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Major global stock markets mostly suffered another difficult day Friday, with heightened concerns over the potential fallout from US President Donald Trump’s tariff agenda blunting confidence.Gold held firm after hitting a new record Thursday. Oil prices picked up slightly amid simmering tensions in the crude-heavy Middle East, where Israel threatened to annex part of the Gaza Strip and Sudan’s army retook control of the presidential palace.US stocks slumped on opening but eked out gains by day-end with all three major indexes closing higher after fluctuations.Angelo Kourkafas of Edward Jones noted that there is “some hesitation” given the trade uncertainties ahead of Trump’s expected April 2 announcement on “reciprocal tariffs.”But Trump told reporters Friday that “there’ll be flexibility” in his plans.At the close of trading, major European indices likewise had been through a tough day following some heavy falls in Asia.London, Frankfurt and Paris all closed lower.”Overall, stocks are sliding because of a lack of confidence,” said Kathleen Brooks, research director at XTB trading group.”There is a confidence deficit around the world, which has been triggered by the unorthodox economic policies of Donald Trump.”One of the worst-hit markets was the Istanbul stock exchange which lost 7.8 percent two days after an 8.7 percent hit provoked by street protests that erupted after the arrest of Istanbul mayor Ekrem Imamoglu — President Recep Tayyip Erdogan’s main political opponent.Stock markets across the globe had already retreated on Thursday after the Federal Reserve painted a gloomier picture for the US economy in the near future, even if Fed boss Jerome Powell played down the impact of tariffs.”While all the attention is on tariffs, another major negative supply shock is hitting the US economy: slowing immigration,” said Holger Schmieding, chief economist at Berenberg Bank.”The US labour market depends heavily on immigrants, who have accounted for almost the entire rise in the labour force since the pandemic.”The Bank of England and Bank of Japan this week have warned about economic uncertainty fueled by Trump.Shares in Hong Kong sank for a second day running after a blistering start to the year.Chinese electric vehicle maker BYD dived more than eight percent following a report that the European Commission was conducting a foreign subsidy investigation into its plant in Hungary.British Airways-owner IAG retreated 2.8 percent after the airline warned that the temporary closure of Heathrow airport, its main hub, would significantly affect operations.Europe’s busiest airport shut down early Friday after a fire at a nearby substation supplying power to the sprawling facility west of London.Nike slid 5.5 percent on Friday after the athletic footwear and apparel giant reported lower quarterly revenue.Unease about the outlook continues to push gold prices higher as investors seek a safe haven from the volatility.”While much ink has been spilled linking the latest leg-up in the price over the last month to the US growth scare, it is notable that gold has historically had a mixed record around US recessions,” said Kieran Tompkins, senior climate and commodities economist at Capital Economics.- Key figures around 2020 GMT -New York – Dow: UP 0.1 percent at 41,985.35 points (close)New York – S&P: UP 0.1 percent 5,667.56 (close)New York – Nasdaq: UP 0.5 percent at 17,784.05 (close)London – FTSE 100: DOWN 0.6 percent at 8,646.79 points (close)Paris – CAC 40: DOWN 0.6 percent at 8,042.95 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,891.68 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 37,677.06 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 23,689.72 (close)Shanghai – Composite: DOWN 1.3 percent at 3,364.83 (close)Euro/dollar: DOWN at $1.0815 from $1.0856 on ThursdayPound/dollar: DOWN at $1.2918 from $1.2967Dollar/yen: UP at 149.36 yen from 148.76 yenEuro/pound: FLAT at 83.72 pence from 83.72 penceWest Texas Intermediate: UP 0.3 percent at $68.28 per barrelBrent North Sea Crude: UP 0.2 percent at $72.16 per barrel

Jaguar’s ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury… at a steep price.The low-slung, muscular-looking concept car presented to European reporters on Friday prefigures a production model expected mid-2026 at a base cost of 150,000 euros ($160,000).That’s double what the current line-up of Jags cost, positioning it more in Porsche territory.But the prestigious British brand — owned since 2008 by Indian automobile giant Tata Motors — has embarked on a campaign to remake itself as a ride for a far younger clientele than the one traditionally associated with it. Especially as the market goes increasingly electric.Late last year, the company raised eyebrows by releasing unveiling a new logo with curved lettering, and an ad featuring a colourful, multicultural cast of models — but no cars.The Type 00 prototype is equally as colourful: the electric blue version shown off looked like it had come from the set of a “Tron” movie. Jaguar says the philosophy behind its newest offering is “exuberant modernism”. Jaguar’s managing director, Rawdon Glover, on hand to sit behind the prototype’s wheel, called it “a very clear manifestation of all of the future Jaguars that will come”.The target market, Glover said, was “maybe between 35 and 50” and with “definitely an interest in design and interest in technology”.Jaguar has an uphill challenge, however. According to the European Automobile Manufacturers’ Association (ACEA), Jaguar in January this year represented only around 1.2 percent of the European market for all cars sold.The company sold 78,000 vehicles in Europe between April 2023 and end of March 2024, according to its 2024 annual report.In the growing electric-car segment, vehicles from Tesla, Volvo, Volkswagen dominate, and many European buyers are balking at higher price tags as economic uncertainty looms.But Jaguar hopes the Type 00 tech will prove attractive, with a promised range of 700 kilometres (430 miles) between charges, and models offering up to 1,000 horsepower.The manufacturer, however, did not give details about the heavy batteries the cars would be fitted with.Other luxury car-makers are slowing their transition towards all-electric vehicles, given the muted response from their customers.Aston Martin, Bentley, Maserati and other brands have put off their plans, and Jaguar’s stable-mate Range Rover has delayed production of its electric SUV.

Major global stock markets suffered another difficult day Friday, with heightened concerns over the potential fallout from US President Donald Trump’s tariff agenda blunting confidence.Gold held firm after hitting a new record Thursday. Oil prices picked up slightly amid simmering tensions in the crude-heavy Middle East, where Israel threatened to annex part of the Gaza Strip and Sudan’s army retook control of the presidential palace.US stocks slumped on opening but mitigated those losses by the early afternoon with the NASDAQ falling 0.1 percent, the Dow dropping by 0.2 percent and the S&P losing 0.3 percent.At the close of trading, major European indices likewise had been through a tough day following some heavy falls in Asia.London and Frankfurt lost 0.5 percent with Paris faring slightly worse.”Overall, stocks are sliding because of a lack of confidence,” said Kathleen Brooks, research director at XTB trading group.”There is a confidence deficit around the world, which has been triggered by the unorthodox economic policies of Donald Trump.”One of the worst-hit markets was the Istanbul stock exchange which lost 7.8 percent two days after an 8.7 percent hit provoked by street protests that erupted after the arrest of Istanbul mayor Ekrem Imamoglu — President Recep Tayyip Erdogan’s main political opponent.Stock markets across the globe had already retreated on Thursday after the Federal Reserve painted a gloomier picture for the US economy in the near future, even if Federal Reserve boss Jerome Powell played down the impact of tariffs.”While all the attention is on tariffs, another major negative supply shock is hitting the US economy: slowing immigration,” said Holger Schmieding, chief economist at Berenberg Bank.”The US labour market depends heavily on immigrants, who have accounted for almost the entire rise in the labour force since the pandemic.”The Bank of England and Bank of Japan this week have warned about economic uncertainty fuelled by Trump.Shares in Hong Kong sank for a second day running after a blistering start to the year.Chinese electric vehicle maker BYD dived more than eight percent following a report that the European Commission was conducting a foreign subsidy investigation into its plant in Hungary.British Airways-owner IAG retreated 2.8 percent after the airline warned that the temporary closure of Heathrow airport, its main hub, would significantly affect operations.Europe’s busiest airport shut down early on Friday after a fire at a nearby substation supplying power to the sprawling facility west of London. “This will clearly have a significant impact on our operation and our customers and we’re working as quickly as possible to update them on their travel options for the next 24 hours and beyond,” British Airways said in a statement.Nike slid 5.3 percent on Friday after the athletic footwear and apparel giant reported falling quarterly revenue.Unease about the outlook continues to push gold prices higher as investors seek a safe haven from the volatility. The precious metal was sitting just below the record $3,057.49 per ounce (28.35 grammes) touched on Thursday.”While much ink has been spilled linking the latest leg-up in the price over the last month to the US growth scare, it is notable that gold has historically had a mixed record around US recessions,” said Kieran Tompkins, senior climate and commodities economist at Capital Economics.- Key figures around 1630 GMT -New York – Dow: DOWN 0.2 percent at 41,860.69 pointsNew York – S&P: DOWN 0.3 percent 5,646.00New York – Nasdaq: DOWN 0.1 percent at 17,676.32London – FTSE 100: DOWN 0.5 percent at 8,655.47 points (close)Paris – CAC 40: DOWN 0.6 percent at 8,049.18 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,891.38 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 37,677.06 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 23,689.72 (close)Shanghai – Composite: DOWN 1.3 percent at 3,364.83 (close)Euro/dollar: DOWN at $1.0825 from $1.0856 on ThursdayPound/dollar: DOWN at $1.2918 from $1.2967Dollar/yen: UP at 149.02 yen from 148.76 yenEuro/pound: UP at 83.79 pence from 83.72 penceWest Texas Intermediate: UP 0.2 percent at $68.24 per barrelBrent North Sea Crude: UP 0.1 percent at $72.07 per barrel

China said on Friday it welcomed a visit to Beijing by Republican US Senator Steve Daines, who has vowed to raise trade tensions and fentanyl smuggling with officials this week.Daines, a strong supporter of US President Donald Trump, has extensive business experience in China and Hong Kong.”China welcomes Senator Daines’s visit and it also welcomes Americans from all walks of life, including members of Congress, to visit China,” foreign ministry spokeswoman Mao Ning told a regular briefing.”China has always believed that maintaining stable, healthy and sustainable development of China-US ties is in the common interest of both peoples and is the general expectation of the international community,” Mao said.Trump has unleashed tariffs on major trading partners including China, Canada and Mexico since returning to the White House in January, citing trade imbalances and their failure to stem the flow of deadly fentanyl into the United States.Daines, who represents the state of Montana, has said he would raise those issues with Chinese officials during his visit this week.”We know… it’s the Mexican cartels that are producing the fentanyl but those precursors, the raw materials, come from China,” he told Fox News on Monday.”I will be talking with the Chinese leadership about what they can do,” he said. “They can do a whole lot more to shut down the flow of these chemicals that go to Mexico and then fentanyl comes in the United States.”He also said he would address the yawning trade imbalance between the world’s two largest economies.”This will be about fentanyl. It will also be about this $300 billion trade deficit that we have with China, what we can do to change the trade practices,” he said.”We could sell a whole lot more into China.”Trump said this week that Chinese counterpart Xi Jinping would visit the United States soon.Beijing has not confirmed the visit. 

A South Korean court on Friday ruled against popular K-pop girl group NewJeans, which had sought to sever ties with their label ADOR over what they called “mistreatment” by the company. The group made headlines in November by announcing their decision to leave ADOR, whose parent company HYBE is behind K-pop sensation BTS.The label later filed for an injunction to maintain its status as the managing agency of NewJeans, requesting that the Seoul Central District Court prohibit the group’s members from engaging in independent commercial activities.The court on Friday sided with ADOR, issuing a ruling that the group — now branding themselves as NJZ — must not pursue independent endeavours.The court said in a statement that if the group “unilaterally terminate their exclusive contract” with ADOR, and change their name autonomously, the label would suffer “significant damages”.The group’s actions would also “severely damage not only the brand value of NewJeans but also ADORE’s reputation as a management company,” the court added.NewJeans made their debut in 2022 and the K-pop phenomenon is among HYBE’s most successful acts.NewJeans and ADOR have been caught in the heated contract dispute since August, following allegations that HYBE forced out the group’s star producer, Min Hee-jin.The band issued an ultimatum for Min’s reinstatement, which HYBE declined. In response, the members took their grievances public, accusing the label of intentionally sabotaging their careers.Band member Hanni alleged last year that the group experienced workplace harassment, such as “deliberate miscommunications and manipulation regarding multiple areas” while working with ADOR.”This is not the type of work ethic we respect and not one we want to be a part of, and to continue working under a company with no intention of protecting NewJeans would only do us harm,” she said at the time.But the court on Friday said that based on the claims and evidence submitted by the group, it is “difficult to conclude that ADOR has sufficiently violated the essential obligations of the exclusive contract”.ADOR welcomed the court’s “judicious” decision, and said they “eagerly anticipate meeting with the artists for a heartfelt conversation at the earliest opportunity”.”With our status as NewJeans’ exclusive agency now legally affirmed, we are fully committed to supporting the artists going forward,” the label said in a statement.

Growing up in North Korea, Hyuk’s childhood was about survival. He never listened to banned K-pop music but, after defecting to the South, he’s about to debut as an idol.Hyuk is one of two young North Koreans in a new K-pop band called 1Verse — the first time that performers originally from the nuclear-armed North have been trained up for stardom in South Korea’s global K-pop industry.Before he was 10, Hyuk — who like many K-pop idols now goes by one name — was skipping school to work on the streets in his native North Hamgyong province and admits he “had to steal quite a bit just to survive”.”I had never really listened to K-pop music”, he told AFP, explaining that “watching music videos felt like a luxury to me”. “My life was all about survival”, he said, adding that he did everything from farm work to hauling shipments of cement to earn money to buy food for his family.But when he was 13, his mother, who had escaped North Korea and made it to the South, urged him to join her.He realised this could be his chance to escape starvation and hardship, but said he knew nothing about the other half of the Korean peninsula. “To me, the world was just North Korea — nothing beyond that,” he told AFP.His bandmate, Seok, also grew up in the North — but in contrast to Hyuk’s hardscrabble upbringing, he was raised in a relatively affluent family, living close to the border.As a result, even though K-pop and other South Korean content like K-dramas are banned in the North with harsh penalties for violators, Seok said “it was possible to buy and sell songs illegally through smugglers”.Thanks to his older sister, Seok was listening to K-pop and even watching rare videos of South Korean artists from a young age, he told AFP.”I remember wanting to imitate those cool expressions and styles — things like hairstyles and outfits,” Seok told AFP.Eventually, when he was 19, Seok defected to the South. Six years later, he is a spitting image of a K-Pop idol.- Star quality -Hyuk and Seok were recruited for 1Verse, a new boy band and the first signed to smaller Seoul-based label Singing Beetle by the company’s CEO Michelle Cho.Cho was introduced to both of the young defectors through friends.Hyuk was working at a factory when she met him, but when she heard raps he had written she told AFP that she “knew straight away that his was a natural talent”. Initially, he “professed a complete lack of confidence in his ability to rap”, Cho said, but she offered him free lessons and then invited him to the studio, which got him hooked.Eventually, “he decided to give music a chance”, she said, and became the agency’s first trainee.In contrast, Seok “had that self-belief and confidence from the very beginning”, she said, and lobbied hard to be taken on.When Seok learned that he would be training alongside another North Korean defector, he said it “gave me the courage to believe that maybe I could do it”.- ‘We’re almost there’ -The other members of 1Verse include a Chinese-American, a Lao-Thai American and a Japanese dancer. The five men in their 20s barely speak each other’s languages.But Hyuk, who has been studying English, says it doesn’t matter. “We’re also learning about each other’s cultures, trying to bridge the gaps and get closer little by little,” he said.”Surprisingly, we communicate really well. Our languages aren’t perfectly fluent, but we still understand each other. Sometimes, that feels almost unbelievable.”Aito, the Japanese trainee who is the main dancer in the group, said he was “fascinated” to meet his North Korean bandmates.”In Japan, when I watched the news, I often saw a lot of international issues about defectors, so the overall image isn’t very positive,” he said.But Aito told AFP his worries “all disappeared” when he met Hyuk and Seok. And now, the five performers are on the brink of their debut.It’s been a long road from North Korea to the cusp of K-pop stardom in the South for Hyuk and Seok — but they say they are determined to make 1Verse a success.”I really want to move someone with my voice. That feeling grows stronger every day,” said Seok.Hyuk said being part of a real band was a moving experience for him.”It really hit me, like wow, we’re almost there.”

Wall Street stocks slipped Thursday after the US Federal Reserve sought to calm fears over President Donald Trump’s tariffs, while eurozone equities slumped.Meanwhile, oil prices jumped and gold hit a new record high on continued geopolitical tensions — particularly concerning Gaza and Yemen — and fresh US sanctions on Iranian oil.All three major indices on Wall Street closed lower, giving up some of their gains from Wednesday after Fed chair Jerome Powell suggested that any increase to consumer prices caused by tariffs would likely be short-lived.”We started off in the red, went solidly into the green, only to go back into the red, then back into the green and now we’re kind of flatlining,” CFRA’s Sam Stovall told AFP, shortly before US markets slipped further to close in the red. The major eurozone markets of Frankfurt, Milan and Paris gave up around one percent or more after European Central Bank chief Christine Lagarde warned a trade war between the United States and Europe could shave half a percentage point off eurozone growth and push up inflation.Lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,057.49 an ounce.The price of copper reached a five-month high above $10,000 a tonne as US companies stock up on the metal targeted by Trump’s tariffs.- Oil ‘in the spotlight’ -Oil prices jumped amid a fresh upsurge in Gaza hostilities and worries about Iran-backed Huthi rebels.”The prospect of an extended US campaign against the Huthis combines with Israel’s renewed Gaza offensive to put oil squarely back in the spotlight,” said Chris Beauchamp, chief market analyst at online trading platform IG.In other central bank action, the Bank of England and Sweden’s Riksbank held interest rates steady Thursday, following in the footsteps of the Fed and the Bank of Japan a day earlier.Meanwhile, the Swiss central bank cut its rates on Thursday, citing “high uncertainty” in the global economy.Nevertheless, most markets had their focus Thursday on the United States, the world’s biggest economy.”Great uncertainty remains over the direction of travel for the US economy, with business activity likely to remain subdued until we see greater clarity over the trade relationships and potential pricing for US imports and exports,” noted Scope Markets analyst Joshua Mahony.Trump’s painful duties on imports into the United States and threats of further tariffs have stoked recession fears.But the Fed only trimmed its forecast for US growth this year to 1.7 percent from a previous estimate of 2.1 percent in December, suggesting it does not think a recession is likely at this moment. Policymakers expect inflation — excluding volatile food and energy prices — to hit 2.8 percent this year, up from 2.5 percent in its last forecast in December. But Fed Chair Jerome Powell continued to insist that any increase in inflation would be “transitory.”- Key figures around 2045 GMT -New York – Dow: DOWN less than 0.1 percent at 41,953.32 points (close)New York – S&P: DOWN 0.2 percent 5,662.89 (close)New York – Nasdaq: DOWN 0.2 percent at 17,691.63 (close)London – FTSE 100: DOWN less than 0.1 percent at 8,701.99 (close) Paris – CAC 40: DOWN 1.0 percent at 8,094.20 (close)Frankfurt – DAX: DOWN 1.2 percent at 22,999.15 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0856 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2967 from $1.3002Dollar/yen: UP at 148.76 yen from 148.71 yenEuro/pound: DOWN at 83.72 pence from 83.82 penceWest Texas Intermediate: UP 1.6 percent at $68.26 per barrelBrent North Sea Crude: UP 1.7 percent at $72.00 per barrelburs-da-ni/gv

Wall Street stocks wobbled Thursday after the US Federal Reserve sought to calm fears over President Donald Trump’s tariffs, while eurozone equities slumped.Meanwhile, continued geopolitical tensions, particularly concerning Gaza and Yemen, saw oil prices jump and gold set a new record high.Wall Street stocks opened lower, giving up some of the gains it made on Wednesday after Fed boss Jerome Powell suggested that any increase to consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Fed experts reaffirmed their expectations of two rate cuts even while indicating they expected higher rates this year.But Wall Street’s main indices bounced higher during morning trading, with US existing home sales beating expectations.”It has been a choppy 24 hours for equity markets,” said Chris Beauchamp, chief market analyst at online trading platform IG.”For the moment it looks like bargain hunting continues to underpin Wall Street’s rebound, at least in the short term.”The short term ended in early afternoon trading after the White House vowed to impose “big tariffs” on April 2 when US President Donald Trump is to unveil reciprocal levies in a major escalation of his trade war.The major eurozone markets of Frankfurt, Milan and Paris gave up around one percent or more after European Central Bank chief Christine Lagarde warned a trade war between the United States and Europe could shave half a percentage point off eurozone growth and push up inflation.Lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,057.49 an ounce.The price of copper reached a five-month high above $10,000 a tonne as US companies stock up on the metal targeted by Trump’s tariffs.Oil prices jumped amid a fresh upsurge in Gaza hostilities and worries about Iran-backed Huthi rebels.”The prospect of an extended US campaign against the Huthis combines with Israel’s renewed Gaza offensive to put oil squarely back in the spotlight,” said IG’s Beauchamp.In other central bank action the Bank of England and Sweden’s Riksbank held interest rates steady Thursday, as did the Bank of Japan on Wednesday.Meanwhile, the Swiss central bank cut its rates on Thursday, citing “high uncertainty” in the global economy.Nevertheless, the main markets focus was on the United States, the world’s biggest economy.”Great uncertainty remains over the direction of travel for the US economy, with business activity likely to remain subdued until we see greater clarity over the trade relationships and potential pricing for US imports and exports,” noted Joshua Mahony, analyst at Scope Markets.Trump’s painful duties on imports into the United States and threats of further tariffs have stoked recession fears.Some observers have warned also that the president’s pledges to slash tax, regulation and immigration will reignite inflation could force the Fed to hike rates rather than cutting further.The Fed on Wednesday said “uncertainty around the economic outlook has increased”, cutting its forecast for US growth this year to 1.7 percent from 2.1 percent estimated in December.It tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen, but Fed Chair Jerome Powell said the increase would be “transitory”.- Key figures around 1630 GMT -New York – Dow: UP 0.2 percent at 42,040.54 pointsNew York – S&P: DOWN 0.1 percent 5,669.70New York – Nasdaq: DOWN 0.2 percent at 17,712.76London – FTSE 100: DOWN less than 0.1 percent at 8,701.99 (close) Paris – CAC 40: DOWN 1.0 percent at 8,701.99 (close)Frankfurt – DAX: DOWN 1.2 percent at 22,999.15 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0851 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2966 from $1.3002Dollar/yen: DOWN at 148.79 yen from 148.71 yenEuro/pound: DOWN at 83.69 pence from 83.82 penceWest Texas Intermediate: UP 1.5 percent at $67.93 per barrelBrent North Sea Crude: UP 1.5 percent at $71.83 per barrelburs-rl/yad

Major global stock markets retreated Thursday following a weaker-than-forecast US economic outlook and despite the Federal Reserve trying to calm fears over President Donald Trump’s tariffs.After keeping rates on hold, Fed boss Jerome Powell on Wednesday suggested that any increase to consumer prices caused by tariffs would likely be short-lived, even as the central bank slashed its growth outlook and hiked inflation expectations.Wall Street rallied on his message Wednesday, but turned lower in after-hours trading and fell at the start of trading on Thursday.The fall in Wall Street in pre-market trading dragged European indices even further lower, with Frankfurt’s DAX falling two percent at one moment.”The move shows that yesterday’s sharp rally across US markets in the wake of the FOMC’s Summary of Economic Projections and Fed Chair Jerome Powell’s press conference, was not a signal that all is well and that buyers can safely return to the markets,” said Trade Nation analyst David Morrison.The retreat by equity markets “appears to be an indication of the uncertainty overlaying the market as investors struggle with a variety of major geopolitical factors, along with the apparent random behaviour of the Trump administration,” he added.Lingering tariff fears and geopolitical developments helped safe-haven gold to another record above $3,057.49 an ounce.European Central Bank chief Christine Lagarde warned Thursday a trade war between the United States and Europe could shave half a percentage point off eurozone growth and push up inflation.In other central bank action the Bank of England and Sweden’s Riksbank held interest rates steady Thursday, as did the Bank of Japan on Wednesday.Meanwhile, the Swiss central bank cut its rates on Thursday, citing “high uncertainty” in the global economy.The price of copper reached a five-month high above $10,000 a tonne as US companies stock up on the metal targeted by Trump’s tariffs.Oil prices wobbled as investors weighed weak demand and a fresh upsurge in Gaza hostilities.Traders kept tabs also on eastern Europe after Trump told Ukraine’s President Volodymyr Zelensky that the United States could own and run his country’s nuclear power plants as part of his bid to secure a ceasefire with Russia.Nevertheless, the main markets focus was on the United States, the world’s biggest economy.”Great uncertainty remains over the direction of travel for the US economy, with business activity likely to remain subdued until we see greater clarity over the trade relationships and potential pricing for US imports and exports,” noted Joshua Mahony, analyst at Scope Markets.Trump’s painful duties on imports into the United States and threats of further tariffs have stoked recession fears.Some observers have warned also that the president’s pledges to slash tax, regulation and immigration will reignite inflation could force the Fed to hike rates rather than cutting further.The Fed on Wednesday said “uncertainty around the economic outlook has increased”, cutting its forecast for US growth this year to 1.7 percent from 2.1 percent estimated in December.It tipped core inflation to hit 2.8 percent as opposed to the 2.5 percent previously seen, but Powell said the increase would be “transitory”.However, Fed officials still see two rate cuts this year.- Key figures around 1330 GMT -New York – Dow: DOWN 0.6 percent at 41,712.97 pointsNew York – S&P: DOWN 0.7 percent 5,635.47New York – Nasdaq: DOWN 1.0 percent at 17,576.82London – FTSE 100: DOWN 0.2 percent at 8,685.71 Paris – CAC 40: DOWN 1.2 percent at 8,076.88Frankfurt – DAX: DOWN 1.7 percent at 22,895.23Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,219.95 (close)Shanghai – Composite: DOWN 0.5 percent at 3,408.95 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0825 from $1.0903 on WednesdayPound/dollar: DOWN at $1.2944 from $1.3002Dollar/yen: DOWN at 148.53 yen from 148.71 yenEuro/pound: DOWN at 83.62 pence from 83.82 penceWest Texas Intermediate: FLAT at $66.89 per barrelBrent North Sea Crude: FLAT at $70.79 per barrelburs-rl/jj

Embattled Hong Kong conglomerate CK Hutchison Holdings, caught in a US-China spat over control of the Panama Canal, said on Thursday that profits fell 27 percent in 2024.CK Hutchison offloaded its global ports business outside China — including operations in the vital Central American canal — this month to a group led by giant asset manager BlackRock for $19 billion in cash.The parties expect to sign a “definitive agreement” by April 2 concerning the Panama Ports Company, which has operated two of the five ports at the canal since 1997 via a government concession. The deal came after weeks of pressure from US President Donald Trump, who refused to rule out a military invasion of Panama to “take back” the crucial waterway from alleged Chinese control.Thursday’s results announcement made no mention of the BlackRock deal.”On the whole, the Group’s underlying operating results were relatively stable” last year despite a one-time loss related to its Vietnam telecommunications business, chairman Victor Li, son of billionaire founder Li Ka-shing, said in a filing with the Hong Kong Stock Exchange.Li said the operating environment for CK Hutchison businesses is “expected to be both volatile and unpredictable” this year, and that the group will “constrain capital spending and new investment and focus on stringent cash flow management”.The conglomerate said its “ports and related services” division saw an 11 percent jump in revenue to $5.8 billion.Earnings before interest, taxes, depreciation, and amortisation soared 19 percent year-on-year to $2.1 billion, the firm said.”There may be headwinds with supply chain disruptions anticipated in the early part of the year due to shipping lines transitioning into their new alliances, as well as ongoing geopolitical risk impacting global trade,” Li said as part of the ports division’s 2025 outlook.- Beijing scrutiny -Shares in CK Hutchison jumped more than 20 percent in Hong Kong after the ports deal was first announced on March 4.However, Beijing made its displeasure known last week through two government offices overseeing Hong Kong affairs that republished newspaper articles criticising the deal as “spineless” and “betraying and selling out all Chinese people”.Hong Kong leader John Lee also said on Tuesday that concerns about the sale “deserve serious attention”, adding that the city will “handle it in accordance with the law and regulations”.CK Hutchison cancelled its post-earnings news conference on Thursday and has not responded to AFP enquiries.Bloomberg News, citing unidentified sources, has reported that senior Chinese leaders have ordered government agencies, including the State Administration for Market Regulation, to scrutinise the deal.The conglomerate is registered in the Cayman Islands and the assets being sold are all outside China.Following years of diversification, operations in mainland China and Hong Kong made up just 12 percent of CK Hutchison revenue last year, according to Thursday’s results.Net income last year stood at $2.20 billion after the group recognised a one-time loss of $476 million related to its Vietnam telecommunication business “as the operating conditions continue to be under significant pressure”.CK Hutchison announced a full-year dividend of HK$2.20 per share on Thursday.The conglomerate had claimed to have “the world’s leading port network”, spanning 53 ports in 24 countries.However, in revenue terms, CK Hutchison’s ports division pales in comparison to its worldwide business interests in finance, retail, infrastructure and telecoms.Sister company CK Asset — the property developer arm in Li’s empire — said in a separate filing on Thursday that profit attributable to shareholders fell 20 percent last year.In Hong Kong, CK Hutchison is known for its founder, Li Ka-shing, the city’s wealthiest man nicknamed “Superman” for his business savvy.The 96-year-old enjoyed close ties with three generations of Chinese leaders but that bonhomie faded after Xi Jinping took power.Chinese state media has criticised Li over the past decade for his apparent decision to divest from some Chinese markets and for supposedly showing sympathy to Hong Kong pro-democracy protesters in 2019.