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Equity markets were mixed and gold hit another record high on Wednesday as trade war worries cast a shadow and geopolitical concerns returned to the fore.The tepid start to the day followed tech-led losses on Wall Street, while an agreement between US President Donald Trump and Vladimir Putin that Russia would stop targeting Ukrainian energy was met with a shrug.The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about the outlook amid “high uncertainties” including over trade.Investors are also gearing up for central bank decisions in the United States, the United Kingdom and Indonesia, where stocks tanked Tuesday on concerns about Indonesia’s economy.Fresh pledges by China to boost domestic consumption and welcome data out of the United States that eased recession worries helped Asian markets to a strong start to the week.But Trump’s scattergun trade policies, which have seen him impose measures on some key partners but delay others, have stoked uncertainty.While no new levies have been announced in recent days, the next key date is April 2, when sweeping reciprocal measures are due to kick in, with Treasury Secretary Scott Bessent telling Fox Business “each country will receive a number that we believe represents their tariffs”. “We are going to go to them and say, look, here’s where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labour suppression,” he said on “Mornings With Maria”.Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.With that in mind, the Federal Reserve’s policy meeting, which ends later Wednesday, is being closely followed by traders hoping for an idea about officials’ plans to deal with any negative impact.- Gold hits new record -The Bank of Japan, as expected, stood pat on interest rates, having hiked them last month amid concerns over the outlook, particularly with regard to trade.”There remain high uncertainties surrounding Japan’s economic activity and prices, including the evolving situation regarding trade,” the bank warned in a statement after its announcement.Stefan Angrick of Moody’s Analytics wrote in a note ahead of the decision that “a wave of tariff measures and threats from Washington have kept financial markets on edge”.The yen rose against the dollar initially but later resumed the downward path it had started the day on, while Japan’s Nikkei 225 stock index also gave up gains to end lower.Elsewhere in Asia, Hong Kong, Seoul, Singapore, Manila, Mumbai and Bangkok edged up. Jakarta gained more than one percent, clawing back some of the painful losses suffered Tuesday, when it shed more than seven percent at one point on economic fears.But Shanghai, Sydney, Wellington and Taipei dipped.London, Frankfurt and Paris slipped at the open.Gold struck another record high above $3,045 on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.Those concerns helped dampen sentiment on Wall Street, where all three main indexes resumed a sell-off after a two-day recovery from recent losses.Trump’s talks with Putin failed to yield a full ceasefire, with the Russian leader instead only agreeing to halt attacks against Ukrainian energy targets for 30 days. While the White House hailed the talks as “good and productive”, Ukrainian President Volodymyr Zelensky pledged to continue fighting in Russia’s Kursk region.Top US envoy Steve Witkoff told Fox News that fresh talks had been planned to take place on Sunday in Jeddah.However, Chris Weston at Pepperstone Group said: “While Russia-Ukraine ceasefire talks are ongoing, most feel that we’re no closer to anything truly tangible and a lasting agreement.”- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 37,751.88 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,771.14 (close)Shanghai – Composite: DOWN 0.1 percent at 3,426.43 (close)London – FTSE 100: DOWN 0.2 percent at 8,688.39Euro/dollar: DOWN at $1.0900 from $1.0944 on TuesdayPound/dollar: DOWN at 1.2969 from 1.3003Dollar/yen: UP at 149.50 yen from 149.36 yenEuro/pound: DOWN at 84.05 pence from 84.16 penceWest Texas Intermediate: DOWN 0.5 percent at $66.58 per barrelBrent North Sea Crude: DOWN 0.4 percent at $70.27 per barrelNew York – Dow: DOWN 0.6 percent at 41,581.31 (close)

The Bank of Japan left its key interest rate unchanged Wednesday and warned about the economic outlook amid global uncertainty fuelled by Donald Trump’s trade war.Officials began lifting borrowing costs last year after nearly two decades of ultra-loose monetary policies aimed at kickstarting torpid growth in the world’s number four economy.But since coming to office in January the Trump administration has embarked on a hardball campaign to rectify what it says are unfair trade imbalances, and imposed levies on multiple trading partners and imports including steel.The uncertainty unleashed by that has forced central banks around the world to reassess their recent monetary policies. On Wednesday the BoJ, after a two-day meeting, said it would stand pat on its key rate, having lifted it to a 17-year high of around 0.5 percent in January. In a statement it said: “There remain high uncertainties surrounding Japan’s economic activity and prices, including the evolving situation regarding trade.”Later, governor Kazuo Ueda told reporters: “Tariffs can directly affect the economy through trade — especially production volumes, inflation and prices.”On the other hand, tariffs, or even the prospect of tariffs, can affect the mindset or confidence of households and businesses, which could directly impact spending.”Stefan Angrick of Moody’s Analytics said the BoJ statement “paints a fairly upbeat picture of the economy, which suggests the central bank is looking to tighten monetary policy further”.But “with the dust still settling from January’s rate hike… the BoJ wants to gauge the impact of recent policy changes before tightening further”, he wrote in a note.- ‘Pulse check’ -SPI Asset Management’s Stephen Innes said the Federal Reserve and Bank of England were also expected to hold rates this week “as policymakers take their first collective pulse check on the fallout from Trump’s trade policies”.Headline inflation in Japan has been above the bank’s two-percent target every month since April 2022, and a year ago it finally lifted its interest rates above zero, before increasing them to 0.25 percent in July.Wage trends are also key, after trade unions said early data showed they had secured an average 5.5 percent pay rise for members this year, a three-decade high and up from last year’s preliminary reading of 5.3 percent.The BoJ said on Wednesday that in Japan, “the employment and income situation has improved moderately”.”If the annual spring labour negotiations lead to significantly higher wages then we believe there is a possibility for an interest rate hike in the summer and another one six months later,” Katsutoshi Inadome of SuMi TRUST said.Prices excluding fresh food rose 3.2 percent on-year in January, accelerating from 3.0 percent in December. February inflation figures are due on Friday.The BoJ is aware that rising prices “are contributing negatively to people’s lives”, Ueda said on Wednesday.”A rise in food prices, including rice… can affect the basic pace of inflation through a change in households’ mindset and expectation of future inflation,” he said.

Malaysia is making great strides in its effort to become a major player in the global semiconductor industry as it looks to capitalise on a surge in demand driven by the AI explosion but analysts warn it faces headwinds.Malaysia’s signing of a major deal with British chip giant Arm this month was the latest step towards achieving the country’s goal of producing its own top-end chips in the next five to seven years.But experts say internal constraints such as a talent crunch, funding problems and other supply chain gaps are key hurdles the country must overcome if it is to compete with top regional industry giants such as Taiwan, South Korea and Japan.Shafiq Kadir, an equity analyst at CGS International, said local integrated circuit (IC) design houses had narrow access to large capital, and lacked a strong track record and an established pool of experienced engineers.”We still lack sufficient talent, as our tertiary education is less prepared in producing graduates with the right skill set,” Shafiq told AFP.Malaysia Semiconductor Industry Association president Wong Siew Hai also said there was a “shortage of those suitable for the specific experience and skill sets that we are looking for”.Although there are experienced Malaysians who have worked with multinational firms, many of them chose to work abroad for better pay and opportunities, among other factors, Wong said.”We lose an average 15 percent of our talent in the semiconductor industry every year to brain drain,” he told AFP.In the deal signed on March 5, Malaysia will pay Softbank-owned Arm $250 million over a decade to access its intellectual property, including seven high-end chip design blueprints and other technology.The aim is to help Malaysia move into more value-added production such as wafer fabrication and IC design.The deal also includes the training of 10,000 local semiconductor engineers, while Arm will establish its first office in Southeast Asia in Kuala Lumpur.- ‘White elephants’ -Farlina Said, a cyber and technology policy fellow at the Institute of Strategic and International Studies Malaysia, said building semiconductor ecosystems would require time and careful planning.”These would have to be mapped against resource availability and market conditions. Building the infrastructure without sufficient players can create white elephants for the industry,” she told AFP.”Moving up the value chain means first, Malaysia has to find means of transferring knowledge to develop local capacities.”Second, funds are needed to develop the ecosystem surrounding the knowledge transfer. This includes technology transfers, talent pipelines and R&D sustainability,” she added.Wong, the industry group chief, said the government’s $5.3-billion allocation over the next decade to upscale Malaysia’s semiconductor sector is small compared with state investments by China and the United States.Shafiq, the analyst, said the tools and equipment required for chip production could run into the billions of dollars — apart from the need for highly skilled engineers and operators.”Achieving a certain level of production yield on those high-end chips… has proven to be very challenging even for established fabs like Samsung and Intel,” he said.   – 2030 sales target -Expert Farlina said competing with semiconductor powerhouses in the region will not be a walk in the park as they have “developed the ecosystems to support technological leadership in the past few decades”. Malaysia, however, is not starting from scratch, the analysts said.The country has long been a key player in the chips sector, with its northern state of Penang — often called the nation’s Silicon Valley — at the heart of its success, although focused on the back end of the industry such as assembly and testing. “Key (multinational corporations) such as Intel and AMD both have integrated circuit design operations in Penang… and this has somewhat generated the development of IC design among local engineers for decades,” Shafiq said.”We stand to benefit from this as more capital and focus are being put into the IC design area.”Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech firm Bosch.And Malaysia’s semiconductor exports were valued at 387.98 billion ringgit ($87.48 billion) in 2024, the Malaysia External Trade Development Corporation said, making the country one of the world’s top 10 chip exporters.The industry association is aiming for the country’s chip exports to reach $270 billion by 2030, which Wong said would allow the country to “maintain its relative position in the world” as a top semiconductor exporter.  

The Bank of Japan left its key interest rate unchanged Wednesday in a widely expected move given the global economic uncertainty fuelled by US trade tariffs.Following a two-day policy meeting, the central bank said it was keeping its key interest rate at around 0.5 percent.”There remain high uncertainties surrounding Japan’s economic activity and prices, including the evolving situation regarding trade,” a BoJ statement said.The bank hiked rates in January to their highest level in 17 years on the back of bumper inflation in the world’s fourth largest economy.Since then US President Donald Trump has imposed levies on multiple trading partners and imports including steel.”I am worried about uncertainty regarding overseas economic and price trends,” BoJ chief Kazuo Ueda told a parliament session last week when asked what concerned him the most.”With the dust still settling from January’s rate hike… the BoJ will want to gauge the impact of recent monetary policy changes on the economy before making its next move,” Stefan Angrick of Moody’s Analytics wrote in a note ahead of the policy decision.”At the same time, a wave of tariff measures and threats from Washington have kept financial markets on edge, adding to the reasons for the BoJ to stand pat,” he said.SPI Asset Management’s Stephen Innes said the Federal Reserve and Bank of England were also expected to hold rates this week “as policymakers take their first collective pulse check on the fallout from Trump’s trade policies”.The BoJ is gradually normalising its policies following years of aggressive monetary easing to try to jump-start the stagnant economy.But headline inflation has been above the bank’s two-percent target every month since April 2022, and a year ago it finally lifted its interest rates above zero, before increasing them to 0.25 percent in July.Ueda said after the January decision that the pace and timing of future increases would be decided after studying “the impact of this rate hike”.Wage trends are also key, after trade unions said early data showed they had secured an average 5.5 percent pay rise for members this year, a three-decade high and up from last year’s preliminary reading of 5.3 percent.The bank said on Wednesday that in Japan, “the employment and income situation has improved moderately”.”If the annual spring labour negotiations lead to significantly higher wages then we believe there is a possibility for an interest rate hike in the summer and another one six months later,” Katsutoshi Inadome of SuMi TRUST said.

Global stocks diverged while gold hit a record high on Tuesday as investors juggled geopolitical concerns with renewed violence in Gaza and a high-stakes US-Russian presidential phone call.Wall Street resumed a downward slide after two up days, but European stocks rose as German lawmakers approved a massive spending boost for defense and infrastructure.Gold struck a new record high on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.”It is clear that safe haven demand is one of the major drivers behind this gold rally and with the Middle East tensions rising again,” said City Index and FOREX.com analyst Fawad Razaqzada.US President Donald Trump’s talks with Russian President Vladimir Putin failed to yield a ceasefire, prompting Ukrainian President Volodymyr Zelensky to pledge continued fighting in Russia’s Kursk region.Major US indices spent the entire session in the red on the first day of a two-day Federal Reserve meeting.”The news of what’s going on politically, it’s still very uncertain,” said Tom Cahill of Ventura Wealth Management. “I don’t think there’s any new news so far this week that should make the market feel more encouraged.”But Frankfurt’s DAX stocks index touched a new all-time high ahead of the German government’s response to concerns over the United States’ wavering commitment to European defense.Germany’s unprecedented fiscal package — dubbed an “XXL-sized” cash “bazooka” by German media — could pave the way for more than one trillion euros (dollars) in spending over the next decade in Europe’s top economy.The historic parliament vote signaled a radical departure for a country famously reluctant to take on large state debt — or to spend heavily on the armed forces, given its dark World War II history.”International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London’s stock markets also advanced.Markets have swung sharply following announcements by Trump on the imposition of tariffs on US trading partners and any delays to the measures.Investors are eyeing this week’s policy decisions from the Fed, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.Asian markets rallied on Tuesday following Monday’s positive day on Wall Street stoked by US data that tempered concerns about a possible recession.Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Nvidia fell 3.4 percent as chief executive Jensen Huang showcased cutting-edge chips for artificial intelligence at the company’s annual developers conference.Google parent Alphabet fell 2.3 percent after the tech giant announced it will acquire cloud security platform Wiz for $32 billion, as it seeks to beef up its cloud computing business for the AI era.- Key figures around 2030 GMT -New York – Dow: DOWN 0.6 percent at 41,581.31 (close)New York – S&P 500: DOWN 1.1 percent at 5,614.66 (close)New York – Nasdaq Composite: DOWN 1.7 percent at 17,504.12 (close)London – FTSE 100: UP 0.3 percent at 8,705.23 (close)Paris – CAC 40: UP 0.5 percent at 8,114.57 (close)Frankfurt – DAX: UP 1.0 percent at 23,380.70 (close)Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)Euro/dollar: UP at $1.0944 from $1.0922 on MondayPound/dollar: UP at 1.3003 from $1.2992Dollar/yen: UP at 149.36 yen from 149.21 yenEuro/pound: UP at 84.16 pence from 84.07 penceBrent North Sea Crude: DOWN 0.7 percent at $70.56 per barrelWest Texas Intermediate: DOWN 1.0 percent at $66.90 per barrelburs-jmb/jhb

Prime Minister Mark Carney announced Tuesday a Can$6 billion (US$4.2 billion) deal with Australia to develop an Arctic radar system, warning that Canada must take more responsibility for its defence as US priorities shift.Carney made the announcement in Iqaluit, capital of the Nunavut territory in the Canadian Arctic, on the final leg of his first official trip as prime minister since taking over from Justin Trudeau last week. Carney — who has previously described the United States under President Donald Trump as a country Canada “can no longer trust” — characterized the radar deal as part of a broader effort to assert Canadian sovereignty over the Arctic.”The world is changing,” Carney said in Iqaluit, where he made a domestic stop after visits to Paris and London. “International institutions and norms that have kept Canada secure are now being called into question. And the United States’s priorities, our ally, once closely aligned with our own, are beginning to shift,” he said.”We cannot and should not look first to others to defend our nation.”Australia is a leader in “over-the-horizon” radar, an advanced system that allows for continuous threat-tracking over a vast area.”The radar system’s long-range surveillance and threat tracking capabilities will detect and deter threats across the North,” Carney’s office said in a statement announcing the deal.The new network will replace an ageing Cold War-era North Warning System, which relies on radar stations from Alaska to northern Quebec that are incapable of responding to modern missile threats.Ottawa will also invest an additional Can$420 million to boost Canada’s year-round military presence in the far north.”Securing Canada is an absolute strategic priority of this government,” Carney said. “We will need to do more.”Funding for enhanced Arctic radar was announced under Trudeau, but the decision to partner with Australia was unveiled Tuesday.Canada made Arctic security a priority before Trump returned to office, amid concern about possible Russian aggression as melting ice caused by climate change increasingly opens the region for resource extraction. But Trump’s repeated questioning of Canadian sovereignty has sparked renewed focus on national defence in Canada, which once viewed its security ties with Washington as iron-clad.   Canada’s Defence Minister Bill Blair earlier this month announced plans for three new Arctic military hubs with airstrips and equipment depots.New Canadian prime ministers typically make calling the American president a first priority after taking office, but with the countries currently fighting a trade war initiated by Trump’s tariffs it remains unclear when Carney and Trump will speak.Carney said Tuesday he would have a “comprehensive” discussion with Trump about trade “at the appropriate time.”

Global stocks diverged while gold hit a record high on Tuesday as investors juggled geopolitical concerns with renewed violence in Gaza and a high-stakes US-Russia presidential phone call.Wall Street traded lower but European stocks rose as German lawmakers approved a massive spending boost for defence and infrastructure. Gold struck a new record high on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.”It is clear that safe haven demand is one of the major drivers behind this gold rally and with the Middle East tensions rising again,” said City Index and FOREX.com analyst Fawad Razaqzada.Uncertainty ahead of the phone call between US President Donald Trump and Russian leader Vladimir Putin on the conflict in Ukraine also helped boost the safe-haven metal. Frankfurt’s DAX stocks index touched a new all-time high ahead of the German government’s response to concerns over the United States’ wavering commitment to European defence. “International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London’s stock markets also advanced. But on Wall Street both the S&P 500 and tech-heavy Nasdaq Composite indices were down more than one percent in afternoon trading.”Traders are evidently still in ‘sell the rally’ mode, even though today has been thankfully free of any tariff headlines so far,” said Chris Beauchamp, chief market analyst at online trading platform IG.Markets have swung sharply following announcements by Trump on the imposition of tariffs on US trading partners and any delays to the measures.Investors are eyeing this week’s policy decisions from the US Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.”A ‘wait and see’ approach is expected as the Fed grapples with the tough task of evaluating the impact of Trump’s tariff chaos,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.  The US central bank’s announcement comes also with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.Asian markets rallied on Tuesday following Monday’s positive day on Wall Street stoked by US data that tempered concerns about a possible recession.Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shares in Google fell 2.6 percent after the tech giant said it will acquire cloud security platform Wiz for $32 billion, citing the need for greater cybersecurity capacity as artificial intelligence embeds itself in technology infrastructure.Shares in Nvidia shed 1.7 percent ahead of a major conference where it is expected to unveil new AI chips. “This could set the direction for the next big move in NVIDIA’s stock price, and thereby all those companies currently involved in AI development,” said Trade Nation analyst David Morrison.- Key figures around 1630 GMT -New York – Dow: DOWN 0.1 percent at 41,513.03 pointsNew York – S&P 500: DOWN 1.1 percent at 5,612.43New York – Nasdaq Composite: DOWN 1.6 percent at 17,525.92London – FTSE 100: UP 0.3 percent at 8,705.23 (close) Paris – CAC 40: UP 0.5 percent at 8,114.57 (close)Frankfurt – DAX: UP 1.0 percent at 23,380.70 (close)Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)Euro/dollar: UP at $1.0930 from $1.0925 on MondayPound/dollar: DOWN at 1.2987 from $1.2990Dollar/yen: UP at 149.58 yen from 149.12 yenEuro/pound: UP at 84.17 pence from 84.07 penceBrent North Sea Crude: DOWN 0.4 percent at $70.82 per barrelWest Texas Intermediate: DOWN 0.5 percent at $67.02 per barrelburs-rl/sbk

The sight of Hong Kong’s high-rises encased in bamboo scaffolding may soon become a rarity after officials announced plans to replace the ancient technique with metal.Hong Kong is one of the world’s last remaining cities to use bamboo frames for modern construction and building repair, a practice which dates back centuries in China and other parts of Asia.Scaffolders in the city have long favoured lightweight bamboo as it is readily available from southern China and can be cheaply transported, set up and dismantled in tight spaces.But the Development Bureau announced plans Monday to “drive a wider adoption of metal scaffolds in public building works progressively” to improve safety.Bamboo scaffolds have “intrinsic weaknesses such as variation in mechanical properties, deterioration over time and high combustibility, etc, giving rise to safety concerns”, the bureau’s Terence Lam said in a memo.Industrial accidents involving bamboo scaffolds have killed 23 people since 2018, according to official figures.Comparable data for metal scaffolds was not immediately available.Metal scaffolds have become standard in mainland China and other advanced economies, and will be used for at least half of Hong Kong’s new government construction contracts, the memo said.The Association for the Rights of Industrial Accident Victims welcomed the move on Tuesday, adding that private projects should follow the government’s lead.There had been frequent incidents associated with workers falling from a height, and with the bamboo lattices collapsing, coming loose or catching on fire, the group said.”Even though metal scaffolds are double or triple the cost of bamboo… in the long run, improving safety brings much greater returns,” the association said.Industry representatives estimated in January that nearly 80 percent of Hong Kong’s scaffolds were made of bamboo.

Indonesian activists on Tuesday condemned plans to change a law that would allow the army to have more government positions, a move they say could lead to “abuse” in a country long influenced by its powerful military.The revision to a military law will be voted on Thursday in a parliament dominated by President Prabowo Subianto’s coalition after the changes were approved by a key committee Tuesday.The amendment has sparked fears of a return to the era of dictator Suharto, who Prabowo once served and who used military figures to crack down on dissent.”That’s their target, despite strong criticism by the public: strengthening the role of the army in the civilian government,” Usman Hamid, executive director of Amnesty International Indonesia, told AFP.”That will create conflict of interest and abuse of power, including corruption and human rights violations that have often escaped with total impunity.”Military officers can already serve in 10 government agencies including the defence ministry. But under the proposed changes, they would be able to serve in 16, according to a draft seen by AFP, which would include the Supreme Court, national disaster agency and attorney general’s office among others.The draft also allows for soldiers to hold civilian positions in other government institutions after resigning or retiring from military service.The Commission for the Disappeared and Victims of Violence — or Kontras — rejected the latest amendment to the military bill.”The discussion of the… bill revision has been rushed, with minimal public participation, and a lack of transparency in the drafting process,” it said in a joint statement with Amnesty and the Indonesia Legal Aid Foundation.  It also claimed activists have faced intimidation for opposing the amendment.Prabowo’s office did not respond to an AFP request for comment.The ex-general has rehabilitated his image despite allegations of rights abuses under Suharto’s rule including ordering the abductions of activists. Remodelling himself as a grandfatherly figure, Prabowo won over voters last year and took office as president of the world’s third-biggest democracy.According to Kontras, 23 democracy activists were kidnapped between 1997 and 1998, some who were never found.Prabowo was discharged from the military over the abductions but denied the allegations and was never charged.  

European stocks rose on Tuesday as investors prepared for Germany’s lawmakers to vote on a massive spending boost for defence and infrastructure, while escalating geopolitical fears supported commodities.Gold and oil prices climbed on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect. A weaker US dollar and uncertainty ahead of a telephone call about Ukraine between US President Donald Trump and Russian leader Vladimir Putin also helped boost the safe-haven metal. The Frankfurt stocks index advanced more than one percent as concerns grow over the United States’ wavering committment to European defence. “International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London stock markets also advanced, as did the euro. Investors are also eyeing this week’s policy decisions from the Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.”A ‘wait and see’ approach is expected as the Fed grapples with the tough task of evaluating the impact of Trump’s tariff chaos,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.  The US central bank’s announcement comes also with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.Asian markets rallied on Tuesday following another positive day on Wall Street stoked by US data that tempered concerns about a possible recession. Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shanghai also rose, along with Tokyo.Trading in Jakarta was halted as the market tanked more than seven precent — its biggest intraday drop since 2011 — on the worries about the Indonesian economy and weakening consumer spending heading into the Muslim Eid holiday period. It later resumed and pared its losses to four percent The bourse has plunged more than 10 percent so far this year as the economy struggles, and eyes are now on the country’s central bank ahead of a policy decision due on Wednesday.- Key figures around 1100 GMT -London – FTSE 100: UP 0.4 percent at 8,712.02 Paris – CAC 40: UP 0.4 percent at 8,106.84Frankfurt – DAX: UP 1.1 percent at 23,412.68Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)New York – Dow: UP 0.9 percent at 41,841.63 (close)Euro/dollar: UP at $1.0936 from $1.0925 on MondayPound/dollar: UNCHANGED at $1.2990Dollar/yen: UP at 149.61 yen from 149.12 yenEuro/pound: UP at 84.19 pence from 84.07 penceBrent North Sea Crude: UP 1.3 percent at $71.97 per barrelWest Texas Intermediate: UP 1.4 percent at $68.50 per barrel