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Gold hit a record high and Wall Street futures fell Wednesday as the US government went into shutdown after lawmakers in Washington failed to reach a deal to keep it funded, though most Asia markets held gains.The prospect of federal services being closed overshadowed optimism the Federal Reserve will cut interest rates again, with the crisis possibly causing the postponement of key data used by the bank to decide on policy.Democrats and Republicans have been unable to bridge their differences on funding the government beyond Tuesday — the end of the fiscal year — with both sides blaming each other.Senate Republicans tried to rubber-stamp a House-passed temporary funding patch — but could not get the handful of Democratic votes required to send it to Donald Trump to sign off.Democrats want to see hundreds of billions of dollars in healthcare spending for low-income households restored, which the Trump administration is likely to eliminate.”We’ll probably have a shutdown,” the Republican president told reporters before the vote. The closure will see non-essential operations grind to a halt, leaving hundreds of thousands of civil servants temporarily without pay, and payment of many social safety net benefits potentially disrupted.Trump threatened to punish Democrats and their voters during any stoppage by targeting progressive priorities and forcing mass public sector job cuts.”So we’d be laying off a lot of people that are going to be very affected,” he said”And they’re Democrats, they’re going to be Democrats,” he told an event at the White House, adding that he would use the pause to “get rid of a lot of things we didn’t want, and they’d be Democrat things”.While most shutdowns end after a short period with little effect on markets, investors remain concerned, particularly as it could prevent the release Friday of the key non-farm payrolls report — a crucial guide for the Fed on rate decisions.”Without (the report), the Fed would be forced to navigate October’s decision by starlight rather than compass, relying on smaller surveys and anecdotal signals,” wrote Stephen Innes at SPI Asset Management.”The October cut looks assured… but beyond that, the path becomes guesswork. Traders hate nothing more than an information vacuum. In its absence, every tick of secondary data looms larger than it should, amplifying volatility.”Gold, a go-to in times of turmoil and uncertainty, hit a new peak of $3,875.53 amid worries about the impact of the shutdown as well as a weaker dollar and bets on lower borrowing costs.Futures on all three main indexes in New York were in the red — with the Dow coming off a record.However, Asian equities held up, with Singapore, Seoul, Wellington, Taipei, Manila, Mumbai, Bangkok and Jakarta all up.Tokyo and Sydney were the only losers.Hong Kong and Shanghai were closed for holidays.In company news, Australian mining titan BHP fell around 1.8 percent following reports that China’s state-run iron ore buyer told steelmakers to temporarily stop buying seagoing, dollar-denominated cargoes from the firm, as part of a pricing dispute.Australian Prime Minister Anthony Albanese called the move “disappointing”.- Key figures at around 0415 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 44,498.06Hong Kong – Hang Seng Index: Closed for a holidayShanghai – Composite: Closed for a holidayEuro/dollar: UP at $1.1741 from $1.1739 on TuesdayPound/dollar: DOWN at $1.3444 from $1.3448Dollar/yen: UP at 147.95 yen from 147.86 yenEuro/pound: UP at 87.33 pence from 87.29 penceWest Texas Intermediate: UP 0.2 percent at $62.52 per barrelBrent North Sea Crude: UP 0.3 percent at $66.20 per barrelNew York – Dow: UP 0.2 percent at 46,397.89 (close)London – FTSE 100: UP 0.5 percent at 9,350.43 (close)

When Prime Minister Narendra Modi declared India’s “late entry” into the global semiconductor race, he pinned hopes on pioneers such as Vellayan Subbiah to create a chip innovation hub.The chairman of CG Power, who oversees a newly commissioned semiconductor facility in western India, is seen as one of the early domestic champions of this strategic sector in the world’s fastest-growing major economy.”There has been more alignment between the government, policymakers, and business than I’ve ever seen in my working history,” Subbiah, 56, told AFP.”There’s an understanding of where India needs to go, and the importance of having our own manufacturing.”As US President Donald Trump shakes global trade with tariffs and hard-nosed transactionalism, Modi has doubled down on self-reliance in critical technologies.New Delhi, which flagged its push in 2021, has this year approved 10 semiconductor projects worth about $18 billion in total, including two 3-nanometre design plants, among the most advanced.Commercial production is slated to begin by the end of the year, with the market forecast to jump from $38 billion in 2023 to nearly $100 billion by 2030.Subbiah, whose CG Power is one of India’s leading conglomerates, predicts “over $100 billion, if not more”, will flow into the industry across the value chain in the next five to seven years.He said “symbiotic” public-private partnerships were “very exciting”.-‘Ability to accelerate’-Chips are viewed as key to growth and a source of geopolitical clout.India says it wants to build a “complete ecosystem”, and break the global supply chain dominance by a few regions.The government has courted homegrown giants such as Tata, alongside foreign players like Micron, to push design, manufacturing and packaging in joint ventures.CG Semi, a joint venture with CG Power, plans to invest nearly $900 million in two assembly and test plants, as well as to push its design company.”We are looking to design chips, so that we can own the (intellectual property) too — which is very important for India,” said Subbiah, a civil engineer by training with an MBA from the University of Michigan.Still, critics say India is decades late starting, and remains far behind chip leaders in Taiwan, the Netherlands, Japan and China.”First we have to recognise there is a gap,” Subbiah said, noting Taiwan’s TSMC has a 35-year head start. But he insists India’s scale and talent pool — the world’s most populous nation with 1.4 billion people — gives it “a significant ability to accelerate” production.- ‘More complicated’-Modi this month said that “20 percent of the global talent in semiconductor design comes from India”.But wooing talent who sought opportunities abroad back to India remains a challenge, even after Trump’s restrictions on the H-1B skilled worker visa programme, heavily used by Indians.India, the world’s fifth-largest economy, still struggles with bureaucratic inertia and a lack of cutting-edge opportunities.Subbiah acknowledged that his own venture employs about 75 expatriates.”That’s not the way we want to grow. We want to grow with Indians,” he said, calling for policies to lure back overseas talent. “How do we bring these people back?”But the path is tougher than in 2021, when New Delhi first pushed for chip self-sufficiency.While India has secured semiconductor and AI investment pledges from partners such as Japan — which pledged $68 billion in August — Trump is expected to be less willing than past US leaders to back ventures that build Indian capacity.”The geopolitical situation overall has become more complicated,” Subbiah said.Yet he remains upbeat for the long run.”There are only going to be two really low-cost ecosystems in the world: one is China, and the other is going to be India,” he said.”You’re going to see the centre of gravity move towards these ecosystems, if you start thinking about a 25-30 year vision”. 

Asian markets stuttered, US futures fell and gold hovered near record highs Wednesday after lawmakers in Washington failed to reach a deal to avert a government shutdown.The prospect of federal services being closed overshadowed optimism the Federal Reserve will cut interest rates again, with the crisis possibly causing the postponement of key data used by the bank to decide on policy.Democrats and Republicans have been unable to bridge their differences on funding the government beyond Tuesday — the end of the fiscal year — with both sides blaming each other.Senate Republicans tried to rubber-stamp a House-passed temporary funding patch — but could not get the handful of Democratic votes required to send it to President Donald Trump’s desk.Democrats want to see hundreds of billions of dollars in healthcare spending for low-income households restored, which the Trump administration is likely to eliminate.”We’ll probably have a shutdown,” the Republican president told reporters before the vote. Such a scenario would see non-essential operations grind to a halt, leaving hundreds of thousands of civil servants temporarily without pay, and payment of many social safety net benefits potentially disrupted.Trump threatened to punish Democrats and their voters during any stoppage by targeting progressive priorities and forcing mass public sector job cuts.”So we’d be laying off a lot of people that are going to be very affected,” he said”And they’re Democrats, they’re going to be Democrats,” he told an event at the White House, adding that he would use the pause to “get rid of a lot of things we didn’t want, and they’d be Democrat things”.While most shutdowns end after a short period with little effect on markets, investors remain concerned, particularly as it could prevent the release Friday of the key non-farm payrolls report — a crucial guide for the Fed on rate decisions.”Without (the report), the Fed would be forced to navigate October’s decision by starlight rather than compass, relying on smaller surveys and anecdotal signals,” wrote Stephen Innes at SPI Asset Management.”The October cut looks assured… but beyond that, the path becomes guesswork. Traders hate nothing more than an information vacuum. In its absence, every tick of secondary data looms larger than it should, amplifying volatility.”Futures on all three main indexes in New York were in the red — with the Dow coming off a record — and Asian equities were mixed.Tokyo, Sydney and Manila fell, while Singapore, Seoul and Taipei rose.Gold, a go-to in times of turmoil and uncertainty, was hovering just below its record high of $3,871.72 owing to a weaker dollar, bets on lower borrowing costs and worries about the impact of the shutdown.In company news, Australian mining titan BHP fell more than one percent following reports that China’s state-run iron ore buyer told steelmakers to temporarily stop buying seagoing, dollar-denominated cargoes from the firm, as part of a pricing dispute.Australian Prime Minister Anthony Albanese called the move “disappointing”.- Key figures at around 0215 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 44,480.02Hong Kong – Hang Seng Index: Closed for a holidayShanghai – Composite: Closed for a holidayEuro/dollar: DOWN at $1.1736 from $1.1739 on TuesdayPound/dollar: DOWN at $1.3439 from $1.3448Dollar/yen: UP at 148.00 yen from 147.86 yenEuro/pound: UP at 87.33 pence from 87.29 penceWest Texas Intermediate: UP 0.2 percent at $62.50 per barrelBrent North Sea Crude: UP 0.2 percent at $66.18 per barrelNew York – Dow: UP 0.2 percent at 46,397.89 (close)London – FTSE 100: UP 0.5 percent at 9,350.43 (close)

South Korea recorded its highest ever semiconductor exports in September, official data showed Wednesday, despite growing pressure from US tariffs and other restrictions on the crucial sector.Seoul logged more than $16.6 billion in exports of semiconductors last month, up by more than a fifth from September 2024, according to data from the country’s industry ministry.The surge was driven by high demand for high-value memory such as HBM chips used in AI servers, the industry ministry said.Cars, the country’s other key export, also performed strongly, with auto shipments climbing to $6.4 billion, the highest ever recorded for the month of September.Driven by these strong figures, overall exports reached $65.9 billion, — the highest in more than 42 months.Exports rose to all major regions except the United States, which fell 1.4 percent from a year earlier to $10.27 billion, weighed down by tariffs on steel, automobiles and machinery.Asia’s fourth-largest economy was initially hit with a 25 percent across-the-board tariff by the United States but managed to secure a last-minute agreement for a reduced 15 percent rate.South Korea is one of Washington’s biggest trade partners, with automobiles leading the pack in exports.The country has yet to secure a deal, with auto tariffs reduced from 25 to 15 percent but not yet in effect, unlike in neighbouring Japan.Tariffs of 50 percent also remain in place on some key exports such as steel and aluminium.The new record is a “valuable achievement made by our companies, who swiftly diversified their export markets despite the unfavourable conditions of weakened exports to the US caused by tariff measures,” industry minister Kim Jung-kwan said in a statement.”Uncertainty surrounding our exports remains high due to ongoing US tariff negotiations, and we must remain vigilant and respond swiftly,” said Kim. He added that “the government will strengthen policy support to ensure that our companies can maintain export competitiveness.”

Nike reported a surprise increase in quarterly sales Tuesday, pointing to progress on a turnaround as it forecast a bigger cost hit from US tariffs.Shares of the sports giant jumped in after hours-trading as Nike executives said their strategic pivot — branded as “Win Now” — was beginning to see greater success.”I’m encouraged by the momentum we generated in the quarter, but progress will not be linear as dimensions of our business recover on different timelines,” said Chief Financial Officer Matthew Friend.Profits were $727 million in Nike’s first quarter of fiscal 2026, down 31 percent from the year-ago level. Revenues inched one percent higher to $11.7 billion.Sales rose in every region except Greater China.The results topped analyst estimates in both earnings and revenues. But Friend lifted the company’s estimate of the total cost from US tariffs under President Donald Trump’s administration to an annual hit of $1.5 billion from the prior $1 billion.Friend also lowered the forecast for profit margins in the coming quarter.The sports giant in recent years has struggled with an oversupply of merchandise that fell flat with consumers, necessitating heavy promotions and raising doubts about innovation.Nike’s heavy emphasis on direct selling to consumers under prior management meant scaling back relationships with wholesalers that company leaders are now working to rebuild.In September 2024, Nike announced the return of company veteran Elliot Hill as CEO. Hill said Tuesday the company was working to deepen promotional efforts by sport and through the company’s brands of Jordan and Converse, in addition to namesake Nike.Neil Saunders of GlobalData Retail described the results as a partial victory.”All in all, we think Nike is making progress. But there is a lot more work to be done in resetting the brand at a macro level and to gain ground among different pockets and tribes of consumers that now form the sportswear market,” Saunders said in a note.Shares of Nike rose 3.6 percent in after-hours trading.

The Dow finished at a fresh record Tuesday as markets largely shrugged off the likelihood of a partial US government shutdown due to a stalemate on budget talks.Major US equity indices veered in and out of negative territory throughout the day before finishing in the black. The Dow Jones Industrial Average was up 0.2 percent at 46,397.89, a new record.Several federal government operations will freeze beginning at midnight Tuesday night if there is no breakthrough. Talks between congressional leaders and President Donald Trump concluded Monday without progress.”The market seems to be ignoring the fact that we’re looking at a potential shutdown,” said Art Hogan of B. Riley Wealth Management.Analysts say a shutdown will not significantly affect the US economy unless it is prolonged. While some activity would be curtailed, the expectation is that there would be a bounce when the government reopened.But a closure would delay the release of key economic data, including the September jobs report, which is supposed to come out Friday.”Usually, markets ignore shutdowns — most last only a few days and investors seem to take a long-term view of the situation, and the short duration of most incidents has little impact on company profits,” said Neil Wilson, investor strategist at Saxo.But “it could be different this time,” Wilson warned. “Deep political divisions could see this drag on. A longer shutdown could have serious consequences for stocks.”He pointed to the White House threatening mass firings, while recent changes to economic policy added to uncertainty and raised the prospect of a potential recession.The latest Dow record extends a heady period for US equities that has seen all three major indices post new records during the third quarter, which ended with Monday’s session.Analysts have pointed to bullishness around artificial intelligence and optimism around US Federal Reserve interest rate cuts as among the factors driving equities higher.However, there has been some weakening in economic data. The Conference Board’s consumer confidence index slipped 3.6 points to 94.2 in September. The figure, the lowest since April, reflects increased worries about inflation.- Gold price surges -Gold, a safe haven investment in times of uncertainty, reached yet another peak above $3,870 an ounce before retreating a bit.Speculation is growing that it could soon hit $4,000, having piled on almost 50 percent since the turn of the year.”The longer-term case is still supportive of further increases in the gold price,” said Kathleen Brooks, research director at XTB trading platform.”Dollar weakness, rising inflation expectations and the prospect of Fed rate cuts are all driving this gold rally.”Oil prices dropped further on fears of a glut amid talk of OPEC+ hiking output again when officials meet Sunday.Among individual companies, Pfizer surged 6.8 percent after the drugmaker was granted a three-year reprieve on planned tariffs as it vowed to voluntarily lower the prices of unspecified drugs for US purchase.CEO Albert Bourla touted the agreement at a White House appearance with President Donald Trump.- Key figures at around 2020 GMT -New York – Dow: UP 0.2 percent at 46,397.89 pointsNew York – S&P 500: UP 0.4 percent at 6,688.46New York – Nasdaq: UP 0.3 percent at 22,660.01London – FTSE 100: UP 0.5 percent at 9,350.43 (close)Paris – CAC 40: UP 0.2 percent at 7,895.94 (close)Frankfurt – DAX: UP 0.6 percent at 23,880.72 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 44,932.63 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,855.56 (close)Shanghai – Composite: UP 0.5 percent at 3,882.78 (close)Euro/dollar: UP at $1.1739 from $1.1727 on MondayPound/dollar: UP at $1.3448 from $1.3429Dollar/yen: DOWN at 147.86 yen from 148.59 yenEuro/pound: DOWN at 87.29 pence from 87.32 penceBrent North Sea Crude: DOWN 1.4 percent at $67.02 per barrelWest Texas Intermediate: DOWN 1.7 percent at $62.37 per barrel

The United Nations called on Afghanistan’s Taliban authorities Tuesday to immediately restore internet and telecommunications in the country, 24 hours after a nationwide blackout was imposed.The government began shutting down high-speed internet connections to some provinces earlier this month to prevent “immorality”, on the orders of shadowy supreme leader Hibatullah Akhundzada.Mobile phone signal and internet service weakened on Monday night until connectivity was less than one percent of ordinary levels.Afghans are unable to contact each other, online businesses and the banking systems have frozen, and diaspora abroad cannot send crucial remittances to family.All flights were cancelled at Kabul airport on Tuesday, AFP journalists saw.”The cut in access has left Afghanistan almost completely cut off from the outside world, and risks inflicting significant harm on the Afghan people, including by threatening economic stability and exacerbating one of the world’s worst humanitarian crises,” the UN Assistance Mission in Afghanistan (UNAMA) said in a statement.”The current blackout also constitutes a further restriction on access to information and freedom of expression in Afghanistan,” it added.The UN rights office called the blackout an “extremely serious human rights violation”.”Women and girls already excluded from public life are especially affected,” it said on social media Tuesday, calling for immediate reconnection.It is the first time since the Taliban government won their insurgency in 2021 and imposed a strict version of Islamic law that communications have been shut down in the country.”I came to work this morning but we cannot run any business because clients do not have access to online banking, transactions, cash withdrawal, or money authorisation,” a bank worker who asked not to be named told AFP in Kabul.”When there was internet, we never felt how important it was.”The post office was also unable to operate because it required bank services to carry out its work, staff told AFP. – Radio communications -Minutes before the shutdown on Monday evening, a government official warned AFP that the fibre optic network would be cut, impacting mobile phone services, “until further notice”.”There isn’t any other way or system to communicate… the banking sector, customs, everything across the country will be affected,” said the official, who asked not to be named.Telephone services are often routed over the internet, sharing the same fibre optic lines, especially in countries with limited telecoms infrastructure.The telecommunications ministry refused to let journalists enter the building in Kabul on Tuesday.A UN source said Tuesday that “operations are severely impacted, falling back to radio communications and limited satellite links”.AFP journalists witnessed Taliban security forces using radios to communicate with each other at public buildings such as the airport and post office.Over the past weeks, internet connections have been extremely slow or intermittent.On September 16, when the first internet services were cut in northern provinces, Balkh provincial spokesman Attaullah Zaid said the ban had been ordered by the Taliban’s leader.”This measure was taken to prevent vice, and alternative options will be put in place across the country to meet connectivity needs,” he wrote on social media.”Recent studies in Afghanistan found that internet applications have badly affected the ongoing, economic, cultural and religious foundations of society,” he claimed.The Taliban leader reportedly ignored warnings from some officials this month about the economic fallout of cutting the internet and ordered authorities to press ahead with a nationwide ban.Netblocks, a watchdog organisation that monitors cybersecurity and internet governance, said the blackout “appears consistent with the intentional disconnection of service”.On Tuesday, it said connectivity had flatlined below one percent, with no restoration of service observed.In 2024, Kabul had touted the 9,350-kilometre (5,800-mile) fibre optic network — largely built by former US-backed governments — as a “priority” to bring the country closer to the rest of the world and lift it out of poverty.

Searchers in Indonesia raced Tuesday to rescue dozens of people still believed trapped a day after the collapse of an Islamic school building that has already left three dead, authorities said.Tearful families desperate for news of their loved ones crowded around the flattened multi-storey building, as rescuers navigated a maze of concrete rubble in the town of Sidoarjo, located on Indonesia’s main island of Java.The building suddenly gave way on Monday as students were gathered for afternoon prayers, said local reports, citing a witness.Late Tuesday, an AFP journalist in the area felt tremors after the US Geological Survey said a magnitude 6.0 earthquake struck off the coast nearby.There were no immediate reports of damages and it was not immediately clear whether the quake affected the rescue operation.Imron, a father of one of the missing people, told local broadcaster Metro TV from near the site that he was waiting for his child to be rescued.”We are still waiting patiently. Hopefully, there is a miracle and my child will soon be evacuated,” said Imron, who only gave one name.Local rescue agency head Nanang Sigit said in a statement that the number of people affected was 100, revising down an earlier figure of 102 due to double-counting.Three people were killed, including two who succumbed to their injuries in hospital.As of Tuesday, 11 people had been rescued from the rubble, Nanang said. The national search and rescue agency said those rescued were between 13 and 19 years old.Nanang told reporters that rescuers had detected signs of life beneath the debris.”We used a camera and were able to detect six victims who showed signs of life,” he said.”When they saw the light from the search camera, they were moving their legs.”National Disaster Mitigation Agency (BNPB) spokesman Abdul Muhari said earlier Tuesday 38 people were unaccounted for.Authorities have not provided a fresh update on the number of missing.National Search and Rescue Agency head Mohammad Syafii said earlier Tuesday that rescuers were working urgently to save those still believed to be trapped, but warned that the rubble was unstable, with concrete pillars piled precariously atop one another.Heavy equipment such as cranes and excavators could speed up the removal of concrete to ease access, Syafii said.”However, moving the concrete can actually threaten the lives of survivors who may still be trapped.”- Structural failure – Local media reports quoted a school official as saying construction work had been ongoing for the past nine months.The building collapsed after its foundation pillars failed to support the weight of new construction on the fourth floor of the school, according to BNBP spokesman Abdul Muhari.He called for stricter safety standards and urged the public and building managers to oversee construction processes more carefully to prevent similar incidents.Lax construction standards have raised widespread concerns about building safety in Indonesia, where it is common to leave structures — particularly houses — partially completed, allowing owners to add extra floors later when their budgets permit.Earlier this month, at least three people were killed and dozens injured when a building hosting a prayer recital collapsed in West Java.In 2018, seven teenagers rehearsing for a musical show were killed in Cirebon, east of Jakarta, when the building they were in collapsed.That same year, at least 75 people were injured when the mezzanine floor at Indonesia’s stock exchange building in Jakarta collapsed into the lobby.

US stock markets edged lower and gold retreated from a record high on Tuesday as traders steeled themselves for a possible US government shutdown.A White House meeting Monday with congressional leaders ended without a breakthrough, raising the odds of a shutdown starting at midnight on Tuesday, Washington time (0400 GMT Wednesday).While shutdowns are not usually painful in investor terms, markets remained cautious, analysts said.”Usually, markets ignore shutdowns — most last only a few days and investors seem to take a long-term view of the situation, and the short duration of most incidents has little impact on company profits,” said Neil Wilson, investor strategist at Saxo.However, Wilson warned: “It could be different this time. Deep political divisions could see this drag on. A longer shutdown could have serious consequences for stocks.”He pointed to the White House threatening mass firings while recent changes to economic policy added to uncertainty and raised the prospect of a potential recession.- Gold price surges -Gold, a safe haven investment in times of uncertainty, reached yet another peak above $3,871 an ounce before falling later in the day.Speculation is growing that it could soon hit $4,000, having piled on almost 50 percent since the turn of the year.”The longer-term case is still supportive of further increases in the gold price,” said Kathleen Brooks, research director at XTB trading platform.”Dollar weakness, rising inflation expectations and the prospect of Fed rate cuts are all driving this gold rally.”There are concerns that a shutdown could delay this week’s release of government statistics on the labour market, including non-farm payrolls, which could provide clues about the Federal Reserve’s next move on interest rates.Recent indicators have supported investor expectations that the US central bank will cut borrowing costs twice more this year after reducing them this month as the labour market softens.”A delay to the release of the Non-Farm Payrolls report this week could trigger some volatility as this report was considered the last piece of the puzzle before the October Fed rate cut,” Brooks said.”However,” she added, “we do not think that it will derail a rate cut next month.”Oil prices dropped further on fears of a glut amid talk of OPEC+ hiking output again when officials meet on Sunday.Trump’s Gaza peace plan was also weighing on prices, analysts said.Europe’s leading indices rose.European Central Bank chief Christine Lagarde said Tuesday US tariffs had not hit the eurozone as badly as feared, but warned: “New trade and geopolitical shocks will remain a constant feature of our environment.”- Key figures at around 1530 GMT -New York – Dow: DOWN 0.4 percent at 46,138.55 pointsNew York – S&P 500: DOWN 0.3 percent at 6,664.63New York – Nasdaq: DOWN 0.3 percent at 22,520.21London – FTSE 100: UP 0.5 percent at 9,350.43 (close)Paris – CAC 40: UP 0.2 percent at 7,895.94 (close)Frankfurt – DAX: UP 0.6 percent at 23,880.72 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 44,932.63 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,855.56 (close)Shanghai – Composite: UP 0.5 percent at 3,882.78 (close)Euro/dollar: UP at $1.1730 from $1.1725 on MondayPound/dollar: UP at $1.3445 from $1.3434Dollar/yen: DOWN at 147.97 yen from 148.68 yenEuro/pound: DOWN at 87.24 pence from 87.28 penceBrent North Sea Crude: DOWN 1.6 percent at $66.01 per barrelWest Texas Intermediate: DOWN 1.6 percent at $62.43 per barrel

US stock markets edged lower and gold retreated from a record high on Tuesday as traders steeled themselves for a possible US government shutdown.Congressional leaders met President Donald Trump Monday to seek a breakthrough before a midnight Tuesday deadline, but top Senate Democrat Chuck Schumer told reporters afterwards that “large differences” remained.Vice President JD Vance accused the Democrats of putting “a gun to the American people’s head” with their funding demands, adding: “I think we’re headed to a shutdown because the Democrats won’t do the right thing.”While shutdowns are not usually painful, markets remained cautious, analysts said.”Usually, markets ignore shutdowns — most last only a few days and investors seem to take a long-term view of the situation, and the short duration of most incidents has little impact on company profits,” said Neil Wilson, investor strategist at Saxo.However, Wilson warned: “It could be different this time. Deep political divisions could see this drag on. A longer shutdown could have serious consequences for stocks.”He pointed to the White House threatening mass firings while recent changes to economic policy added to uncertainty and raised the prospect of a potential recession.In New York, the broad-based S&P 500 index and the tech-heavy Nasdaq fell in opening deals, though the losses were limited, while the Dow was flat.Paris was down while London and Frankfurt were up in afternoon deals. Asia’s major indexes closed mixed.Gold, a safe haven investment in times of uncertainty, reached yet another peak above $3,871 an ounce before falling later in the day.Speculation is growing that it could soon hit $4,000, having piled on almost 50 percent since the turn of the year.The dollar pared back gains.”The longer-term case is still supportive of further increases in the gold price,” said Kathleen Brooks, research director at XTB trading platform.”Dollar weakness, rising inflation expectations and the prospect of Fed rate cuts are all driving this gold rally.”There are concerns that a shutdown could delay this week’s release of government statistics on the labour market, including non-farm payrolls, which could provide clues about the Federal Reserve’s next move on interest rates.Recent indicators have supported investor expectations that the US central bank will cut borrowing costs twice more this year after reducing them this month as the labour market softens.”A delay to the release of the Non-Farm Payrolls report this week could trigger some volatility as this report was considered the last piece of the puzzle before the October Fed rate cut,” Brooks said.”However,” she added, “we do not think that it will derail a rate cut next month.”Among individual companies, Spotify shares fell three percent after co-founder Daniel Ek announced he would step down as CEO of the music streaming giant and hand day-to-day management to two lieutenants.Oil prices, meanwhile, dropped further on fears of a glut amid talk of OPEC+ hiking output again when officials meet on Sunday.Trump’s Gaza peace plan was also weighing on prices, analysts said.- Key figures at around 1330 GMT -New York – Dow: FLAT at 46,301.97 pointsNew York – S&P 500: DOWN 0.1 percent at 6,653.52New York – Nasdaq: UP 0.2 percent at 22,548.50London – FTSE 100: UP 0.4 at 9,337.94Paris – CAC 40: DOWN 0.2 percent at 7,868.31Frankfurt – DAX: UP 0.3 percent at 23,809.82Tokyo – Nikkei 225: DOWN 0.3 percent at 44,932.63 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 26,855.56 (close)Shanghai – Composite: UP 0.5 percent at 3,882.78 (close)Euro/dollar: UP at $1.1729 from $1.1725 on MondayPound/dollar: DOWN at $1.3426 from $1.3434Dollar/yen: DOWN at 147.95 yen from 148.68 yenEuro/pound: UP at 87.35 pence from 87.28 penceBrent North Sea Crude: DOWN 1.3 percent at $66.20 per barrelWest Texas Intermediate: DOWN 1.3 percent at $62.63 per barrel