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Stock markets diverged Monday at the start of a week filled with economic data and central bank decisions, following a tech sell-off on Wall Street.London, Frankfurt and Paris rose solidly around midday after major Asian indices slid.Gold climbed closer to its all-time high as the dollar dropped, as traders bet on further cuts to US interest rate by the Federal Reserve next year. “The coming week is shaping up to be a significant one for global markets, with a dense calendar of economic releases and major central bank decisions,” said Jim Reid, managing director at Deutsche Bank.The European Central Bank is expected to hold interest rates on Thursday, when the Bank of England is forecast to trim borrowing costs, as policymakers react to cooler inflation in the eurozone and UK. However the Bank of Japan is expected to hike its main rate on Friday amid a weak yen. Attention turns also to key US data, including reports on jobs for October and November, which were delayed by the government shutdown. Investors will also study a US inflation reading this week.The data will be pored over for an idea about the Fed’s plans for next month’s rate decision, even if traders have pared back their expectations for cuts next year.The US central bank has lowered borrowing costs at the past three meetings, citing concerns about a struggling American labour market, though there has been some dissent among policymakers who are concerned about persistently high inflation.Also in view is the race to take the helm at the Fed after boss Jerome Powell steps down in May, with US President Donald Trump’s top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.- Tech sell-off -Concerns about the AI-fuelled tech rally have meanwhile returned to the spotlight after last week’s poorly-received earnings from US giants Oracle and Broadcom revived questions about the wisdom of the vast sums invested in the sector.After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq indices both shed more than one percent, Asia suffered a tech-led retreat Monday.Tokyo and Seoul, which have chalked up multiple record highs this year on the back of the tech surge, were among the biggest losers along with Taipei and Hong Kong.  Shanghai was also down as another round of weak data showing Chinese retail sales rose at the slowest pace since December 2022.Among the biggest losers were South Korean chip giants Samsung and SK hynix, while Japanese tech investment titan SoftBank tanked more than seven percent.Tech firms have been at the forefront of a global surge in equity markets for the past two years as they pumped cash into all things linked to artificial intelligence, with chip giant Nvidia becoming the first to top $5 trillion in market valuation in October.But they have hit a sticky patch in recent weeks amid worries that their valuations have gone too far and the AI investments will take some time to make returns, if at all.- Key figures at around 1115 GMT -London – FTSE 100: UP 0.9 percent at 9,734.14 pointsParis – CAC 40: UP 1.1 percent at 8,155.43Frankfurt – DAX: UP 0.5 percent at 24,303.89Tokyo – Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,628.88 (close)Shanghai – Composite: DOWN 0.6 percent at 3,867.92 (close)New York – Dow: DOWN 0.5 percent at 48,458.05 (close)Euro/dollar: UP at $1.1747 from $1.1742 on FridayDollar/yen: DOWN at 155.03 yen from 155.83Pound/dollar: UP at $1.3386 from $1.3368Euro/pound: DOWN at 87.76 pence from 87.83West Texas Intermediate: DOWN 0.2 percent at $57.35 per barrelBrent North Sea Crude: DOWN 0.2 percent at $61.04 per barrel

Thailand’s next general election will take place on February 8, the election commission said Monday, and parties must nominate their candidates for prime minister before the end of this year.”Today the Election Commission has drafted election details and proposed to the Commissioner who agreed that Sunday, February 8, 2026 will be the election day,” the commission said in a statement.Advance voting will take place on February 1.Prime Minister Anutin Charnvirakul, of the conservative Bhumjaithai party, assumed office in September after his predecessor was removed over an ethics violation.He dissolved parliament on Friday, paving the way for the national poll — which under Thai law must be held between 45 to 60 days after the dissolution.The move comes as a conflict stemming from a decades-long border dispute between Thailand and Cambodia reignited this month, with ongoing military clashes killing at least 31 people and displacing around 800,000. Anutin, a cannabis-championing conservative, took power with coalition backing conditional on dissolving parliament, becoming the kingdom’s third leader in two years.

Asian markets dropped Monday as concerns about the AI-fuelled tech rally returned to the spotlight after weak earnings from two big-name firms revived questions about the wisdom of the vast sums invested in the sector.The selling came as traders turned their attention away from the Federal Reserve’s monetary policy after it cut interest rates for a third successive meeting on Wednesday.However, there will be plenty of interest in key US data over the next few days — including on jobs creation and inflation — that could play a big role in the central bank’s decision-making at next month’s meeting.Tech firms have been at the forefront of a global surge in equity markets for the past two years as they pumped cash into all things linked to artificial intelligence, with chip giant Nvidia becoming the first to top $5 trillion in October.But they have hit a sticky patch in recent weeks amid worries that their valuations have gone too far and the AI investments will take some time to make returns, if at all.Those concerns were compounded last week following disappointing earnings from sector giants Oracle and Broadcom.After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq both shed more than one percent, Asia suffered a tech-led retreat.Tokyo and Seoul, which have chalked up multiple record highs this year on the back of the tech surge, as well as Taipei and Hong Kong were among the biggest losers Monday. There was also heavy selling in Sydney, Singapore and Mumbai, though Manila and Bangkok edged up and Wellington was flat.Shanghai was was also down as another round of weak data showing Chinese retail sales rose at the slowest pace since December 2022.Among the biggest losers were South Korean chip giants Samsung and SK hynix, while Japanese tech investment titan SoftBank tanked more than seven percent.London, Frankfurt and Paris rose at the open after ending Friday with losses.Investors are also bracing for a heavy week of data, including the reports on US jobs for October and November, which were delayed by the government shutdown, as well as inflation.The readings will be pored over for an idea about the Fed’s plans for January’s rate decision, even as traders pare back their expectations for cuts next year.The bank has lowered borrowing costs at the past three meetings citing worries about the labour market, though there has been some dissent among policymakers who are concerned about persistently high inflation.Also in view is the race to take the helm at the Fed after boss Jerome Powell steps down in May, with Donald Trump’s top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.The US president said that whoever takes over should consult with him, telling the Wall Street Journal: “Typically, that’s not done anymore.”It used to be done routinely. It should be done.” He added: “It doesn’t mean — I don’t think he should do exactly what we say. I’m a smart voice and should be listened to.”When asked where interest rates should be in a year’s time, he replied, “One percent, and maybe lower than that”.”We should have the lowest rate in the world,” he said.Friday sees the Bank of Japan’s own policy decision, with forecasts for a rate hike to push borrowing costs to their highest level in 30 years, though analysts were cautious on the outlook.”The central bank will frame Friday’s move as a response to a stronger economy and more durable inflation,” wrote analysts at Moody’s. “A solid December Tankan survey (of Japanese business sentiment) early in the week and sticky consumer price inflation data on Friday will reinforce that narrative, but the real driver will be the weak yen.”The Japanese currency has weakened to more than 150 per dollar since October amid growing concerns about the country’s economy and Prime Minister Kasuo Takaichi’s plans to boost spending that would need more borrowing.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,628.88Shanghai – Composite: DOWN 0.6 percent at 3,867.92 (close)London – FTSE 100: UP 0.4 percent at 9,688.80Euro/dollar: DOWN at $1.1733 from $1.1742 on FridayDollar/yen: DOWN at 155.15 yen from 155.83Pound/dollar: UP at $1.3370 from $1.3368Euro/pound: DOWN at 87.77 pence from 87.83West Texas Intermediate: UP 0.4 percent at $57.65 per barrelBrent North Sea Crude: UP 0.4 percent at $61.34 per barrelNew York – Dow: DOWN 0.5 percent at 48,458.05 (close)

A rags-to-riches tycoon, Hong Kong media boss Jimmy Lai is a self-styled “troublemaker” who has long been a thorn in Beijing’s side with his caustic tabloids and unapologetic support for democracy.The 78-year-old was found guilty on Monday on three charges in his national security trial widely condemned by Western nations as an attack on political liberties and press freedoms.Lai told AFP in June 2020 he was “prepared for prison”, where he has been held since late that year.Those remarks came two weeks before Beijing imposed a sweeping national security law on the finance hub after huge, and sometimes violent, pro-democracy protests the previous year.He was arrested under the new security law that August, fulfilling his prediction that he was a prime target for prosecution.”If (prison) comes, I will have the opportunity to read books I haven’t read. The only thing I can do is to be positive,” he said at the time.Few Hong Kongers generate the same level of vitriol from Beijing as Lai.He is an unlikely hero for many in the semi-autonomous city: a pugnacious, self-made tabloid owner and the only tycoon willing to lampoon Beijing.But according to China’s state media, he is a “traitor”, the biggest “black hand” behind the pro-democracy protests and the head of a new “Gang of Four” conspiring with foreign nations to undermine the motherland.- Tiananmen watershed -Lai rose from poverty, like many Hong Kong tycoons.He was born into a wealthy family in mainland China’s Guangdong province, but they lost their fortune when the communists took power in 1949.Smuggled into Hong Kong aged 12, Lai toiled in sweatshops, taught himself English and eventually founded the hugely successful Giordano clothing empire.His path diverged from his contemporaries when China sent tanks to crush protests in Beijing’s Tiananmen Square in 1989.He founded his first publication shortly after and wrote columns critical of senior Chinese leaders.Authorities began closing his mainland clothing stores, so Lai sold up and ploughed the money into a tabloid empire.Lai was the subject of other lawsuits, including one where he was acquitted of intimidating a journalist from a rival newspaper.But his embrace of 2019’s pro-democracy movement landed him in deeper trouble and he was jailed for 20 months over his participation in some rallies.An additional fraud case over an office lease added almost six more years to his sentence.Those cases pale in comparison to Monday’s verdicts.Lai was found guilty on two counts of “conspiracy to foreign collusion” under the national security law — with a maximum penalty of life in prison — and one count of “conspiracy to publish seditious publications”.He pleaded not guilty to all charges.Asked why he did not keep quiet and enjoy his wealth like Hong Kong’s other tycoons, Lai said in 2020 he “just fell into it, but it feels right doing it”.”Maybe I’m a born rebel, maybe I’m someone who needs a lot of meaning to live my life besides money,” he said.- ‘Delivering freedom’ -Lai also said then he had no plans to leave Hong Kong despite his wealth and the risks he faced.”I’m a troublemaker. I came here with nothing, the freedom of this place has given me everything. Maybe it’s time I paid back for that freedom by fighting for it,” he said.Lai’s two primary publications — the Apple Daily newspaper and the digital-only Next magazine — openly backed democracy protests in a city where competitors either support Beijing or tread a far more cautious line.The two publications were largely devoid of advertisements for years as brands steered clear of incurring Beijing’s wrath. Lai plugged the losses with his own cash.They were popular, offering a heady mix of celebrity news, sex scandals and genuine investigations.Apple Daily was forced to close in 2021 after police raids and the arrests of senior editors. Next also closed. Lai defended his paper during more than 40 days of spirited courtroom testimony.”The core values of Apple Daily are actually the core values of the people of Hong Kong… (including) rule of law, freedom, pursuit of democracy, freedom of speech, freedom of religion, freedom of assembly,” he told the court in November 2024.”To participate in delivering freedom is a very good idea for me,” Lai said. “The more you are in the know, the more you are free.”

Hong Kong pro-democracy media tycoon Jimmy Lai was found guilty Monday on three national security charges, a conviction rights groups denounced as a death knell for press freedoms in the Chinese financial hub.Prosecutors said Lai was the mastermind behind two conspiracies to ask foreign countries to take action against Hong Kong or China, and accused him of publishing materials they said “excited disaffection” against the government.The 78-year-old, who pleaded not guilty to the charges, now faces a maximum penalty of life in prison when he is sentenced. He can appeal Monday’s convictions.”There is no doubt that (Lai) had harboured his resentment and hatred of the PRC for many of his adult years,” Judge Esther Toh told the court, referring to the People’s Republic of China.”His constant invitation to the US to help bring down the Government of the PRC with the excuse of helping the people of HK would be analogous to the situation where an American national asks for help from Russia to bring down the US Government under the guise of helping the State of California.”Lai, wearing a light green cardigan and grey jacket, looked impassive as he listened to the verdicts with folded arms, and did not speak.As he left, he nodded to his wife Teresa and his son Lai Shun-yan, who were sitting in the public gallery, an AFP reporter inside the court saw.His defence lawyer Robert Pang told reporters as he left court that Lai “is in fine spirits”.Dozens of police officers were deployed around around the West Kowloon court in the morning, with an armoured car positioned nearby.Consular representatives, including those from the United States, the European Union and France, were among those in attendance, as well as veterans from Hong Kong’s pro-democracy camp, including Cardinal Joseph Zen and former legislator Emily Lau.- ‘Death knell for press freedom’ -The founder of the now-shut Apple Daily newspaper has been behind bars since 2020.His case has been widely criticised as an example of eroding political freedoms under the national security law Beijing imposed on Hong Kong following huge and sometimes violent pro-democracy protests in 2019.”The predictability of today’s verdict does not make it any less dismaying — the conviction of Jimmy Lai feels like the death knell for press freedom in Hong Kong,” Amnesty International said in a statement.Reporters Without Borders called the “unlawful conviction” illustrative of “the alarming deterioration of media freedom in the territory”, while the Committee to Protect Journalists called it a “sham conviction” and “a disgraceful act of persecution”.Beijing, meanwhile, said Friday it “firmly supports” Hong Kong in “safeguarding national security” from criminal acts.Lai once described himself as a “born rebel” and defied the Chinese Communist Party for years while amassing millions from his clothing and media empires.The 78-year-old is a British citizen, and UK Prime Minister Keir Starmer faces pressure from rights groups to secure his release.Before Monday’s verdict, another former Apple Daily employee surnamed Chan recalled that Lai wished for a “free and democratic China”.”He loved the country a lot, he just didn’t love the regime. (The situation) is absurd,” Chan told AFP outside court.- Health concerns -Lai looked thinner than when he first entered custody, and some of the dozens of supporters who gathered at dawn in front of the court expressed concern for his wellbeing.”I really want to see what’s happening with ‘the boss’, to see if his health has deteriorated,” said Tammy Cheung, who worked at Lai’s newspaper for nearly two decades.Lai’s family recently said he had lost weight and had visible decay to his nails and teeth since his long imprisonment.His daughter Claire told AFP last week that Lai, a diabetic, had “lost a very significant amount of weight” and showed nail and teeth decay.National security police chief superintendant Steve Li told a press conference on Monday that Claire Lai’s concerns as to her father’s health were smearing.Authorities have said Lai was receiving “adequate and comprehensive” care, and that he had been held in solitary confinement “at his own request”.- Sprawling trial -Prosecutors cited 161 items Apple Daily published in their case against Lai.Those items, including opinion articles with Lai’s byline and talk shows he hosted, were deemed seditious under a colonial-era law because they “excited disaffection” against the government.Prosecutors also accused Lai of being the mastermind and financial backer of the protest group “Stand with Hong Kong, Fight for Freedom”.Lai countered that he had never sought to influence other countries’ foreign policies, saying Apple Daily represented Hongkongers’ core values: “rule of law, freedom, pursuit of democracy, freedom of speech, freedom of religion, freedom of assembly”.Apple Daily was forced to close in 2021 following police raids. Six top executives were charged as co-defendants and have already pleaded guilty.

Long-awaited verdicts in Hong Kong pro-democracy media tycoon Jimmy Lai’s national security trial will be delivered on Monday, one of the city’s most closely watched rulings since its return to Chinese rule in 1997.Around 80 people queued outside the West Kowloon court building at dawn, some describing themselves as supporters anxious about Lai’s wellbeing.”I really want to see what’s happening with ‘the boss’, to see if his health has deteriorated,” said Tammy Cheung, who worked at Lai’s newspaper for nearly two decades.The case has grown into a wedge between Beijing and many Western nations, with US President Donald Trump reportedly calling for Lai’s release during a meeting with Chinese leader Xi Jinping in October.The Apple Daily founder has pleaded not guilty to two counts of “conspiracy to foreign collusion” under the security law, which carry a maximum penalty of life in prison, as well as one count of “conspiracy to publish seditious publications”.Lai turned 78 last week and once described himself as a “born rebel”. He defied the Chinese Communist Party for years while amassing millions from his clothing and media empires.He became a prime target after Beijing imposed the sweeping national security law on Hong Kong in 2020, a year after huge and sometimes violent pro-democracy protests in the finance hub.High Court judges Esther Toh, Alex Lee and Susana D’Almada Remedios will begin delivering their verdicts at 10 am (0200 GMT).If found guilty, Lai will likely be sentenced at a later date and can appeal.Beijing said Friday it “firmly supports” Hong Kong in “safeguarding national security” from criminal acts.Lai is a British citizen, and British Prime Minister Keir Starmer faces pressure from rights groups to secure his release.Before Monday’s verdict, another former Apple Daily employee surnamed Chan recalled that Lai wished for a “free and democratic China”.”He loved the country a lot, he just didn’t love the regime. (The situation) is absurd,” Chan told AFP outside court.- Health concerns -Lai has been jailed since December 31, 2020, and the state of his health is contested by his family and authorities.He last appeared in court in August, fitted with a heart rate monitor after lawyers said he had palpitations.Lai gave spirited courtroom testimony and was quick to respond to, and even bicker with, prosecutors and judges.His daughter Claire told AFP last week that Lai, a diabetic, had “lost a very significant amount of weight” and showed nail and teeth decay.The Hong Kong government said Friday Lai has received “adequate and comprehensive” care and that “no complaints” had been raised.Authorities also confirmed that Lai had been held in solitary confinement, but said that “has all along been made at his own request”.- Sprawling trial -Prosecutors accused Lai of masterminding a conspiracy involving Apple Daily’s senior management, citing 161 items the outlet published.Those items, which included op-eds with Lai’s byline and online talk shows he hosted, were deemed seditious under a colonial-era law because they “excited disaffection” against the government.Some of the items also breached the later national security law by asking foreign countries to impose “sanctions or blockade” or take “hostile activities” against Hong Kong or China.Lai was grilled for days over his political connections in the United States, Britain and Taiwan, including a 2019 meeting with then-US vice president Mike Pence.Prosecutors also accused Lai of being the mastermind and financial backer of the protest group “Stand with Hong Kong, Fight for Freedom”.Lai countered that he had never sought to influence other countries’ foreign policies through his overseas contacts. He also distanced himself from violence and separatism, saying Apple Daily represented Hongkongers’ core values: “rule of law, freedom, pursuit of democracy, freedom of speech, freedom of religion, freedom of assembly”.Apple Daily was forced to close in 2021 after police raids and the arrests of senior editors.Six top executives were charged as co-defendants and have already pleaded guilty.

In a light-filled workshop in eastern China, a robotic arm moved a partially assembled autonomous vehicle as workers calibrated its cameras, typical of the incremental automation being adopted even across smaller factories in the world’s manufacturing powerhouse.China is already the world’s largest market for industrial robots, and the government is pouring billions of dollars into robotics and artificial intelligence to boost its presence in the sector. The first essentially humanlessfactoriesare already in operation, even as widespread automation raises questions about job losses as well as the cost and difficulty of transition for smaller and medium-sized companies. The answer for many is a hybrid approach, experts and factory owners told AFP. At the autonomous vehicle workshop, manager Liu Jingyao told AFP that humans are still a crucial part of even technologically advanced manufacturing. “Many decisions require human judgement,” said Liu, whose company Neolix produces small van-like vehicles that transport parcels across Chinese cities. “These decisions involve certain skill-based elements that still need to be handled by people.”At the Neolix factory, 300 kilometres (186 miles) north of Shanghai, newly built driverless vehicles zoomed around a testing track simulating obstacles including puddles and bridges.In a closed-off room, workers assembled vehicles’ “brains”, testing their cameras and computer chips.”Automation… primarily serve(s) to assist humans, reducing labour intensity rather than replacing them,” Liu said.But Ni Jun, a mechanical engineering expert at Shanghai’s Jiaotong University, said China’s strategy of focusing on industrial applications for AI means full automation is already feasible in many sectors.Among others, tech giant Xiaomi operates a “dark factory” — where the absence of people means no need for lights — with robotic arms and sensors able to make smartphones without humans.- Digital divide -Ni described a “digital divide” between larger companies with the funds to invest heavily in modernisation, and smaller businesses struggling to keep up.For Zhu Yefeng’s Far East Precision Printing Company, part of China’s vast network of small independent factories employing up to a few dozen people each, full automation is a distant dream.At the company just outside Shanghai, workers in small rooms fed sheets of instruction manuals into folding machines and operated equipment that printed labels for electronic devices.The company used pen and paper to track its workflow until two years ago, with managers having to run around the factory to communicate order information.”Things were, to put it bluntly, a complete mess,” Zhu told AFP.The company has since adopted software that allows employees to scan QR codes that send updates to a factory-wide tracker.On a screen in his office, Zhu can see detailed charts breaking down each order’s completion level and individual employees’ productivity statistics.”This is a start,” Zhu told AFP. “We will move toward more advanced technology like automation, in order to receive even bigger orders from clients.”Financial constraints are a major barrier though.  “As a small company, we can’t afford certain expenses,” said Zhu. His team is trying to develop its own robotic quality testing machine, but for now humans continue to check final products.- Employment pressures -The potential unemployment caused by widespread automation will be a challenge, said Jacob Gunter from the Berlin-based Mercator Institute for China Studies. “Companies will be quite happy to decrease their headcount… but the government will not like that and will be under a lot of pressure to navigate this,” Gunter told AFP.Beijing’s push to develop industrial robots will “intersect with the need for maintaining high employment at a time when employment pressure is considerable”, he added. Going forward, manufacturers must strike a balance “between the technical feasibility, social responsibility, and business necessity”, Jiaotong University’s Ni told AFP.Zhou Yuxiang, the CEO of Black Lake Technologies — the start-up that provided the software for Zhu’s factory — told AFP he thought factories would “always be hybrid”. “If you ask every owner of a factory, is a dark factory the goal? No, that’s just a superficial description,” Zhou said. “The goal for factories is to optimise production, deliver things that their end customers want, and also make money.”

Stock markets on both sides of the Atlantic pulled back Friday as profit-taking trimmed some of the gains seen after the Federal Reserve’s interest rate cut this week.Investors kept away from any big bets on the future direction of US interest rates while the inflation and employment pictures remain cloudy, analysts said.European and Asian equity markets initially tracked Thursday’s record performance on Wall Street but then turned negative as the mood in New York shifted. This change was partly motivated by unease about potentially excessive stock valuations in the tech sector.Focus for global investors is switching to next week’s release of US jobs data, which could provide insights into the Fed’s plans for the coming year.Partial data released Thursday showed US jobless claims rose more than expected in the week ending December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labor market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — seen as less hawkish than feared — but the policy board’s statement suggested it could hold off from a fourth straight cut in January.There was some concern about sector valuations after disappointing earnings from sector giants Oracle and Broadcom.”Oracle and Broadcom reminded the market that while AI demand remains strong, leveraged investments and uncertain monetisation paths are preventing investors from adding exposure at current valuations,” said Ipek Ozkardeskaya, senior analyst at Swissquote.All three major US indexes slumped on Friday, with the Nasdaq Composite Index falling 1.7 percent.London stock prices underperformed their European peers after official data showed that the UK economy unexpectedly contracted in October.- Key figures at around 2145 GMT -New York – Dow: DOWN 0.5 percent at 48,458.05 points (close)New York – NASDAQ: DOWN 1.7 percent at 23,195.17 (close)New York: S&P 500: DOWN 1.1 percent at 6,827.41 (close)London – FTSE 100: DOWN 0.6 percent at 9,649.03 (close)Paris – CAC 40: DOWN 0.2 percent at 8,068.62 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,186.49 (close)Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)Euro/dollar: UP at $1.1742 from $1.1741 on ThursdayDollar/yen: UP at 155.83 yen from 155.58Pound/dollar: DOWN at $1.3368 from $1.3394Euro/pound: UP at 87.83 pence from 87.65Brent North Sea Crude: DOWN 0.3 percent at $61.12 per barrelWest Texas Intermediate: DOWN 0.3 percent at $57.44 per barrelburs-jh-bys/ksb

Stock markets on both sides of the Atlantic pulled back Friday as pre-weekend profit-taking pared some, but not all, of the gains seen after the Federal Reserve bank delivered a much-anticipated rate easing this week.Investors kept away from any big bets on the future direction of US interest rates while the inflation and employment pictures remain cloudy, analysts said.European and Asian equity markets initially tracked Thursday’s record performance on Wall Street, but then turned negative as the mood in New York shifted, a change partly motivated by unease about potentially excessive stock valuations in the tech sector.Focus for global investors is switching to next week’s release of US jobs data, which could provide insights into the Federal Reserve’s plans for next year.Partial data released Thursday showed US jobless claims rose more than expected in the week ended December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labour market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — seen as less hawkish than feared — but the policy board’s statement suggested it could hold off from a fourth straight cut in January.There was some concern about sector valuations after disappointing earnings from sector giants Oracle and Broadcom.”Oracle and Broadcom reminded the market that while AI demand remains strong, leveraged investments and uncertain monetisation paths are preventing investors from adding exposure at current valuations,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote.The tech-heavy NASDAQ index consequently did worse than the Dow and S&P 500 indexes.London stock prices underperformed their European peers after official data showed that the UK economy unexpectedly contracted in October.- Key figures at around 1640 GMT -New York – Dow: DOWN 0.6 percent at 48,383.22 pointsNew York – NASDAQ: DOWN 2.0 percent at 23,120New York: S&P 500: DOWN 1.4 percent at 6,804.16London – FTSE 100: DOWN 0.6 percent at 9,649.03 (close)Paris – CAC 40: DOWN 0.2 percent at 8,068.62 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,186.49 (close)Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)Euro/dollar: DOWN at $1.1728 from $1.1741 on ThursdayDollar/yen: UP at 155.75 yen from 155.58Pound/dollar: DOWN at $1.3347 from $1.3394Euro/pound: UP at 87.87 pence from 87.65Brent North Sea Crude: DOWN 0.4 percent at $61.06 per barrelWest Texas Intermediate: DOWN 0.4 percent at $57.39 per barrelburs-jh/gv