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BRICS leaders meeting in Rio de Janeiro on Sunday are expected to decry US President Donald Trump’s “indiscriminate” trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world’s population and 40 percent of global economic output, have united over “serious concerns” about US import tariffs, according to a draft summit statement obtained by AFP on Saturday.Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties.His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force.The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks Sunday and Monday.But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. “We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules,” the draft text says. It warns that such measures “threaten to further reduce global trade” and are “affecting the prospects for global economic development.”- Xi no show -Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power. But the summit’s political punch will be depleted by the absence of China’s Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president.That absence has prompted fevered speculation in some quarters.”The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing,” said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank.The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin.Hass said Putin’s non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi’s absence.”Xi does not want to appear upstaged by Modi,” who will receive a state lunch, he said.”I expect Xi’s decision to delegate attendance to Premier Li (Qiang) rests amidst these factors.”Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage.In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run.Lula warmly welcomed leaders and dignitaries on Saturday, including China’s Premier Li Qiang, as the leftist president hosted a pre-summit business forum in Rio.”Faced with the resurgence of protectionism, it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture,” Lula told the event.Iran’s President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting and will be represented by Foreign Minister Abbas Araghchi.A source familiar with the negotiations said Iran had sought a tougher condemnation of Israel and the United States over their recent bombing of Iranian military, nuclear and other sites. But one diplomatic source said the text would give the “same message” that BRICS delivered last month.Then Iran’s allies expressed “grave concern” about strikes against Iran, but did not explicitly mention Israel or the United States. Artificial intelligence and health will also be on the agenda at the summit.Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia.

Thousands of local tourists poured into China’s first-ever Legoland as it opened its gates in Shanghai on Saturday, the latest theme park hoping to capitalise on a domestic tourism boom.The Chinese branch of the British-owned theme park franchise is the biggest Legoland in the world.It drew in early customers who flocked to attractions including a miniature train ride and a dragon-themed rollercoaster.”I personally love to play with Lego blocks and we have many sets at home… so I wanted to come to Legoland at the earliest opportunity,” said Shi, a 35-year-old resident of nearby city Hangzhou, who was visiting the park with his wife and child.Despite the Chinese economy’s sluggish growth in recent years, domestic tourist spending grew 18.6 percent in the first quarter of this year compared to the previous year, according to statistics.”Ever since the pandemic, I’ve made very few trips abroad,” said Shi, adding his family now travels to theme parks around China “many times a year”.Eager Lego fans rushed into the park as soon as it opened, wearing themed shirts and waving branded flags as they enjoyed the 318,000-square-metre (78.5-acre) compound in scorching temperatures.Beijing has announced subsidies intended to make travelling within the country more affordable for Chinese citizens, and is pushing local governments to heavily market their attractions on social media.Companies have taken note of the wider local tourism boom and stepped up their plans in China.A new “Spider-Man” attraction at Shanghai Disneyland broke ground in May, while Warner Brothers is set to open a Harry Potter experience in Shanghai by 2027.Toy giant Hasbro said this week its giant Peppa Pig park in the city was now “in the phase of creative design”.Chinese collectable toy maker Pop Mart has also opened an attraction in Beijing featuring life-sized versions of its popular Labubu toys.”The various provinces are putting a lot of effort into expanding their tourism industries, and all of them have special attractions,” said Xu, a 34-year-old parent visiting Legoland on Saturday with his children.But profitability remains a problem, especially for local companies with less brand recognition.As of late 2024, around 40 percent of parks were still failing to turn a profit, according to state media reports.Yet analysts point to a growing population of retirees and job market changes as key factors pushing more locals to visit domestic attractions.”The labour market is turning more flexible,” said Ernan Cui, China consumer analyst at Gavekal Research.”More people have leisure time to travel around.”

Vietnam announced on Saturday its economy grew 7.52 percent in the first half of 2025, the highest in more than a decade as exports soared.The strong growth figure comes just days after southeast Asian manufacturing hub averted the most punishing of US President Donald Trump’s threatened “reciprocal” tariffs on its exports.”GDP in the first six months of 2025 increased by 7.52 percent over the same period last year, the highest level of the first six months in the period 2011-2025,” the General Statistics Office said in a statement.The country achieved growth of 7.96 percent in the second quarter over the same period last year, the highest Q2 reading since 2022 when it hit 8.56 percent.”Our country’s socio-economic performance in the second quarter and the first six months of 2025 achieved very positive results, approaching the set target in the context of many uncertainties in the world and regional economy,” the GSO statement said.Vietnam — a global manufacturing hub — recorded economic growth of 7.1 percent last year and is aiming for eight percent this year as it vies for “middle-income country” status by 2030.The nation has the third-biggest 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.Hanoi’s trade deal with Washington announced this week has negotiated levies down from an eye-watering 46 percent to a minimum 20 percent in return for opening its market to US products.However the rate is around five times more than before Trump’s second term, according to Bloomberg Economics, and the pact contains a clause seeding more uncertainty about vital supply chains with China.Trump says a 40 percent tariff will hit goods passing through Vietnam to circumvent steeper trade barriers targeting their nation of origin — a practice called “transshipping”.Washington has accused Hanoi of using the practice to gate Beijing’s products to American markets, but Chinese raw materials are also the lifeblood of Vietnam’s manufacturing industries.In its outlook for Vietnam published Friday, Fitch Solutions said there were upside risks to its 2025 Vietnam GDP growth forecast of 6.4 percent as exports and investments remained strong.The United States is Vietnam’s largest export market, worth $70.91 billion in the first half of the year.In the first six months of 2025, Vietnam’s total goods exports reached $219.83 billion, up 14.4 percent over the same period last year, the GSO said, with processed industrial goods accounting for almost 90 percent of that.The statistics office said the reorganisation of the country’s government apparatus last month which saw most of its provinces and cities merged had been part of its efforts towards socio-economic development.

France on Friday praised China’s steps to settle a trade dispute over European brandy imports but warned that “major issues” remained unresolved.The signs of a thaw in the row over the alcohol came as China’s Foreign Minister Wang Yi met French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot in Paris.In recent months China and the European Union have butted heads over Beijing’s generous subsidies for its domestic industries.Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies.In the latest salvo, China will from Saturday require European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent.Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs as long as they stick to an agreed minimum price.France’s cognac makers’ association BNIC, which includes key producers Hennessy, Remy Cointreau and Martell, confirmed that some companies had agreed to price increases in China to avoid anti-dumping taxes.- ‘Positive step’ – Macron and Barrot praised China’s steps to resolve the dispute but stressed they would discuss the outstanding differences with Wang.”This is a positive step towards resolving this dispute, which was threatening our exports,” Macron said on X.”I will continue to raise these issues with the Chinese authorities this afternoon.”In a statement to AFP, Barrot said: “Several major issues remain unresolved, in particular the exclusion of certain players from the scope of the exemptions.” “We remain fully committed to reaching a definitive solution based on the conditions that existed prior to the investigation,” he said.Wang has held fraught meetings in several European countries this week.After meeting Macron and Barrot, Wang told a press conference: “The two sides had in-depth, active and sincere exchanges on Sino-French and European relations.” No mention was made of the brandy dispute.Almost all EU brandy is cognac produced in France, whose exports to China are worth 1.4 billion euros ($1.6 billion) per year.French liquor giant Jas Hennessy said it would face levies of 34.9 percent if it did not stick to the deal. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent.”The decision to accept the price commitment once again demonstrates China’s sincerity in resolving trade frictions through dialogue and consultation,” a Chinese commerce ministry spokesperson said in a statement.However, the European Commission kept up criticism of China’s new tariffs.”We believe that China’s measures are unfair. We believe they are unjustified,” said commission trade spokesman Olof Gill.”We believe they are inconsistent with the applicable international rules and are thus unfounded.”- Upcoming summit -China has sought to improve relations with the European Union as a counterweight to the United States.But frictions remain, including a yawning trade deficit of $357.1 billion between China and the EU, as well as Beijing maintaining close ties with Moscow since Russia invaded Ukraine.The trade row blew up last year when the EU moved to impose hefty tariffs on Chinese electric vehicles, arguing that Beijing’s subsidies unfairly undercut European competitors.Beijing rejected the accusation and announced what were seen as retaliatory probes into imported European pork, brandy and dairy products.The EU imposed extra import taxes of up to 35 percent on Chinese electric vehicles in October.Beijing lodged a complaint with the World Trade Organisation, which in April said it would set up an expert panel to investigate.China and the EU are to hold a summit this month to mark the 50th anniversary of their diplomatic ties. But Bloomberg News reported, citing unnamed sources, that Beijing would cancel the second day of the summit, in a sign of the tensions.

Stock markets mostly fell while the dollar largely retreated Friday as international tensions over tariffs dominated sentiment.Traders digested news also of Congress narrowly passing US President Donald Trump’s signature tax and spending bill that analysts argue risks ballooning national debt and wider inflation. On tariffs, Trump said he planned to start sending letters informing trading partners of their import levies as soon as Friday, as negotiations to avoid higher US rates entered the final stretch.In Europe, EU stock markets fell, with sentiment hit by China moving forward with “anti-dumping” taxes of up to 34.9 percent on cognac and other brandy imported from the bloc if producers don’t voluntarily hike prices.London ended the day flat.Asian stock markets closed out the week mixed.Oil prices extended losses, with OPEC and the cartel’s crude-producing allies expected this weekend to announce a rise to output.The main focus heading into next week was on Trump’s tariff plans.”We draw ever closer to Wednesday’s reciprocal tariff deadline, and thus traders are likely to grow jittery despite the tentative signals of a potential pathway to a deal,” noted Joshua Mahony, chief market analyst at Rostro trading group.Governments around the world have fought to hammer out tariff deals with Washington after Trump unveiled a blitz of levies in early April.He and his top officials have said several were in the pipeline, but only Britain and Vietnam have signed pacts.China has agreed to a framework for it and the United States to slash tit-for-tat tolls and ship certain products.The prospect that trading partners from Japan and South Korea to India and Taiwan could be hit with stiff tariffs fuelled fresh worries about the global economy.”While we are unlikely to see a repeat of volatility like we did in early April, when markets were at the peak of tariff-related turbulence, we could potentially see some selling pressure if we see the return of tit-for-tat trade tariffs,” said City Index and FOREX.com analyst Fawad Razaqzada.Uncertainty leading up to next week’s cut-off tempered the positive lead from another record Thursday on Wall Street, where a forecast-busting US jobs report soothed worries about the world’s top economy.The data dented the prospect of the Federal Reserve cutting interest rates at its July policy meeting, with bets now on two reductions before the end of the year — the first likely in September.However, analysts suggested that all was not what it seemed, pointing to softness in the private sector.”We think that private-sector hiring has stalled, and we may see sporadic layoffs in some industries in the coming months,” warned analysts at Japanese financial group MUFG.”Despite the unemployment rate having fallen… the flow of potential workers that remained out of the labour force rose sharply in June, further highlighting the weak hiring environment. “We continue to view labour demand as being fundamentally weak relative to the past several years,” they added.Wall Street was closed on Friday for the US Independence Day holiday.- Key figures at around 1530 GMT -London – FTSE 100: FLAT at 8,822.91 points (close)Paris – CAC 40: DOWN 0.8 percent at 7,696.27 (close)Frankfurt – DAX: DOWN 0.6 percent at 23,7787.45 (close)Tokyo – Nikkei 225: UP 0.1 percent at 39,810.88 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,916.06 (close)Shanghai – Composite: UP 0.3 percent at 3,472.32 (close)New York: Closed for a public holidayEuro/dollar: UP at $1.1783 from $1.1755 on ThursdayPound/dollar: DOWN at $1.3641 from $1.3642Dollar/yen: DOWN at 144.53 yen from 145.06 yenEuro/pound: UP at 86.37 pence from 86.14 penceWest Texas Intermediate: DOWN 0.7 percent at $66.56 per barrelBrent North Sea Crude: DOWN 0.6 percent at $68.39 per barrelburs-rl/giv

France on Friday praised steps taken by China to settle a long-running trade dispute concerning European brandies but warned that a number of “major issues” remained unresolved.The tentative signs of a thaw in the row over the prized tipples came as China’s Foreign Minister Wang Yi was set to meet French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot in Paris later Friday.In recent months China and the European Union have butted heads over Beijing’s generous subsidies for its domestic industries.Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies.In the latest salvo in the trade spat, from Saturday China will require major European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent.But Beijing also said that several major French cognac producers had signed onto a price commitment to avoid the tariffs as long as they sell at or above an agreed minimum price.France’s umbrella cognac makers association BNIC, which includes key producers from Hennessy to Remy Cointreau and Martell, confirmed that market players had agreed to price increases in China to avoid anti-dumping taxes.French cognac and liqueur maker Remy Cointreau pointed to “an alternative that is significantly less punitive than the application of definitive anti-dumping duties.”- ‘Positive step’ – Both Macron and Barrot praised China’s steps to resolve the dispute but stressed they would discuss the outstanding differences with Wang.”This is a positive step towards resolving this dispute, which was threatening our exports,” Macron said on X.”I will continue to raise these issues with the Chinese authorities this afternoon.”In a statement to AFP Barrot said: “Several major issues remain unresolved, in particular the exclusion of certain players from the scope of the exemptions.” “We remain fully committed to reaching a definitive solution based on the conditions that existed prior to the investigation,” he said.China’s Wang held fraught meetings with his counterparts during a tour of Europe earlier this week.Almost all EU brandy is cognac produced in France, exports of which to China are worth 1.4 billion euros ($1.6 billion) per year.French liquor giant Jas Hennessy said it would be hit with levies of 34.9 percent if it reneges on the deal.Remy Martin will be hit with 34.3 percent and Martell 27.7 percent.”The decision to accept the price commitment once again demonstrates China’s sincerity in resolving trade frictions through dialogue and consultation,” a Chinese commerce ministry spokesperson said in a statement.However, the European Commission said Friday after the announcement that it “regrets China’s decision”.”We believe that China’s measures are unfair. We believe they are unjustified,” said the commission’s trade spokesman, Olof Gill.”We believe they are inconsistent with the applicable international rules and are thus unfounded.”- Upcoming summit -China has sought to improve relations with the European Union as a counterweight to superpower rival the United States.But deep frictions remain over their economic relationship, including a yawning trade deficit of $357.1 billion between China and the EU, as well as Beijing’s close ties with Russia despite Moscow’s war in Ukraine.A trade row between Beijing and the bloc erupted last summer when the EU moved towards imposing hefty tariffs on electric vehicles imported from China, arguing that Beijing’s subsidies were unfairly undercutting European competitors.Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products.The bloc imposed extra import taxes of up to 35 percent on Chinese EV imports in October.Beijing later lodged a complaint with the World Trade Organisation, which said in April that it would set up an expert panel to assess the EU’s decision.China and the EU are scheduled to hold a summit this month to mark the 50th anniversary of the establishment of diplomatic ties.Bloomberg News reported on Friday, citing unnamed sources, that Beijing intends to cancel the second day of the summit, a sign of tensions between Beijing and Brussels.

Most equities fell Friday as Donald Trump’s deadline to avert his steep tariffs approached, with the US president saying he planned to start sending letters informing trading partners of their rates.Uncertainty leading up to next week’s cut-off tempered the positive lead from another record on Wall Street, where a forecast-busting US jobs report soothed worries about the world’s top economy.Governments around the world have fought to hammer out deals with Washington ahead of the July 9 deadline, set after Trump unveiled a blitz of levies in early April.He and his top officials have said several were in the pipeline, but only Britain and Vietnam have signed pacts while China has agreed to a framework for it and the United States to slash tit-for-tat tolls and ship certain products.While negotiators continue to seek ways to avert the worst of the White House’s measures, Trump warned Thursday he would soon be issuing notices to capitals.”My inclination is to send a letter out and say what tariff they’re going to be paying,” he told reporters. “It’s just much easier.”He added: “We’re going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they’re going to pay to do business with the US.”The prospect that trading partners from Japan and South Korea to India and Taiwan could be hit with stiff tariffs fuelled fresh worries about the global economy.Hong Kong extended a recent losing streak, with Seoul, Singapore, Taipei, Mumbai, Bangkok, Jakarta and Manila also falling.London, Paris and Frankfurt fell at the open.Still, Tokyo edged up with Shanghai, Sydney and Wellington.Traders were unable to pick up the baton from their New York colleagues, who sent the S&P 500 and Nasdaq to more record closes ahead of the Independence Day break.Those gains followed data showing the US economy topped expectations to add 147,000 jobs in June while unemployment dipped to 4.1 percent from 4.2 percent, which was also better than estimated.The reading was taken as a sign the labour market remained in rude health despite warnings about the impact of Trump’s tariffs.It also dented hopes that the Federal Reserve will cut interest rates at its next meeting this month, with bets now on two reductions before the end of the year — the first likely in September.However, analysts suggested that all was not what it seemed, pointing to softness in the private sector.”We think that private-sector hiring has stalled, and we may see sporadic layoffs in some industries in the coming months,” warned analysts at MUFG.”Despite the unemployment rate having fallen… the flow of potential workers that remained out of the labour force rose sharply in June (and over 750k have dropped out of the labor force over the past two months), further highlighting the weak hiring environment. “We continue to view labour demand as being fundamentally weak relative to the past several years.”The passage of Trump’s “Big, Beautiful Bill” also left investors in a quandary as they weighed the extension of huge tax cuts and less spending with forecasts that it will add around $3 trillion to the already ballooning national debt.Still, it included a $5 trillion increase in the debt limit, removing the risk the country could default on its bond payments.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 39,810.88 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,916.06 (close)Shanghai – Composite: UP 0.3 percent at 3,472.32 (close)London – FTSE 100: DOWN 0.3 percent at 8,801.21Euro/dollar: UP at $1.1773 from $1.1755 on ThursdayPound/dollar: UP at $1.3664 from $1.3642Dollar/yen: DOWN at 144.38 yen from 145.06 yenEuro/pound: UP at 86.17 pence from 86.14 penceWest Texas Intermediate: FLAT at $67.02 per barrelBrent North Sea Crude: DOWN 0.2 percent at $68.70 per barrelNew York – S&P 500: UP 0.8 percent at 6,279.35 (close)New York – Nasdaq Composite: UP 1.0 percent at 20,601.10 (close)

Asian investors trod cautiously on Friday as Donald Trump’s deadline to avert his steep tariffs approached, with the US president saying he planned to start sending letters informing trading partners of their rates.Uncertainty leading up to next week’s cut-off tempered the positive lead from another record on Wall Street, where a forecast-busting US jobs report soothed worries about the world’s top economy.Governments around the world have fought to hammer out deals with Washington ahead of the July 9 deadline, set after Trump unveiled a blitz of levies on his “Liberation Day” in early April.He and his top officials have said several were in the pipeline, but only Britain and Vietnam have signed pacts while China has agreed to a framework for it and the United States to slash tit-for-tat tolls and ship certain products.While negotiators continue to seek ways to avert the worst of the White House’s measures, Trump warned Thursday he would soon be issuing his messages to capitals.”My inclination is to send a letter out and say what tariff they’re going to be paying,” he told reporters. “It’s just much easier.”He added: “We’re going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they’re going to pay to do business with the US.”The prospect that trading partners from Japan and South Korea to India and Taiwan could be hit with stiff tariffs fuelled fresh worries about the global economy.Tokyo edged up with Shanghai, Sydney, Wellington and Jakarta but Hong Kong, Seoul, Singapore, Taipei and Manila fell.Traders were unable to pick up the baton from their New York colleagues, who sent the S&P 500 and Nasdaq to more record closes ahead of the Independence Day break.Those gains followed data showing the US economy topped expectations to add 147,000 jobs in June while unemployment dipped to 4.1 percent from 4.2 percent, which was also better than estimated.The reading was taken as a sign the labour market remained in rude health despite warnings about the impact of Trump’s tariffs.It also dented hopes that the Federal Reserve will cut interest rates at its next meeting this month, with bets now on two reductions before the end of the year — the first likely in September.However, analysts suggested that all was not what it seemed, pointing to softness in the private sector.”We think that private-sector hiring has stalled, and we may see sporadic layoffs in some industries in the coming months,” warned analysts at MUFG.”Despite the unemployment rate having fallen… the flow of potential workers that remained out of the labour force rose sharply in June (and over 750k have dropped out of the labor force over the past two months), further highlighting the weak hiring environment. “We continue to view labour demand as being fundamentally weak relative to the past several years.”The passage of Trump’s “Big, Beautiful Bill” also left investors in a quandary as they weighed the extension of huge tax and spending cuts with forecasts that it will add around $3 trillion to the already ballooning national debt.Still, it included a $5 trillion increase in the debt limit, removing the risk the country could default on its bond payments.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.1 percent at 39,828.20 (break)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,797.99Shanghai – Composite: UP 0.1 percent at 3,463.89Euro/dollar: UP at $1.1770 from $1.1755 on ThursdayPound/dollar: UP at $1.3656 from $1.3642Dollar/yen: DOWN at 144.61 yen from 145.06 yenEuro/pound: UP at 86.19 pence from 86.14 penceWest Texas Intermediate: DOWN 0.2 percent at $66.88 per barrelBrent North Sea Crude: DOWN 0.3 percent at $68.59 per barrelNew York – Dow: UP 0.8 percent at 44,823.53 (close)London – FTSE 100: UP 0.6 percent at 8,823.20 (close)

Wall Street stock indices finished at fresh records Thursday following solid US jobs data as President Donald Trump’s sweeping budget bill successfully reached the congressional finish line.The US economy added 147,000 jobs in June while unemployment dipped to 4.1 percent from 4.2 percent, a sign of US labor market resilience despite the White House’s wave of tariffs.”We have a nice rally going, and the reason for that is that the employment data was stronger than expected,” said Peter Cardillo of Spartan Capital Securities, who noted that the market overlooked that the job additions included a heavy share of public sector posts.Markets also monitored progress on Trump’s massive fiscal package, which extends tax reductions but also includes controversial cuts to social programs and is projected to swell the US deficit.The House of Representatives approved the bill Thursday shortly after the stock market closed, sending Trump a major legislative win. Both the S&P 500 and Nasdaq ended a holiday-shortened session at records.”Market participants (and the economy) will be digesting the implications of the bill for some time, but it is fair to say that neither the stock market nor the Treasury market are living in fear of deficit forecasts,” said a note from Briefing.com.Earlier, London’s stock market and the pound recovered, having taken a knock Wednesday on rumors that British finance minister Rachel Reeves faced losing her job.Oil prices fell, with OPEC and the cartel’s crude-producing allies expected to announce a rise to output Sunday.Investors had been keenly awaiting the US government’s monthly non-farm payrolls report, seen as one of the best data points on the health of companies and the labor market.”The much stronger non-farm payrolls data means a July rate cut is now no longer in consideration, which is music to stock market bulls’ ears”, said City Index and FOREX.com analyst Fawad Razaqzada, because it indicates the economy is in good health.US markets are closed on Friday for US Independence Day celebrations, but negotiators from several nations are racing to reach trade deals with Washington ahead of a July 9 tariff deadline imposed by Trump.Trump has said he will not push back his deadline to make more deals, though he and some of his officials have mentioned that a number were in the pipeline.- Key figures at around 1830 GMT -New York – Dow: UP 0.8 percent at 44,823.53 (close)New York – S&P 500: UP 0.8 percent at 6,279.35 (close)New York – Nasdaq Composite: UP 1.0 percent at 20,601.10 (close)London – FTSE 100: UP 0.6 percent at 8,823.20 (close)Paris – CAC 40: UP 0.2 percent at 7,754.55 (close)Frankfurt – DAX: UP 0.6 percent at 23,934.13 (close)Tokyo – Nikkei 225: UP 0.1 percent at 39,785.90 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,069.94 (close)Shanghai – Composite: UP 0.2 percent at 3,461.15 (close)Euro/dollar: DOWN at $1.1755 from $1.1799 on WednesdayPound/dollar: UP at $1.3642 from $1.3636Dollar/yen: UP at 145.06 yen from 143.66 yenEuro/pound: DOWN at 86.14 pence from 86.53 penceWest Texas Intermediate: DOWN 0.7 percent at $67.00 per barrelBrent North Sea Crude: DOWN 0.5 percent at $68.80 per barrelburs-jmb/jgc

Indian Prime Minister Narendra Modi on Thursday outlined plans for deeper ties between his country and Africa, as New Delhi increasingly vies for a stronger economic presence on the continent along with China and Russia.In a speech to Ghana’s parliament, Modi highlighted a major rail project that opened in the west African nation last year, financed by the India Export-Import Bank.He also underlined his country’s expanding diplomatic development and business footprint in Africa.”Over 200 projects across the continent enhance connectivity, infrastructure and Industrial capacity,” Modi said. On the political front he welcomed “the establishment of Ghana-India Parliamentary Friendship Society in your parliament”.Modi’s visit is the first to Ghana by an Indian leader in three decades.But India’s rival China remains the most important backer of infrastructure across the continent, a position only strengthened as the United States and other Western powers slash aid programmes.In a meeting Wednesday, Modi and Ghanaian President John Mahama agreed to deepen security and mining ties.In November 2024, the Indian prime minister visited Nigeria, discussing trade and security at a time when Indian companies had expressed interest in investing in Nigerian industries including steel.The Indian prime minister also on Thursday called for a greater global diplomatic role for both his country and Africa, warning that “the world order created after the Second World War is changing fast”.- Global South’s voice -Modi noted that the African Union had been admitted as a permanent member to the G20 while India held the rotating presidency of the bloc.Progress on worldwide challenges including climate change, diplomacy, “terrorism” and pandemics “cannot come without giving voice to the Global South”, he added.India, the world’s most populous country and a nuclear-armed power, has close ties with Russia but is often in rivalry with China.Resource-rich Ghana is Modi’s first stop in a tour that will take the Indian premier to four other countries in Africa, the Caribbean and South America.The visit to Accra came as he made his way to Brazil for a summit of the BRICS group of emerging economies on Sunday and Monday.Highlighting his own country’s economic development aspirations to become a “developed nation by 2047,” Modi said “India remains a committed partner in Africa’s development journey.”