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With shops planning midnight launch parties after a run on pre-orders, Nintendo releases the Switch 2 on Thursday, hoping to score record early sales for a games console.But the Japanese company has its work cut out to match the overall success of the Switch, which became a must-have during the pandemic with hit games such as “Animal Crossing”.Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to its predecessor, which has sold 152 million units since it came out in 2017 — making it the third best-selling console of all time.Serkan Toto from Tokyo consultancy Kantan Games said he “would not be surprised to see Switch 2 breaking sales records in the next weeks and months”.In Japan, Nintendo’s online store had 2.2 million pre-order applications for the Switch 2 — an “insane number the industry has never seen before”, Toto told AFP.”We are looking at some sort of mega launch, and it will be interesting to see for how long this initial momentum will continue,” he added.Challenges for Nintendo include uncertainty over US trade tariffs and whether it can convince enough people to pay the high price for its new device.The Switch 2 costs $449.99 in the United States, more than Switch’s launch price of $299.99. Both are hybrid consoles which can connect to a TV or be played on the go.New Switch 2 games such as “Donkey Kong Bananza” and “Mario Kart World” — which allows players to go exploring off-grid — are also more expensive than existing Switch titles.- Pre-order cancellations -Retailers in the United States, Europe and other major markets are also gearing up for a rush of excited fans, with some stores opening at midnight to welcome them.”For us, this will be a record in terms of first-day sales for a games console,” said Charlotte Massicault, director of multimedia and gaming at France’s Fnac Darty.Supply pressures have even forced retailers to cancel orders, with Britain’s Game saying it is “working hard to reinstate as many affected pre-orders as possible”.”It seems that retailers in the US were especially confident in their ability to ship pre-orders and now need to deal with some serious backlash from customers,” Toto said.He expects “it will be hard to get a Switch 2 not only at launch but for weeks and months after, possibly through the entire year,” as was the case for months with the Switch.Nintendo forecasts it will shift 15 million Switch 2 consoles in the current financial year, roughly equal to the original in the same period after its release.The Switch 2 “is priced relatively high” compared to its predecessor, so it “will not be easy” to keep initial momentum going, the company’s president Shuntaro Furukawa said at a financial results briefing in May.- ‘Super excited’ -The Switch 2 has eight times the memory of the first Switch, and its controllers, which attach with magnets, can also be used like a desktop computer mouse.New functions allowing users to chat as they play online and temporarily share games with friends could also be a big draw for young audiences used to watching game streamers.”People were a bit shocked by the price of ‘Mario Kart World’, the first $80 game that we’ve ever seen,” said Krysta Yang of the Nintendo-focused Kit & Krysta Podcast.But while the company is “going to have to do some work” to convince more casual gamers that it’s worth upgrading, Nintendo fans are “super excited”, she told AFP.In the United States, Nintendo delayed pre-orders for the Switch 2 by two weeks as it assessed the impact from President Donald Trump’s aggressive duties on trading partners around the world.Furukawa said in May that “hardware for North America is mainly produced in Vietnam” where Trump is threatening a hefty so-called “reciprocal” levy of 46 percent.But tariff uncertainty could in fact push consumers to buy a Switch 2 sooner, because they are worried that the price could go up, according to Yang.And the stakes are high for Nintendo.While the “Super Mario” maker is diversifying into theme parks and hit movies, around 90 percent of its revenue still comes from the Switch business, analysts say.burs-kaf/cms

Stock markets extended gains Wednesday as investors shrugged off US President Donald Trump’s tough words on China and doubling of tariffs on global steel and aluminium.With Trump possibly speaking with Chinese President Xi Jinping this week, the US leader said on his Truth Social platform that it was “extremely hard to make a deal” with his counterpart.US-China tensions have ratched back up after Trump accused Beijing of violating an agreement that led to a dialling down of tit-for-tat tariffs between the world’ two biggest economies.Also on Wednesday, Trump doubled global tariffs on steel and aluminium to 50 percent, ramping up his trade war with foes and allies alike.EU trade commissioner Maros Sefcovic and US Trade Representative Jamieson Greer held talks on the sidelines of an OECD ministerial meeting in Paris.Sefcovic said in a news conference that the EU “strongly” regrets the tariff increase, adding that it “doesn’t help the ongoing negotiations, especially as we are making progress”.Asian and European stock markets rose, however, after Wall Street was lifted on Tuesday by data showing US job openings unexpectedly rose in April.The figures calmed worries about the impact of Trump’s tariff blitz on the world’s number one economy, even as the OECD cut its growth forecast for the United States.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually,” said Stephen Innes at SPI Asset Management.”It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” he added in reference to the Federal Reserve planning more cuts to US borrowing costs.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes added.Ahead of the jobs data, the European Central Bank is widely expected to cut eurozone interest rates Thursday.Elsewhere, Seoul’s stock market rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low in April — as Lee Jae-myung won South Korea’s snap presidential election. The won gained against the dollar.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In Lee’s inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 1030 GMT -London – FTSE 100: UP 0.2 percent at 8,804.46 pointsParis – CAC 40: UP 0.6 percent at 7,814.27Frankfurt – DAX: UP 0.6 percent at 24,238.96Tokyo – Nikkei 225: UP 0.8 percent at 37,747.45 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,654.03 (close)Shanghai – Composite: UP 0.4 percent at 3,376.20 (close)New York – Dow: UP 0.5 percent at 42,519.64 (close)Euro/dollar: UP at $1.1380 from $1.1371 on TuesdayPound/dollar: UP at $1.3531 from $1.3518Dollar/yen: UP at 144.07 yen from 144.03 yenEuro/pound: UP at 84.13 pence from 84.11 penceBrent North Sea Crude: FLAT at $65.61 per barrelWest Texas Intermediate: FLAT at $63.41 per barrel

Shares extended a global rise Wednesday following data indicating the US economy remained resilient, with South Korean equities and the won standing out as the election of a new president ended months of political paralysis.Speculation that presidents Donald Trump and Xi Jinping will speak this week stoked optimism for a soothing of US-China tensions, though the Republican indicated in a social media post his counterpart was “hard to make a deal with”.The US leader’s ramped-up tariffs on aluminium and steel imports — announced Friday — kicked in Wednesday, highlighting the uncertainty caused by the White House’s off-the-cuff policies.Traders in Asia took the baton from a positive Wall Street, where all three main indexes were lifted by data showing US job openings unexpectedly rose in April, calming worries about the impact of Trump’s tariff blitz on the world’s number one economy.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually. It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” said Stephen Innes at SPI Asset Management.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes said.He added that the risk of tariffs, “once a terrifying monster, now looks more like a toothless terrier’s wag, comforting investors enough to hold their ground despite the global economy’s chills”.Traders are awaiting further developments on the China-US front after White House officials said the two nations’ leaders could talk this week, even after Trump accused Beijing of violating last month’s detente that slashed tit-for-tat tariffs.However, the US president wrote on social media in a late-night post that while he was fond of Xi, he suggested he was a tough negotiator.”I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” he posted on his Truth Social platform.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Mumbai and Jakarta all rose, while Paris and Frankfurt continued their Tuesday advances. London was flat.Seoul rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low in April — as Lee Jae-myung won South Korea’s snap presidential election. The won gained around 0.8 percent.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In Lee’s inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 37,747.45 (close)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,654.03 (close)Shanghai – Composite: UP 0.4 percent at 3,376.20 (close)London – FTSE 100: FLAT at 8,787.60 Euro/dollar: UP at $1.1390 from $1.1371 on TuesdayPound/dollar: UP at $1.3539 from $1.3518Dollar/yen: UP at 144.06 yen from 144.03 yenEuro/pound: UP at 84.15 pence from 84.11 penceWest Texas Intermediate: DOWN 0.1 percent at $63.37 per barrelBrent North Sea Crude: FLAT at $65.61 per barrelNew York – Dow: UP 0.5 percent at 42,519.64 (close)

Asian shares extended a global rise Wednesday following data indicating the US economy remained resilient, with South Korean equities and the won standing out as the election of a new president ended months of political paralysis.Speculation that US President Donald Trump and Chinese leader Xi Jinping will speak this week stoked optimism for a soothing of trade tensions between Washington and Beijing.However, Trump’s ramped-up tariffs on aluminium and steel imports — announced Friday — are due to kick in later Wednesday, highlighting the uncertainty caused by the White House’s off-the-cuff policies.Traders in Asia took the baton from a positive Wall Street, where all three main indexes were lifted by data showing US job openings unexpectedly rose in April, calming worries about the impact of Trump’s tariff blitz on the world’s number one economy.The reading came ahead of crucial non-farm payrolls figures Friday, which are closely followed by the US Federal Reserve as it maps monetary policy in light of weak growth and fears of tariff-fuelled inflation.”Growth is sputtering, the second half looks increasingly cloudy, and everyone knows the Fed’s rate-cut cavalry will ride in eventually. It’s already priced, already scripted — no one’s shocked by the plot twist unless, of course, inflation proves stickier than expected,” said Stephen Innes at SPI Asset Management.”But what’s genuinely keeping equities ticking higher is the soft hum of hope — that US-China tensions could thaw into something warmer than their current frosty detente,” Innes said.He added that the risk of tariffs, “once a terrifying monster, now looks more like a toothless terrier’s wag, comforting investors enough to hold their ground despite the global economy’s chills”.Traders are awaiting further developments on the China-US front after White House officials said the two nations’ leaders could talk this week, even after Trump accused Beijing of violating last month’s detente that slashed tit-for-tat tariffs.News that eurozone inflation had eased in May to its lowest level in eight months — and slipped back below the European Central Bank’s two-percent target — added to the upbeat mood.Tokyo, Hong Kong, Shanghai, Sydney, Wellington, Taipei, Manila and Jakarta all rose.Seoul rallied more than two percent — pushing into a bull market after rising more than 20 percent from its recent low — as Lee Jae-myung won South Korea’s snap presidential election. The won gained around 0.3 percent.The poll was called after the impeachment of predecessor Yoon Suk Yeol over his brief martial law attempt and ended six months of political turmoil in the country.It has also raised hopes that Lee will introduce fresh measures to boost the export-dependent economy, which faces a hefty hit from Trump’s tariffs, particularly the huge levies on steel and aluminium.In his inauguration speech on Wednesday, the new president warned protectionism posed a threat to the country’s “survival”.On the campaign trail, Lee said Seoul needed to start tariff negotiations with Washington “immediately” but also stressed there was no need to “rush” a deal.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 37,834.66 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 23,619.76Shanghai – Composite: UP 0.3 percent at 3,371.20Euro/dollar: UP at $1.1377 from $1.1371 on TuesdayPound/dollar: UP at $1.3524 from $1.3518Dollar/yen: DOWN at 143.91 yen from 144.03 yenEuro/pound: UP at 84.13 pence from 84.11 penceWest Texas Intermediate: DOWN 0.3 percent at $63.20 per barrelBrent North Sea Crude: DOWN 0.3 percent at $65.45 per barrelNew York – Dow: UP 0.5 percent at 42,519.64 (close)London – FTSE 100: UP 0.2 percent at 8,787.02 (close)

The United States will double its tariffs on imported steel and aluminum starting Wednesday, according to the White House, as it published an order signed by President Donald Trump.The move marks a latest salvo in Trump’s trade wars, bringing levies on both metals from 25 percent to 50 percent.But tariffs on metal imports from the UK will remain at the 25 percent rate, while both sides work out duties and quotas in line with the terms of their earlier trade pact.Overall, the aim is to “more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States,” according to the order, which added that these undercut the competitiveness of US industries.”Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,” the order added.Trump announced his decision to hike tariffs on steel and aluminum when he addressed workers at a US Steel plant in Pennsylvania last week.”Nobody is going to be able to steal your industry,” he said at the time.”At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence,” he added.The move, however, fans tensions with key US trading partners.The European Union warned over the weekend that it was prepared to retaliate against levies.It said that the sudden announcement “undermines ongoing efforts to reach a negotiated solution” between the bloc and the United States.Already, Washington is in talks with various countries after Trump imposed sweeping 10 percent tariffs on almost all partners in April and announced even higher rates for dozens of economies.While the steeper levels have been paused during ongoing negotiations, this halt expires in early July — adding to urgency to reach trade deals.Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have shaken financial markets.He has also imposed tariffs on sector-specific imports like autos, apart from targeting steel and aluminum.Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it is unfair because the United States exports more steel to Mexico than it imports.”It makes no sense to put a tariff on a product in which you have a surplus,” Ebrard said.Mexico is highly vulnerable to Trump’s trade wars because 80 percent of its exports go to the United States, its main trading partner.

Major stock markets rose and the dollar climbed Tuesday as investors kept tabs on the China-US trade war, with speculation swirling that the countries’ leaders will soon hold talks.After a period of relative calm on tariffs, US President Donald Trump accused Beijing last week of violating an earlier deal to temporarily lower staggeringly high tit-for-tat levies and unveiled plans to double tolls on steel and aluminium.”Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi (Jinping) would speak on the phone helped to ease fears,” said Kathleen Brooks, research director at XTB. Hong Kong and Shanghai stock markets closed higher Tuesday, and Wall Street made solid gains.Trade Nation analyst David Morrison noted that investors had been largely brushing off negative news about the economy linked to Trump’s tariffs.”Many remain convinced that Mr Trump’s trade wars will soon come to an end, perhaps basing this view on ‘TACO’, or Trump Always Chickens Out,” he said.Europe’s main indices also pushed higher despite the collapse of the Dutch government.Far-right Dutch leader Geert Wilders withdrew his party from the government in a row over immigration, bringing down a shaky coalition and likely ushering in snap elections.It opens up a period of political uncertainty in the Netherlands — the European Union’s fifth-largest economy and a major exporter — as far-right parties make gains across the continent.The Netherlands is part of the eurozone, where official data on Tuesday showed the area’s inflation eased in May to its lowest level in eight months, back below the European Central Bank’s two-percent target.The ECB had already been widely expected to cut eurozone interest rates this week, putting pressure on the euro.Among companies, Nvidia shares gained 2.8 percent as it overtook Microsoft as the biggest US company by market value.- Growth downgrade -Overall, investors were focused on the United States and China.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Cooperation and Development ministerial meeting Wednesday in Paris.The OECD on Tuesday slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected.It also said the US economy would expand by 1.6 percent, down from an earlier estimate of 2.2 percent.The group noted that “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty would all have “marked adverse effects on growth” if they persist.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira told AFP.Data on Tuesday indicated Chinese factory activity shrinking at its fastest pace since September 2022.Also in focus was Trump’s signature “big, beautiful bill,” headlined by tax cuts slated to add up to $3.0 trillion to the nation’s debt at a time of heightened worries over the country’s finances.US senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump’s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.Crude prices rose on concerns that Canadian wildfires could impact oil supplies.- Key figures at around 2015 GMT -New York – Dow: UP 0.5 percent at 42,519.64 points (close)New York – S&P 500: UP 0.6 percent at 5,970.37 (close)New York – Nasdaq Composite: UP 0.8 percent at 19,398.96 (close)London – FTSE 100: UP 0.2 percent at 8,787.02 (close)Paris – CAC 40: UP 0.3 percent at 7,763.84 (close)Frankfurt – DAX: UP 0.7 percent at 24,091.62 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai – Composite: UP 0.4 percent at 3,361.98 (close)Euro/dollar: DOWN at $1.1371 from $1.1443 on MondayPound/dollar: DOWN at $1.3518 from $1.3548Dollar/yen: UP at 144.03 yen from 142.71 yenEuro/pound: DOWN at 84.11 pence from 84.46 penceBrent North Sea Crude: UP 1.6 percent at $65.63 per barrelWest Texas Intermediate: UP 1.4 percent at $63.41 per barrelburs-rl-bys/mlm

Major stock markets rose and the dollar climbed on Tuesday as investors kept tabs on the China-US trade war, with speculation swirling that the countries’ leaders will soon hold talks.After a period of relative calm on tariffs, US President Donald Trump accused Beijing at the weekend of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.”Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi (Jinping) would speak on the phone helped to ease fears,” said Kathleen Brooks, research director at XTB. Hong Kong and Shanghai stock markets closed higher on Tuesday, and Wall Street’s major stock indices advanced in midday trading.Trade Nation analyst David Morrison noted that investors had been largely brushing off negative news about the economy linked to Trump’s tariffs.”Many remain convinced that Mr Trump’s trade wars will soon come to an end, perhaps basing this view on ‘TACO’, or Trump Always Chickens Out,” he said.Europe’s main indices also pushed despite the collapse of the Dutch government.Far-right Dutch leader Geert Wilders withdrew his party from the government in a row over immigration, bringing down a shaky coalition and likely ushering in snap elections.The withdrawal opens up a period of political uncertainty in the Netherlands — the European Union’s fifth-largest economy and a major exporter — as far-right parties make gains across the continent.The Netherlands is part of the eurozone, where official data on Tuesday showed the area’s inflation eased in May to its lowest level in eight months, back below the European Central Bank’s two-percent target.The ECB had already been widely expected to cut eurozone interest rates this week, putting pressure on the euro.The main Euronext Amsterdam stocks index initially slumped following the government collapse but closed the day with a small gain.- Growth downgrade -Focus was firmly on the United States and China.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Cooperation and Development ministerial meeting in Paris on Wednesday.The OECD on Tuesday slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected. It also said the US economy would expand 1.6 percent, down from an earlier estimate of 2.2 percent.The organisation noted that “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty would all have “marked adverse effects on growth” if they persist.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira told AFP.Data on Tuesday indicated Chinese factory activity shrinking at its fastest pace since September 2022.Also in focus was Trump’s signature “big, beautiful bill”, headlined by tax cuts slated to add up to $3.0 trillion to the nation’s debt at a time of heightened worries over the country’s finances.US senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump’s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.Crude prices rose on concerns that Canadian wildfires could impact oil supplies.- Key figures at around 1530 GMT -New York – Dow: UP 0.3 percent at 42,421.02 pointsNew York – S&P 500: UP 0.4 percent at 5,959.75 New York – Nasdaq Composite: UP 0.7 percent at 19,381.36London – FTSE 100: UP 0.2 percent at 8,787.02 (close)Paris – CAC 40: UP 0.3 percent at 7,63.84 (close)Frankfurt – DAX: UP 0.7 percent at 24,091.62 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai – Composite: UP 0.4 percent at 3,361.98 (close)Euro/dollar: DOWN at $1.1378 from $1.1443 on MondayPound/dollar: DOWN at $1.3520 from $1.3548Dollar/yen: UP at 143.86 yen from 142.71 yenEuro/pound: DOWN at 84.18 pence from 84.46 penceBrent North Sea Crude: UP 1.7 percent at $65.73 per barrelWest Texas Intermediate: UP 1.8 percent at $63.67 per barrelburs-rl/js

Lawsuits, scandals, armed troops and a knife-wielding attacker all failed to deter Lee Jae-myung’s ascendancy from sweatshop worker to the cusp of South Korea’s presidency.After losing by a razor-thin margin in 2022, the left-leaning Democratic Party candidate is now poised to be elected head of state in a landslide, according to exit polls.Opponents decry Lee, 60, for his populist style.But his rags-to-riches personal story sets him apart from many of South Korea’s political elite.After dropping out of school to work at a factory to support his family, he suffered a disabling elbow injury in an industrial accident.He earned a scholarship to study law and passed the bar to become an attorney. Lee has used this origin story to cultivate a loyal support base and frame himself as understanding the struggles of the underprivileged.”You can worry about people outside shivering in the cold while you sit in your warm living room,” Lee told AFP in a 2022 interview.”But you can never really understand their pain.”Polls suggest Lee has won more than 50 percent of the vote — beating conservative challenger Kim Moon-soo of the People Power Party in a race triggered by the impeachment of former president Yoon Suk Yeol over his brief declaration of martial law in December.- Live-streaming a crisis -South Korea has experienced a leadership vacuum since lawmakers suspended Yoon for deploying armed troops to parliament in his failed attempt to suspend civilian rule.During the tense minutes following that move, Lee live-streamed his frantic scramble over the perimeter fence as he and other lawmakers rushed to vote down the martial law decree.”It was a race against time,” he recalled in an interview with AFP.Lee previously served as mayor of Seongnam, south of Seoul, for eight years.In that role, he helped shut down what had been the country’s largest dog meat market — ending a trade that had once involved 80,000 canines a year.He later served as governor of Gyeonggi Province — the country’s most populous region surrounding the capital — for more than three years.Lee lost his 2022 bid for the presidency to Yoon by one of the smallest margins in South Korean history.In 2024, he was stabbed in the neck by a man posing as a supporter and was airlifted to hospital for emergency surgery.The attacker later confessed that his intention was to kill Lee to prevent him from becoming president.If elected, Lee has vowed, among other things, to boost South Korea’s artificial intelligence industry, with the goal of making the country one of the top three global leaders in the field.He has also called for holding those involved in the martial law attempt accountable — promising to “bring insurrection elements to justice”.During his early days in politics, Lee drew criticism for his confrontational attacks on political opponents.But Kim Hye-kyung, his wife of 34 years with whom he shares two children, insists Lee speaks with “deliberation”.”He’s someone who’s come up from the margins, from the very bottom,” she said in a 2017 interview.”Just like how a flea has to jump to be noticed, I hope people can understand and view him in that context.”- Legal troubles -Lee has been dogged by legal troubles of his own, including allegations of corruption tied to a real estate development and violations of election law through the dissemination of false information.He has denied any wrongdoing, insisting the charges are politically motivated.In early May, Seoul’s Supreme Court overturned a lower court’s acquittal of Lee on election law charges and ordered a retrial.But with the election looming, the Seoul High Court postponed the proceedings until after the June 3 vote.If Lee wins, legal experts say the proceedings would be suspended due to presidential immunity, and would only resume after his single five-year term ends in 2030.Lee’s opponents argue the charges are serious enough to disqualify him from running.”With these kinds of corruption allegations, how can you seek public office?” Kim Moon-soo, his main rival in the election, said during a recent televised debate.

Major stock markets diverged and the dollar climbed on Tuesday as investors kept tabs on the China-US trade war, with speculation swirling that the countries’ leaders will soon hold talks.After a period of relative calm on tariffs, US President Donald Trump accused Beijing at the weekend of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.”Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi (Jinping) would speak on the phone helped to ease fears,” noted Kathleen Brooks, research director at XTB. “However, there is a risk-off tone… after news that the Dutch governing coalition had collapsed, along with signs of weakness in the world’s two largest economies.”Hong Kong and Shanghai stock markets closed higher on Tuesday, while Europe’s top indices mostly steadied in midday deals.Far-right Dutch leader Geert Wilders withdrew his party from the government on Tuesday in a row over immigration, bringing down a shaky coalition and likely ushering in snap elections.The withdrawal opens up a period of political uncertainty in the Netherlands — the European Union’s fifth-largest economy and major exporter — as far-right parties make gains across the continent.The Netherlands is part of the eurozone and official data on Tuesday showed the area’s inflation eased in May to its lowest level in eight months, back below the European Central Bank’s two-percent target.The ECB had already been widely expected to cut eurozone interest rates this week, putting pressure on the euro.The main Euronext Amsterdam stocks index was down 0.3 percent.Elsewhere, oil prices inched higher following Monday’s surge. That came after OPEC+ hiked output less than expected and a Ukrainian strike on Russian bombers parked deep inside the country stoked geopolitical concerns.- Growth downgrade -Focus was firmly on the United States and China.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development ministerial meeting in Paris on Wednesday.The OECD on Tuesday slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected. It also said the US economy would expand 1.6 percent, down from an earlier estimate of 2.2 percent.The organisation noted that “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty will all have “marked adverse effects on growth” if they persist.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira told AFP.Data on Tuesday indicated Chinese factory activity shrinking at its fastest pace since September 2022.Wall Street saw tech-led gains on Monday in the wake of forecast-beating earnings from chip titan Nvidia.US Commerce Secretary Howard Lutnick voiced optimism on Monday over a trade deal with India “in the not too distant future”.Also in focus was Trump’s signature “big, beautiful bill”. It is headlined by tax cuts slated to add up to $3.0 trillion to the nation’s debt at a time of heightened worries over the country’s finances.US senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump’s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.- Key figures at around 1030 GMT -London – FTSE 100: FLAT at 8,775.31 pointsParis – CAC 40: DOWN 0.2 percent at 7,720.07Frankfurt – DAX: UP 0.2 percent at 23,975.16Tokyo – Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai – Composite: UP 0.4 percent at 3,361.98 (close)New York – Dow: UP 0.1 percent at 42,305.48 points (close)Euro/dollar: DOWN at $1.1405 from $1.1443 on MondayPound/dollar: DOWN at $1.3513 from $1.3548Dollar/yen: UP at 142.98 yen from 142.71 yenEuro/pound: DOWN at 84.41 pence from 84.46 penceBrent North Sea Crude: UP 0.1 percent at $64.72 per barrelWest Texas Intermediate: UP 0.1 percent at $62.59 per barrel

Most markets rose Tuesday as investors kept tabs on developments in the China-US trade war as speculation swirled that the countries’ leaders will hold talks soon.After a period of relative calm on tariffs, Donald Trump at the weekend accused Beijing of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping — possibly this week — has raised hopes for a positive outcome.Meanwhile, oil prices extended Monday’s surge after Ukraine’s strike on Russian bombers parked deep inside the country stoked geopolitical concerns.Trump has expressed confidence a talk with Xi could ease tensions, even after his latest volley threatened their weeks-old tariff truce.”They violated a big part of the agreement we made,” he said Friday. “But I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out.”It is unclear if Xi is keen on a conversation but Trump’s economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week.US Treasury Secretary Scott Bessent — who last week warned negotiations with China were “a bit stalled” — said at the weekend the leaders could speak “very soon”.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development ministerial meeting in Paris on Wednesday.The OECD slashed on Tuesday its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected. It also said the US economy would expand 1.6 percent, from an earlier estimate of 2.2 percent.It warned “substantial increases” in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty will all have “marked adverse effects on growth” if they persist.”For everyone, including the United States, the best option is that countries sit down and get an agreement,” OECD chief economist Alvaro Pereira told AFP.While there has been no movement on the issue, investors were largely upbeat.Hong Kong gained more than one percent while Shanghai returned from a long weekend with gains, even as data indicated Chinese factory activity shrinking at its fastest pace since September 2022.There were also gains in Sydney, Taipei, Bangkok, Jakarta and Manila, while London was flat.Tokyo, Singapore, Wellington and Mumbai retreated with Paris and Frankfurt. Seoul was closed for a presidential election.- Deals queued up? -The advances followed tech-led gains on Wall Street in the wake of forecast-beating earnings from chip titan Nvidia.Still, National Australia Bank’s Rodrigo Catril remained nervous, writing in a commentary: “The lift in tariffs is creating another layer of uncertainty and tension.”European articles suggest the lift in tariffs doesn’t bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs ‘another body blow’.”He added: “The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China.”US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India “in the not too distant future”, while Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations.Also in focus is Trump’s signature “big, beautiful bill” that is headlined by tax cuts slated to add up to $3 trillion to the nation’s debt at a time of heightened worries over the country’s finances.Senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump’s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.Oil prices extended Monday’s surge that saw West Texas Intermediate briefly jump five percent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions.That compounded news that the OPEC+ producers’ grouping had agreed a smaller-than-expected increase in crude production.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong – Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai – Composite: UP 0.4 percent at 3,361.98 (close)London – FTSE 100: FLAT at 8,770.55 Euro/dollar: DOWN at $1.1420 from $1.1443 on MondayPound/dollar: DOWN at $1.3521 from $1.3548Dollar/yen: UP at 142.90 yen from 142.71 yenEuro/pound: DOWN at 84.45 pence from 84.46 penceWest Texas Intermediate: UP 0.9 percent at $63.11 per barrelBrent North Sea Crude: UP 0.9 percent at $65.18 per barrelNew York – Dow: UP 0.1 percent at 42,305.48 points (close)