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China’s stranglehold on the rare earths industry — from natural reserves and mining through processing and innovation — is the result of a decades-long drive, now giving Beijing crucial leverage in its trade war with the United States.The 17 key elements will play a vital role in the global economy in coming years, as analysts warn that plans to secure alternative supply chains by Western governments could take years to bear fruit.Rare earths are crucial for the defence sector — used in fighter jets, missile guidance systems and radar technology — while also having a range of uses in everyday products including smartphones, medical equipment and automobiles.Visited this month by AFP, the southeastern mining region of Ganzhou — which specialises in “heavy” rare earths including yttrium and terbium — was a hive of activity.Media access to the secretive industry is rarely granted in China, but despite near-constant surveillance by unidentified minders, AFP journalists saw dozens of trucks driving in and out of one rare earths mine, in addition to several bustling processing facilities.Sprawling new headquarters are being built in Ganzhou for China Rare Earth Group, one of the country’s two largest state-owned companies in the industry following years of consolidation directed by Beijing.Challenges this year have “paved the way for more countries to look into expanding rare earth metal production and processing”, Heron Lim, economics lecturer at ESSEC Business School, told AFP.”This investment could pay longer-term dividends,” he said.- Trade war -Sweeping export restrictions China imposed on the sector in early October sent shockwaves across global manufacturing sectors.The curbs raised alarm bells in Washington, which has been engaged in a renewed trade war with Beijing since President Donald Trump began his second term.At a high-stakes meeting in South Korea late last month, Trump and Chinese counterpart Xi Jinping agreed to a one-year truce in a blistering tariff war between the world’s top two economies.The deal — which guarantees supply of rare earths and other critical minerals, at least temporarily — effectively neutralised the most punishing US measures and was widely seen as a victory for Beijing.”Rare earths are likely to remain at the centre of future Sino-US economic negotiations despite the tentative agreements thus far,” Heron Lim told AFP.”China has demonstrated its willingness to use more trade levers to keep the United States at the negotiating table,” he said.”The turbulence has created a challenging environment for producers that rely on various rare earth metals, as near-term supply is uncertain.”Washington and its allies are now racing to develop alternative mining and processing chains, but experts warn that process will take years.- Supremacy ceded -During the Cold War, the United States led the way in developing abilities to extract and process rare earths, with the Mountain Pass mine in California providing the bulk of global supplies.But as tensions with Moscow eased and the substantial environmental toll wrought by the rare earth industry gained prominence, the United States gradually offshored capacity in the 1980s and 1990s.Now, China controls most of global rare earths mining — around two thirds, by most estimates.It is already home to the world’s largest natural reserves of the elements of any country, according to geological surveys.And it has a near total monopoly on separation and refining, with analysis this year showing a share of around nine tenths of all global processing.Furthermore, a commanding lead in patents and strict export controls on processing technology solidify efforts by Beijing to prevent know-how from leaving the country.”The United States and the European Union are heavily reliant on imports of rare earth elements, underscoring significant risks to critical industries,” said Amelia Haines, commodities analyst at BMI, at a seminar this month.”This sustained risk is likely to catalyse a faster, broader pivot towards rare earth security,” she said.- Chasing alternatives -US defence authorities have in recent years directed large sums towards shoring up domestic production — part of efforts to achieve a “mine-to-magnet” supply chain by 2027.Washington has also been working with allies to develop extraction and processing alternatives to China.Trump signed a rare earths deal last month promising $8.5 billion in critical minerals projects with Prime Minister Anthony Albanese of Australia — its vast territory home to extensive rare earth resources.The US president also signed cooperation deals covering the critical minerals sector last month with Japan, Malaysia and Thailand.Despite the flurry of activity and headlines this year, Washington has been aware of its rare earths problem for years.In 2010, a maritime territorial dispute with Tokyo prompted Beijing to suspend shipments of the minerals to Japan — the first major incident highlighting geopolitical ramifications of China’s control over the sector.The episode sparked calls by the administration of then-president Barack Obama to shore up US domestic resilience in the strategic field.But 15 years later, China remains the chief rare earths power.

Wall Street stocks shrugged off early weakness Tuesday and joined European bourses in rising on continued hopes the Federal Reserve will cut interest rates next month.The prospect for further interest rate easing helped offset lingering worries about whether artificial intelligence equities are overvalued while a trove of mixed US economic reports included some worrying signs that analysts said likely strengthened the Fed’s case for cutting rates.The market is rallying as “the chances of a December cut (…) have moved higher,” said Angelo Kourkafas, adding that softness in some of the reports “helps reinforce the fact that the Fed will be moving” towards a rate cut.All three US indices advanced, led by the blue-chip Dow index, which climbed 1.4 percent.Earlier, London, Paris and Frankfurt all pushed higher.US data releases pointed to slower than expected growth of retail sales in September, while producer prices increased in line with expectations.The Conference Board’s consumer confidence index dropped to its lowest level in seven months, with shoppers expressing greater worry about labor market conditions and the outlook for household incomes.”The economy can’t afford to lose the consumer, particularly ahead of the all-important holiday season,” said Bret Kenwell, at the eToro trading platform. “It’s something to watch moving forward.”Traders now see about a 90 percent chance of a rate reduction, against around 35 percent only last week.Most large US tech companies advanced Tuesday. An exception was Nvidia, which finished down 2.6 percent following a report in The Information that Facebook parent Meta could use Google chips in its data centers.Big-box retailer Best Buy surged 5.3 percent after reporting better-than-expected results as CEO Corie Barry pointed to a confluence in which “customers need to upgrade or replace their consumer electronics and new products and innovation are coming to market.”Oil prices retreated amid reports that a deal to end the war in Ukraine may be close, which, if confirmed, would allow Russia to export vastly more oil.- Key figures at around 2120 GMT -New York – Dow: UP 1.4 percent at 47,112.45 (close) New York – S&P 500: UP 0.9 percent at 6,765.88 (close)Nasdaq – UP 0.7 percent 23,025.59 (close)London – FTSE 100: UP 0.8 percent at 9,609.53 (close)Paris – CAC 40: UP 0.8 percent at 8,025.80 (close)Frankfurt – DAX: UP 1.0 percent at 23,464.63 (close)Tokyo – Nikkei 225: UP 0.1 percent at 48,659.52 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,894.55 (close)Shanghai – Composite: UP 0.9 percent at 3,870.02 (close)Euro/dollar: UP at $1.1570 from $1.1521 on MondayPound/dollar: UP at $1.3165 from $1.3105Dollar/yen: DOWN at 155.97  yen from 156.89 yenEuro/pound: DOWN at 87.86 pence from 87.91 penceBrent North Sea Crude: DOWN 1.4 percent at $62.48 per barrelWest Texas Intermediate: DOWN 1.5 percent at $57.95 per barrelburs-jmb

Stock markets on both sides of the Atlantic posted moderate gains Tuesday on Fed rate cut speculation, but tech sector weakness undermined the bullish sentiment, dealers said.Shares of artificial intelligence star Nvidia tumbled on Wall Street, following a report in The Information that Facebook parent Meta could use Google chips in its data censors. Investors in tech stocks have been trying to move past fears that AI enthusiasm may have created a bubble that is waiting to burst.”AI remains one of the most powerful forces reshaping markets, but the tone is changing,” wrote Saxo Markets’ Charu Chanana.”Strong earnings from leading chipmakers (led by Nvidia)… reassure investors that demand is real, yet the sharp swings in market reaction show that enthusiasm now sits alongside questions around sustainability, profitability, and execution.”Expectations that the US Federal Reserve will cut interest rates next month added support to equities, while weighing on the dollar.Lower interest rates typically weaken a currency, especially when there are lingering inflationary pressures.Fed governor Christopher Waller said Monday inflation was not his main worry and that he was “advocating for a rate cut at the next meeting”.US data pointing to labour market softness and weaker-than-expected retail sales numbers further fuelled rate cut expectations, especially as the figures raised concerns about US consumer confidence, said Bret Kenwell, at the eToro trading platform. “The economy can’t afford to lose the consumer, particularly ahead of the all-important holiday season,” he said. “It’s something to watch moving forward.”Traders now see about a 90 percent chance of a rate reduction, against around 35 percent only last week — but not everyone saw this as a good thing.”The last time we saw Fed rate expectations change that fast — September 2024 — the last-minute 50 bp cut turned out to be a mistake, and the Fed had to pause for a year before moving again,” said Ipek Ozkardeskaya, an analyst at Swissquote, an investment firm.”Did it prevent the bulls from buying? Not really,” she added.Oil prices slumped amid reports that a deal to end the war in Ukraine may be close which, if confirmed, would allow Russia to export vastly more oil.- Key figures at around 1535 GMT -New York – Dow: UP 0.7 percent at 46,791.88 pointsNasdaq – DOWN 0.3 percent 22,811.00London – FTSE 100: UP 0.8 percent at 9,609.53 (close)Paris – CAC 40: UP 0.8 percent at 8,025.80 (close)Frankfurt – DAX: UP 1.0 percent at 23,464.63 (close)Tokyo – Nikkei 225: UP 0.1 percent at 48,659.52 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,894.55 (close)Shanghai – Composite: UP 0.9 percent at 3,870.02 (close)Euro/dollar: UP at $1.1570 from $1.1523 on MondayPound/dollar: UP at $1.3186 from $1.3110Dollar/yen: DOWN at 156.10 yen from 156.81 yenEuro/pound: DOWN at 87.76 pence from 87.91 penceBrent North Sea Crude: DOWN 2.5 percent at $61.16 per barrelWest Texas Intermediate: DOWN 2.7 percent at $57.27 per barrelburs-jh/cw

The European Union must ramp up efforts to break its dependence on China for rare earths faced with export curbs that amount to a “racket” by Beijing, the bloc’s industry chief Stephane Sejourne said Tuesday.China, the world’s top producer of rare earths, in October announced new controls on the export of the elements, used to make magnets crucial to the auto, electronics and defence industries.The move rattled markets and snarled supply chains until China later said it would suspend its curbs for one year.Already since April, Beijing has required licences for certain exports of the materials, hitting global manufacturing sectors.Sejourne has been preparing a plan to end the 27-nation bloc’s dependence on China that will be announced on December 3.In a speech to the European Parliament Tuesday, he pointed to export licences “issued in dribs and drabs” and said deliveries were falling behind schedule.”These licences are granted in exchange for information that often — and this is worrying — include trade secrets. These requirements look like a racket if we consider all the demands made on our manufacturers to obtain licences,” Sejourne said.”It is high time for Europe to step up its game. To redouble its efforts to reduce our dependencies on China,” Sejourne told EU lawmakers.The October controls were a major sticking point in trade talks between Beijing and Washington, and Sejourne said that Europe was both a “collateral victim” of their trade tensions, and “directly targeted” itself.In next week’s package of measures, Sejourne said the EU executive would push for the bloc to speed up the joint purchasing of critical raw materials including rare earths, accelerate production and recycling in Europe, work with reliable partners and conclude new partnerships.The EU executive will also propose next week the creation of a European Centre for Critical Raw Materials that will be the bloc’s supply hub modelled on Japan’s state-run Japan Oil, Gas and Metals National Corporation, Sejourne said.”It should also allow us to assess needs, to buy together and store critical minerals in Europe,” he added.

Kyrgyzstan said Tuesday it had arrested the Chinese CEO of a gold mining firm accused of causing “large-scale” environmental damage, amid growing public scrutiny over Beijing’s influence in the Central Asian country.China has poured hundreds of millions of dollars of investment into neighbouring Kyrgyzstan in recent years, financing huge infrastructure projects and expanding its mining activities in a bid to secure critical minerals.China and Kyrgyzstan say the partnership has been beneficial to both sides, but some in the local population have complained the influx of Chinese workers and companies has driven up prices and pollution.The CEO of Kemin Resource Group, who was arrested last Thursday, managed a mine accused of damaging thousands of square metres of land and providing false information to authorities, Kyrgyzstan’s security service said in a statement.”The activities of the mine … caused particularly large-scale damage,” it said.Local residents had complained that exploration work had contaminated the water supply, threatened tourism and risked hastening the melting of glaciers, Kyrgyz media reported earlier this year.Beijing did not immediately comment.The arrest comes less than two weeks after a brawl broke out between Chinese and Kyrgyz construction workers in the country’s north, fuelling anti-Chinese sentiment on social media.Rich in natural resources, Central Asia’s five republics have courted interest from major powers including China, the European Union and the United States since becoming independent from the Soviet Union in 1991.

European and Asian stock markets mostly rose Tuesday following a tech-led rally on Wall Street that soothed fears of an AI bubble.Expectations that the US Federal Reserve will cut interest rates next month added further support to equities but weighed on the dollar.Oil prices were downbeat amid reports US Army Secretary Dan Driscoll is meeting with a Russian delegation in Abu Dhabi on Tuesday, days after talks with Ukraine in Geneva aimed at ending the conflict, which would relieve pressure on Russia’s energy exports.London led the way among Europe’s top stock markets, gaining 0.3 percent nearing midday and on the eve of the UK government’s annual budget.Tokyo edged higher as trading resumed after a long holiday weekend in Japan, while Chinese indices won solid gains.Investors were waiting to see whether “the recent recovery in US stocks is a short-term reprieve or the beginning of another leg higher in the bull market”, noted Joshua Mahony, chief market analyst at traders Scope Markets.Optimism appeared to be returning to trading floors on increased chances of a December rate cut from the Fed, which would be the third in a row. Fed governor Christopher Waller told Fox Business on Monday that inflation was not his main worry and that his “concern is mainly the labour market, in terms of our dual mandate” to support jobs and keep a cap on prices.”So I’m advocating for a rate cut at the next meeting,” he added.His comments add to similar sentiment expressed by San Francisco Fed president Mary Daly and New York Fed boss John Williams.Traders now see about a 90 percent chance of a reduction, having been around 35 percent only last week.The prospect of lower borrowing rates pushed Wall Street sharply higher Monday, with the S&P 500 closing up 1.6 percent.The Nasdaq charged 2.7 percent higher thanks to a surge in heavyweights Alphabet, Amazon and Meta.Tech firms have enjoyed a sudden revival after suffering sharp sell-offs in recent weeks on concerns that the AI-led splurge this year may have pushed valuations too far.While there is debate about whether the advance has more legs, observers say the outlook is more nuanced.”AI remains one of the most powerful forces reshaping markets, but the tone is changing,” wrote Saxo Markets’ Charu Chanana.”Strong earnings from leading chipmakers (led by Nvidia)… reassure investors that demand is real, yet the sharp swings in market reaction show that enthusiasm now sits alongside questions around sustainability, profitability, and execution.Sentiment won an additional lift from US President Donald Trump, who praised “extremely strong” US-China relations following a call with counterpart Xi Jinping.Trump plans to visit China in April, followed by a return trip from Xi later next year.- Key figures at around 1130 GMT -London – FTSE 100: UP 0.3 percent at 9,560.02 pointsParis – CAC 40: UP 0.2 percent at 7,972.78Frankfurt – DAX: UP 0.1 percent at 23,255.03Tokyo – Nikkei 225: UP 0.1 percent at 48,659.52 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,894.55 (close)Shanghai – Composite: UP 0.9 percent at 3,870.02 (close)New York – Dow: UP 0.4 percent at 46,448.27 (close)Euro/dollar: UP at $1.1533 from $1.1523 on MondayPound/dollar: UP at $1.3118 from $1.3110Dollar/yen: DOWN at 156.45 yen from 156.81 yenEuro/pound: UP at 87.93 pence from 87.91 penceBrent North Sea Crude: DOWN 0.5 percent at $62.43 per barrelWest Texas Intermediate: DOWN 0.5 percent at $58.57 per barrel

Investors on Tuesday welcomed more dovish comments from Federal Reserve officials reinforcing hopes it will cut interest rates next month, while a tech-led rally on Wall Street soothed recent AI bubble worries.After a swoon in recent weeks, optimism appeared to be returning to trading floors as the chances of a third successive reduction in US borrowing costs increases as a weakening labour market offsets stubbornly high inflation. Fed governor Christopher Waller told Fox Business on Monday that inflation was not his main worry and that his “concern is mainly the labour market, in terms of our dual mandate” of the Fed to support jobs and keep a cap on prices.”So I’m advocating for a rate cut at the next meeting.”His comments echoed those of San Francisco Fed president Mary Daly, who told the Wall Street Journal: “On the labour market, I don’t feel as confident we can get ahead of it.”She added that the risk of a bust higher in inflation was a lower risk as the impact of US President Donald Trump’s tariffs had been less than expected.New York Fed boss John Williams said Friday that he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.Analysts pointed out that the lack of pushback from the Fed on the remarks suggested boss Jerome Powell backed them and was preparing for another cut.Traders now see about a 90 percent chance of a reduction, having been around 35 percent last week.The prospect of lower borrowing rates pushed Wall Street sharply higher for a second successive day Monday, with the S&P 500 up around 1.6 percent.The Nasdaq charged 2.7 percent higher thanks to a surge in market heavyweights including Alphabet, Meta and Amazon.And the gains continued in Asia, which built on Monday’s strong performance.Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Taipei, Mumbai, Bangkok and Jakarta all advanced, though there were pullbacks in Manila, Singapore and Wellington.London, Paris and Frankfurt opened higher.Tech firms have enjoyed a revival after suffering a period of selling in recent weeks, owing to concerns that the AI-led splurge this year may have pushed valuations too far and the huge investments made in the sector could take time to come to fruition.While there is debate about whether the advance has more legs, observers say the outlook is more nuanced.”AI remains one of the most powerful forces reshaping markets, but the tone is changing,” wrote Saxo Markets’ Charu Chanana.”Strong earnings from leading chipmakers… reassure investors that demand is real, yet the sharp swings in market reaction show that enthusiasm now sits alongside questions around sustainability, profitability, and execution.”The broad ‘everything goes up’ phase of the AI trade is fading. What replaces it is a more nuanced market: one that rewards fundamentals over narratives.”She added that investors now had to “separate the durable players from those caught up in the momentum”.Sentiment was also given a lift after Trump praised “extremely strong” US-China relations following a call with his Chinese counterpart Xi Jinping.He also said he will visit China in April and that Xi will make a trip to Washington later in 2026.However, he made no mention of the fact that they had spoken about the ever-sensitive issue of Taiwan. China’s foreign ministry said Trump had told Xi the United States “understands how important the Taiwan question is to China”.The call came after the pair met in late October for the first time since 2019, engaging in closely watched trade talks between the world’s top two economies.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 48,659.52 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,894.55 (close)Shanghai – Composite: UP 0.9 percent at 3,870.02 (close)London – FTSE 100: UP 0.1 percent at 9,542.56 Euro/dollar: UP at $1.1526 from $1.1523 on MondayPound/dollar: UP at $1.3125 from $1.3110Dollar/yen: DOWN at 156.61 yen from 156.81 yenEuro/pound: DOWN at 87.82 pence from 87.91 penceWest Texas Intermediate: DOWN 0.6 percent at $58.50 per barrelBrent North Sea Crude: DOWN 0.6 percent at $62.99 per barrelNew York – Dow: UP 0.4 percent at 46,448.27 (close)

Asian investors on Tuesday welcomed more dovish comments from Federal Reserve officials reinforcing hopes it will cut interest rates next month, while a tech-led rally on Wall Street soothed recent AI bubble worries.After a swoon in recent weeks, optimism appeared to be returning to trading floors as the chances of a third successive reduction in US borrowing costs increases as a weakening labour market offsets stubbornly high inflation. Fed governor Christopher Waller told Fox Business on Monday that inflation was not his main worry and that his “concern is mainly the labour market, in terms of our dual mandate” of the Fed to support jobs and keep a cap on prices.”So I’m advocating for a rate cut at the next meeting.”His comments echoed those of San Francisco Fed president Mary Daly, who told the Wall Street Journal: “On the labour market, I don’t feel as confident we can get ahead of it.”She added that the risk of a bust higher in inflation was a lower risk as the impact of US President Donald Trump’s tariffs had been less than expected.New York Fed boss John Williams said Friday that he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.Analysts pointed out that the lack of pushback from the Fed on the remarks suggested boss Jerome Powell backed them and was preparing for another cut. Traders now see about a 90 percent chance of a reduction, having been around 35 percent last week.The prospect of lower borrowing rates pushed Wall Street sharply higher for a second successive day Monday, with the S&P 500 up around 1.6 percent.The Nasdaq charged 2.7 percent higher thanks to a surge in market heavyweights including Alphabet, Meta and Amazon.And the gains continued in Asia, which built on a strong Monday.Hong Kong, Shanghai, Seoul, Taipei, Manila and Jakarta all rallied, though there were pullbacks in Sydney, Singapore and Wellington.Tech firms have enjoyed a revival after suffering a period of selling in recent weeks, owing to concerns that the AI-led splurge this year may have pushed valuations too far and the huge investments made in the sector could take time to come to fruition. While there is debate about whether the advance has more legs, observers say the outlook is more nuanced.”AI remains one of the most powerful forces reshaping markets, but the tone is changing,” wrote Saxo Markets’ Charu Chanana.”Strong earnings from leading chipmakers… reassure investors that demand is real, yet the sharp swings in market reaction show that enthusiasm now sits alongside questions around sustainability, profitability, and execution.”The broad ‘everything goes up’ phase of the AI trade is fading. What replaces it is a more nuanced market: one that rewards fundamentals over narratives.”She added that investors now had to “separate the durable players from those caught up in the momentum”.Sentiment was also given a lift after Trump praised “extremely strong” US-China relations following a call with his Chinese counterpart Xi Jinping.He also said he will visit China in April and that Xi will make a trip to Washington later in 2026.However, he made no mention of the fact that they had spoken about the ever-sensitive issue of Taiwan. China’s foreign ministry said Trump had told Xi the United States “understands how important the Taiwan question is to China”.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 48,815.27 (break)Hong Kong – Hang Seng Index: UP 1.2 percent at 26,031.67Shanghai – Composite: UP 1.1 percent at 3,877.86Euro/dollar: UP at $1.1526 from $1.1523 on MondayPound/dollar: DOWN at $1.3109 from $1.3110Dollar/yen: DOWN at 156.68 yen from 156.81 yenEuro/pound: UP at 87.92 pence from 87.91 penceWest Texas Intermediate: DOWN 0.2 percent at $58.73 per barrelBrent North Sea Crude: DOWN 0.2 percent at $63.23 per barrelNew York – Dow: UP 0.4 percent at 46,448.27 (close)London – FTSE 100: DOWN 0.1 percent at 9,534.91 (close)

Wall Street stocks rallied Monday, extending a rebound as fresh hopes for a US interest-rate cut boosted sentiment after last week’s rollercoaster ride fueled by worries of an AI tech bubble.Tech giants enjoyed outsized gains, led by Google parent Alphabet after the company’s latest artificial intelligence offering scored strong reviews.Alphabet soared 6.3 percent, while the Nasdaq piled on 2.7 percent following gains by Apple, Tesla and other tech giants.Monday’s buoyant session “ties back to the whole idea that the AI trade still has life in it,” said Briefing.com analyst Patrick O’Hare.”The heart of the rebound we’re seeing today” is because the market was “rethinking” its earlier skepticism on whether there would be another rate cut in December, he added.US equities had also enjoyed a solid session on Friday following comments from New York Fed President John Williams that signaled the central bank could cut interest rates in December.On Monday, Federal Reserve Governor Christopher Waller told Fox Business that he was advocating for a rate cut next month, pointing to a “still weak” labor market.Major European markets were a little more cautious. Frankfurt closed 0.6 percent ahead after German business sentiment fell more than expected in November, the latest sign that industry is losing faith in the government’s plans to revive the economy.London ended narrowly negative, while Paris closed down 0.3 percent.Earlier, Hong Kong closed up 2.0 percent and Tokyo was shut for a Japanese public holiday.Wall Street indices have surged to multiple records in 2025 thanks in part to bullish sentiment about AI. The strong performance has also been supported by easing Fed policy and lately by the market’s judgment that US President Donald Trump’s tariffs have not had as much of a negative impact as initially feared.But recent weeks have nonetheless seen investors grow increasingly fearful that the vast sums pumped into tech may have been overdone and could take time to see profits realized, leading to warnings of a possible market correction.That has been compounded by uncertainty over whether the Fed will cut rates for a third successive time next month, although the latest comments from central bankers boost those odds.Focus is now on the release this week of the US producer price index, one of the last major data points before officials gather, with other key reports postponed or missed because of the recent government shutdown.Trading volumes in New York are expected to be lighter than usual. The market will be closed for Thursday’s Thanksgiving holiday, followed by a half session on Friday.- Key figures at around 2115 GMT -New York – Dow: UP 0.4 percent at 46,448.27 (close)New York – S&P 500: UP 1.6 percent at 6,705.12 (close)New York – Nasdaq Composite: UP 2.7 percent at 22,872.01 (close)London – FTSE 100: DOWN 0.1 percent at 9,534.91 (close)Paris – CAC 40: DOWN 0.3 percent at 7,959.67 (close)Frankfurt – DAX: UP 0.6 percent at 23,239.18 (close)Hong Kong – Hang Seng Index: UP 2.0 percent at 25,716.50 (close)Shanghai – Composite: UP 0.1 percent at 3,836.77 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1523 from $1.1513 on FridayPound/dollar: UP at $1.3110 from $1.3099Dollar/yen: UP at 156.81 yen from 156.41 yenEuro/pound: UP at 87.91 pence from 87.89 penceBrent North Sea Crude: UP 1.3 percent at $63.37 per barrelWest Texas Intermediate: UP 1.3 percent at $58.84 per barrel

Global stock markets and the dollar mostly firmed Monday as fresh hopes for a US interest-rate cut provided calm after last week’s rollercoaster ride fuelled by worries of an AI tech bubble.”In a week that is stunted by the Thanksgiving celebrations, there is a degree of hope that perhaps the worst is behind us, and we can get into a more festive mood,” said Joshua Mahony, chief market analyst at traders Scope Markets.”The stage seem set for a continued rebound as another Fed member joins in calls for a December rate cut, while a call between the US and Chinese leaders also helped to bolster sentiment,” said Chris Beauchamp, chief market analyst at IGAfter a cautious start to a holiday-shortened week, a little over two hours into the session, Wall Street’s Dow index rose 0.7 percent while the tech-rich Nasdaq barrelled ahead 2.3 percent. The broad-based S&P 500 was up 0.7 percent.Major European markets were a little more cautious. Frankfurt closed 0.6 percent ahead after German business sentiment fell more than expected in November, the latest sign that industry is losing faith in the government’s plans to revive the economy.London ended just 0.1 percent in the green ahead of the UK government’s annual budget on Wednesday, while Paris closed down 0.3 percent.Earlier in Asia, Hong Kong closed up 2.0 percent and Tokyo was shut for a Japanese public holiday.The scramble to snap up artificial intelligence stakes has propelled equities skywards this year, pushing several companies to records — with chip titan Nvidia last month becoming the first company to top $5 trillion.Monday saw Nvidia shares up 1.7 percent mid session while Google parent company Alphabet added almost 5.0 percent as it continues to bask in its first ever $100 billion quarterly revenue and to surf the AI wave. Recent weeks have nonetheless seen investors grow increasingly fearful that the vast sums pumped into tech may have been overdone and could take time to see profits realised, leading to warnings of a possible market correction.That has been compounded in recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month, as stubbornly high inflation overshadows weakness in the US labour market.However, risk appetite was given a shot in the arm Friday when New York Fed boss John Williams said he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.His comments came a day after figures showed that while more jobs were created in September, the unemployment rate crept u to its highest level since 2021.Focus is now on the release this week of the US producer price index (PPI), one of the last major data points before officials gather, with other key reports postponed or missed because of the recent government shutdown.- Key figures at around 1645 GMT -New York – Dow: UP 0.7 percent at 46,548.11 pointsNew York – S&P 500: UP 1.4 percent at 6,695.21New York – Nasdaq Composite: UP 2.3 percent at 22,794.95London – FTSE 100: UP 0.1 percent at 9,553.21 (close)Paris – CAC 40: DOWN 0.2 percent at 7,959.57 (close)Frankfurt – DAX: UP 0.6 percent at 23,239.18 (close)Hong Kong – Hang Seng Index: UP 2.0 percent at 25,716.50 (close)Shanghai – Composite: UP 0.1 percent at 3,836.77 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1525 from $1.1519 on FridayPound/dollar: DOWN at $1.3093 from $1.3107Dollar/yen: UP at 156.80 yen from 156.39 yenEuro/pound: UP at 87.96 pence from 87.88 penceBrent North Sea Crude: UP 0.5 percent at $62.97 per barrelWest Texas Intermediate: UP 0.5 percent at $58.40 per barrel