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Oil extended losses Wednesday after Donald Trump said Venezuela would turn over millions of barrels to the United States, while equities were mixed after a record-breaking start to the year.Crude has seen wild swings since the US president ordered the toppling Saturday of Nicolas Maduro, his counterpart in Caracas, and said Washington would run the country while demanding “total access” to its key resource.But both main contracts sank more than one percent Wednesday — having lost 1.7-2.0 percent Tuesday — after Trump announced the latest development.”The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote on his Truth Social platform.”This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.”Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concerns, but added that the outlook for the commodity was lower prices.That comes as the crude market remains well stocked after OPEC+ agreed to boost output.Venezuela sits on about a fifth of the world’s oil reserves, but observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.Equity markets fluctuated after a strong start to the year that has already seen Seoul following London and New York in hitting record highs thanks to the relentless rush into all things artificial intelligence.South Korea’s Kospi index continued its run-up Wednesday, while Shanghai, Sydney, Wellington, Bangkok, Manila and Jakarta also rose.However, Hong Kong sank with Singapore, Taipei and Mumbai. Tokyo shed more than one percent after China imposed tougher export controls on products sent to Japan with potential military uses.Frankfurt hit a record high above 25,000 points at the open.London was down and Paris rose.Still, despite rising geopolitical tensions, analysts remain upbeat about the outlook for equities this year.”Participants remained squarely focused on what remains a robust bull case of resilient economic growth and robust earnings growth, largely in keeping with that which powered the market higher last year,” wrote Michael Brown at Pepperstone.He pointed to “expectations for considerably looser monetary and fiscal backdrops through the next twelve months”.”My view remains that the ‘path of least resistance’ continues to lead to the upside, and that any dips — were they to occur — continue to represent buying opportunities.”- Key figures at around 0815 GMT – West Texas Intermediate: DOWN 1.4 percent at $56.31 per barrelBrent North Sea Crude: DOWN 1.1 percent at $60.06 per barrelTokyo – Nikkei 225: DOWN 1.1 percent at 51,961.98 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,458.95 (close)Shanghai – Composite: UP 0.1 percent at 4,085.77 (close)London – FTSE 100: DOWN 1.2 percent at 10,107.51 Euro/dollar: DOWN at $1.1680 from $1.1693 on TuesdayPound/dollar: DOWN at $1.3489 from $1.3503 Dollar/yen: DOWN at 156.46 yen from 156.59 yenEuro/pound: DOWN at 86.57 pence from 86.58 penceNew York – Dow: UP 1.0 percent at 49,462.08 (close)

Lenovo, the world’s top PC maker, unveiled its own AI assistant Tuesday at the CES tech show in Las Vegas, promising a tool that follows users seamlessly across laptops, smartphones and connected devices.The Beijing-based company commanded 28 percent of global PC market share in the third quarter of 2025, ahead of rivals HP at 21.5 percent and Dell at 14.5 percent, according to US research firm Gartner.Lenovo’s new artificial intelligence agent, dubbed Qira, is designed as an autonomous interface capable of performing tasks rather than simply generating content on demand, a move Lenovo hopes will showcase the breadth of its product portfolio.Unlike rivals focused on single categories, Lenovo was the only major manufacturer whose offering spanned laptops, tablets and smartphones — under its Motorola brand, acquired in 2014 — as well as servers and even supercomputers.The company also unveiled prototypes of connected glasses and an AI-powered pendant, still in testing, that captures “important moments” with user consent by recording conversations, said Motorola’s Angelina Gomez.Codenamed the AI Perceptive Companion, the pendant features a microphone and camera and “sees what you see and hears what your hear,” Lenovo vice president Luca Rossi told reporters.An interaction with Qira can start via the pendant, continue on a smartphone and end on a laptop, with the agent retaining user context across devices.It can summarize the highlights of a user’s day, draft and send emails, or even select photos from archives to post on social media.Lenovo stressed it is not positioning Qira as a rival to Microsoft’s Copilot and announced the integration of Copilot into Motorola smartphones.For major hardware makers, the challenge now is proving the utility of generative AI in everyday applications rather than simply flaunting cutting-edge tech.Amid lingering geopolitical tensions with Washington, Lenovo was the only Chinese firm to take center stage at CES, choosing Las Vegas’s futuristic Sphere venue for its showcase. Executives emphasized the company’s global footprint, with most revenue generated outside China and several top managers from overseas.

Oil extended losses Wednesday after Donald Trump said Venezuela would turn over millions of barrels to the United States, while equities wobbled after a record-breaking start to the year.Crude has seen wild swings since the US president ordered the toppling Saturday of Nicolas Maduro, his counterpart in Caracas, and said Washington would run the country while demanding “total access” to its key resource.But it sank as much as two percent Tuesday and around one percent Wednesday after Trump announced the latest development.”The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote on his Truth Social platform.”This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.”Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concerns, but added that the outlook for the commodity was lower prices.That comes as the crude market remains well stocked after OPEC+ agreed to boost output.Venezuela sits on about a fifth of the world’s oil reserves, but observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.Equity markets fluctuated after a strong start to the year that has already seen Seoul following London and New York in hitting record highs thanks to the relentless rush into all things artificial intelligence.South Korea’s Kospi index continued its run-up Wednesday, while Sydney, Singapore, Shanghai, Wellington and Jakarta also rose.However, Hong Kong dipped along with Taipei and Manila, while Tokyo slid after China imposed tougher export controls on products sent to Japan with potential military uses.Still, despite rising geopolitical tensions, analysts remain upbeat about the outlook for equities this year.”Participants remained squarely focused on what remains a robust bull case of resilient economic growth and robust earnings growth, largely in keeping with that which powered the market higher last year,” wrote Michael Brown at Pepperstone.He pointed to “expectations for considerably looser monetary and fiscal backdrops through the next twelve months”.”My view remains that the ‘path of least resistance’ continues to lead to the upside, and that any dips — were they to occur — continue to represent buying opportunities.”- Key figures at around 0230 GMT – West Texas Intermediate: DOWN 1.2 percent at $56.47 per barrelBrent North Sea Crude: DOWN 1.0 percent at $60.10 per barrelTokyo – Nikkei 225: DOWN 0.5 percent at 52,257.11 (break)Hong Kong – Hang Seng Index: DOWN 1.0 percent at 26,431.70Shanghai – Composite: UP 0.1 percent at 4,088.40Euro/dollar: UP at $1.1700 from $1.1693 on TuesdayPound/dollar: UP at $1.3511 from $1.3503 Dollar/yen: UP at 156.68 yen from 156.59 yenEuro/pound: UP at 86.60 pence from 86.58 penceNew York – Dow: UP 1.0 percent at 49,462.08 (close)London – FTSE 100: UP 1.2 percent at 10,122.73 (close)

Global stock markets advanced on Tuesday to fresh record highs while oil prices eased as investors tracked developments surrounding crude-rich Venezuela as well as the outlook for the global economy.Brushing off geopolitical concerns triggered by the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro and his wife taken to New York, some major stock markets have begun the new year with all-time highs, having already smashed records in 2025.Wall Street extended an upbeat start to the 2026 campaign, with both the Dow and S&P 500 ending at all-time records.”It’s just an upward bias to start the year here as people are putting money to work in areas that might have been left behind last year,” said Briefing.com analyst Patrick O’Hare. “People are broadening out their buying efforts.”Seoul rose more than one percent to top 4,500 points for the first time, helped by another strong rally in chip giant SK hynix.London’s benchmark FTSE 100 index reached a new high Tuesday above 10,000 points, with investors expecting more cuts to British interest rates to bolster growth in 2026.”Global equities are likely to keep looking through the geopolitical shock unless it threatens the broader supply chain or tightens financial conditions, because geopolitics has become a persistent feature rather than a surprise,” said Charu Chanana, chief investment strategist at Saxo Markets.”Equities can continue grinding higher if earnings expectations, liquidity, and rate expectations remain supportive, especially in tech,” she added.A presentation by Nvidia at the Consumer Electronics Show in Las Vegas lent new buzz to the artificial intelligence industry, while an announcement that Microchip Technology lifted its sales outlook spurred major gains by semiconductor stocks.Traders are awaiting key US jobs data due Friday for clues on the outlook for interest rates.The Federal Reserve is expected to keep cutting American borrowing costs this year, but how many times remains unclear.But oil prices pulled lower as markets continued to digest the upheaval in Venezuela since Saturday’s US raid.While Venezuela sits on about a fifth of the world’s oil reserves, observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.”With the country pumping less than one percent of the world’s oil after years of underinvestment, any major near-term disruption looks more bark than bite,” Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Tuesday.Chevron, the sole US company still operating in Venezuela, dropped 4.5 percent, reversing Monday’s surge in the stock.- Key figures at around 2130 GMT – Brent North Sea Crude: DOWN 1.7 percent at $60.70 per barrelWest Texas Intermediate: DOWN 2.0 percent at $57.13 per barrelNew York – Dow: UP 1.0 percent at 49,462.08 (close)New York – S&P 500: UP 0.6 percent at 6,944.82 (close)New York – Nasdaq Composite: UP 0.7 percent at 23,547.17 (close)London – FTSE 100: UP 1.2 percent at 10,122.73 (close)Paris – CAC 40: UP 0.3 percent at 8,237.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,892.20 (close)Tokyo – Nikkei 225: UP 1.3 percent at 52,518.08 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,710.45 (close)Shanghai – Composite: UP 1.5 percent at 4,083.67 (close)Euro/dollar: DOWN at $1.1693 from $1.1722 on MondayPound/dollar: DOWN at $1.3503 from $1.3542 Dollar/yen: UP at 156.59 yen from 156.38 yenEuro/pound: UP at 86.58 pence from 86.56 penceburs-jmb/iv

Oil prices climbed and stock markets hit new heights Tuesday as investors tracked developments surrounding crude-rich Venezuela as well as the outlook for the global economy.The United Nations voiced deep concern over the dramatic US operation in Venezuela, warning that it clearly “undermined a fundamental principle of international law”.”States must not threaten or use force against the territorial integrity or political independence of any state,” Ravina Shamdasani, spokeswoman for the UN rights office, told reporters in Geneva.Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro and his wife taken to New York.They pleaded not guilty to drug trafficking and other charges at a court hearing on Monday, where a judge ordered them to remain behind bars until the next hearing due March 17.While Venezuela sits on about a fifth of the world’s oil reserves, observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.”With the country pumping less than one percent of the world’s oil after years of underinvestment, any major near-term disruption looks more bark than bite,” Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Tuesday.Brushing off geopolitical concerns, some major stock markets have begun the new year with all-time highs, having already smashed records in 2025.Seoul rose more than one percent Tuesday to top 4,500 points for the first time, helped by another strong rally in chip giant SK hynix.That came after the Dow ended at a record high Monday on Wall Street, boosted by a rally of technology titans Amazon and Meta.London’s benchmark FTSE 100 index reached a new high Tuesday above 10,000 points, with investors expecting more cuts to British interest rates to bolster growth in 2026.”Global equities are likely to keep looking through the geopolitical shock unless it threatens the broader supply chain or tightens financial conditions, because geopolitics has become a persistent feature rather than a surprise,” said Charu Chanana, chief investment strategist at Saxo Markets.”Equities can continue grinding higher if earnings expectations, liquidity, and rate expectations remain supportive, especially in tech,” she added.Shares in Nvidia climbed 1.1 percent after the world’s most valuable company unveiled its latest AI platform the previous evening. Wall Street opened mixed, with the Dow dipping from its record close, but quickly stabilising.Traders are awaiting key US jobs data due Friday for clues on the outlook for interest rates.The Federal Reserve is expected to keep cutting American borrowing costs this year, but how many times remains unclear.- Key figures at around 1340 GMT – Brent North Sea Crude: UP 0.7 percent at $62.20 per barrelWest Texas Intermediate: UP 0.7 percent at $58.72 per barrelNew York – Dow: FLAT at 48,966.58 pointsNew York – S&P 500: UP 0.1 percent at 6,910.63New York – Nasdaq Composite: UP 0.2 percent at 23,448.82London – FTSE 100: UP 1.2 percent at 10,121.46 Paris – CAC 40: UP less than 0.1 percent at 8,216.11Frankfurt – DAX: UP 0.3 percent at 24,954.31Tokyo – Nikkei 225: UP 1.3 percent at 52,518.08 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,710.45 (close)Shanghai – Composite: UP 1.5 percent at 4,083.67 (close)Euro/dollar: DOWN at $1.1705 from $1.1714 on MondayPound/dollar: DOWN at $1.3517 from $1.3525 Dollar/yen: UP at 156.43 yen from 156.31 yenEuro/pound: DOWN at 86.56 pence from 86.57 penceburs-rl/js

Oil prices gained slightly and stock markets hit new heights Tuesday as investors tracked developments surrounding crude-rich Venezuela as well as the outlook for the global economy.The United Nations voiced deep concern over the dramatic US operation in Venezuela, warning that it clearly “undermined a fundamental principle of international law”.”States must not threaten or use force against the territorial integrity or political independence of any state,” Ravina Shamdasani, spokeswoman for the UN rights office, told reporters in Geneva.Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro and his wife taken to New York.They pleaded not guilty to drug trafficking and other charges while appearing at a court in the city on Monday. A judge ordered them to remain behind bars until the next hearing due March 17.While Venezuela sits on about a fifth of the world’s oil reserves, observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.”With the country pumping less than one percent of the world’s oil after years of underinvestment, any major near-term disruption looks more bark than bite,” Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted Tuesday.Brushing off geopolitical concerns, some major stock markets have begun the new year with new all-time highs, having smashed records in 2025.Seoul rose more than one percent Tuesday to top 4,500 points for the first time, helped by another strong rally in chip giant SK hynix.That mood was reflected on Wall Street, where the Dow ended at a record high Monday, boosted by a rally to share prices of technology titans Amazon and Meta.London’s benchmark FTSE 100 index reached a new high Tuesday above 10,000 points, with investors expecting more cuts to British interest rates in 2026.”Global equities are likely to keep looking through the geopolitical shock unless it threatens the broader supply chain or tightens financial conditions, because geopolitics has become a persistent feature rather than a surprise,” said Charu Chanana, chief investment strategist at Saxo Markets.”Equities can continue grinding higher if earnings expectations, liquidity, and rate expectations remain supportive, especially in tech,” she added.Traders are awaiting key US jobs data due Friday for fresh clues on the outlook for interest rates.The Federal Reserve is expected to keep cutting American borrowing costs this year, but how many times remains unclear.- Key figures at around 1045 GMT – Brent North Sea Crude: UP 0.5 percent at $62.09 per barrelWest Texas Intermediate: UP 0.5 percent at $58.58 per barrelLondon – FTSE 100: UP 0.5 percent at 10,054.63 pointsParis – CAC 40: DOWN 0.6 percent at 8,163.72Frankfurt – DAX: UP 0.1 percent at 24,883.01Tokyo – Nikkei 225: UP 1.3 percent at 52,518.08 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,710.45 (close)Shanghai – Composite: UP 1.5 percent at 4,083.67 (close)New York – Dow: UP 1.2 percent at 48,977.18 (close)Euro/dollar: DOWN at $1.1712 from $1.1714 on MondayPound/dollar: UP at $1.3536 from $1.3525 Dollar/yen: UP at 156.45 yen from 156.31 yenEuro/pound: DOWN at 86.54 pence from 86.57 penceburs-bcp/ajb/cw

Markets rallied Tuesday, tracking the year’s first record on Wall Street as investors racked up AI-linked tech bets, while oil prices steadied after whipsawing following the ouster of Venezuelan president Nicolas Maduro.Attention is also turning back to US monetary policy and the release of key data this week that could play a role in Federal Reserve interest rate decision-making ahead of its next meeting at the end of the month.Traders essentially ignored the noise of the surprise US raid on Caracas on Saturday that saw Maduro and his wife spirited away to New York to face drug charges.While there is still some nervousness about stretched valuations in the tech sector, analysts remain optimistic about the outlook for equities this year, with artificial intelligence still the main game in town.”Global equities are likely to keep looking through the geopolitical shock unless it threatens the broader supply chain or tightens financial conditions, because geopolitics has become a persistent feature rather than a surprise,” Charu Chanana, chief investment strategist at Saxo Markets, wrote in a commentary.”Equities can continue grinding higher if earnings expectations, liquidity, and rate expectations remain supportive, especially in tech.”That mood was reflected on Wall Street, where the Dow ended at a new record, boosted by a rally in tech titans including Amazon and Meta as well as energy giants.The S&P 500 and Nasdaq also rose, helped by data showing US manufacturing activity contracted for a 10th straight month in December, giving the Fed fresh room to cut rates.The figures come ahead of jobs data due over the next couple of days, which could give it more justification to ease, even after the central bank suggested last month it could pause its easing.Hong Kong, Tokyo, Shanghai, Taipei, Singapore and Jakarta all piled on more than one percent, while there were also healthy gains in Manila and Wellington. Mumbai, Sydney and Bangkok fell.Seoul, which soared more than three percent Monday, also rose more than one percent to top 4,500 points for the first time, helped by another strong rally in chip giant SK hynix.South Korean car giant Hyundai jumped more than eight percent at the open after it unveiled a prototype of its humanoid robot called Atlas at the Consumer Electronics Show in Las Vegas. The firm said the AI-powered device would start working at a US plant by 2028. It ended more than one percent up.In Sydney, Australia’s BlueScope Steel rocketed almost 21 percent after saying it is evaluating a US$8.8 billion joint takeover bid by a US rival and a diversified local firm.London opened with more gains a day after ending at a record high, while Paris and Frankfurt also advanced.Oil prices slipped, having risen 1.7 percent Monday as the impact of developments in Venezuela were being weighed.While the country sits on about a fifth of the world’s oil reserves, adding to an existing supply glut, observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.- Key figures at around 0815 GMT – Tokyo – Nikkei 225: UP 1.3 percent at 52,518.08 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,710.45 (close)Shanghai – Composite: UP 1.5 percent at 4,083.67 (close)London – FTSE 100: UP 0.5 percent at 10,049.60 West Texas Intermediate: DOWN 0.6 percent at $57.96 per barrelBrent North Sea Crude: DOWN 0.5 percent at $61.44 per barrelEuro/dollar: UP at $1.1733 from $1.1714 on MondayPound/dollar: UP at $1.3550 from $1.3525 Dollar/yen: UP at 156.32 yen from 156.31 yenEuro/pound: UP at 86.59 pence from 86.57 penceNew York – Dow: UP 1.2 percent at 48,977.18 (close)

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