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Asian markets were mixed Thursday as earlier gains fuelled by the Federal Reserve’s latest interest rate cut were offset by indications the central bank will hold off from further reductions at the start of next year.Disappointing earnings from software giant Oracle also dented sentiment as they revived worries that sky-high valuations for tech companies, boosted by excitement over artificial intelligence, may be stretched after a long-running rally.While the Fed’s move had been priced in for several weeks, investors took some cheer from the fact that boss Jerome Powell was less hawkish in his post-meeting remarks.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.Concern about the labour market has offset persistently high inflation, with some decision-makers confident the impact of US tariffs on prices will ease over time.Wall Street provided a positive lead but after a promising start Asian equities lost momentum.Tokyo fell along with Shanghai, Seoul, Taipei and Bangkok, while Hong Kong was marginally down. There were gains in Sydney, Singapore, Wellington, Manila, Mumbai and Jakarta. London and Frankfurt opened lower, while Paris edged up.Traders have lowered their expectations for the number of Fed cuts in 2026 after the bank’s statement used language used in late 2024 to signal a pause in more rate cuts.Two members voted against the 25-basis-point cut, though one — Trump appointee Stephen Miran — voted for a 50-point cut.”This further normalisation of our policy stance should help stabilise the labour market while allowing inflation to resume its downward trend toward two percent once the effects of tariffs have passed through,” Powell said.Matthias Scheiber and Rushabh Amin at Allspring Global Investments wrote: “As 2026 begins, we believe the makeup of the board’s voting members will come into greater focus and that, while the market is relatively optimistic (pricing in two more rate cuts by the end of 2026), we expect cuts will come after June.”Still, Axel Rudolph, market analyst at IG, wrote ahead of Wednesday’s announcement that “the Fed… has room to ease policy without reigniting inflation concerns”.”Disinflation is sufficiently entrenched that rate cuts can proceed at a measured pace, providing a tailwind for risk assets without requiring an economic crisis to justify them,” Rudolph said.”This ‘Goldilocks’ scenario of growth with easing financial conditions is exactly what equity markets need.”The mood on trading floors was dampened by the earnings from Oracle, which showed figures on cloud sales and its infrastructure business fell short of forecasts. It also revealed a surge in spending on data centres to boost AI capacity.Markets globally suffered a wobble last month with investors increasingly worried over the vast sums poured into AI, with US chip titan Nvidia becoming the world’s first $5 trillion company in October.Some observers have warned of an AI bubble that could burst and cause a market rout.In Hong Kong, shares in Jingdong Industrials — the supply chain unit of Chinese ecommerce titan JD.com — briefly slipped as much as 10 percent on the firm’s debut, having raised more than US$380 million in an IPO.Gold, a go-to asset as US rates fall, pushed around one percent higher to sit above $4,200, while silver hit a fresh record high of $62.8863, having broken $60 for the first time this week on rising demand and supply constraints.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)London – FTSE 100: DOWN 0.1 percent at 9,647.59Dollar/yen: UP at 156.06 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1697 from $1.1693Pound/dollar: DOWN at $1.3368 from $1.3384Euro/pound: UP at 87.49 pence from 87.36 penceWest Texas Intermediate: DOWN 0.6 percent at $58.10 per barrelBrent North Sea Crude: DOWN 0.6 percent at $61.81 per barrel

Taiwan plans to keep making the “most advanced” chips on home soil and remain “indispensable” to the global semiconductor industry, the deputy foreign minister told AFP, despite intense Chinese military pressure.The democratic island makes more than half of the world’s chips, and nearly all of the most advanced ones, that power everything from smartphones to AI data centres.Its dominance of the industry has long been seen as a “silicon shield” protecting it from an invasion or blockade by China — which claims the island is part of its territory — and an incentive for the United States to defend it.But the threat of a Chinese attack has fuelled concerns about potential disruptions to global supply chains and has increased pressure for more chip production beyond Taiwan’s shores.”We will try to maintain the most advanced technology in Taiwan, and to be sure that Taiwan continues to play an indispensable role” in the semiconductor ecosystem, Deputy Foreign Minister Francois Chih-chung Wu told AFP in an interview Wednesday. “I think it’s the same logic for every country, even countries not under such a very complicated geopolitical situation.”China has ramped up military pressure on Taiwan in recent years, deploying on an almost daily basis fighter jets and warships around the island. Taiwan has responded by increasing defence spending to upgrade its military equipment and improve its ability to wage asymmetric warfare. – ‘Core interest’ -The island does not have enough land, water or energy to accommodate the fabrication plants, or fabs, needed to meet soaring demand for chips, “so step by step we enlarge our investment in the world, but still linking with Taiwan”, said Wu, who was previously the representative to France.Taiwan’s TSMC, the world’s largest chipmaker, has already invested in fabs in the United States, Japan and Germany.And earlier this year the firm pledged to spend an additional US$100 billion on US chip plants, as President Donald Trump threatened to impose tariffs on overseas-made semiconductors.However, replicating TSMC’s factories in the United States is full of challenges, said Wu, citing Taiwan’s “very special culture to make the semiconductors very well”.The best way to reduce risks to the chip industry was not to move fabs abroad but to “prevent the war”, Wu said.US Secretary of Commerce Howard Lutnick said recently he had proposed to Taiwan a 50-50 split in chip production, an idea that Taipei rejected.While Washington is Taiwan’s most important security backer, some of Trump’s comments about the island and flip-flopping on Ukraine have raised doubts over his willingness to defend it. Wu, however, expressed confidence that the United States, as well as Europe, would respond to a Chinese attack on Taiwan in order to protect their “national interest” in the region.”It just happens that your interest and Taiwan’s interest we share together,” Wu said. Those interests, he said, included the semiconductor industry but also peace, and freedom of navigation in the Taiwan Strait, which is a key international shipping route. “I think Donald Trump understands better and better, day by day, the strategic importance of Taiwan… and will defend American interests in his own way,” Wu said.”We are the core interest of China, but we are also a core interest of the US.”

Most Asian markets rose Thursday as traders welcomed the Federal Reserve’s third straight interest rate cut, though the euphoria was tempered by an indication officials could hold off another reduction any time soon.While the move had been priced in for several weeks, investors were cheered by the fact that bank boss Jerome Powell was “less hawkish” in his post-meeting remarks.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.Concern about the labour market has offset persistently high inflation, with some decision-makers confident the impact of Donald Trump’s tariffs on prices will ease over time.After a positive lead from Wall Street, most of Asia pushed higher.Hong Kong, Sydney, Seoul, Singapore, Wellington, Manila and Jakarta were all up, while Tokyo, Shanghai and Taipei dipped.However, traders have lowered their expectations for a string of further cuts in 2026 after the bank’s statement used language used in late-2024 to signal a pause in more rate cuts.Two members voted against the 25-basis-point cut, though one — Donald Trump appointee Stephen Miran — voted for a 50 points cut.Powell said officials were in a good position to determine the “extent and timing of additional adjustments based on the incoming data, the evolving outlook and the balance of risks”.He also said: “This further normalisation of our policy stance should help stabilise the labour market while allowing inflation to resume its downward trend toward two percent once the effects of tariffs have passed through.”Matthias Scheiber and Rushabh Amin at Allspring Global Investments wrote: “As 2026 begins, we believe the makeup of the board’s voting members will come into greater focus and that, while the market is relatively optimistic (pricing in two more rate cuts by the end of 2026), we expect cuts will come after June.”Still, there was plenty of optimism about the outlook for equities, with Axel Rudolph, market analyst at IG, writing ahead of Wednesday’s announcement: “The Fed… has room to ease policy without reigniting inflation concerns.”Disinflation is sufficiently entrenched that rate cuts can proceed at a measured pace, providing a tailwind for risk assets without requiring an economic crisis to justify them.”This ‘Goldilocks’ scenario of growth with easing financial conditions is exactly what equity markets need.”And CFRA Research’s Sam Stovall said Powell’s remarks were “less hawkish than a lot of investors had anticipated” and that he “did sound very supportive of cutting rates more if need be”.Earnings from US software giant Oracle provided a jolt to investors as it revealed a surge in spending on data centres to boost its artificial intelligence capacity. The news comes as investors grow increasingly worried that the vast sums splashed out on the AI sector will not see the returns as early as hoped. And shares in Jingdong Industrials — the supply chain unit of Chinese ecommerce titan JD.com — briefly slipped as much as 10 percent on the firm’s Hong Kong debut, having raised more than US$380 million in an initial public offering.The dollar extended losses against its main peers, while gold — a go-to asset as US rates fall — pushed around one percent higher to sit above $4,200.Silver hit a fresh record high of $62.8863, having broken $60 for the first time this week on rising demand and supply constraints.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 50,308.89 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,665.26Shanghai – Composite: DOWN 0.2 percent at 3,893.86Dollar/yen: DOWN at 155.63 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1703 from $1.1693Pound/dollar: UP at $1.3386 from $1.3384Euro/pound: UP at 87.43 pence from 87.36 penceWest Texas Intermediate: UP 0.7 percent at $58.85 per barrelBrent North Sea Crude: UP 0.6 percent at $62.55 per barrel

Wall Street stocks rose and the dollar retreated Wednesday after the Federal Reserve cut interest rates again as it seeks to shore up a vulnerable US labor market.The rate cut was expected, but stocks had been under pressure in recent days in part due to speculation that the Fed would combine Wednesday’s interest rate cut with commentary suggesting a pause to further easing in light of still-elevated inflation.But market watchers read Fed Chair Jerome Powell’s emphasis on the job market during a press conference as a signal that the Fed could cut interest rates again in 2026. Powell’s “press conference today was less hawkish than a lot of investors had anticipated,” said CFRA Research’s Sam Stovall. “And I think that that will go a long way to propelling stocks through the end of the year and allowing us to end on a positive note.””Powell did sound very supportive of cutting rates more if need be,” Stovall said.Stocks rose throughout the news conference, with the broad-based S&P 500 finishing up 0.7 percent. The dollar retreated against the euro and other major currencies.Powell described the current countervailing pressures on the central bank as an unusual challenge, with the Fed’s dual mandates on inflation and the job market pointing towards opposite policies.The US central bank’s third straight interest rate cut comes as inflation remains well above the Fed two-percent target. Recent US labor data has also shown some weakening, although the central bank has been forced to do without key economic reports due to the government shutdown.”We’re going to need to have some years where real compensation is higher” than inflation “for people to start feeling good about affordability,” Powell said.Wednesday’s cut by a quarter percentage point brings rates to a range between 3.50 percent and 3.75 percent, the lowest in around three years, a move aligned with market expectations.Three Fed officials dissented.Chicago Fed president Austan Goolsbee and Kansas City Fed president Jeffrey Schmid instead sought to keep rates unchanged. Fed Governor Stephen Miran backed a bigger, half-percentage-point cut.Earlier, London closed 0.1 percent in the green but Frankfurt and Paris were just off, while Asia saw a lackluster session.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering after the release of US inflation data that was slightly higher than expected.The price of silver hit a record high at $61.9507 an ounce owing to high demand for the metal used by industry as well as for making jewelry.It topped $60 for the first time Tuesday, also thanks to supply constraints.- Key figures at around 2115 GMT -New York – Dow: UP 1.1 percent at 48,057.75 (close)New York – S&P 500: UP 0.7 percent at 6,886.68 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,654.16 (close)London – FTSE 100: UP 0.1 percent at 9,655.02 (close)Paris – CAC 40: DOWN 0.4 percent at 8,022.69 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,130.14 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)Dollar/yen: DOWN at 155.92 yen from 156.88 yen on TuesdayEuro/dollar: UP at $1.1693 from $1.1627Pound/dollar: UP at $1.3384 from $1.3297Euro/pound: DOWN at 87.36 pence from 87.43 penceBrent North Sea Crude: UP 0.4 percent at $62.21 per barrelWest Texas Intermediate: UP 0.4 percent at $58.46 per barrel

Global stock markets marked time and the dollar steadied Wednesday with investors’ eyes on a highly anticipated Federal Reserve policy announcement later in the day.On Wall Street, the tech-heavy Nasdaq was off 0.2 percent two hours into the session. The Dow rose 0.5 percent but the S&P 500 index was flat.Europe was little changed as London closed 0.1 percent in the green but Frankfurt and Paris were just off, while Asia saw a lacklustre session.With US central bankers expected to cut interest rates for the third straight session on Wednesday, the main focus is on their post-meeting statement, Fed boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.”While there is a 90-percent chance of a rate cut at this meeting, the outlook is less clear,” said Kathleen Brooks, research director at traders XTB.”In the lead up to this meeting, bond traders are scaling back their expectations for future rate cuts, with only two further reductions expected throughout 2026,” she added.Traders were generally expecting a “hawkish” 25-basis-point trim.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering following the release of US inflation data that was slightly higher than expected.US data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year.Still, there is some hope that the Fed will turn more dovish next year, with US President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.After a weak showing Tuesday in New York, where the S&P 500 and Dow dropped, Asia fared no better Wednesday with Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all down, though Hong Kong and Taipei edged up.The price of silver hit a record high at $61.6145 an ounce owing to high demand for the metal used by industry as well as for making jewellery.It topped $60 for the first time Tuesday also thanks to supply constraints.Investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.- Key figures at around 1650 GMT -New York – Dow: UP 0.5 percent at 47,790.81 pointsNew York – S&P 500: UP 0.1 percent at 6,845.34New York – Nasdaq Composite: DOWN 0.2 percent at 23,519.10London – FTSE 100: UP 0.1 percent at 9,655.02 (close)Paris – CAC 40: DOWN 0.4 percent at 8,022.69 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,130.14 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)Dollar/yen: DOWN at 156.52 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1636 from $1.1630Pound/dollar: UP at $1.3317 from $1.3300Euro/pound: DOWN at 87.33 pence from 87.43 penceBrent North Sea Crude: DOWN 0.7 percent at $61.49 per barrelWest Texas Intermediate: DOWN 0.7 percent at $57.80 per barrel

Global stock markets dipped and the dollar steadied Wednesday as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.On Wall Street, the needle barely moved with the tech-heavy Nasdaq off just 0.1 percent shortly after the open. The Dow added a handful of points to rise 0.2 percent while the S&P index was flat a few minutes into the session. Some two hours from the European close, London managed a slight rise of 0.2 percent, while most European markets slipped, Frankfurt and Paris both off around 0.4 percent after a lacklustre session in Asia.With US central bankers expected to cut interest rates for the third straight session on Wednesday, the main focus is on their post-meeting statement, Fed boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.”While there is a 90-percent chance of a rate cut at this meeting, the outlook is less clear,” said Kathleen Brooks, research director at traders XTB. “In the lead up to this meeting, bond traders are scaling back their expectations for future rate cuts, with only two further reductions expected throughout 2026,” she added.Traders were generally expecting a ‘hawkish’ 25 basis points trim.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering following the release of US inflation data that was slightly higher than expected.US data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year.Still, there is some hope that the Fed will turn more dovish next year with US President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.After a weak showing Tuesday in New York, where the S&P 500 and Dow dropped, Asia fared no better Wednesday.Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.Shanghai dropped even as data showed China’s consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world’s second-largest economy.The price of silver hit a record high at $61.6145 an ounce owing to high demand for the metal used by industry as well as for making jewellery.It topped $60 for the first time Tuesday also thanks to supply constraints.Investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.- Key figures at around 1450 GMT -New York – Dow: UP 0.2 percent at 47,661.70 pointsNew York – S&P 500: FLAT at 6,841.85New York – Nasdaq Composite: DOWN 0.1 percent at 23,551.74London – FTSE 100: UP 0.2 percent at 9,665.52Paris – CAC 40: DOWN 0.4 percent at 8,023.72Frankfurt – DAX: DOWN 0.4 percent at 24,061.57Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close) Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)Dollar/yen: DOWN at 156.59 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1637 from $1.1630 Pound/dollar: UP at $1.3327 from $1.3300Euro/pound: DOWN at 87.32 pence from 87.43 penceBrent North Sea Crude: DOWN 0.5 percent at $61.63 per barrelWest Texas Intermediate: DOWN 0.5 percent at $57.94 per barrel

Stock markets mostly fell and the dollar steadied Wednesday following a tepid day on Wall Street as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.London managed a slight rise, while most European markets slipped around midday after a lacklustre session in Asia.With US central bankers expected to cut interest rates for the third straight session on Wednesday, the main focus is on their post-meeting statement, Fed boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.”While there is a 90 percent chance of a rate cut at this meeting, the outlook is less clear,” said Kathleen Brooks, research director at traders XTB. “In the lead up to this meeting, bond traders are scaling back their expectations for future rate cuts, with only two further reductions expected throughout 2026,” she added.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering following the release of US inflation data that was slightly higher than expected.US data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year.Still, there is some hope that the Fed will turn more dovish next year with US President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.After a weak showing Tuesday in New York, where the S&P 500 and Dow dropped, Asia fared no better Wednesday.Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.Shanghai dropped even as data showed China’s consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world’s second-largest economy.The price of silver hit a record high at $61.6145 an ounce owing to high demand for the metal used by industry as well as for making jewellery.It topped $60 for the first time Tuesday also thanks to supply constraints.Investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.1 percent at 9,649.85 pointsParis – CAC 40: DOWN 0.5 percent at 8,013.40Frankfurt – DAX: DOWN 0.5 percent at 24,035.46Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close) Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)New York – Dow: DOWN 0.4 percent at 47,560.29 (close)Dollar/yen: DOWN at 156.77 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1631 from $1.1630 Pound/dollar: UP at $1.3307 from $1.3300Euro/pound: DOWN at 87.40 pence from 87.43 penceBrent North Sea Crude: UP 0.2 percent at $62.08 per barrelWest Texas Intermediate: UP 0.3 percent at $58.44 per barrel

France is developing domestic production of electric vehicle batteries with an eye on industrial independence but Asian experts are proving key in launching operations.In the Verkor factory outside the northern city of Dunkirk, which will be inaugurated on Thursday, foreign specialists, notably from South Korea and Malaysia, are training the local staff.Verkor is the third battery gigafactory to open in northern France in a region that has become known as “Battery Valley”.At the AESC factory near the city of Douai, where production has been underway for several months, Chinese engineers and technicians supervise French recruits. “They are the ones who train us on the equipment, how to operate it, how to fix problems,” said Ericka Redjimi, 39.Redjimi arrived at AESC in May without any experience in the sector.”I sold clothes at open-air markets,” she said. Communication can prove complicated.”We use Google Translate often.” “I still need them, much less than at the beginning,” but “it’s reassuring that they are still here,” said Redjimi, who works in the section of the factory that makes battery cells.Once finished, autonomous robotic sleds transport the cells to another section of the factory where they are assembled into battery modules that are used to power Renault’s R4 and R5 models, as well as the Nissan Micra.- Skills transfer -By the end to the first quarter of 2026 the factory should be running at full speed, turning out batteries to equip 150,000 to 200,000 vehicles per year, said Ayumi Kurose, who heads up operations at AESC France.He said the first few months of production had gone pretty much as expected.”What’s always complicated is gaining mastery of the equipment” which often comes from Asia, and the training of staff, Kurose said.  Founded in Japan but now owned by China’s Envision, AESC has been manufacturing electric car batteries in Asia for 15 years.The group can rely on its in-house know-how to ensure “good practices from beginning” at its new factories elsewhere in the world, said Kurose.He said there are currently nearly 150 Chinese experts working at the Douai directing 800 local staff.These include experts in vision-based control of industrial machinery and cutting-edge soldering techniques.”The goal is really the transfer of skills,” said Kurose.The experts “come for between six months and two years, but they aren’t meant to stay,” he added.The Douai factory should be ready to operate on its own by the end of 2026, he estimated.One of the Chinese engineers also expressed confidence.”I have to say, my French colleagues, they are always working hard,” said He Xiaoming, 36.If they acquire the necessary knowledge and gain additional experience “they will go quite fast”, he added.- Chinese partner -The nearby ACC factory, the first battery gigafactory to open in France in 2024, is also scaling up production after a difficult start.”What we manufacture in a day now took us a month to do at the beginning of the year,” said ACC’s chief executive Yann Vincent.”We’re not yet where we want to be”, but in terms of the rate of defective cells and volumes “we’ve made significant improvement.”A joint venture of carmakers Stellantis and Mercedes-Benz plus energy firm TotalEnergies, ACC earlier this year struck a temporary partnership with a Chinese battery manufacturer.The company, the name of which ACC hasn’t disclosed, will manage one of its three production lines from A to Z until mid-2026.Vincent said the Chinese have learned an enormous amount in two decades of manufacturing electric vehicle batteries, while France began from zero five years ago.So “it’s better to rely on the people who know best” to speed up learning a “really delicate” manufacturing process.ACC, which currently employs 1,200 people at its Billy-Berclau factory, aims to manufacture batteries for 250,000 electric vehicles next year, against 10,000 to date.

South Korea and Japan reacted furiously on Wednesday after Chinese and Russian military aircraft conducted joint patrols around the two countries, with both Seoul and Tokyo scrambling jets.South Korea said it had lodged a protest with representatives of China and Russia, while Japan said it had conveyed its “serious concerns” over national security.According to Tokyo, two Russian Tu-95 nuclear-capable bombers on Tuesday flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country.The incident comes as Japan is locked in a dispute with China over comments Prime Minister Sanae Takaichi made about Taiwan.The bombers’ joint flights were “clearly intended as a show of force against our nation”, defence minister Shinjiro Koizumi wrote on X Wednesday.Top government spokesman Minoru Kihara said that Tokyo had “conveyed to both China and Russia our serious concerns over our national security through diplomatic channels”.Seoul said Tuesday the Russian and Chinese warplanes entered its air defence zone and that a complaint had been lodged with the defence attaches of both countries in the South Korean capital.”Our military will continue to respond actively to the activities of neighbouring countries’ aircraft within the KADIZ in compliance with international law,” said Lee Kwang-suk, director general of the International Policy Bureau at Seoul’s defence ministry, referring to the Korea Air Defence Identification Zone.South Korea also said it deployed “fighter jets to take tactical measures in preparation for any contingencies” in response to the Chinese and Russian incursion into the KADIZ.The planes were spotted before they entered the air defence identification zone, defined as a broader area in which countries police aircraft for security reasons but which does not constitute their airspace.Japan’s defence ministry also scrambled fighter jets to intercept the warplanes.- ‘Routine exercise’ -Beijing later Tuesday confirmed it had organised drills with Russia’s military according to “annual cooperation plans”.Moscow also described it as a routine exercise, saying it lasted eight hours and that some foreign fighter jets followed the Russian and Chinese aircraft.Since 2019 China and Russia have regularly flown military aircraft into South Korea’s air defence zone without prior notice, citing joint exercises. In November last year Seoul scrambled jets as five Chinese and six Russian military planes flew through its air defence zone.Similar incidents occurred in June and December 2023, and in May and November 2022.Meanwhile Tokyo said Monday it had scrambled jets in response to repeated takeoff and landing exercises involving fighter jets and military helicopters from China’s Liaoning aircraft carrier as it cruised in international waters near Japan.  It also summoned Beijing’s ambassador after military aircraft from the Liaoning locked radar onto Japanese jets, the latest incident in the row ignited by Takaichi’s comments backing Taiwan.Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on the self-ruled island, which Beijing claims as its own and has not ruled out seizing by force.

Most markets fell Wednesday following a tepid day on Wall Street as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.Earnings from tech giants Oracle and Broadcom this week are also in view amid lingering worries about an artificial intelligence-fuelled bubble that caused some panic on trading floors last month.With US central bankers expected to cut interest rates for the third straight session later Wednesday, the main focus is on their post-meeting statement, boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.After November’s tech-led swoon, markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering amid speculation it will announce a “hawkish cut” that plays down the chances of a fourth successive reduction.Data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year, with markets now pricing in two more over the next 12 months, compared with three previously seen.Pepperstone’s Chris Weston said the figures “catalysed a repricing of US forward Fed rate expectations”.After a weak day in New York, where the S&P 500 and Dow dropped, Asia fared no better.Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.Shanghai dropped even as data showed China’s consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world’s second-largest economy.London, Paris and Frankfurt opened in the red.Still, there is some hope that the Fed will turn more dovish next year with President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.”While he has indicated that he would respond to the data and that he would not bow to political pressure to decide whether to cut interest rates, if he becomes the next chair, it is clear that on the current backdrop he is comfortable with more easing” than many board members, wrote National Australia Bank’s Taylor Nugent.Aside from the Fed saga, investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.”Oracle may not have a substantial weight in the S&P 500 or NAS100 to move the index on its own,” said Pepperstone’s Weston. “But what they detail on its capex intentions and future funding plans could resonate across the AI space.”- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close) Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)London – FTSE 100: DOWN 0.1 percent at 9,629.99 Dollar/yen: DOWN at 156.68 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1643 from $1.1630 Pound/dollar: UP at $1.3322 from $1.3300Euro/pound: DOWN at 87.40 pence from 87.43 penceWest Texas Intermediate: UP 0.2 percent at $58.36 per barrelBrent North Sea Crude: UP 0.2 percent at $62.06 per barrelNew York – Dow: DOWN 0.4 percent at 47,560.29 (close)