Afp Business Asia

Stock markets marked time Friday as the latest trade-related rally lost steam as US President Donald Trump rated the chances of Washington striking a trade deal with the European Union at barely 50/50.Wall Street indices were marginally higher in morning trading as the S&P continued its recent hot streak as investors  digested a mixed batch of corporate earnings.London, after a strong run on positive corporate news, finished slightly lower as did Frankfurt, while Paris closed just ahead after Asia lost ground.Equities have enjoyed a strong run for much of July on expectations that governments around the world will reach agreements with the United States to dodge threatened tariffs before next Friday’s deadline.But Trump cautioned that in his view striking a deal with the European Union to reduce import tariffs will be a challenge.”I would say that we have a 50/50 chance, maybe less than that, but a 50/50 chance of making a deal with the EU,” Trump told reporters at the White House.In the meantime, “there is no unifying theme across financial markets this month — instead markets are moving to the beat of their own drums,” concluded Kathleen Brooks, research director at XTB.Tesla, which had lost eight percent Thursday on lower profits and a “rough” outlook from CEO Elon Musk, regained  almost five percent.Sentiment had been lifted earlier in the week by the announcement of a Japan-US deal, as well as signals that the EU could be closing in on its own accord with Washington.The “momentum has not been kept up, and European stocks are weaker at the end of the week,” noted Brooks.Trade optimism stayed cautiously upbeat overall, as Brussels and Washington tried to steer towards a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. However, “there has been no confirmation from the US side. Thus, sentiment towards European assets could be fragile as we lead up to that August 1 tariff deadline”, Brooks added.The EU is still forging ahead with contingency plans in case talks fail, with member states approving a 93 billion-euro ($109 billion) package of retaliatory counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo retreated after a two-day rally and Hong Kong declined following five days of gains. Shanghai was also down. While the S&P 500 and Nasdaq hit new records Thursday, another round of strong jobs data suggested the US Federal Reserve might have to delay cutting borrowing costs.The dollar extended gains against its major peers. The US president once again pressed Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday.In corporate news, German auto giant Volkswagen said US tariffs had cost it 1.3 billion euros ($1.5 billion) in the first half of the year as it reported falling profits.After an initial drop, shares in the carmaker rose four percent in Frankfurt. German sportswear maker Puma saw its shares tumble around 16 percent after slashing its sales forecast and warning of a full year loss.- Key figures at around 1555 GMT -New York – Dow: UP 0.2 percent at 44,764.12 pointsNew York – S&P 500: UP 0.2 percent at 6,378.79New York – Nasdaq Composite: UP 0.2 percent at 21,106.04London – FTSE 100: DOWN 0.2 percent at 9,119.32 (close)Paris – CAC 40: UP 0.2 percent at 7,834.58 (close)Frankfurt – DAX: DOWN 0.3 percent at 24,233.08 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 41,456.23 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,388.35 (close)Shanghai – Composite: DOWN 0.3 percent at 3,593.66 (close)Dollar/yen: UP at 147.77 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1727 from $1.1756Pound/dollar: DOWN at $1.3426 from $1.3507Euro/pound: UP at 87.34 pence from 87.01 penceWest Texas Intermediate: DOWN 1.0 percent at $65.37 per barrelBrent North Sea Crude: DOWN 0.8 percent at $68.62 per barrel

Stock markets stalled Friday as the latest trade-related rally lost steam and US President Donald Trump rated the chances of Washington striking a trade deal with the European Union at barely 50/50.Wall Street indices stood barely in the green some 20 minutes into the session as investors also digested a mixed batch of corporate earnings, while major European indices were all down and Asia closed off.Equities have enjoyed a strong run for much of July on expectations that governments will reach agreements with the United States to dodge threatened tariffs before next Friday’s deadline.But Trump cautioned that in his view striking a deal with the European Union to reduce import tariffs will be a challenge.”I would say that we have a 50/50 chance, maybe less than that, but a 50/50 chance of making a deal with the EU,” Trump told reporters at the White House.Sentiment had been lifted earlier in the week by the announcement of a Japan-US deal, as well as signals that the EU could be closing in on its own accord with Washington.The “momentum has not been kept up, and European stocks are weaker at the end of the week,” said Kathleen Brooks, research director at trading group XTB.Trade optimism stayed cautiously upbeat, as Brussels and Washington appeared close to a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. However, “there has been no confirmation from the US side… thus, sentiment towards European assets could be fragile as we lead up to that August 1 tariff deadline”, Brooks added.The EU is still forging ahead with contingency plans in case talks fail, with member states approving a 93 billion-euro ($109 billion) package of counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo retreated after a two-day rally and Hong Kong declined following five days of gains. Shanghai was also down. While the S&P 500 and Nasdaq hit new records Thursday, another round of strong jobs data suggested the US Federal Reserve might have to delay cutting borrowing costs.The dollar extended gains against its major peers as investors trimmed their rate forecasts.The US president once again pressed Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday.In corporate news, German auto giant Volkswagen said US tariffs had cost it 1.3 billion euros ($1.5 billion) in the first half of the year as it reported falling profits.After an initial drop, shares in the carmaker were up more than four percent by mid-afternoon in Frankfurt. German sportswear maker Puma saw its shares tumble around 16 percent after slashing its sales forecast and warning of a full year loss.Meanwhile UK bank NatWest topped the gainers list on the FTSE 100, rising around three percent after reporting a rise in second-quarter net profit and lifting its full-year outlook.- Key figures at around 1355 GMT -New York – Dow: UP 0.1 percent at 44,745.67 pointsNew York – S&P 500: UP 0.1 percent at 6,371.35New York – Nasdaq Composite: UP 0.1 percent at 21,079.16London – FTSE 100: DOWN 0.4 percent at 9,101.11Paris – CAC 40: DOWN 0.3 percent at 7,796.52 Frankfurt – DAX: DOWN 0.5 percent at 24,170.80Tokyo – Nikkei 225: DOWN 0.9 percent at 41,456.23 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,388.35 (close)Shanghai – Composite: DOWN 0.3 percent at 3,593.66 (close)Dollar/yen: UP at 147.80 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1710 from $1.1756Pound/dollar: DOWN at $1.3422 from $1.3507Euro/pound: UP at 87.25 pence from 87.01 penceWest Texas Intermediate: DOWN 0.1 percent at $65.99 per barrelBrent North Sea Crude: UP 0.2 percent at $69.21 per barrel

Stock markets mostly fell Friday as the latest trade-related rally lost momentum, with investors also digesting a mixed batch of corporate earnings.Equities have enjoyed a strong run for much of July on expectations that governments will reach agreements with the United States to pare Donald Trump’s threatened tariffs before next Friday’s deadline.Sentiment was lifted earlier in the week by the announcement of a Japan-US deal, as well as signals that the European Union could be nearing its own agreement with Washington.The “momentum has not been kept up, and European stocks are weaker at the end of the week,” said Kathleen Brooks, research director at trading group XTB.London and Frankfurt stock markets both fell on Friday, while Paris edged up.Trade optimism stayed cautiously upbeat, as Brussels and Washington appear close to a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. However, “there has been no confirmation from the US side… thus, sentiment towards European assets could be fragile as we lead up to that August 1 tariff deadline,” Brooks added.The EU is still forging ahead with contingency plans in case talks fail, with member states approving a 93 billion-euro ($109 billion) package of counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo retreated after a two-day rally and Hong Kong declined following five days of gains. Shanghai was also down. While the S&P 500 and Nasdaq hit new records Thursday, another round of strong jobs data suggested the Federal Reserve might have to delay cutting borrowing costs.The dollar extended gains against its major peers as investors trimmed their rate forecasts.The US president once again pressed Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday.In corporate news, German auto giant Volkswagen said US tariffs had cost it 1.3 billion euros in the first half of the year as it reported falling profit.After an initial drop, shares in the carmaker were up more than three percent by midday in Frankfurt. German sportswear maker Puma saw its shares tumble around 18 percent after slashing its sales forecast and warning of a full year loss.While UK bank NatWest topped the gainers list on the FTSE 100, rising two percent after reporting a rise in second-quarter net profit and lifting its full-year outlook.- Key figures at around 1055 GMT -London – FTSE 100: DOWN 0.4 percent at 9,104.69 pointsParis – CAC 40: UP 0.1 percent at 7,824.21 Frankfurt – DAX: DOWN 0.6 percent at 24,143.85Tokyo – Nikkei 225: DOWN 0.9 percent at 41,456.23 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,388.35 (close)Shanghai – Composite: DOWN 0.3 percent at 3,593.66 (close)New York – Dow: DOWN 0.7 percent at 44,693.91 (close)Dollar/yen: UP at 147.79 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1732 from $1.1756Pound/dollar: DOWN at $1.3458 from $1.3507Euro/pound: UP at 87.16 pence from 87.01 penceWest Texas Intermediate: UP 0.3 percent at $66.21 per barrelBrent North Sea Crude: UP 0.2 percent at $68.52 per barrel

Stock markets fell Friday as their latest rally ran out of legs, with sentiment weighed by strong US jobs data that saw investors row back their expectations for interest rate cuts.With Japan’s trade deal with Washington out of the way for now, attention was also turning to European Union attempts to reach an agreement to pare Donald Trump’s threatened tariffs before next Friday’s deadline.Equities have enjoyed a strong run-up for much of July on expectations governments will hammer out pacts, pushing some markets past or close to record highs.However, while Wall Street hit new records Thursday — S&P 500 chalked up its 10th in 19 sessions — another round of strong jobs data suggested the Federal Reserve might have to wait longer than hoped to cut borrowing costs.The 217,000 initial claims for unemployment benefits in the week to July 19 was the lowest since mid-April and suggested the labour market remains tight.The figures followed forecast-topping non-farm payrolls in June and come as inflation shows signs of picking up as Trump’s tariffs begin to bite.Traders are now betting on 42 basis points of rate cuts by the end of the year, according to Bloomberg News. That’s down from more than 50 previously.Meanwhile, a manufacturing survey showed US business confidence deteriorated in July for the second successive month, with companies worried about tariffs and cuts to federal spending.Trump continued to press Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday, where they bickered over its renovation cost.The president, who wants to oust Powell over his refusal to cut, took a fresh dig during the trip, telling reporters: “As good as we’re doing, we’d do better if we had lower interest rates.”Trump’s anger at the Fed and his calls for officials to lower rates has raised concerns about the independence of the central bank, which is expected to stand pat at its policy meeting next week.”While unlikely to yield anything concrete, the optics of a president storming the temple of monetary orthodoxy is enough to put Powell watchers on edge,” said SPI Asset Management’s Stephen Innes.”The risk isn’t immediate policy change — it’s longer-term erosion of independence, and the signal that Powell may not be sitting as comfortably as markets assume.”Trade hopes remain elevated — Brussels and Washington appear close to a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93 billion-euro ($109 billion) package of counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo retreated after putting on around five percent in the previous two days, while Hong Kong was also off following five days of gains.There were also losses in Shanghai, Sydney, Mumbai, Singapore and Manila. London, Paris and Frankfurt dropped in the morning.Seoul, Bangkok, Jakarta and Wellington edged up.The dollar extended gains against its peers as investors pared their rate forecasts.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.9 percent at 41,456.23 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,388.35 (close)Shanghai – Composite: DOWN 0.3 percent at 3,593.66 (close)London – FTSE 100: DOWN 0.4 percent at 9,103.42Dollar/yen: UP at 147.40 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1751 from $1.1756Pound/dollar: DOWN at $1.3469 from $1.3507Euro/pound: UP at 87.28 pence from 87.01 penceWest Texas Intermediate: UP 0.4 percent at $66.33 per barrelBrent North Sea Crude: UP 0.5 percent at $69.53 per barrelNew York – Dow: DOWN 0.7 percent at 44,693.91 (close)

Chinese Premier Li Qiang dismissed EU fears over Beijing’s allegedly excessive subsidies to its industry, telling the bloc’s leaders “we can’t afford it” in markedly candid remarks during a tense summit.Speaking during a roundtable with EU chief Ursula von der Leyen on Thursday, Li insisted that “China is by no means doing what some call a subsidies policy or fiscal subsidies”.”China is not as rich as Europe, and we can’t afford it,” he said.”We would not be stupid enough to use the fiscal funds accumulated through the government and the hard work of our people to sell our products to foreign consumers,” Li added.Von der Leyen and European Council President Antonio Costa were in Beijing on Thursday for a summit dominated by tensions between the EU and China over trade and Russia’s war in Ukraine.Chief among the bloc’s concerns was its yawning trade deficit with China, which stood at around $360 billion last year.The EU has also raised fears that Beijing’s vast subsidies to its industry could help it undercut European competitors with a flood of cheap exports to the continent.Li, China’s number two official, rejected those claims in a roundtable with the EU’s leadership. “Some enterprises, especially manufacturing enterprises, feel more deeply that China’s manufacturing capabilities are too strong, and Chinese people are too hardworking,” the Chinese premier said.”Factories run 24 hours a day,” he said.”Some people think this will cause some new problems in the balance of supply and demand in world production,” the Chinese premier said, admitting: “We see this problem too.”Li also rejected claims the Chinese economy — plagued by sluggish growth for years now — was in dire straits.”Of course, there are difficulties and challenges, but it is difficult for us to say that China’s economy is in a downturn,” he said.”Our GDP growth rate is always above five percent,” he insisted.

Asian stocks fell Friday as their latest rally ran out of legs, with sentiment weighed by strong US jobs data that saw investors row back their expectations for interest rate cuts.With Japan’s trade deal with Washington out of the way for now, attention was also turning to European Union attempts to reach an agreement to pare down Donald Trump’s threatened tariffs before next Friday’s deadline.Equities have enjoyed a strong run-up for much of July on expectations governments will hammer out pacts, pushing some markets past or close to record highs.However, while Wall Street hit new records Thursday — S&P 500 chalked up its 10th in 19 sessions — another round of strong jobs data suggested the Federal Reserve might have to wait longer than hoped to cut borrowing costs.The 217,000 initial claims for unemployment benefits in the week to July 19 was the lowest since mid-April and suggested the labour market remains tight.The figures followed forecast-topping non-farm payrolls in June and come as inflation shows signs of picking up as Trump’s tariffs begin to bite.Traders are now betting on 42 basis points of rate cuts by the end of the year, according to Bloomberg News. That’s down from more than 50 previously.Meanwhile, a manufacturing survey showed US business confidence deteriorated in July for the second successive month, with companies worried about tariffs and cuts to federal spending.Trump continued to press Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday, where they bickered over its renovation cost.The president, who wants to oust Powell over his refusal to cut, took a fresh dig during the trip, telling reporters: “As good as we’re doing, we’d do better if we had lower interest rates.”Trump’s anger at the Fed and his calls for officials to lower rates has raised concerns about the independence of the central bank.”While unlikely to yield anything concrete, the optics of a president storming the temple of monetary orthodoxy is enough to put Powell watchers on edge,” said SPI Asset Management’s Stephen Innes.”The risk isn’t immediate policy change — it’s longer-term erosion of independence, and the signal that Powell may not be sitting as comfortably as markets assume.”Trade hopes remain elevated, with Brussels and Washington appearing close to a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo dipped after putting on around five percent in the previous two days, while Hong Kong retreated following five days of gains.There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. Seoul and Wellington edged up.The dollar extended gains against its peers as investors pared their rate forecasts.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 41,570.24 (break)Hong Kong – Hang Seng Index: DOWN 0.7 percent at 25,487.95Shanghai – Composite: DOWN 0.2 percent at 3,597.77Dollar/yen: UP at 147.40 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1742 from $1.1756Pound/dollar: DOWN at $1.3498 from $1.3507Euro/pound: DOWN at 86.99 pence from 87.01 penceWest Texas Intermediate: UP 0.6 percent at $66.43 per barrelBrent North Sea Crude: UP 0.6 percent at $69.61 per barrelNew York – Dow: DOWN 0.7 percent at 44,693.91 (close)London – FTSE 100: UP 0.9 percent at 9,138.37 (close)

Stock markets mostly bumped upwards Thursday as hopes grew that the European Union could strike a trade deal with the United States, while Tesla shares nosedived on poor earnings results.Investors have profited in recent weeks from wagers that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s looming August 1 deadline to avoid steeper levies.”Buyers are in control and there remains a lot of optimism about future trade deals,” said Adam Sarhan of 50 Park Investments.”For now the market is choosing to look at the bullish side of the coin,” he said. “Not the bearish side and not the neutral side.”On Wall Street, both the S&P 500 and tech-heavy Nasdaq edged higher to close at fresh records, while the Dow retreated. Google parent Alphabet climbed 0.9 percent after reporting a whopping $28.2 billion in second-quarter profits as it touted its artificial intelligence offerings. But Tesla fell 8.2 percent as CEO Elon Musk warned investors of a rough patch for earnings after the electric car maker reported a 16 percent drop in quarterly profits.A survey of US manufacturers released Thursday showed business confidence in the world’s top economy also deteriorated in July for the second month running.”Companies cite ongoing concerns over the impact of government policies, notably in terms of both tariffs and cuts to federal spending,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.In Europe, London’s FTSE 100 gained 0.9 percent at the close, lifted by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Paris fell, dragged down by a drop in luxury stocks and disappointing profits from fossil fuel giant TotalEnergies.Yet most other European stocks markets including Frankfurt rose, as the European Union and Washington appeared close to a deal that would halve a threatened 30-percent levy on EU goods to 15 percent.A European Commission spokesman said Thursday that he believed a trade deal with the US is “within reach.” According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods.The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods.Meanwhile, the European Central Bank left interest rates unchanged, as widely expected.It warned that the economic environment remained “exceptionally uncertain, especially because of trade disputes” as higher US tariffs hang in the balance.The euro dipped a touch following Thursday’s rate decision, but it did perk up after ECB President Christine Lagarde said the central bank was monitoring the dollar-euro exchange rate but had no target. The euro has surged almost 14 percent against the dollar since the start of the year, boosted by investors dumping US assets in the face of Trump’s erratic policymaking and attacks on the US Federal Reserve.The euro’s appreciation helps contain inflation but could harm European exports and thus slow already sluggish economic growth.In Asia, stocks advanced with Tokyo adding more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal.Hong Kong and Shanghai also rose.- Key figures at around 2050 GMT -New York – Dow: DOWN 0.7 percent at 44,693.91 (close)New York – S&P 500: UP 0.1 percent at 6,363.35 (close)New York – Nasdaq Composite: UP 0.2 percent at 21,057.96 (close)London – FTSE 100: UP 0.9 percent at 9,138.37 (close)Paris – CAC 40: DOWN 0.4 percent at 7,818.28 (close)Frankfurt – DAX: UP 0.2 percent at 24,295.93 (close)Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)Dollar/yen: UP at 146.94 yen from 146.51 yen on WednesdayEuro/dollar: DOWN at $1.1756 from $1.1771Pound/dollar: DOWN at $1.3507 from $1.3582Euro/pound: UP at 87.01 pence from 86.68 penceWest Texas Intermediate: UP 1.2 percent at $66.03 per barrelBrent North Sea Crude: UP 1.0 percent at $69.18 per barrelburs-jmb/sla

Stock markets mostly bumped upwards Thursday as hopes grew that the European Union could strike a trade deal with the United States, while Tesla shares nosedived on poor earnings results.Investors have profited in recent weeks from wagers that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s looming August 1 deadline to avoid steeper levies.Briefing.com analyst Patrick O’Hare said Trump’s Tuesday trade announcement with Japan had raised hopes about further agreements.”There is underlying enthusiasm for more trade deals being struck before the August 1 deadline,” O’Hare said.This was boosted further by “optimism surrounding trade talks between the US and EU”, said Joshua Mahony, chief market analyst at Rostro trading group. On Wall Street, both the S&P 500 and tech-heavy Nasdaq edged higher in the morning’s trading, although the Dow slid lower as investors digested mixed company earnings.Google parent Alphabet was among the early gainers, rising about three percent after reporting a whopping $28.2 billion in second-quarter profits as it touted its artificial intelligence offerings. But Tesla fell around nine percent as CEO Elon Musk warned investors of a rough patch for earnings after the electric car maker reported a 16-percent drop in quarterly profits.A survey of US manufacturers released Thursday showed business confidence in the world’s top economy also deteriorated in July for the second month running.”Companies cite ongoing concerns over the impact of government policies, notably in terms of both tariffs and cuts to federal spending,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.In Europe, London’s FTSE 100 gained 0.9 percent at the close, lifted by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Paris fell, dragged down by a drop in luxury stocks and disappointing profits from fossil fuel giant TotalEnergies.Yet most other European stocks markets including Frankfurt rose, as the European Union and Washington appeared close to a deal that would halve a threatened 30-percent levy on EU goods to 15 percent.A European Commission spokesman said Thursday that he believed a trade deal with the US is “within reach”. According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods.The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods.Meanwhile, the European Central Bank left interest rates unchanged, as widely expected.It warned that the economic environment remained “exceptionally uncertain, especially because of trade disputes” as higher US tariffs hang in the balance.The euro dipped a touch following Thursday’s rate decision, but it did perk up after ECB President Christine Lagarde said the central bank was monitoring the dollar-euro exchange rate but had no target. The euro has surged almost 14 percent against the dollar since the start of the year, boosted by investors dumping US assets in the face of Trump’s impetuous policymaking and attacks on the US Federal Reserve.The euro’s appreciation helps contain inflation but could harm European exports and thus slow already sluggish economic growth.In Asia, stocks advanced with Tokyo adding more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal.Hong Kong and Shanghai also rose.- Key figures at around 1530 GMT -New York – Dow: DOWN 0.4 percent at 44,851,07 pointsNew York – S&P 500: UP 0.3 percent at 6,375.34New York – Nasdaq Composite: UP 0.3 percent at 21,075.70London – FTSE 100: UP 0.9 percent at 9,138.37 (close)Paris – CAC 40: DOWN 0.4 percent at 7,818.28 (close)Frankfurt – DAX: UP 0.2 percent at 24,295.93 (close)Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)Dollar/yen: UP at 146.79 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1774 from $1.1777Pound/dollar: DOWN at $1.3537 from $1.3579Euro/pound: UP at 86.98 pence from 86.68 penceWest Texas Intermediate: UP 1.3 percent at $66.09 per barrelBrent North Sea Crude: UP 1.1 percent at $69.26 per barrelburs-sbk/rl

Prime Minister Keir Starmer praised Britain’s “unique bonds” with India as he and his Indian counterpart Narendra Modi formally signed a recently announced UK-India trade deal during talks on Thursday.Starmer hailed the agreement as a “landmark moment” for both countries as he hosted India’s leader at his Chequers country estate, northwest of London.”This is not the extent or the limit of our collaboration with India,” added the British premier, whose year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation.”We have unique bonds of history, of family and of culture and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term,” he said.Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add £4.8 billion ($6.5 billion) a year to the UK economy.The UK and India hope the accord will boost trade between the two countries by £25.5 billion, as well as bolstering the British economy and wages.Modi, standing alongside Starmer during a media appearance, described the deal as a “blueprint for our shared prosperity”.Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around £41 billion and investment supporting more than 600,000 jobs across both countries.The accord slashes tariffs on imports of UK goods into India, including whisky, cosmetics and medical devices.In return, the United Kingdom will cut tariffs on clothes, footwear and food products including frozen prawns from India.Starmer and Modi also discussed last month’s Air India disaster in which 241 people died when a London-bound flight crashed after taking off from Ahmedabad in western India, Downing Street said.Some 169 Indian passengers and 52 British nationals were killed in the June 12 crash, one of the deadliest plane disasters in terms of the number of British fatalities.Starmer told Modi the UK “will continue to support all those affected by the tragedy,” according to a readout of their meeting provided by his office.The statement did not say whether the two leaders specifically discussed allegations that the repatriation of victims had been marred by errors.- Sikh blogger -A lawyer for 20 British families said this week that one relative found that a returned coffin contained “co-mingled” remains.A different family was told a coffin contained the body of someone else entirely, not their loved one, he said, according to UK media.India’s foreign ministry has said all remains “were handled with utmost professionalism” and that it was “continuing to work with the UK authorities on addressing any concerns related to this issue”.The readout also did not mention the case of Scottish sikh blogger Jagtar Singh Johal, imprisoned in India since 2017 on accusations of being part of a terror plot against right-wing Hindu leaders.He has not been convicted of a crime and in March was cleared of one of the nine charges against him.His brother Gurpreet Singh Johal had called for the case to be “high on the agenda” during the meeting.Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year.Modi was also due to see King Charles III during his brief stay in Britain, his fourth visit since becoming India’s leader in 2014.

Stock markets mostly extended gains Thursday as optimism grew that the European Union could soon strike a trade deal with the United States, following the Japan-US agreement.Investors have benefitted in recent weeks from bets that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s August 1 deadline to avoid steeper levies.”The positive sentiment generated by the trade deal agreed between the US and Japan continued to permeate the markets,” said AJ Bell investment director Russ Mould.This was boosted further by “optimism surrounding trade talks between the US and EU”, said Joshua Mahony, chief market analyst at Rostro trading group. London’s FTSE 100 gained almost one percent, lifted also by a stream of robust earnings, including from consumer goods group Reckitt, mobile phone giant Vodafone and Lloyds bank. Frankfurt rose, along with most other European stocks, as the European Union and Washington appeared close to a deal that would set a baseline 15-percent levy on EU goods, down from a threatened 30 percent.A European Commission spokesman said Thursday said that he believed a trade deal with the United States is “within reach”. According to multiple diplomats, the deal could waive tariffs on aircraft, lumber, pharmaceutical products and agricultural goods.The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs on US goods.After opening higher, Paris slipped in midday trading, dragged down by a drop in luxury stocks and disappointing earnings from fossil fuel giant TotalEnergies and chipmaker STMicroelectronics, which plunged 10 percent.Later on Thursday, the European Central Bank is expected to leave interest rates unchanged as higher US tariffs hang in the balance.In Asia, stocks advanced following another record day for the S&P 500 and Nasdaq on Wall Street Wednesday.Tokyo added more than one percent, building on a more than three percent surge Wednesday on the back of the Japan-US trade deal.Hong Kong and Shanghai also advanced.Traders kept an eye on Tokyo after Japanese Prime Minister Shigeru Ishiba denied discussing his resignation with party elders on Wednesday, as speculation about his future intensified following a weekend election debacle.Banking stocks gained in Europe after a flurry of earnings reports were received well by the market. Deutsche Bank posted its highest second-quarter profit since 2007, which sent its shares surging more than seven percent in Frankfurt.French banking giant BNP Paribas announced a record annual profit for 2025, and UK bank Lloyds reported a rise in first-half net profit.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.9 percent at 9,114.38 pointsParis – CAC 40: DOWN 0.3 percent at 7,830.42 Frankfurt – DAX: UP 0.4 percent at 24,336.31Tokyo – Nikkei 225: UP 1.6 percent at 41,826.34 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,667.18 (close)Shanghai – Composite: UP 0.7 percent at 3,605.73 (close)New York – Dow: UP 1.1 percent at 45,010.29 (close)Dollar/yen: UP at 146.55 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1752 from $1.1777Pound/dollar: DOWN at $1.3538 from $1.3579Euro/pound: UP at 86.81 pence from 86.68 penceWest Texas Intermediate: UP 0.9 percent at $65.86 per barrelBrent North Sea Crude: UP 0.8 percent at $69.03 per barrel