Saxo Markets added: “None of this means the precious metals story is over. In fact, these are healthy developments, helping to cool what had become an overheated trade and preventing the rallies from turning into a bubble.”The selling matched losses in equities, with most Asian markets falling following two days of strong gains.While investors were taking a breather from the latest run-up — fanned by hopes for a thawing of relations between Beijing and Washington as well as rate-cut bets — comments from Trump raised eyebrows.The US president said Tuesday he expected to seal a “good” trade deal with Xi at the APEC summit in South Korea next week, saying that “I think we’re going to have a very successful meeting. Certainly, there are a lot of people that are waiting for it”.But he then added: “Maybe it won’t happen. Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet. It’s too nasty.’ But it’s really not nasty.” Hong Kong and Shanghai dropped along with Sydney, Wellington, Taipei and Manila, though Singapore, Seoul and Jakarta rose.Tokyo ended flat, eroding early losses fuelled by profit-taking after a strong rally sparked by an end to political turmoil in Japan.London rose and sterling fell as data showing UK inflation came in below forecasts and boosted bets on the Bank of England cutting interest rates to support the stuttering economy.Paris and Frankfurt edged down.Oil prices jumped more than one percent on speculation that India will agree to cut its purchases of the commodity from Russia as part of a trade deal with the United States.Trump claims New Delhi has pledged to reduce its imports from Russia, which Washington says helps finance Moscow’s war in Ukraine.Indian officials have neither confirmed nor denied any policy shift.India is one of the world’s largest crude importers and relies on foreign suppliers for more than 85 percent of its oil needs. It began buying heavily discounted Russian crude in 2022, taking advantage of Western sanctions that limited Moscow’s export options.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: FLAT at 49,307.79 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 25,781.77 (close)Shanghai – Composite: DOWN 0.1 percent at 3,913.76 (close)London – FTSE 100: UP 0.6 percent at 9,487.01 Euro/dollar: DOWN at $1.1603 from $1.1606 on TuesdayPound/dollar: DOWN at $1.3332 from $1.3374Dollar/yen: DOWN at 151.80 from 151.91 yenEuro/pound: UP at 87.03 pence from 86.78 penceWest Texas Intermediate: UP 1.6 percent at $58.13 per barrelBrent North Sea Crude: UP 1.4 percent at $62.20 per barrelNew York – Dow: UP 0.5 percent at 46,924.74 (close)

Gold and silver tumbled for a second day Wednesday, bringing a rally in the precious metals to a juddering halt, while equities also sank after US President Donald Trump remarked that a meeting with Chinese counterpart Xi Jinping might not take place.Bullion has seen an eye watering run-up since the turn of the year, helping it climb more than 60 percent and hitting multiple records, with observers suggesting it could soon hit $5,000 an ounce.The rally has been built on a range of issues including a weaker dollar, expectations of interest rate cuts, falling bond yields and central bank buying.Lingering worries about the global outlook have also boosted its haven status, while a fear of missing out on the surge has equally played a part.But the buying reversed Tuesday, tanking as much as six percent at one point, and continued its retreat in Asia, hit by profit-taking, hopes for a further easing of China-US tensions and a stronger dollar.At one point Wednesday it hit a low of $4,000 — a day after chalking up a record peak of $4.381.51. Silver, which has been riding the coattails of the rally, also plunged.The retreat hit gold miners and producers. Northern Star Resources in Sydney dived more than eight percent, with Perseus Mining losing more than six percent.And Hong Kong-listed Zijin Gold International shed more than four percent and Shandong Gold Mining was off nearly two percent, while Merdeka Copper Gold dived around four percent in Jakarta. “Gold’s glorious charge finally met gravity. After months of one-way conviction and relentless inflows,” said Stephen Innes at SPI Asset Management. “Volatility in gold has now surpassed equities, echoing the pandemic’s manic heartbeat.”However, he added that the commodity would likely still retain support among investors.”But beneath the surface, the structural demand for insurance remains. “Central banks will keep stacking reserves, investors still question the durability of fiat promises, and the monetary plumbing remains swollen with debt and distortion.”The selling matched losses in equities, with most Asian markets falling following two days of strong gains.While investors were taking a breather from the latest run-up — fanned by hopes for a thawing of relations between Beijing and Washington as well as rate-cut bets — comments from Trump raised eyebrows. The president said Tuesday he expected to seal a “good” trade deal with Xi at the APEC summit in South Korea next week, and that “I think we’re going to have a very successful meeting. Certainly, there are a lot of people that are waiting for it”.But he then added: “Maybe it won’t happen. Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet. It’s too nasty’. But it’s really not nasty.” Hong Kong and Shanghai stocks dropped along with Sydney, Wellington, Taipei and Manila. Tokyo was also down profit-taking after a strong rally sparked by an end to political turmoil in Japan.The weak start followed a tepid day on Wall Street.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.5 percent at 49,077.56 (break)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 25,863.79 Shanghai – Composite: DOWN 0.1 percent at 3,911.40Euro/dollar: UP at $1.1608 from $1.1606 on TuesdayPound/dollar: UP at $1.3376 from $1.3374Dollar/yen: DOWN at 151.70 from 151.91 yenEuro/pound: UP at 86.79 percent from 86.78 penceWest Texas Intermediate: UP 0.5 percent at $57.50 per barrelBrent North Sea Crude: UP 0.4 percent at $61.55 per barrelNew York – Dow: UP 0.5 percent at 46,924.74 (close)London – FTSE 100: UP 0.3 percent at 9,426.99 (close)