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Stock markets mostly retreated Friday as US President Donald Trump ramped up his trade war, threatening a higher blanket tariff and a 35-percent levy on Canada.Trump dampened earlier optimism by firing off more than 20 letters to governments outlining new tolls if agreements aren’t reached by August 1.Bitcoin meanwhile pushed on with its climb, reaching an all-time high above $118,000. The dollar and oil prices both gained.”The optimism from earlier in the week… is giving way to fears of an impending tariff surprise as the weekend approaches,” said Jochen Stanzl, chief market analyst at CMC Markets.In Europe, Paris and Frankfurt stock markets each dropped around one percent. Investors were awaiting news of Trump’s new tariff level targeting the European Union, with a letter expected by the end of the week. London’s FTSE 100 and the pound retreated also after data showed the UK economy unexpectedly shrank in May — its second consecutive monthly decline.That followed a mixed session in Asia where Hong Kong rose, Tokyo fell and Shanghai flattened by the close.Trump dialled up his trade war rhetoric Thursday, warning that Canada faced a 35 percent tax, while other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent.That came after he outlined plans to impose 50-percent tariffs on copper imports, while threatening 200 percent levies on pharmaceuticals, and hit Brazil with a new 50 percent charge.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being “ripped off”.Trump’s initial bombshell announcement of tariffs on April 2 sent markets into turmoil until he paused them for three months and the latest measures have had less impact.All three main indices on Wall Street rose Thursday, with the S&P 500 and Nasdaq hitting fresh peaks, hours after the FTSE 100 in London achieved an all-time high.Shares in BP jumped around two percent in London on Friday after the energy giant said it expected to report higher oil and gas production for its second quarter. But the FTSE 100 was down overall nearing midday.- Key figures at around 1040 GMT -London – FTSE 100: DOWN 0.6 percent at 8,923.68 pointsParis – CAC 40: DOWN 1.0 percent at 7,825.22 Frankfurt – DAX: DOWN 1.1 percent at 24,193.54Tokyo – Nikkei 225: DOWN 0.2 percent at 39,569.68 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 24,139.57 (close)Shanghai – Composite: FLAT at 3,510.18 (close)New York – Dow: UP 0.4 percent at 44,650.64 (close)Euro/dollar: DOWN at $1.1692 from $1.1698 on ThursdayPound/dollar: DOWN at $1.3540 from $1.3576Dollar/yen: UP at 146.80 yen from 146.19 yenEuro/pound: UP at 86.36 pence from 86.16 penceBrent North Sea Crude: UP 0.6 percent at $69.06 per barrelWest Texas Intermediate: UP 0.7 percent at $67.04 per barrel

Stocks were mixed Friday as investors cautiously watched trade developments as US President Donald Trump’s latest tariff salvos tempered optimism that most countries will strike a deal to avoid the worst of his levies.The US president has ramped up his trade war in the past week by firing off more than 20 letters to governments outlining new tolls if agreements aren’t reached by August 1.He has also said he would impose 50 percent tariffs on copper imports, while threatening 200 percent on pharmaceuticals, and hit Brazil with a new 50 percent charge while slamming its “witch hunt” trial of former leader Jair Bolsonaro on coup charges.Thursday saw him dial up the rhetoric by warning Canada faced a 35 percent tax, while most other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being “ripped off”.”We’re just going to say all of the remaining countries are going to pay, whether it’s 20 percent or 15 percent. We’ll work that out now,” Trump told NBC News. “I think the tariffs have been very well-received. The stock market hit a new high today,” Trump added.Stephen Innes, at SPI Asset Management, said: “Just as the market was catching its breath at new highs… President Trump tugged the rug again.”A new act in the tariff opera… Trump is less policymaker than ringmaster, whipping markets with one hand while feeding red meat to his base with the other. “Every letter sent to a trade partner is a chess move disguised as a slap.”While his initial bombshell announcement of tariffs on April 2 sent markets into turmoil, until he paused them for three months, the latest measures have had less impact.Analysts say traders now expect a deal or another delay, while investors appear to be waiting until a deal is done or the tariffs kick in. All three main indexes on Wall Street rose Thursday, with the S&P 500 and Nasdaq hitting fresh peaks, hours after the FTSE in London had done so.Asia started Friday on a strong note but lost momentum as the day progressed.Hong Kong, Singapore, Taipei, Bangkok and Jakarta rose, while Tokyo, Sydney, Seoul, Manila, Mumbai and Wellington fell. Shanghai was flat.London edged down in the morning as data showed the UK economy unexpectedly shrank in May, while Paris and Frankfurt were also in the red.Australia and New Zealand Banking Group’s Khoon Goh said Asian investors were expected to “pare back their positions ahead of the weekend, to avoid any whiplash that could occur next week on further tariff news over the next couple of days”.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.2 percent at 39,569.68 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 24,139.57 (close)Shanghai – Composite: FLAT at 3,510.18 (close)London – FTSE 100: DOWN 0.1 percent at 8,968.55Euro/dollar: DOWN at $1.1689 from $1.1698 on ThursdayPound/dollar: DOWN at $1.3547 from $1.3576Dollar/yen: UP at 146.82 yen from 146.19 yenEuro/pound: UP at 86.29 pence from 86.16 penceWest Texas Intermediate: UP 0.7 percent at $67.04 per barrelBrent North Sea Crude: UP 0.6 percent at $69.03 per barrelNew York – Dow: UP 0.4 percent at 44,650.64 (close)

China’s economy is expected to have expanded more than five percent in the second quarter thanks to strong exports, analysts say, but they warned Donald Trump’s trade war could cause a sharp slowdown in the final six months.The world’s second-largest economy is fighting a multi-front battle to sustain growth, a challenge made more difficult by the US president’s tariff campaign.Trump has imposed levies on China and most other major trading partners since returning to office in January, threatening Beijing’s exports just as it becomes more reliant on them to stimulate economic activity.Washington and Beijing have sought to de-escalate their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty.Official data on Tuesday will show how China’s overall economy fared during the April-June period as leaders worked to shield the country from external pressures while encouraging consumers to spend up.An AFP survey of analysts forecasts data on Tuesday will show a 5.2 percent expansion of gross domestic product in the second quarter compared with last year, with many anticipating slower growth in the next six months.”Ultimately, external trade alone cannot offset the drag from weak domestic demand,” Sarah Tan, an economist at Moody’s Analytics, told AFP.”Without stronger, sustained policy support and structural reforms to boost household incomes and confidence, China’s recovery risks further loss of momentum in the second half,” Tan said.- Export surge -Data released this week showed that consumer prices edged up in June, barely snapping a four-month deflationary dip, but factory gate prices dropped at their fastest clip in nearly two years.The producer price index, which measures the price of wholesale goods as they leave the factory, declined 3.6 percent year-on-year last month, extending a years-long negative run.”Deflationary pressures haven’t abated and labour market indicators continue to underwhelm,” Betty Wang, lead economist at Oxford Economics, told AFP.”We remain somewhat cautious on the outlook” for the rest of the year, Wang said.China’s exports reached record heights last year, offering a lifeline to the economy as pressures elsewhere mounted.Overseas shipments likely remained strong in the second quarter this year, with analysts pointing to a surge caused by foreign buyers frontloading purchases to prepare for future trade turbulence under Trump.”April was particularly good for exports given the high US import tariffs that month,” Alicia Garcia-Herrero, Chief Economist for Asia Pacific at Natixis, told AFP.The strong performance led to an upward revision of their forecast for China’s second-quarter growth, she said, but warned that it “should be much weaker” for the rest of the year.Many economists argue that China needs to shift towards a growth model propelled more by domestic consumption than the traditional key drivers of infrastructure investment, manufacturing and exports.- ‘Profitless’ growth -Beijing has introduced a slew of measures since last year in a bid to boost spending, including a consumer goods trade-in subsidy scheme that briefly lifted retail activity.However, Tan said the scheme did little to address the causes of consumer caution “such as stagnant income growth, weak job security and fragile sentiment”.Beijing is targeting an overall expansion of around five percent this year — the same as last year but a figure considered ambitious by many experts.First-quarter growth came in at 5.4 percent, beating forecasts and putting the economy on a positive trajectory.”While the headline GDP growth may exceed five percent year-on-year in (the first half of 2025), it has been driven by manufacturing and exports,” wrote Larry Hu and Yuxiao Zhang, economists at Macquarie.”But as domestic demand remains weak, this growth has been deflationary, jobless and profitless,” they added.Beijing’s bid to achieve its official growth goal this year hinges on how it manages its trade relationship with Washington, as well as additional efforts to boost domestic spending such as lowering interest rates.Some experts say that better-than-expected growth could lead it to avoid adopting the deep reforms needed to put its economy on a more sustainable footing.”Without a strong policy stimulus, it’s hard to escape the ongoing deflationary spiral,” wrote Hu and Zhang.”However, a policy bazooka is unlikely until exports slow down significantly.”This is because policymakers only want to hit the five percent growth target, not overachieve it,” they said.

Stocks mostly rose Friday in Asia, tracking records in New York and London, as investors absorbed US President Donald Trump’s latest tariff salvos amid optimism that most countries will strike a deal to avoid the worst of his levies.The US president has ramped up his trade war in the past week by firing off more than 20 letters to governments outlining new tolls if agreements aren’t reached by August 1.He has also said he would impose 50 percent tariffs on copper imports, while threatening 200 percent on pharmaceuticals, and hit Brazil with a new 50 percent charge.Thursday saw him dial up the rhetoric by warning Canada faced a 35 percent tax, while most other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being “ripped off”.”We’re just going to say all of the remaining countries are going to pay, whether it’s 20 percent or 15 percent. We’ll work that out now,” Trump told NBC News. “I think the tariffs have been very well-received. The stock market hit a new high today,” Trump added.However, while his initial bombshell announcement of tariffs on April 2 sent markets into turmoil, until he paused them for three months, the latest measures have had less impact.Analysts say traders now expect a deal or another delay, while investors appear to be waiting until a deal is done or the tariffs kick in. All three main indexes on Wall Street rose Thursday, with the S&P 500 and Nasdaq hitting fresh peaks, hours after the FTSE in London had done so.And Asia largely followed the gains, with Hong Kong up more than one percent, with Shanghai, Singapore, Seoul, Taipei, Manila and Jakarta also in positive territory.There were small losses in Tokyo, Sydney and Wellington.Still, observers remain cautious.”Just as the market was catching its breath at new highs… President Trump tugged the rug again,” said Stephen Innes as SPI Asset Management.”His tariff doctrine is now fully weaponised — not merely to correct imbalances, but to assert dominion. “Every letter sent to a trade partner is a chess move disguised as a slap,” Innes said.Khoon Goh, from Australia and New Zealand Banking Group, expected “more risk aversion across Asia”.Investors will “pare back their positions ahead of the weekend, to avoid any whiplash that could occur next week on further tariff news over the next couple of days”, he said.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 39,593.84 (break)Hong Kong – Hang Seng Index: UP 1.6 percent at 24,413.74Shanghai – Composite: UP 0.6 percent at 3,530.11Euro/dollar: DOWN at $1.1684 from $1.1698 on ThursdayPound/dollar: DOWN at $1.3567 from $1.3576Dollar/yen: UP at 146.74 yen from 146.19 yenEuro/pound: DOWN at 86.12 pence from 86.16 penceWest Texas Intermediate: UP 0.8 percent at $67.08 per barrelBrent North Sea Crude: UP 0.7 percent at $69.09 per barrelNew York – Dow: UP 0.4 percent at 44,650.64 (close)London – FTSE 100: UP 1.2 percent at 8,975.66 (close)

US President Donald Trump has announced a 50 percent tariff on Brazilian imports as he accused the country’s leftist leadership of orchestrating a “witch hunt” against his right-wing ally, former leader Jair Bolsonaro.In a letter Wednesday to counterpart Luiz Inacio Lula da Silva, Trump insisted that Bolsonaro’s trial — for allegedly plotting a coup to hold on to power after 2022 elections he lost — “should not be taking place.”Trump has historically reserved his tariff ire for countries with which the United States runs a negative trade balance. Brazil is not one.Analysts say ideological considerations, not economics, are behind the US president’s actions in defense of Bolsonaro, dubbed the “Trump of the Tropics.”- Firm friends -“Brazil came up on Trump’s radar now because Bolsonaro’s trial is advancing and there are Republican lawmakers who brought the issue to the White House,” Leonardo Paz, a political scientist at Brazil’s Getulio Vargas Foundation, told AFP. Eduardo Bolsonaro, the former president’s son and a Brazilian congressman, recently moved to the United States where he lobbies for pressure on Brasilia and the judges presiding over his father’s coup trial. Lula blames Bolsonaro’s son for troubling the bilateral waters, and Supreme Court Justice Alexandre de Moraes has ordered an investigation into whether the US-based campaign constitutes obstruction of justice.Moraes is an arch foe of Bolsonaro, who has labeled the justice a “dictator.”US Secretary of State Marco Rubio spoke in May of a “great possibility” of sanctions against Moraes, who has clashed repeatedly with rightwingers and former Trump ally Elon Musk in a quest to stamp out online disinformation.Bolsonaro calls Trump a “friend” and says they are both victims of “persecution.”- ‘Non-economic reasons’ -In his missive to Lula, Trump complained of “a very unfair trade relationship” with Brazil.But official Brazilian figures show a near two-decade sustained surplus in favor of the United States. Last year, it was almost $284 million.The United States is Brazil’s third-largest trading partner after China and the European Union. It imports mainly crude oil and semi-finished iron and steel products from the South American powerhouse.Brazil in turn primarily imports non-electric engines and machines, and fuel from up north.In a sign of Brazilian business jitters, the Sao Paulo Federation of Industries called Thursday for a “calm” response to the “non-economic reasons” for Trump’s tariffs.Lula has said Brazil would be willing to reciprocate, in spite of Trump’s warning of further escalation if it did so.- Free speech tussle -Trump also complained of Brazilian “attacks” on free speech and “hundreds of SECRET and UNLAWFUL censorship orders to US media platforms” issued by Brazil’s Supreme Court.Last month, the court toughened social media regulation, upping the accountability of platforms for user content in a groundbreaking case for Latin America on the spread of fake news and hate speech.Last year, Moraes blocked Musk’s X platform for 40 days for failing to comply with a series of court orders against online disinformation.He had also ordered the suspension in Brazil of Rumble, a video-sharing platform popular with conservative and far-right voices — including Trump’s son Don Jr. — over its refusal to block a user accused of spreading disinformation.Detractors accuse the judge of running a campaign to stifle free speech.- BRICS brawl -“It didn’t help that the BRICS summit was held in Brazil at a time a narrative exists in the United States portraying the bloc as anti-Western,” said Paz.Meeting in Rio de Janeiro, the group on Sunday spoke out against Trump’s “indiscriminate” tariff hikes, prompting the president to threaten further trade penalties.Members China, Russia and India refrained from hitting back, but Lula took it upon himself to defend the “sovereign” nature of BRICS governments, insisting: “We don’t want an emperor.”Behind the scenes, Brasilia has been negotiating with Washington for months to try and avoid the worst of Trump’s tariff war.A member of Lula’s entourage told AFP that Trump’s attack on Brazil was partly inspired by “discomfort caused by the strength of the BRICS,” whose members account for about half the world’s population and 40 percent of global economic output.

As President Donald Trump ramps up tariff threats on US trading partners, his administration is taking aim at a tactic said to be used by Chinese companies to dodge the levies by moving goods through third countries.The issue is “transshipping,” or having products pass through a country to avoid harsher trade barriers elsewhere, a practice Washington has accused Chinese companies of.”Goods transshipped to evade a higher Tariff will be subject to that higher Tariff,” Trump warned in letters issued since Monday, days after unveiling a trade pact with Vietnam that promised steeper duties for such goods too.”The clause is less about Vietnam per se and more about signaling that rules-of-origin games across the broader Asian production network will attract a premium penalty,” said Barath Harithas, senior fellow at the Center for Strategic and International Studies.He told AFP the White House is likely making two points at once: closing a back door to China and putting the rest of Asia on notice.Noting that Vietnam was “the single biggest winner from Chinese supply-chain diversion since the first Trump tariffs in 2018,” Harithas said the US administration is keen to avoid a repeat of this situation.Ten of the 14 countries first to receive Trump’s tariff letters this week were in Asia and mostly Southeast Asia, which sits between Chinese component suppliers and western consumer markets.”Washington’s message seems to be: ‘Either help us police Chinese evasion or absorb higher duties yourselves,'” Harithas said.- ‘Whack-a-mole’ -“I think it is clear that transshipment of Chinese goods so far this year is massive,” said Robin Brooks, a senior fellow at the Brookings Institution.While there has been a drop in direct exports from China to the United States, this is “more than offset by” trade shifts elsewhere, he told AFP. In a recent report, Brooks noted that Chinese exports to both Thailand and Vietnam started surging “anomalously” in early 2025 as Trump began threatening widespread tariffs.It is unclear if all of these goods end up in the United States.But he cast doubt on the likelihood that domestic demand in both these countries rocketed right around the time that Washington imposed fresh duties, saying tariffs tend to instead bog down global trade due to uncertainty.Similarly, Chinese exports to the European Union, he said, also rose markedly in early 2025.”It’s a little bit like whack-a-mole,” Brooks said, adding that as long as Washington maintains different tariff rates for different countries, business will try to take advantage of the lowest levels.This in turn could be a reason that US inflation remains muted despite wide-ranging duties including a 10 percent rate on almost all US trading partners, and levels of up to 50 percent on sector-specific imports like steel and aluminum.Transshipment is not a China-specific issue. Concerns also flared in recent years over goods bound for Russia — skirting European export controls — after Moscow’s invasion of Ukraine.- Complications -But it is difficult to draw a line defining product origins.While Washington may take issue with Chinese-headquartered companies moving production facilities to third countries, for example, many firms genuinely export components for value-added manufacturing to take place.In Vietnam, raw materials from the world’s second biggest economy are the lifeblood of manufacturing industries. There is massive uncertainty over how an incoming 40 percent US tariff on goods passing through the country — double the 20 percent rate applied to Vietnamese goods — might be applied.Emily Benson, head of strategy at Minerva Technology Futures, said the Trump administration appears to be trying to simplify an otherwise complex web of legal definitions.”But whether or not that will work for other trading partners remains to be seen,” she said.While products from China might be impacted, she believes the White House’s intentions stretch beyond Beijing.”They’re trying to load a bunch of negotiations on to this reciprocal (tariffs) vehicle,” she added. “And they want other countries to play by the rules.”

Stocks largely rose on Thursday, with London striking a record high and US indices also edging to fresh new peaks, as investors looked past US President Donald Trump’s plethora of tariff threats.Both the S&P 500 and Nasdaq shrugged off early weakness to eke out gains that left them at all-time highs.US airline shares enjoyed a particularly buoyant session with Delta, United and American Airlines all winning double digit gains after Delta’s results topped estimates.Investors are largely ignoring a flood of tariff announcements from Trump this week affecting myriad important trading partners, analysts said.”It’s pretty clear that the market does not want to pay attention to tariff news until the tariffs are actually in place,” said Steve Sosnick of Interactive Brokers.”As long as there is any plausible, any possible reason for tariffs to get renegotiated or pushed back or modified, then the market is going to just not respond to the news,” said Steve Sosnick of Interactive Brokers.In Europe, London’s FTSE 100 index rose more than one percent to set a new all-time high, lifted also by a surge in mining stocks after Trump said he would enact a 50-percent copper tariff on August 1.Paris stocks advanced, tracking gains in Asia, but Frankfurt ended the day lower. Negotiators from around the world have been trying to reach agreements with Washington since Trump in April unveiled his “Liberation Day” tariff bombshell, with a July 9 deadline pushed back to August 1.”Indications that the EU is edging closer to a deal with the US, with an agreement thought to be possible in a few days, has added to the positive vibes,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.Letters have been sent in recent days to more than 20 trading partners — including Japan and South Korea — setting out new tolls, with some higher and some lower than the initial levels.There was little global reaction to news that Trump had hit Brazil with a 50-percent tariff as he blasted the trial of the country’s ex-president Jair Bolsonaro.Brazilian President Luiz Inacio Lula da Silva said he would impose reciprocal levies on the United States.Brazil had not been among those threatened with higher duties, with the United States running a goods trade surplus with the South American giant.- Key figures at around 2140 GMT -New York – Dow: UP 0.4 percent at 44,650.64 (close)New York – S&P 500: UP 0.3 percent at 6,280.46 (close)New York – Nasdaq Composite: UP 0.1 percent at 20,630.66 (close)London – FTSE 100: UP 1.2 percent at 8,975.96 (close)Paris – CAC 40: UP 0.3 percent at 7,902.25 (close)Frankfurt – DAX: DOWN 0.4 percent at 24,456.81 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 39,646.36 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 24,028.37 (close)Shanghai – Composite: UP 0.5 percent at 3,509.68 (close)Euro/dollar: DOWN at $1.1698 from $1.1720 on WednesdayPound/dollar: DOWN at $1.3576 from $1.3586Dollar/yen: DOWN at 146.19 yen from 146.33 yenEuro/pound: DOWN at 86.16 pence from 86.27 penceBrent North Sea Crude: DOWN 2.5 percent at $68.64 per barrelWest Texas Intermediate: DOWN 2.7 percent at $66.57 per barrelburs-jmb/ksb

Stocks largely rose on Thursday, with London striking a record high, as investors remained optimistic that governments will reach deals to avoid US tariffs.The dollar climbed versus main rivals while oil prices slid.Bitcoin steadied after topping $112,000 for the first time on Wednesday.Wall Street’s main indices wobbled in morning trading, a day after the S&P 500 and Nasdaq Composite set fresh highs thanks to a surge in US chip titan Nvidia that pushed the firm to a record $4 trillion valuation at one point.But as European market’s closed, both the Dow and S&P 500 were in the green.In Europe, London’s FTSE 100 index rose more than one percent to set a new all-time high, lifted also by a surge in mining stocks after US President Donald Trump said he would enact a 50-percent copper tariff on August 1.Paris stocks advanced, tracking gains in Asia, but Frankfurt ended the day lower. “European markets in general continue to shrug off Donald Trump’s daily tariff updates, perhaps seeing them as noise and not facts,” said Dan Coatsworth, investment analyst at AJ Bell.”Trump is throwing out numbers left, right and centre, and investors have begun to dismiss anything that isn’t set in stone,” he added.Negotiators from around the world have been trying to reach agreements with Washington since Trump in April unveiled his “Liberation Day” tariff bombshell, with a July 9 deadline pushed back to August 1.”Indications that the EU is edging closer to a deal with the US, with an agreement thought to be possible in a few days, has added to the positive vibes,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.The EU expects Trump to keep a 10-percent baseline tariff on EU goods with exemptions for critical sectors such as airplanes, spirits and cosmetics.Letters have been sent in recent days to more than 20 trading partners — including Japan and South Korea — setting out new tolls, with some higher and some lower than the initial levels.There was little global reaction to news that Trump had hit Brazil with a 50-percent tariff as he blasted the trial of the country’s ex-president Jair Bolsonaro.Brazilian President Luiz Inacio Lula da Silva said he would impose reciprocal levies on the United States.Brazil had not been among those threatened with higher duties, with the United States running a goods trade surplus with the South American giant.Traders were given few guides on the US Federal Reserve’s interest rate plans after minutes published on Wednesday from its June policy meeting showed officials divided on the best way forward.While the board sees the president’s tariffs as inflationary, the minutes said there remained “considerable uncertainty” on the timing, size and duration of the effects.”There is an understanding that the tariffs could invite higher prices and worsening inflation, but the stock market and the Treasury market continue to operate with an attitude of ‘seeing is believing’,” said Briefing.com analyst Patrick O’Hare.”They haven’t seen enough in the hard data to be convinced that the inflation threat is coming to fruition,” he added.- Key figures at around 1530 GMT -New York – Dow: UP 0.6 percent at 44,732.82 pointsNew York – S&P 500: UP 0.2 percent at 6,278.04New York – Nasdaq Composite: DOWN less than 0.1 percent at 20,596.43London – FTSE 100: UP 1.2 percent at 8,975.96 (close)Paris – CAC 40: UP 0.3 percent at 7,902.25 (close)Frankfurt – DAX: DOWN 0.4 percent at 24,456.81 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 39,646.36 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 24,028.37 (close)Shanghai – Composite: UP 0.5 percent at 3,509.68 (close)Euro/dollar: DOWN at $1.1679 from $1.1719 on WednesdayPound/dollar: DOWN at $1.3558 from $1.3590Dollar/yen: UP at 146.49 yen from 146.30 yenEuro/pound: DOWN at 86.14 pence from 86.21 penceBrent North Sea Crude: DOWN 1.6 percent at $69.07 per barrelWest Texas Intermediate: DOWN 1.8 percent at $67.12 per barrelburs-rl/jj

E-commerce giant Shein faces a possible 150-million-euro ($175-million) fine in France for failing to properly get consent to track users on the internet.The regulator, the CNIL, faulted the fast-fashion retailer for using trackers called cookies that enable for targeted advertising to users without their approval as required in Europe, or for using a confusing method to get consent.It also found during a 2023 inspection that when users refused the tracking cookies Shein continued to read information from them.Given the firm has the technical and staff resources necessary to comply with the regulations its behaviour was negligent, said CNIL.Shein had recently complied with the regulations, it added.A final decision on fining the fast-fashion giant should come within weeks.Shein called the proposed amount of the fine “disproportionate”, in a statement sent to AFP.”Since August 2023 we have actively worked with the CNIL to ensure our compliance and respond to their queries,” the China-founded firm said.This additional possible fine from the CNIL follows a record 40 million-euro penalty it received last week from France’s competition and anti-fraud office over “deceptive commercial practices” by misleading customers on price deals and on its environmental impact.