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The dollar surged, stocks rallied and bitcoin struck a record high Wednesday as the world gears up for a Donald Trump presidency that analysts say could rekindle inflation.The Republican candidate made a stunning political comeback as he defeated Vice President Kamala Harris to return to the White House, four years after losing it to Joe Biden.Well before several US media declared Trump the winner, Wall Street stock futures soared hours ahead of the market’s opening bell as the former president confidently claimed a “magnificent” victory.Europe’s main equity indices jumped in morning deals, while Asia diverged, with Chinese stocks hit by expectations that Trump would impose tariffs on Chinese imports.Market focus was also on plans to stimulate China’s economy, the world’s second biggest after the United States.”Trump trade is in full swing,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.A Trump win is expected to result in sweeping US tax cuts, seen as inflationary and therefore leading to fewer interest-rate cuts by the Federal Reserve in the coming months.That boosted the dollar against main rivals, with the greenback up more than 1.5 percent against the euro.The Fed announces its latest rate decision on Thursday.”With the Federal Reserve expected to announce a likely 25 basis-point cut tomorrow, we are already seeing expectations reined in for the December meeting given the perception that Trump’s policies are inherently inflationary,” forecast Joshua Mahony, analyst at traders Scope Markets.US Treasury yields also won support Wednesday.”Investors are bracing for tariffs and a clampdown on (US) immigration, policies considered to be inflationary which are likely to mean interest rates may be more elevated in the years to come,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.                   . She added that “expectations are high that a Trump presidency will mean fewer regulations on big tech and big finance”.Shares in Tesla soared more than 15 percent in pre-market US trading after Trump praised the electric car maker’s boss Elon Musk, a key campaign backer, as a “star” during his victory speech.- Bitcoin record -Bitcoin sprung $6,000 higher to a record $75,371.67, topping its previous peak of nearly $74,000 in March.Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Musk in charge of a wide-ranging audit of governmental waste.Elsewhere, oil prices slid “amid expectations that under Trump more crude will flow from US wells”, Streeter added. “Another Trump presidency is likely to place emphasis on energy independence and his policies are likely to favour fossil fuels, promoting deregulation in the oil, gas, and coal industries,” she said. – Key figures around 1030 GMT -Euro/dollar: DOWN at $1.0751 from $1.0930 on TuesdayPound/dollar: DOWN at $1.2894 from $1.3035Dollar/yen: UP at 154.00 yen from 151.60 yen Euro/pound: DOWN at 83.40 from 83.82 penceLondon – FTSE 100: UP 1.4 percent at 8,289.58 pointsParis – CAC 40: UP 1.7 percent at 7,531.34Frankfurt – DAX: UP 1.1 percent at 19,464.15Tokyo – Nikkei 225: UP 2.6 percent at 39,480.67 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 20,538.38 (close)Shanghai – Composite: DOWN 0.1 percent at 3,383.81 (close)New York – Dow: UP 1.0 percent at 42,221.88 (close)West Texas Intermediate: DOWN 1.7 percent at $70.79 per barrelBrent North Sea Crude: DOWN 1.7 percent at $74.26 per barrelburs-bcp/lth

The dollar surged and bitcoin hit a record high Wednesday before Donald Trump claimed victory in the US election, with traders ramping up bets on fresh tax cuts, tariffs, and rising inflation.While polls had shown the race on a knife edge, the Republican fared far better than his Democratic opponent Vice President Kamala Harris as results rolled in.Both candidates picked up expected wins in safe states, but indications that the business tycoon was on course for a second term boosted the so-called Trump Trade.While victory is not yet official, Trump claimed it in a speech in Florida, saying: “We are going to help our country heal… We have a country that needs help and it needs help very badly.”News that the former president’s party had won control of the Senate boosted the prospect of sweeping tax cuts, more tariffs, and deregulation — seen as a boost for the greenback.The dollar jumped 1.5 percent to 154.38 yen, its highest since July, while it was also up more than one percent against the euro and more than three percent against the Mexican peso.Bitcoin sprung $6,000 higher to a record $75,371.69, topping its previous peak of $73,797.98 in March.Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.”The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election.Investors are “potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency”, he added.Analysts said a clean sweep of Congress and the White House for Trump and Republicans would likely boost the dollar and Treasury yields owing to his plans to cut taxes and impose tariffs on imports.Peter Esho, economist and founder at Esho Capital, said: “The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook.”- ‘Trade and tariffs and taxation’ -And Neil Wilson at Finalto trading group said: “Trade and tariffs and taxation would be the three Ts of the Trump Trade, followed by deregulation.”But he added: “Bear in mind as a caveat that the House is still up for grabs and Trump had complete control of Congress last time and it didn’t mean he could do everything he said he world.”Such an outcome could provide a headache for Federal Reserve boss Jerome Powell as he continues his battle to bring inflation to heel, with Trump’s plans considered inflationary.The election comes as the central bank prepares to deliver its latest policy decision Thursday amid expectations it will cut interest rates by 25 basis points, having lowered them by 50 points in September.The dollar’s surge against the yen rallied stocks more than three percent in Tokyo at one point thanks to gains in exporters, while markets Sydney, Singapore, Taipei, Mumbai and Bangkok also rose.However, there were losses in Shanghai, Seoul, Wellington, Manila and Jakarta.Hong Kong was also well down — at one point diving almost three percent — on worries about the impact of a Trump presidency on China’s economy and relations between Beijing and Washington.London, Paris and Frankfurt all rose at the open.US futures also rallied.Traders had been given a strong lead from Wall Street, where all three main indexes climbed more than one percent.While the result of the election is being closely followed globally, it is of real interest in China after Trump vowed to ratchet up a trade battle with the economic titan by imposing massive tariffs on goods from the country.The vote comes as Chinese leaders hold a key meeting to hammer out a package of stimulus measures aimed at kickstarting growth and providing support to the colossal property sector, which is mired in a painful debt crisis.Beijing said Wednesday it hoped for “peaceful coexistence” with the United States as Trump looked set for victory.- Key figures around 0810 GMT -Dollar/yen: UP at 154.00 yen from 151.60 yen on TuesdayEuro/dollar: DOWN at $1.0735 from $1.0930Pound/dollar: DOWN at $1.2871 from $1.3035Euro/pound: DOWN at 83.40 from 83.82 penceTokyo – Nikkei 225: UP 2.6 percent at 39,480.67 (close)Hong Kong – Hang Seng Index: DOWN 2.2 percent at 20,538.38 (close)Shanghai – Composite: DOWN 0.1 percent at 3,383.81 (close)London – FTSE 100: DOWN 0.7 percent at 8,225.33West Texas Intermediate: DOWN 1.2 percent at $71.13 per barrelBrent North Sea Crude: DOWN 1.3 percent at $74.56 per barrelNew York – Dow: UP 1.0 percent at 42,221.88 (close)

The dollar surged and bitcoin hit a record high Wednesday as traders bet on a victory for Donald Trump as he picked up two of the key swing states needed to take the White House, ramping up bets on fresh tax cuts, tariffs and rising inflation.While polls had shown the race on a knife edge, the Republican appeared to be faring better than his Democratic opponent Vice President Kamala Harris as results rolled in.Both candidates have picked up expected wins in safe states, but indications that the business tycoon was edging it boosted the so-called Trump Trade.While many key swing states were too close to project, Trump won Georgia and North Carolina, with others still up in the air.News that the former president’s party had taken control of the Senate boosted the prospect of sweeping tax cuts, more tariffs and deregulation — seen as a boost for the greenback.The dollar jumped 1.5 percent to 154.33 yen, its highest since July, while it was also up more than one percent against the euro and more than three percent against the Mexican peso.Bitcoin piled almost $6,000 higher to a record $75,330.88, topping its previous peak of $73,797.98 in March.Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.”The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election.Investors are “potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency”, he added.Analysts said a clean sweep of Congress and the White House for Trump and Republicans would likely boost the dollar and Treasury yields owing to his plans to cut taxes and impose tariffs on imports.Republican control of the Senate and House “could bring sweeping spending or tax policy shifts. Still, congressional gridlock could be the ultimate volatility suppressor”, said SPI Asset Management’s Stephen Innes.And Peter Esho, economist and founder at Esho Capital, said: “The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook.”Such an outcome could provide a headache for Federal Reserve boss Jerome Powell as he continues his battle to bring inflation to heel, with Trump’s plans considered inflationary.The election comes as the central bank prepares to deliver its latest policy decision Thursday amid expectations it will cut interest rates by 25 basis points, having lowered them by 50 points in September.The dollar’s surge against the yen rallied stocks more than three percent in Tokyo at one point thanks to gains in exporters, while Shanghai, Sydney, Singapore, Taipei, Mumbai and Bangkok also rose.However, there were losses in Seoul, Wellington, Manila and Jakarta.Hong Kong was also well down — at one point diving almost percent — on worries about the impact of a Trump presidency on China’s economy and relations between Beijing and Washington.Traders had been given a strong lead from Wall Street, where all three main indexes climbed more than one percent.While the result of the election is being closely followed globally, it is of real interest in China after Trump vowed to ratchet up a trade battle with the economic titan by imposing massive tariffs on goods from the country.The vote comes as Chinese leaders hold a key meeting to hammer out a package of stimulus measures aimed at kickstarting growth and providing support to the colossal property sector, which is mired in a painful debt crisis.- Key figures around 0620 GMT -Dollar/yen: UP at 153.85 yen from 151.60 yen on TuesdayEuro/dollar: DOWN at $1.0746 from $1.0930Pound/dollar: DOWN at $1.2884 from $1.3035Euro/pound: DOWN at 83.41 from 83.82 penceTokyo – Nikkei 225: UP 2.4 percent at 39,405.19 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 20,585.45 Shanghai – Composite: UP 0.4 percent at 3,400.69 West Texas Intermediate: DOWN 1.8 percent at $70.73 per barrelBrent North Sea Crude: DOWN 1.8 percent at $74.19 per barrelNew York – Dow: UP 1.0 percent at 42,221.88 (close)London – FTSE 100: DOWN 0.1 percent at 8,172.39 (close)

Japanese auto giant Toyota kept its annual net profit forecast unchanged on Wednesday, despite logging a 26 percent drop for the first half of this financial year.The world’s top-selling automaker said unit sales were hit by production cuts in its home market, related to a failure to fully comply with vehicle inspection standards.In April to September, Toyota reported net profit of 1.9 trillion yen ($12.4 billion), down from 2.6 trillion in the same period a year ago.Although its second-quarter earnings were far lower than analyst expectations, the company still forecasts full-year net profit of 3.57 trillion yen.”We will strive to maintain and strengthen our earning power,” it said in a statement.Chief Financial Officer Yoichi Miyazaki said a boost to global production would help the company catch up.”Our Indiana plant in the United States, which had been partially shut down, resumed operations last month and we will return to a production pace of 10 million vehicles per year globally,” he said.Unit sales fell four percent in the first half of 2024-25, partly “due to the impact of halting production to address certification issues”, the company said.In June, the Japanese government told Toyota and its rivals Honda, Mazda, Suzuki and Yamaha to stop delivering certain vehicle models domestically because of these irregularities.The automakers insisted that the quality of their vehicles was not in question, arguing that their own testing was in some cases stricter than the official standards.Miyazaki said Toyota had taken time to rethink its approach so the group can “prioritise safety and quality”.Toyota also said Wednesday that fluctuations in the value of the yen had caused “valuation losses in foreign currency-denominated assets”.But this factor “does not indicate an actual deterioration in business”, the automaker said.In fact at the same time “the effects of foreign exchange rates, cost reduction efforts, and marketing efforts increased operating income”, it added.Toyota lowered its annual group production outlook to 10.85 million vehicles from the previous target of 10.95 million.The company had reported record bumper results last year, driven by strong sales of hybrid vehicles — which combine internal combustion engines and batteries — an area that Toyota pioneered with the Prius.

The dollar surged and bitcoin hit a record high Wednesday while equity markets advanced as traders bet on a victory for Donald Trump as early results for the US presidential election rolled in.While polls have shown the race for the White House on a knife-edge, the Republican appeared to be faring better than his Democratic opponent and Vice President Kamala Harris in early projections.Both candidates have picked up expected wins in safe states, but indications that the business tycoon was edging it boosted the so-called Trump Trade.Signs that the former president’s party was notching up better results in Congressional races boosted the prospect of sweeping tax cuts, more tariffs and deregulation — seen as a boost for the greenback.The dollar jumped 1.5 percent to 154.33 yen, its highest since July, while it was also up more than one percent against the euro and more than two percent against the Mexican peso.Bitcoin piled almost $6,000 higher to a record $75,005.06, topping its previous peak of $73,797.98 hit in March.Trump pledged during the campaign to make the United States “the world capital of bitcoin and cryptocurrencies”.While the key swing states were too close to project, early tallies suggested Trump was ahead in Georgia, while traders were keeping a close eye on other incoming results.”Georgia starting to glow red may have been the trigger,” said Max Gokhman, at Franklin Templeton Investment Solutions, referring to early exit polls. “If I had to pick one asset as a barometer of Trump sentiment it would be bitcoin.”Analysts said attention was also on Congressional races, adding that a clean sweep for Trump and Republicans would likely boost the dollar and Treasury yields owing to his plans to cut taxes and impose tariffs on imports.Control of the Senate and House of Republicans “could bring sweeping spending or tax policy shifts. Still, congressional gridlock could be the ultimate volatility suppressor”, said SPI Asset Management’s Stephen Innes.Such an outcome for the Republicans could provide a headache for Federal Reserve boss Jerome Powell as he continues his battle to bring inflation to heel, with Trump’s plans considered inflationary.The election comes as the central bank prepares to deliver its latest policy decision Thursday amid expectations it will cut interest rates 25 basis points, having lowered them 50 points in September.The dollar’s surge against the yen rallied stocks more than two percent in Tokyo thanks to gains in exporters, and while Shanghai, Sydney, Seoul, Singapore, Wellington, Manila, and Taipei also rose, there were losses in Hong Kong and Jakarta.The advances came after all three main indexes on Wall Street climbed more than one percent.While the result of the election is being closely followed globally, it is of real interest in China after Trump vowed to ratchet up a trade battle with the economic titan by imposing massive tariffs on goods from the country.The vote comes as Chinese leaders hold a key meeting to hammer out a package of stimulus measures aimed at kickstarting growth and providing support to the colossal property sector, which is mired in a painful debt crisis.- Key figures around 0300 GMT -Dollar/yen: UP at 154.23 yen from 151.60 yen on TuesdayEuro/dollar: DOWN at $1.0750 from $1.0930Pound/dollar: DOWN at $1.2900 from $1.3035Euro/pound: DOWN at 83.40 from 83.82 penceTokyo – Nikkei 225: UP 2.3 percent at 39,341.44 (break)Hong Kong – Hang Seng Index: DOWN 2.3 percent at 20,525.09Shanghai – Composite: UP 0.1 percent at 3,390.64West Texas Intermediate: DOWN 0.4 percent at $71.73 per barrelBrent North Sea Crude: DOWN 0.4 percent at $75.21 per barrelNew York – Dow: UP 1.0 percent at 42,221.88 (close)London – FTSE 100: DOWN 0.1 percent at 8,172.39 (close)

Major stock markets mostly rose and the dollar remained under pressure Tuesday as Americans cast votes in a knife-edge presidential election.Wall Street’s main indexes, which had fallen the previous day, rebounded after voting began in the world’s biggest economy.In Europe, London dipped 0.1 percent as investors await an interest-rate decision by the Bank of England on Thursday while Paris and Frankfurt ended the day with modest gains.Equities in Shanghai and Hong Kong won strong support from hopes over China’s economy.The dollar weakened against the euro, the British pound and the yen.Forecasters have for weeks pointed to a neck-and-neck contest between Vice President Kamala Harris and former president Donald Trump.A win for Trump is expected to stoke inflation and send Treasury yields higher owing to his pledges to slash taxes and impose tariffs on imports, which could push up the dollar.Analysts see less upheaval from a win by Democratic Vice President Harris.”A pro-tariff Trump presidency could see the dollar strengthen amid concerns higher inflation will prompt the Fed to keep interest rates higher,” predicted Matt Britzman, senior equity analyst at Hargreaves Lansdown.”There is likely to be a period of volatility particularly if the result is contested, but investors should keep their eyes on long-term horizons as historically financial markets have risen over the course of both Democratic and Republican presidencies,” he added.Fawad Razaqzada, analyst at City Index and Forex.com, said that “traders are not committing to any particular direction across financial markets, and you can’t really blame them.”Given that the race appears to be a toss-up “this makes it extremely difficult to make a strong case for the direction of the dollar or stocks this week,” he added.Investors are also awaiting another US Federal Reserve rate cut on Thursday as inflation cools.- Asia up -Hong Kong and Shanghai each closed up by more than two percent Tuesday after data showed China’s services sector expanded last month at its fastest pace since July.The news came as traders await the end of a Chinese government meeting this week to hammer out an economic stimulus.Officials are expected to give the go-ahead to about $140 billion in extra budget spending, mostly for indebted local governments, and a similar one-off payment for banks.Chinese Premier Li Qiang, meanwhile, said he was “fully confident” that China’s economy would hit its growth targets this year and indicated that there was room to do more.Oil prices rose, but less sharply, having surged almost three percent Monday on worries about the Middle East crisis and as top producers agreed to extend output cuts through to the end of December.- Key figures around 2130 GMT -New York – Dow: UP 1.0 percent at 42,221.88 (close)New York – S&P 500: UP 1.2 percent at 5,782.76 (close)New York – Nasdaq: UP 1.4 percent at 18,439.17 (close)London – FTSE 100: DOWN 0.1 percent at 8,172.39 (close)Paris – CAC 40: UP 0.5 percent at 7,407.15 (close)Frankfurt – DAX: UP 0.6 percent at 19,256.27 (close)Tokyo – Nikkei 225: UP 1.1 percent at 38,474.90 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 21,006.97 (close)Shanghai – Composite: UP 2.3 percent at 3,386.99 (close)Euro/dollar: UP at $1.0930 from $1.0878 on MondayPound/dollar: UP at $1.3035 from $1.2957Dollar/yen: DOWN at 151.60 yen from 152.13 yenEuro/pound: DOWN at 83.82 from 83.96 penceBrent North Sea Crude: UP 0.6 percent at $75.53 per barrelWest Texas Intermediate: UP 0.7 percent at $71.99 per barrelburs-jmb/des

Major stock markets mostly rose and the dollar remained under pressure Tuesday as Americans cast votes in a knife-edge presidential election.Wall Street’s main indexes, which had fallen the previous day, rebounded in early deals after voting began in the world’s biggest economy.In Europe, London fell as investors await an interest-rate decision by the Bank of England on Thursday while Paris and Frankfurt were slightly up in afternoon deals.Equities in Shanghai and Hong Kong won strong support from hopes over China’s economy.The dollar weakened against the euro, the British pound and the yen.”A contested election result could cause volatility on the markets,” noted Russ Mould, investment director at AJ Bell.”Equally, a clear winner quickly after voting ends could provide some relief to investors.”A win for Republican Donald Trump is expected to restoke inflation and send Treasury yields higher owing to his pledges to slash taxes and impose tariffs on imports, which could support the dollar.Analysts see less upheaval from a win by Democratic Vice President Kamala Harris.Investors are also awaiting another US Federal Reserve rate cut on Thursday as inflation cools.”A pro-tariff Trump presidency could see the dollar strengthen amid concerns higher inflation will prompt the Fed to keep interest rates higher,” predicted Matt Britzman, senior equity analyst at Hargreaves Lansdown.”There is likely to be a period of volatility particularly if the result is contested, but investors should keep their eyes on long-term horizons as historically financial markets have risen over the course of both Democratic and Republican presidencies.”Fawad Razaqzada, analyst at City Index and Forex.com, said markets had priced in a Trump win until the start of this week.”While that could still be the case, Harris has closed the gap to essentially make it a coin flip between the two candidates,” he said.”As things stand it looks like it could be a photo finish. This makes it extremely difficult to make a strong case for the direction of the dollar or stocks this week,” Razaqzada said.- Asia up -Hong Kong and Shanghai each closed up by more than two percent Tuesday after data showed China’s services sector expanded last month at its fastest pace since July.The news came as traders await the end of a Chinese government meeting this week to hammer out an economic stimulus.Officials are expected to give the go-ahead to about $140 billion in extra budget spending, mostly for indebted local governments, and a similar one-off payment for banks.Chinese Premier Li Qiang, meanwhile, said he was “fully confident” that China’s economy would hit its growth targets this year and indicated that there was room to do more.Oil prices gained less sharply, having surged almost three percent Monday after top producers agreed to extend output cuts through to the end of December and on worries about the Middle East crisis.On the corporate front, Boeing shares fell slightly even though striking workers approved a contract proposal late Monday, ending more than seven weeks of stoppages that underscored discontent in the workforce of the beleaguered US aviation giant.- Key figures around 1440 GMT -New York – Dow: UP 0.2 percent at 41,886.63 pointsNew York – S&P 500: UP 0.5 percent at 5,742.69 New York – Nasdaq: UP 0.8 percent at 18,319.57London – FTSE 100: DOWN 0.3 percent at 8,163.47Paris – CAC 40: UP 0.3 percent at 7,390.45Frankfurt – DAX: UP 0.2 percent at 19,193.13Tokyo – Nikkei 225: UP 1.1 percent at 38,474.90 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 21,006.97 (close)Shanghai – Composite: UP 2.3 percent at 3,386.99 (close)Euro/dollar: UP at $1.0910 from $1.0878 on MondayPound/dollar: UP at $1.3020 from $1.2954Dollar/yen: DOWN at 151.84 yen from 152.17 yenEuro/pound: DOWN at 83.80 from 83.94 penceBrent North Sea Crude: UP 0.9 percent at $75.77 per barrelWest Texas Intermediate: UP 1.1 percent at $72.23 per barrel

US tech giant Meta illegally harvested sensitive data including on sexual orientation from nearly a million South Korean Facebook users and shared it with advertisers, Seoul’s data watchdog said Tuesday.The firm, which also owns Instagram, violated South Korean laws prohibiting the use of information on political opinions, religious beliefs and people’s sex life unless the individual provides explicit consent, Seoul’s Personal Information Protection Commission said.The tech giant collected sensitive information from around 980,000 domestic users in South Korea through their Facebook profiles, including details about their religious beliefs and whether they are in a same-sex relationship.Meta “analysed user behaviour data, including pages liked and ads clicked on Facebook”, to create and implement targeted advertising related to “sensitive themes” such as transgender issues, homosexuality and North Korean defectors, officials said.The watchdog said it had confirmed that such information was provided to advertisers by Meta, with around 4,000 advertisers using it.The commission said Tuesday it had decided to fine Meta 21.6 billion won ($15.6 million).Meta told AFP that it would “carefully review the decision document once we receive it.”The South Korean watchdog said it had “also ordered the company to establish legal grounds for processing sensitive information, implement safety measures, and respond diligently to users’ requests for access to their personal data”.The decision is “significant in that they ensure that foreign operators providing global services must comply with the obligations set forth in (South Korea’s) Protection Act regarding the processing of sensitive information”.- LGBTQ market? -Experts said that Meta’s violation of personal information laws could reflect a growing demand to better identify and target LGBTQ-related markets.Despite the existing legal barriers, “LGBT partnerships are increasingly common in South Korea, and they are also increasingly accepted by the society,” Vladimir Tikhonov, professor of Korea studies at the University of Oslo, told AFP.”It is a niche market, but it grows fast,” he added.Same-sex marriage is not legally recognised in the South, and activists have long emphasised the need for legislation outlawing discrimination on the basis of sexual orientation.Around a quarter of South Korea’s population identifies as Christian and there has been vocal opposition to any recognition of same-sex marriage from such groups, purportedly on religious grounds.But the LGBTQ community in the country scored a legal victory in July when a court ruled that it was discriminatory for state health insurers to treat same-sex couples differently from heterosexual common law couples, who are allowed joint coverage.Advocates say the Supreme Court’s verdict could eventually pave the way for a law allowing same-sex unions in the country.

Major stock markets rose and the dollar remained under pressure Tuesday as the United States votes in a knife-edge presidential election.Equities in Shanghai and Hong Kong won strong support from hopes over China’s economy, while European indices grew slightly as investors await interest-rate decisions from the US Federal Reserve and Bank of England on Thursday.”A contested election result could cause volatility on the markets,” noted Russ Mould, investment director at AJ Bell.”Equally, a clear winner quickly after voting ends could provide some relief to investors.”A win for Republican Donald Trump is expected to boost the dollar, restoke inflation, and send Treasury yields higher owing to his pledges to slash taxes and impose tariffs on imports.Analysts see less upheaval from a win by Democratic Vice President Kamala Harris.”A pro-tariff Trump presidency could see the dollar strengthen amid concerns higher inflation will prompt the Fed to keep interest rates higher,” predicted Matt Britzman, senior equity analyst at Hargreaves Lansdown.”There is likely to a period of volatility particularly if the result is contested, but investors should keep their eyes on long-term horizons as historically financial markets have risen over the course of both Democratic and Republican presidencies.”Wall Street’s three main indices ended in the red Monday.Hong Kong and Shanghai each closed up by more than two percent Tuesday after data showed China’s services sector expanded last month at its fastest pace since July.The news came as traders await the end of a Chinese government meeting this week to hammer out an economic stimulus.Officials are expected to give the go-ahead to about $140 billion in extra budget spending, mostly for indebted local governments, and a similar one-off payment for banks.Adding to the risk-on mood were comments by Chinese Premier Li Qiang, who said he was “fully confident” that China’s economy would hit its growth targets this year and indicated that there was room to do more.Oil prices gained less sharply having surged almost three percent Monday after top producers agreed to extend output cuts through to the end of December and on worries about the Middle East crisis.On the corporate front, striking workers at Boeing approved a contract proposal late Monday, ending more than seven weeks of stoppages that underscored discontent within the workforce of the beleaguered US aviation giant.Shares in Vodafone gained 1.5 percent in London after UK regulators moved closer to approving the mobile phone group’s multi-billion-pound proposed merger of its British operations with those of Hong Kong-based CK Hutchison. The Competition and Markets Authority indicated that it could seal the deal between Vodafone and Three should the pair commit to investing in the UK’s mobile phone infrastructure and take steps to protect consumers over pricing.- Key figures around 1030 GMT -London – FTSE 100: UP 0.3 percent at 8,204.82 pointsParis – CAC 40: UP 0.1 percent at 7,377.88Frankfurt – DAX: UP 0.1 percent at 19,170.66Tokyo – Nikkei 225: UP 1.1 percent at 38,474.90 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 21,006.97 (close)Shanghai – Composite: UP 2.3 percent at 3,386.99 (close)New York – Dow: DOWN 0.6 percent at 41,794.60 (close)Euro/dollar: UP at $1.0894 from $1.0878 on MondayPound/dollar: UP at $1.2985 from $1.2954Dollar/yen: UP at 152.20 yen from 152.17 yenEuro/pound: DOWN at 83.89 from 83.94 penceBrent North Sea Crude: UP 0.5 percent at $75.48 per barrelWest Texas Intermediate: UP 0.6 percent at $71.86 per barrel

Chinese Premier Li Qiang said Tuesday he was “fully confident” the country would hit its economic goals this year, lauding recent stimulus measures and suggesting there was still room for more.Beijing has set a growth target of around five percent for 2024, but in the third quarter the country saw its slowest expansion in a year and a half.The government has announced a raft of measures aimed at boosting activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.  Observers hope a specific figure for the stimulus could emerge from this week’s meeting of the Standing Committee of the National People’s Congress (NPC), the top body of China’s rubber stamp parliament, in Beijing.Speaking Tuesday at the opening ceremony of a major international trade show in Shanghai, Li said: “We are fully confident in the realisation of this year’s goals and the development of China’s economy in the future.”The premier, who has official responsibility for economic policy, suggested that authorities still had room to manoeuvre when it came to further measures.”There is a relatively large space for financial and monetary policies, and the policy tools are even more abundant,” he said.An initial market rally when the measures were announced has since fizzled out, with investors put out by the lack of detail.But there have been glimmers of hope for the economy recently, including China’s manufacturing output expanding for the first time in six months in October.Activity in China’s services sector also accelerated in October, according to an independent index published Tuesday.- ‘China is very, very open’ -On Monday lawmakers on the NPC standing committee meeting reviewed a bill that would raise local government debt ceilings to replace existing hidden debts, according to state news agency Xinhua. Another challenge facing the economy is escalating trade rows with several key trading partners — most notably the European Union and the United States. Speaking at the China International Import Expo (CIIE), an annual showcase trade show in financial hub Shanghai, Li insisted China was committed to opening up further to foreign investment.China has railed against tariffs on its electric vehicles imposed by the EU and Washington among others.Beijing last month announced provisional tariffs on EU brandy imports, and has initiated anti-dumping probes into some EU pork and dairy imports.French trade minister Sophie Primas, who is attending the CIIE, told AFP on Monday that the window for negotiation over those tariffs remained “open” but warned Paris could take all possible measures in response.Asked at that expo on Tuesday whether she thought China was opening up more to foreign companies, she replied that in general, “China is very, very open to all countries, especially France”.”There are obviously a few disputes at the moment over certain industries… For us, in France, the cognac industry has been hit hard,” she added. “But the relations we’ve had here suggest that we’ll be able to continue to negotiate and we’ll be able to continue to have these relations, which are long-standing.”