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Oil prices finished higher Monday on a heady day for global equities after the US capture of Venezuela’s president sparked speculation on the implications for future crude supplies.The shake-up in Venezuela also sparked a rally in petroleum giant Chevron, which helped lift the blue-chip Dow index to a fresh all-time high after London’s FTSE 100 had earlier closed at a record.Following a more than five percent gain in Chevron, the Dow ended at 48,977.8, up 1.2 percent. The broad-based S&P 500 and Nasdaq also finished solidly higher.Art Hogan of B. Riley Wealth Management attributed the sunny session in part to an infusion of new investor optimism after a sleepy end to 2025.”We’re coming into the first full week of trading in a while and a week of fresh economic data,” Hogan said. “It’s kind of a fresh look. Investors seem to be seeing more positives than negatives.”Besides Chevron, oil services giant Halliburton jumped 7.8 percent, while producers ConocoPhillips and ExxonMobil also rose.Defense stocks also progressed, along with several leading tech names in the spotlight at this week’s Consumer Electronics Show in Las Vegas.Oil prices themselves experienced a rollercoaster ride as markets assessed the weekend’s dramatic events.Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices proceeded to drop on speculation that Venezuela — which sits on about a fifth of the world’s oil reserves — could crank up production quickly, adding to an existing supply glut.But then oil prices recovered again as investors realized that Venezuela is in no position to make a meaningful impact on oil supply in the short run, even with all the investment that US President Donald Trump has promised.Despite Trump’s “obvious desire for US oil companies to ramp up activity in Venezuela, lower oil prices and political uncertainty will frustrate efforts to exploit its vast energy potential,” predicted David Oxley, chief climate and commodities economist at Capital Economics.”It would take years, and massive investment, to bring Venezuela’s oil production back to pre-crisis levels,” said Ipek Ozkardeskaya, an analyst with Swissquote.Oil prices finished up 1.7 percent. Venezuela has the largest proven oil reserves in the world, at around 303 billion barrels, according to OPEC.But years of underinvestment and US sanctions have led to Venezuela producing less than one million barrels per day.”We would see additional barrels from Venezuela going to, let’s say, from one million barrels per day to two million barrels per day, only after five to seven years,” Jorge Leon, head of geopolitical analysis at Rystad Energy, told AFP.In European trading, London’s FTSE 100 closed above the 10,000-point level for the first time.Safe-haven investments gold and silver rose on increased geopolitical risk in the wake of the US invasion.The first full week of business for 2026 will see the release of key US jobs data that could play a role in the Federal Reserve’s decision-making on borrowing costs.- Key figures at around 2110 GMT – Brent North Sea Crude: UP 1.7 percent at $61.76 per barrelWest Texas Intermediate: UP 1.7 percent at $58.32 per barrelNew York – Dow: UP 1.2 percent at 48,977.18 (close)New York – S&P 500: UP 0.6 percent at 6,902.05 (close)New York – Nasdaq Composite: UP 0.7 percent at 23,395.82 (close)London – FTSE 100: UP 0.5 percent at 10,004.57 (close)Paris – CAC 40: UP 0.2 percent at 8,211.50 (close)Frankfurt – DAX: UP 1.3 percent at 24,856.32 (close)Tokyo – Nikkei 225: UP 3.0 percent at 51,832.80 (close)Hong Kong – Hang Seng Index: FLAT at 26,347.24 (close)Shanghai – Composite: UP 1.4 percent at 4,023.42 (close)Euro/dollar: DOWN at $1.1714 from $1.1719 on FridayPound/dollar: UP at $1.3525 from $1.3456 Dollar/yen: DOWN at 156.31 yen from 156.84 yenEuro/pound: DOWN at 86.57 pence from 87.08 penceburs-jmb/jgc

Chinese President Xi Jinping called on his visiting South Korean counterpart Monday to join Beijing in making the “right strategic choices” in a world that is “becoming more complex and turbulent”, state media reported.Lee Jae Myung is the first South Korean leader to visit the Chinese capital in six years and his meeting with Xi came a day after the nuclear-armed North fired two ballistic missiles into the Sea of Japan.At their 90-minute summit, Lee and Xi agreed on the importance of peace and stability on the Korean Peninsula and the resumption of dialogue with North Korea, South Korea’s Yonhap news agency reported.Lee’s visit to China also followed a shock US military operation in Caracas that deposed Venezuelan president Nicolas Maduro and brought him to New York to face narcotrafficking charges — a raid condemned by Beijing and Pyongyang.At Monday’s talks, Xi warned “the world is currently undergoing accelerated changes unseen in a century, and the international situation is becoming more complex and turbulent”, Chinese state news agency Xinhua reported.Beijing and Seoul “bear important responsibilities” in upholding peace in the region, Xi said, noting that the sides “have broad common interests”.”They should firmly stand on the right side of history and make the right strategic choices.”The South Korean leader then said he wished to open a “new phase” in relations, “based on the trust” between himself and Xi.And he vowed to “seek feasible alternatives together for peace on the Korean Peninsula”, footage broadcast by Yonhap showed.The leaders witnessed the signing of “15 cooperation documents” spanning technological innovation, the environment, transportation and trade, Xinhua said.A state banquet followed the signing of the agreements, the report added.Lee, accompanied by a delegation of business and tech leaders, hopes to secure pledges to expand economic cooperation with his country’s largest trading partner.He has called for South Korea and China to work towards “more horizontal and mutually beneficial” trade.- ‘Interconnected supply chains’ -On Monday, Lee also met with top executives from both South Korean and Chinese firms at Beijing’s opulent Diaoyutai State Guesthouse, Yonhap reported.Among the Chinese firms represented were battery giant CATL as well as phone maker ZTE and tech giant Tencent, Yonhap said.On the South Korean side, Lee was accompanied by business leaders including from Samsung Electronics and Hyundai Motor Group.The South Korean President will meet on Tuesday with Chinese Premier Li Qiang — who is in charge of economic policy — before heading to China’s economic powerhouse city of Shanghai.- Pyongyang tensions -Lee hopes his visit can harness China’s clout over North Korea to support his bid to improve ties with Pyongyang.Hours before Xi and Lee were due to meet, Pyongyang declared that it had launched two hypersonic missiles and that its nuclear forces were ready for “actual war”.South Korean National Security Advisor Wi Sung-lac told journalists after Monday’s talks that Lee and Xi “reaffirmed peace and stability on the Korean Peninsula serves the interests of both countries,” Yonhap reported.”The two leaders underscored the importance of resuming dialogue with North Korea,” Wi was quoted as saying.Xi and Lee last met in November on the sidelines of the APEC summit in the South Korean city of Gyeongju — a meeting Seoul framed as a reset of ties after years of tension.Seoul has for decades trodden a fine line between China, its top trading partner, and the United States, its chief defence guarantor.And Lee’s trip comes less than a week after China carried out massive military drills around Taiwan, the self-ruled island it claims as part of its territory.The exercise, featuring missiles, fighter jets, navy ships and coastguard vessels, drew a chorus of international condemnation that Seoul has notably declined to join.Lee also deftly stayed on the sidelines since a nasty spat erupted between Beijing and Tokyo late last year, triggered by Prime Minister Sanae Takaichi’s suggestion that Japan could intervene militarily if China attacks Taiwan.burs-pfc/oho/msp/ksb

The oil market was jumpy on Monday after US forces captured the leader of oil-rich Venezuela, sparking speculation on the implications for future crude supplies.Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices quickly dropped again on expectations that Venezuela — which sits on about a fifth of the the world’s oil reserves — will crank up production quickly, adding to an existing supply glut.But then oil recovered again as investors realised that Venezuela is in no position to make a meaningful impact on oil supply in the short run, even with all the investment that US President Donald Trump has promised.Despite Trump’s “obvious desire for US oil companies to ramp up activity in Venezuela, lower oil prices and political uncertainty will frustrate efforts to exploit its vast energy potential”, predicted David Oxley, chief climate and commodities economist at Capital Economics.”It would take years, and massive investment, to bring Venezuela’s oil production back to pre-crisis levels,” said Ipek Ozkardeskaya, an analyst with Swissquote.Venezuela has the largest proven oil reserves in the world, at around 303 billion barrels, according to OPEC.But years of underinvestment and US sanctions have led to Venezuela producing less than one million barrels per day.”We would see additional barrels from Venezuela going to, let’s say, from one million barrels per day to two million barrels per day, only after five to seven years,” Jorge Leon, head of geopolitical analysis at Rystad Energy, told AFP.Trump’s promise to rebuild Venezuela’s crude production capacity with the help of American companies meanwhile sent stocks in oil majors soaring.A five percent gain by Chevron helped lift the blue-chip Dow to a fresh record high.”These are expected to be big winners from the turmoil in Venezuela, given the new government’s need to placate the US administration,” said Chris Beauchamp, chief market analyst at trading platform IG.Shares in ConocoPhilips climbed 2.7 percent while ExxonMobil rose by around 2.3 percent.In European trading, London’s FTSE-100 closed above the 10,000-point level for the first time.Safe-haven investments gold and silver rose on increased geopolitical risk in the wake of the US invasion.Prospects of more US interest-rate cuts this year and a booming technology sector meanwhile lent support to equity markets.The first full week of business for 2026 will see the release of key US jobs data that could play a role in the Federal Reserve’s decision-making on borrowing costs.- Key figures at around 1630 GMT – Brent North Sea Crude: UP 1.2 percent at $61.43 per barrelWest Texas Intermediate: UP 1.2 percent at $58.02 per barrelNew York – Dow: UP 1.4 percent at 49,056.82 pointsNew York – S&P 500: UP 0.8 percent at 6,910.59New York – Nasdaq Composite: UP 1.0 percent at 23,467.20London – FTSE 100: UP 0.5 percent at 10,004.57 (close)Paris – CAC 40: UP 0.2 percent at 8,211.50 (close)Frankfurt – DAX: UP 1.3 percent at 24,868.69 (close)Tokyo – Nikkei 225: UP 3.0 percent at 51,832.80 (close)Hong Kong – Hang Seng Index: FLAT at 26,347.24 (close)Shanghai – Composite: UP 1.4 percent at 4,023.42 (close)Euro/dollar: DOWN at $1.1711 from $1.1720 on FridayPound/dollar: UP at $1.3514 from $1.3460 Dollar/yen: DOWN at 156.44 yen from 156.85 yenEuro/pound: DOWN at 86.65 pence from 87.07 penceburs-rl/rmb

Oil prices dipped Monday after the United States ousted Nicolas Maduro, leader of crude-rich Venezuela, raising the prospect that billions of barrels could be added to the global market in coming years.Shares prices of defence companies and gold miners rallied on the new geopolitical risks in the wake of the US invasion, while prospects of more US interest-rate cuts this year and a booming technology sector lent additional support to equity markets.The dollar traded mixed while gold, seen as a safe haven investment, jumped along with silver.The prices of Brent North Sea crude oil, an international oil benchmark, and the main US contract WTI were slightly lower after US forces seized Maduro on Saturday.Leftist strongman Maduro, 63, faces narcotrafficking charges along with his wife, who was also seized and taken out of Caracas in the shock US assault that involved commandos, bombing by jet planes, and a massive naval force off Venezuela’s coast.The oil market, which is currently oversupplied, “will likely absorb this short-term supply uncertainty, with a limited impact on oil prices”, said Helge Andre Martinsen, senior energy analyst at DNB Carnegie.Trump said he wanted to allow American oil companies to head back into Venezuela to tap its massive crude reserves, boosting their share prices in limited trading Monday ahead of the Wall Street open. Venezuela has the largest proven oil reserves in the world, at around 303 billion barrels, according to OPEC. But its output is very low because of a lack of investment in the country’s infrastructure.The first full week of business for 2026 will also see the release of key US jobs data that could play a role in the Federal Reserve’s decision-making on borrowing costs.But the stock gains in Asia and Europe on Monday suggest investors are brushing off worries that valuations in the tech sector have become stretched, amid doubts about the timing and size of returns on huge investments in artificial intelligence.- Key figures at around 1045 GMT – Brent North Sea Crude: DOWN 0.2 percent at $60.66 per barrelWest Texas Intermediate: DOWN 0.1 percent at $57.29 per barrelLondon – FTSE 100: UP 0.1 percent at 9,963.57 pointsParis – CAC 40: DOWN 0.1 percent at 8,187.54Frankfurt – DAX: UP 0.6 percent at 24,687.91Tokyo – Nikkei 225: UP 3.0 percent at 51,832.80 (close)Hong Kong – Hang Seng Index: FLAT at 26,347.24 (close)Shanghai – Composite: UP 1.4 percent at 4,023.42 (close)New York – Dow: UP 0.7 percent at 48,382.39 (close)Euro/dollar: DOWN at $1.1688 from $1.1720 on FridayPound/dollar: DOWN at $1.3459 from $1.3460 Dollar/yen: DOWN at 156.67 yen from 156.85 yenEuro/pound: DOWN at 86.85 pence from 87.07 penceburs-bcp/ajb/js

Vietnam said on Monday its economy grew 8.0 percent last year, thanks to strong gains in services, construction and exports, including to the United States — despite fresh tariffs taking effect.”GDP in 2025 is projected to grow significantly at an estimated rate of 8.02 percent compared to the previous year,” the General Statistics Office (GSO) said in a statement.Vietnam has long been a success story among Asian economies. Last year’s growth rate was the highest since 2022 when GDP also hit 8.0 percent.Vietnam posted strong growth despite new trade levies from the United States, its largest export market, on a range of products including clothing and shoes.The value of exports to the United States jumped 28 percent, from $119.6 billion in 2024 to $153.2 billion in 2025.The global manufacturing hub’s exports rose 17 percent to $475 billion while imports climbed to $455 billion, up 19 percent from 2024, according to the GSO.China was its largest source of imports, the office said.When US President Donald Trump announced his “Liberation Day” tariffs in April, Vietnam had the third-largest trade surplus with the United States of any country after China and Mexico, and was targeted with one of the highest rates in Trump’s tariff blitz.But by July, Hanoi secured a minimum 20 percent tariff with Washington, down from more than 40 percent, in return for opening its market to US products including cars.”Despite potential downside risks from tariffs imposed by the US, Vietnam has shown resilience through strong domestic consumption, business investment growth and government spending,” said Chad Ovel, a partner at private equity firm Mekong Capital.Its 2025 growth “reflects the continued strong fundamentals of the Vietnamese economy and the government’s pro-private sector direction”, Ovel told AFP on Monday.Vietnam’s industry and construction sector grew nearly nine percent while its services sector rose 8.6 percent from the previous year, according to the GSO.In the fourth quarter of 2025, Vietnam’s year-on-year economic growth was 8.46 percent, “reaching the highest growth rate for a fourth quarter in the 2011-2025 period”, the GSO said.The economy grew just over five percent in 2023 and topped seven percent in 2024.Vietnam aims to grow its economy by at least 10 percent this year, and is vying for “middle-income country” status by 2030.

South Korean President Lee Jae Myung met his Chinese counterpart Xi Jinping on Monday in Beijing, with closer economic ties as well as the recalcitrant North on the agenda.Lee is the first South Korean leader to visit Beijing in six years and his meeting with Xi comes a day after the nuclear-armed North fired two ballistic missiles into the Sea of Japan.Xi held a welcome ceremony for Lee and the two began talks, Chinese state broadcaster CCTV said.The signing of an agreement and a state banquet will follow, Seoul has said.The South Korean leader, accompanied by a delegation of business and tech leaders, hopes to secure pledges to expand economic cooperation with his country’s largest trading partner.He has called for South Korea and China to work towards “more horizontal and mutually beneficial” trade.On Monday, Lee also met with top executives from both South Korean and Chinese firms at Beijing’s opulent Diaoyutai State Guesthouse, Seoul’s Yonhap news agency reported.South Korea and China “have helped each other grow through interconnected industrial supply chains and led the global economy”, he told them.Among the Chinese firms represented were battery giant CATL as well as phone maker ZTE and tech giant Tencent, Yonhap said.On the South Korean side, Lee was accompanied by Samsung Electronics chairman Lee Jae-yong and Hyundai Motor Group’s executive chair Chung Eui-sun, among others.Lee also hopes to possibly harness China’s clout over North Korea to support his bid to improve ties with Pyongyang.”China is a very important cooperative partner in moving toward peace and unification on the Korean Peninsula,” Lee said during a meeting with Korean residents in Beijing on Sunday, according to Yonhap.- Pyongyang tensions -Hours before Xi and Lee were due to meet, Pyongyang declared that it had launched two hypersonic missiles and that its nuclear forces were ready for “actual war”.Xi and Lee last met in November on the sidelines of the APEC summit in the South Korean city of Gyeongju — a meeting Seoul framed as a reset of ties after years of tension.Seoul has for decades trodden a fine line between China, its top trading partner, and the United States, its chief defence guarantor.And Lee’s trip comes less than a week after China carried out massive military drills around Taiwan, the self-ruled island it claims as part of its territory.The exercise, featuring missiles, fighter jets, navy ships and coastguard vessels, drew a chorus of international condemnation that Seoul has notably declined to join.Lee also deftly stayed on the sidelines since a nasty spat erupted between Beijing and Tokyo late last year, triggered by Prime Minister Sanae Takaichi’s suggestion that Japan could intervene militarily if China attacks Taiwan.In an interview with Chinese state broadcaster CCTV on Friday, Lee said he “clearly affirms” that “respecting the ‘one-China’ principle and maintaining peace and stability in Northeast Asia, including in the Taiwan Strait, are very important”.

Stocks rose Monday on the back of a fresh rally in tech firms and oil dipped as investors weighed the impact of the US ouster of Venezuelan leader Nicolas Maduro.While the South American leader’s removal added to geopolitical risk on global markets, traders chose to focus on the long-running artificial intelligence boom and hopes for more US interest rate cuts.The first full week of business for 2026 will also see the release of key jobs data that could play a role in the Federal Reserve’s decision-making on borrowing costs.Investors will also be on the lookout for an idea about who US President Donald Trump chooses to take the helm at the central bank when Jerome Powell steps down in May.Asian stocks were up across the board, led by markets with a heavy tech presence.Tokyo surged three percent thanks to tech investor SoftBank’s 4.9 percent gains and chip equipment maker Tokyo Electron’s 7.6 percent advance.The Kospi in Seoul gained more than three percent, with SK hynix up nearly three percent and Samsung Electronics soaring 7.5 percent.Taipei jumped 2.6 percent to a record high, led by chip titan TSMC rocketing more than five percent.Shanghai, Singapore, Bangkok, Jakarta, Wellington and Manila were also well up, with Hong Kong and Sydney marginally higher.London, Paris and Frankfurt started on the front foot.The gains suggest investors were brushing off worries that valuations in the tech sector have become stretched and warnings about the timing and size of returns on huge AI investments.”This move now stands as the strongest start to a year for Asian equities since 2012, coming on the heels of a global market that just delivered its best annual return since 2017,” wrote Stephen Innes at SPI Asset Management.Still, Kyle Rodda at Capital.com warned: “Valuations remain around levels exceeded only by the Dot.com bubble, while allocation to equities are at elevated levels at the same time allocation to cash is on the low side.”Most simply put, the markets probably need to see more evidence of resilient US growth, continued disinflation and therefore US rate cuts, strong corporate earnings, and the pay-offs from artificial intelligence to keep on rising.”Safe-haven investment gold was up more than one percent at about $4,400 per ounce.Oil edged down as investors assess the outlook after US forces attacked Venezuela early Saturday, bombing military targets and spiriting away Maduro and his wife to face federal charges in New York.Venezuela has the world’s largest proven oil reserves, and more Venezuelan crude in the market could exacerbate oversupply concerns and add to recent pressure on prices.Trump said the United States will now “run” Venezuela and send US companies to fix its dilapidated oil infrastructure.But analysts say that alongside other major questions about the South American country’s future, substantially lifting its oil production will not be easy, quick or cheap.After years of under-investment and sanctions, Venezuela pumps around one million barrels per day, down from around 3.5 million in 1999.”Any recovery in production would require substantial investment given the crumbling infrastructure resulting from years of mismanagement and underinvestment,” UBS analyst Giovanni Staunovo told AFP.Investing today also holds little appeal as oil prices are weighed down by a supply glut, and fell last year.- Key figures at around 0800 GMT – Tokyo – Nikkei 225: UP 3.0 percent at 51,832.80 (close)Hong Kong – Hang Seng Index: FLAT at 26,347.24 (close)Shanghai – Composite: UP 1.4 percent at 4,023.42 (close)London – FTSE 100: UP 0.2 percent at 9,971.50West Texas Intermediate: DOWN 0.9 percent at $56.83 per barrelBrent North Sea Crude: DOWN 0.8 percent at $60.27 per barrelEuro/dollar: DOWN at $1.1689 from $1.1720 on FridayPound/dollar: DOWN at $1.3423 from $1.3460 Dollar/yen: UP at 156.93 yen from 156.85 yenEuro/pound: UP at 87.09 pence from 87.07 penceNew York – Dow: UP 0.7 percent at 48,382.39 (close)

A Japanese sushi entrepreneur paid a record $3.2 million for a giant bluefin tuna Monday at an annual prestigious new year auction in Tokyo’s main fish market, smashing the previous all-time high.Dave Gershman at the Pew Charitable Trusts’ international fisheries team used news of the auction to highlight that stocks of Pacific bluefin tuna were improving after being “near collapse”.Self-styled “Tuna King” Kiyoshi Kimura’s sushi restaurant chain paid the top price for the 243-kilogramme (536-pound) fish that was caught off Japan’s northern coast.”I’d thought we would be able to buy a little cheaper, but the price soared before you knew it,” Kimura said after the pre-dawn auction at Tokyo’s main fish market.”I was surprised at the price…I hope that by eating auspicious tuna, as many people as possible will feel energised,” he told reporters.The 510.3 million yen price at the new year’s auction was the highest since comparable data started being collected in 1999.The previous high was 333.6 million yen for a 278 kilogramme bluefin in 2019, after the fish market moved from its traditional Tsukiji area in central Tokyo to a more modern facility.The top bidder last year paid 207 million yen for a 276-kilogramme bluefin.Shortly after this year’s auction, the tuna was butchered and turned into sushi, selling for around 500 yen ($3) per roll.”I feel like I’ve begun the year in a good way after eating something so auspicious as the year starts,” 19-year-old Minami Sugiyama told AFP from a table in one of Kimura’s restaurants in Tsukiji.Fellow customer Kiyoshi Nishimura agreed.”Even without dipping it in soy sauce, there’s sweetness. And the richness, the texture… it just makes you feel happy,” the 40-year-old Shinto priest said.During the Covid-19 pandemic the new year tunas commanded only a fraction of their usual top prices as restaurants scaled back operations.Gershman said in an emailed statement that a 2017 recovery plan “is working, and if decision makers take further action in 2026, the future for Pacific bluefin will be bright”.”This year, fisheries managers from Japan, the United States, Korea, and other countries from across the Pacific who target bluefin should agree on a long-term, sustainable management plan that would lock in a healthy population and ensure that the species never again faces the overfishing of the past,” he added.

South Korean President Lee Jae Myung will meet Monday with Chinese counterpart Xi Jinping in Beijing, with closer economic ties as well as the recalcitrant North on the agenda.Lee is the first South Korean leader to visit Beijing in six years and his meeting with Xi comes a day after the nuclear-armed North fired two ballistic missiles into the Sea of Japan.The pair will meet for an opening ceremony and a summit before the signing of an agreement and a state banquet, Seoul has said.The South Korean leader, accompanied by a delegation of business and tech leaders, hopes to secure pledges to expand economic cooperation with his country’s largest trading partner.He has called for South Korea and China to work towards “more horizontal and mutually beneficial” trade.On Monday Lee met with top executives from both South Korean and Chinese firms at Beijing’s opulent Diaoyutai State Guesthouse, Seoul’s Yonhap news agency reported.South Korea and China “have helped each other grow through interconnected industrial supply chains and led the global economy”, he told them.Among the Chinese firms represented were battery giant CATL as well as phone maker ZTE and tech giant Tencent, Yonhap said.On the South Korean side, Lee is accompanied by Samsung Electronics chairman Lee Jae-yong and Hyundai Motor Group’s executive chair Chung Eui-sun, among others.Lee also hopes to possibly harness China’s clout over North Korea to support his bid to improve ties with Pyongyang.”China is a very important cooperative partner in moving toward peace and unification on the Korean Peninsula,” Lee said during a meeting with Korean residents in Beijing on Sunday, according to Yonhap.- Pyongyang tensions -Hours before Xi and Lee were due to meet, Pyongyang declared that it had launched two hypersonic missiles and that its nuclear forces were ready for “actual war”.Xi and Lee last met in November on the sidelines of the APEC summit in the South Korean city of Gyeongju — a meeting Seoul framed as a reset of ties after years of tension.Seoul has for decades trodden a fine line between China, its top trading partner, and the United States, its chief defence guarantor.And Lee’s trip comes less than a week after China carried out massive military drills around Taiwan, the self-ruled island it claims as part of its territory.The exercise, featuring missiles, fighter jets, navy ships and coastguard vessels, drew a chorus of international condemnation that Seoul has notably declined to join.Lee also deftly stayed on the sidelines since a nasty spat erupted between Beijing and Tokyo late last year, triggered by Prime Minister Sanae Takaichi’s suggestion that Japan could intervene militarily if China attacks Taiwan.In an interview with Chinese state broadcaster CCTV on Friday, Lee said he “clearly affirms” that “respecting the ‘one-China’ principle and maintaining peace and stability in Northeast Asia, including in the Taiwan Strait, are very important”.

Asian stocks rose Monday on the back of a fresh rally in tech firms and oil fluctuated as investors weighed the impact of the US ouster of Venezuelan leader Nicolas Maduro.While the South American leader’s removal added to geopolitical risk on global markets, traders chose to focus on the long-running artificial intelligence boom and hopes for more US interest rate cuts.The first full week of business for 2026 will also see the release of key jobs data that could play a role in the Federal Reserve’s decision-making on borrowing costs.Investors will also be on the lookout for an idea about who US President Donald Trump chooses to take the helm at the central bank when Jerome Powell steps down in May.In early trade, Asian stocks were up across the board, led by markets with heavy tech presence.Tokyo surged 2.8 percent thanks to tech investor SoftBank’s four percent gains and chip equipment maker Tokyo Electron’s five percent advance.The Kospi in Seoul gained more than two percent, with SK Hynix up more than three percent and Samsung Electronics soaring 4.6 percent.Taipei was 2.5 percent up as chip titan TSMC rocketed more than five percent.Hong Kong, Shanghai, Sydney, Singapore, Wellington and Manila were also well up.The gains suggest investors were brushing off worries that valuations in the tech sector have become stretched and warnings about the timing and size of returns on huge AI investments.”This move now stands as the strongest start to a year for Asian equities since 2012, coming on the heels of a global market that just delivered its best annual return since 2017,” wrote Stephen Innes at SPI Asset Management.Still, Kyle Rodda at Capital.com warned: “Valuations remain around levels exceeded only by the Dot.com bubble, while allocation to equities are at elevated levels at the same time allocation to cash is on the low side.”Most simply put, the markets probably need to see more evidence of resilient US growth, continued disinflation and therefore US rate cuts, strong corporate earnings, and the pay-offs from artificial intelligence to keep on rising.”Safe-haven investment gold was up more than one percent at about $4,400 per ounce.Oil shifted between gains and losses after US forces attacked Venezuela early Saturday, bombing military targets and spiriting away Maduro and his wife to face federal charges in New York.Venezuela has the world’s largest proven oil reserves, and more Venezuelan crude in the market could exacerbate oversupply concerns and add to recent pressure on prices.Trump said the United States will now “run” Venezuela and send US companies to fix its dilapidated oil infrastructure.But analysts say that alongside other major questions about the South American country’s future, substantially lifting its oil production will not be easy, quick or cheap.After years of under-investment and sanctions, Venezuela pumps around one million barrels per day, down from around 3.5 million in 1999.”Any recovery in production would require substantial investment given the crumbling infrastructure resulting from years of mismanagement and underinvestment,” UBS analyst Giovanni Staunovo told AFP.Investing today also holds little appeal as oil prices are weighed down by a supply glut, and fell last year.- Key figures at around 0230 GMT – Tokyo – Nikkei 225: UP 2.8 percent at 51,759.10 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 26,428.49Shanghai – Composite: UP 0.9 percent at 4,004.99West Texas Intermediate: DOWN 0.7 percent at $57.28 per barrelBrent North Sea Crude: UP 0.1 percent at $60.79 per barrelEuro/dollar: DOWN at $1.1696 from $1.1720 on FridayPound/dollar: DOWN at $1.3437 from $1.3460 Dollar/yen: UP at 157.06 yen from 156.85 yenEuro/pound: DOWN at 87.05 pence from 87.07 penceNew York – Dow: UP 0.7 percent at 48,382.39 points (close)London – FTSE 100: UP 0.2 percent at 9,951.14 (close)