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The United States on Friday became only the second country to ever boycott a United Nations review of its human rights record, as President Donald Trump’s administration faced criticism over mounting abuses.US seats were left empty at the world body’s European headquarters in Geneva for the so-called Universal Periodic Review (UPR), which all 193 UN member states have to undergo every four to five years.Some countries have requested postponements since the UPR began in 2008 but Israel was the only previous no-show in early 2013, although it eventually underwent a delayed review 10 months later.As the review was set to begin, UN Human Rights Council president Jurg Lauber looked at the empty seats behind the US nameplate and said: “I note that the delegation of the United States is not present in the room.”The US absence was not a surprise after the Trump administration decided early this year to halt Washington’s cooperation with the rights council, and announced in August it would also boycott the UPR process.But it still angered a number of US local officials and rights groups who had come to Geneva to list their growing concerns since Trump returned to power in January.- ‘Shocking’ -“It’s shocking that the US decided not to participate,” Carolyn Nash of Amnesty International told AFP, accusing Washington of “walking away from even the impression of caring about the safety and security of people in the US and around the world”.This is “really an abdication of US multilateral and human rights leadership,” Uzra Zeya, head of Human Rights First, told AFP.Speaking at one of several events at the UN connected with the aborted US review, she warned the government had created an “unprecedented reprisal environment” with infringements on free speech, government “weaponisation of federal funds” and Trump’s “massive deportation operation”. Others listed the crackdowns on universities, the media and art institutions, as well as lethal strikes on alleged drug boats in the Caribbean and Pacific, among alarming developments.Larry Krasner, who was re-elected district attorney of Philadelphia earlier this week, told AFP he was not surprised that “criminal” Trump “wants to escape accountability”.But he voiced hope the “moral authority” of the people would help “rein in a rough president … who wants to be Adolf Hitler”.The side events were taking place in a room of the UN’s European headquarters where former US first lady Eleanor Roosevelt helped draft the Universal Declaration of Human Rights before its adoption in 1948.”It’s tragic and deeply ironic that we helped to create the norms as well as this (UPR) process that we are now backing out of,” a former senior US official told AFP, asking not to be named.- Need for ‘sunlight’ -Many urged the international community to speak out and support their work to hold the US government in check.”It’s the Human Rights Council, the United Nations system and a community of nations committed to human rights and democracy who can bring necessary sunlight to these abuses,” said Chandra Bhatnagar, head of the American Civil Liberties Union (ACLU)’s southern California branch.Holly Mitchell, the elected supervisor of the Second District County of Los Angeles, agreed.”When the president sends tanks into the streets and disappears people, people are taken from home, off the street, from their families, from school, without any rights, being held without access to counsel, I believe we’re in trouble,” she said. “It’s going to take the world’s eye and the world’s voice to hold him accountable.”Observers warned the US absence could serve as a bad example.”We hope this doesn’t risk normalising withdrawal from the council,” Sanjay Sethi, co-head of the Artistic Freedom Initiative, told AFP.

Brazil’s President Luiz Inacio Lula da Silva on Friday said Earth cannot sustain humanity’s dependence on fossil fuels and without confronting this reality the climate fight will be lost.The leftist leader spoke at a pre-COP30 summit in the Brazilian Amazon where other heads of state and government implored all nations to start weaning off the burning of coal, oil and gas responsible for most of planet-heating pollution.    Evidence of dangerous warming has never been clearer: the decade since the Paris Agreement has been the hottest on record, marked by intensifying hurricanes, heatwaves and wildfires.Lula said tackling the urgent question over the future of energy would determine “success or failure in the battle against climate change,” he added.”Earth can no longer sustain the development model based on the intensive use of fossil fuels that has prevailed over the past 200 years,” Lula told world leaders in Belem where the UN climate talks are taking place.Brazil has stressed that each country would pursue its own course to “transition away from fossil fuels” — a pact made by all nations at a previous COP in Dubai in 2023.Lula is presiding over the world’s top climate negotiations just weeks after his government approved new oil drilling in the Amazon region.Earlier this week he told AFP and other outlets that “it’s not easy” for countries to reduce fossil fuels, but that the subject could be approached through a “roadmap” developed at COP30.Rwanda’s environment minister Bernadette Arakwiye told delegates that they face a stark choice.  “We can continue with incremental progress while the planet burns, or we can rise to meet the scale of this crisis,” she said.  “The fossil fuel era is drawing to a close. We must now ensure the transition is just, inclusive and equitable.”- ‘Fossil age ending’ -The absence of leaders from the world’s biggest polluters, including the United States, where President Donald Trump has dismissed climate science as a “con job,” cast a shadow over talks, but also catalyzed calls for greater mobilization.Spanish Prime Minister Pedro Sanchez told the summit that his country was moving forward with others to tax premium-class flights and private jets, one major source of heat-trapping emissions.”It is only fair that those who have more and pollute more should pay their fair share,” he said.UN chief Antonio Guterres said global investment in renewable energy reached two trillion dollars in 2024 — eight hundred million more than polluting forms of energy.”The fossil fuel age is ending,” he told an event in Belem, a rainforest city on the edge of the Amazon.Guterres warned Thursday that the world would fail to keep global warming below 1.5C — the Paris Agreement’s primary target — but must keep to a minimum any overshoot before returning temperatures below this safer limit.Despite this, climate change has slipped down the agenda as nations grapple with economic pressures, trade disputes and wars, as well as the Trump administration’s aggressively pushing for more fossil fuels.- Roadmap support -Lula lamented the “pressure and threats” that led the International Maritime Organization (IMO) to postpone a plan to curb shipping emissions, and also spoke of the need to pursue alternative fuels for transport and industry including ethanol.And the latest round of negotiations to agree a world-first treaty on plastic — a byproduct of oil and gas manufactured by petrochemical companies — collapsed in August.The idea of phasing out hydrocarbons is gaining traction in Europe. Despite their divisions, EU countries noted that they have reduced greenhouse gas emissions for more than three decades and are aiming for a 90 percent cut by 2040.Lula’s “roadmap” presented on day one of the summit — a pathway to halting deforestation, reducing fossil fuel use, and finding the money to achieve those goals — was applauded from the floor.A formal anti-fossil fuel decision in Belem is unlikely, given the requirement for consensus among nearly 200 countries attending the conference.Still, COP30 will put a spotlight on countries’ voluntary pledges and their implementation, which could lead to fresh announcements on methane — a “super pollutant” and the main component of natural gas, prone to leaking from pipelines and installations.burs-np/klm/bgs

Stock markets tumbled Friday as fears of an AI bubble deepened a tech selloff, with investors also rattled by weak economic data and a prolonged US government shutdown.The tech-heavy Nasdaq index was down almost two percent near midday on Wall Street, with shares in the world’s most valuable company, AI chip designer Nvidia, shedding more than four percent.”It’s one thing for equity markets to suffer a general pullback, as happened during the Trump Tariff Tantrum in April,” said David Morrison, analyst at Trade Nation financial services firm.”But it’s quite another to see stocks at the vanguard of AI development getting trashed. What adds to concerns is that there has been no obvious catalyst for the selloff,” he added.Massive investments in artificial intelligence have fuelled a tech rally this year, but some investors fear the valuations are now too high, sparking a selloff this week.”Some analysts warn that this year’s artificial-intelligence-led rally has finally come to a halt,” said Forex.com analyst Fawad Razaqzada.”Others suggest markets needed to cool down anyway with indices racing to record highs without much pause and new stimulus,” he added.Investors were also rocked by data showing US consumer sentiment dipped in November to its lowest level since mid-2022.The University of Michigan’s index of consumer sentiment dropped by six percent this month, preliminary estimates indicate, to a reading of 50.3 from October’s 53.6 figure.It came a day afer a report from outplacement firm Challenger, Gray & Christmas showed US layoffs hit the highest level in 22 years last month.Investors have been forced to use private data as a guide to the state of the world’s biggest economy because the longest-running US government shutdown has closed numerous departments.The shutdown also forced the cancellation of hundreds of flights on Friday after President Donald Trump’s administration ordered reductions to ease the strain on air traffic controllers who are working without pay.While the latest jobs figures came a day after news that private hiring had increased, it sparked concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.Markets were also pressured by official data showing China’s exports fell in October for the first time in eight months as trade tensions flared in the weeks before Chinese President Xi Jinping and Trump reached a detente.London’s top-tier FTSE 100 index was dragged down by double-digit falls in the share prices of online property business Rightmove and British Airways owner IAG following earnings updates that undershot market expectations.- Key figures at around 1640 GMT -New York – Dow: DOWN 0.6 percent at 46,616.29 pointsNew York – S&P 500: DOWN 1.1 percent at 6,646.42 New York – Nasdaq Composite: DOWN 1.9 percent at 22,621.37London – FTSE 100: DOWN 0.6 percent at 9,682.57 Paris – CAC 40: DOWN 0.2 percent at 7,950.18Frankfurt – DAX: DOWN 0.7 percent at 23,569.96Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)Euro/dollar: UP at $1.1576 from $1.1548 on ThursdayPound/dollar: UP at $1.3165 from $1.3135Dollar/yen: UP at 153.05 yen from 153.04 yenEuro/pound: UP at 87.83 pence from 87.91 penceBrent North Sea Crude: UP 0.3 percent at $63.56 per barrelWest Texas Intermediate: UP 0.3 percent at $59.63 per barrelburs-bcp-lth/tw

Two women, two states, two landslide wins. Abigail Spanberger and Mikie Sherrill aren’t just the new governors of Virginia and New Jersey — they’re the fresh faces of a centrist movement seen as key to the revival of Democratic Party politics.Former public servants who entered Congress together in 2019, Spanberger and Sherrill have long shared more than just political goals. After Tuesday’s sweeping victories, they’re being hailed as the pragmatic wing of a party still desperate to define itself after defeat to Donald Trump’s Republicans in 2024.Spanberger, 46, made history as Virginia’s first female governor, cruising to victory with a stunning 14-point lead in the East Coast state of more than eight million. In New Jersey — a state of a similar size in the same region — Sherrill, 53, defied expectations with a similarly commanding win, beating her Republican rival by more than 13 points.While neither state has backed a Republican presidential candidate in over two decades, Trump’s strong showing last year — narrowing the gap with Kamala Harris — had Democrats sweating. Spanberger and Sherrill’s decisive wins appear to have calmed those nerves, at least for now.- Service before politics -In 2019, after two years of Trump in the White House, Democrats regained the majority in the House of Representatives. Spanberger and Sherrill arrived in Washington as part of a wave of centrist Democrats focused on security, service and problem-solving. Their backgrounds read like resumes built for leadership.Sherrill is a former Navy helicopter pilot, Naval Academy graduate, Georgetown University-trained lawyer and federal prosecutor. Spanberger spent years as a CIA officer, working undercover on overseas missions.When they first came to Congress, they bunked together in Washington, forging a friendship that has lasted through campaigns and Capitol Hill chaos. Sherrill recently told CNN the pair frequently discussed their campaigns.”Here’s somebody who comes from that national service background like I do, someone who’s a mom, like I am. She has three kids, I have four,” she said.- Future of the party -Their policy platforms struck a similar chord with voters: a laser focus on the cost of living.In her victory speech, Spanberger promised to “focus relentlessly on what matters most, lowering costs, keeping our communities safe and strengthening our economy for every Virginian.”With inflation still biting and Democrats bruised from the 2024 elections, that message resonated. But Spanberger and Sherrill aren’t the only ones shaping the party’s future.In New York, newly elected mayor Zohran Mamdani — a 34-year-old progressive, Muslim, and self-described democratic socialist — rode a wave of enthusiasm with the same message about affordability.But his broader political outlook poses a sharp contrast to the centrism of Spanberger and Sherrill, begging the question: Who best represents the future of the Democratic Party?Political scientist Wendy Schiller of Brown University says the two governors “believe in the core Democratic messaging, but they’re centrist, meaning they aren’t perceived as too ideological.”That could be a winning formula in swing states, unlike deep-blue New York.With Trump set to leave the White House in 2028, the stage is already being set. And Spanberger and Sherrill may be just getting started.

Hundreds of flights were canceled across the United States on Friday after the Trump administration ordered reductions to ease strain on air traffic controllers working without pay amid congressional paralysis over the federal budget.Forty airports were slated for the slowdown, including major hubs in Atlanta, Newark, Denver, Chicago, Houston and Los Angeles.With Republicans and Democrats in a bitter standoff over spending priorities, including healthcare, Congress has ground to a standstill, leaving the entire federal funding spigot closed.Vast numbers of government employees, including vital airport staff, are either working without pay or furloughed at home, waiting for the now nearly six-week crisis to end.The flight reductions were to take effect gradually over the coming days, starting at four percent and rising to 10 percent next week if Congress still hasn’t reached a funding deal.About 840 flights scheduled for Friday were canceled, according to tracking website FlightAware.The most affected airports were Chicago O’Hare, Hartsfield-Jackson in Atlanta, Denver and Dallas-Fort Worth, according to data analyzed by AFP.”This is frustrating. We don’t need to be in this position,” American Airlines CEO Robert Isom told CNBC.The upheaval means ordinary Americans are now directly feeling the impacts of the Washington fight, where the funding shutdown began October 1, increasing pressure on both parties.The Senate was expected to try for the 15th time Friday to approve a short-term, House-passed funding measure that would reopen the government — but the vote was expected to fail like the previous 14.US Transportation Secretary Sean Duffy blamed Democrats, saying they should vote to reopen the government.”If Democrats are going to go home this weekend, and they’ve kept the government shut down, that’s shameful,” Duffy told reporters at Reagan National Airport.However, Republicans control Congress and Democrats have said they will refuse to sign off on the majority party’s budget plans, including severe healthcare cuts.- ‘Hurting people’ -The flight reduction measures come as the country enters its busiest travel time of the year, with the Thanksgiving holiday just weeks away.”This will get serious if things drag on to Thanksgiving,” retiree Werner Buchi told AFP at New York’s LaGuardia airport as he waited for his daughter to arrive on a flight from Wilmington, North Carolina.Rhonda, 65 — who arrived at LaGuardia without a hitch from Portland, Maine — worried about holiday plans “that could be ruined because people won’t talk to each other. This is hurting a lot of people,” she said.American Airlines said in a statement that its scheduled reduction amounted to 220 flight cancellations each day.Delta Air Lines said it was cutting about 170 flights scheduled for Friday, while broadcaster CNN reported Southwest Airlines axed around 100 flights set for that day.More than 6,800 US flights were delayed Thursday with some 200 cancellations, FlightAware data showed, with passengers facing long lines at security checkpoints.Travelers at Boston and Newark airports also faced average delays of more than two hours, and those at Chicago’s O’Hare and Washington’s Reagan National more than an hour.Authorities said they wanted to act before an accident occurred.”We’re not going to wait for a safety problem to truly manifest itself, when the early indicators are telling us we can take action today to prevent things from deteriorating,” said FAA Administrator Bryan Bedford.- ‘Safe to fly’ -President Donald Trump’s administration sought to reassure people that flying remains safe.”It’s safe to fly today, tomorrow, and the day after because of the proactive actions we are taking,” Duffy said on social media late Thursday.But many in high-stress aviation-related jobs are now calling in sick and potentially working second jobs to pay their bills.

Seven people were briefly hospitalized after a suspicious package containing a white powder was opened at the military base near the US capital that is home to Air Force One, the presidential jet, US media reported.The CNN television network said initial tests of the unknown substance by a HAZMAT team found it not to be hazardous but an investigation was ongoing.The individuals at Joint Base Andrews who were taken to hospital on Thursday were subsequently released, CNN said.Fox News said some of them had reported experiencing headaches.CNN, citing sources familiar with the investigation, said the package also contained what was described as “political propaganda.””Joint Base Andrews responded to an incident here today after an individual opened a suspicious package,” the base said in a statement to US media. “As a precaution, the building and connecting building were evacuated.”Joint Base Andrews first responders were dispatched to the scene, determined there were no immediate threats, and have turned the scene over to Office of Special Investigations,” the statement said.Joint Base Andrews in Maryland is a short drive from Washington and is used by senior US government officials.President Donald Trump landed at the facility as recently as Wednesday on an Air Force One flight returning him from a business forum in Florida.CNN said the package was opened in a building that houses the Air National Guard Readiness Center on the sprawling base.

European and Asian stock markets retreated Friday after a slide on Wall Street following weak US jobs data and signals that the Federal Reserve will not cut interest rates this year.Growing worries that valuations, particularly among tech companies, are far too high following this year’s blockbuster rally added to the sense of unease on trading floors.Pressuring markets heading into the weekend pause was also weak Chinese exports data, the ongoing US government shutdown and some poorly-received earnings news, according to analysts.”Global stock indices are heading towards a weekly loss after pockets of volatility have knocked market sentiment,” noted Kathleen Brooks, research director at XTB trading group.”November is seasonally a strong month for stocks… The question now is, can seasonality outweigh valuation concerns and fears about the US economy to deliver more stock market gains this month?”A rollercoaster week looked set to end on a negative note after a report by outplacement firm Challenger, Gray & Christmas showed US layoffs hit the highest level in 22 years last month.The report found that this year has been the worst for layoffs since 2020, when the labour market was decimated by the pandemic.The Nasdaq shed 1.9 percent and S&P 500 more than one percent Thursday, with losses extending to Asia on Friday as Tokyo and Seoul closed down more than one percent.Losses among Europe’s main markets were about half-a-percent around midday.Investors have been forced to use private data as a guide to the state of the world’s biggest economy owing to the longest-running US government shutdown that has closed numerous departments.While the latest jobs figures came a day after news that private hiring had increased, it sparked fresh concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.Fed Cleveland chief Beth Hammack said she remained “concerned about high inflation”.And Chicago Fed boss Austan Goolsbee told CNBC he was concerned about making decisions during the shutdown without full data.Markets were pressured Friday also by official data showing China’s exports fell in October for the first time in eight months as trade tensions flared in the weeks before Chinese President Xi Jinping and US counterpart Donald Trump reached a detente.London’s top-tier FTSE 100 index was dragged down by heavy losses to share prices of online property business Rightmove and British Airways owner IAG, which dropped 13 and eight percent respectively following earnings updates that undershot market expectations.On the upside, British broadcaster ITV surged 15 percent after announcing it was in preliminary talks to sell its television and streaming business to US-owned rival Sky for £1.6 billion ($2.1 billion).- Key figures at around 1115 GMT -London – FTSE 100: DOWN 0.6 percent at 9,681.94 pointsParis – CAC 40: DOWN 0.4 percent at 7,934.59Frankfurt – DAX: DOWN 0.6 percent at 23,590.60Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)New York – Dow: DOWN 0.8 percent at 46,912.30 (close)Euro/dollar: UP at $1.1549 from $1.1548 on ThursdayPound/dollar: DOWN at $1.3108 from $1.3135Dollar/yen: UP at 153.30 yen from 153.04 yenEuro/pound: UP at 88.12 pence from 87.91 penceBrent North Sea Crude: UP 1.0 percent at $64.02 per barrelWest Texas Intermediate: UP 1.1 percent at $60.11 per barrelburs-bcp/ajb/lth

US officials and rights defenders gathered at the United Nations in Geneva on Friday to voice concerns over human rights under President Donald Trump’s administration, and denounce Washington’s decision to snub a review of its record.The US mission in Geneva confirmed this week that the country would skip its so-called Universal Periodic Review (UPR), after first announcing the decision in August, becoming only the second country to ever boycott the process.All 193 United Nations member states are required to undergo the standard review of their rights situation every four to five years.The decision “is deeply disappointing,” Uzra Zeya, head of Human Rights First, said in an email.”It sends the wrong message and weakens a process that has helped drive progress on human rights worldwide — including in the United States.”Zeya was to host one of several events at the UN in Geneva featuring activists and elected US officials voicing concerns around rights in the United States, in particular since Trump returned to power in January.The US decision to snub its review was linked to Trump’s order in February withdrawing the country from a number of UN bodies, including participation in the Human Rights Council.But dropping the UPR was not a given. Trump also withdrew from the council during his first term, but his administration still opted to take part in its 2020 review. The US under Trump especially has repeatedly slammed the council for being biased against Israel, and has cited that alleged bias as prompting its withdrawal from the review.- ‘Tragic’ -The move “really, really undermines … the notion that international human rights law is inalienable and applies equally to all,” warned Phil Lynch, head of the International Service for Human Rights.He was speaking at an event in a room of the UN’s European headquarters where former US first lady Eleanor Roosevelt helped draft the Universal Declaration of Human Rights before its adoption in 1948.”It’s tragic and deeply ironic that we helped to create the norms as well as this (UPR) process that we are now backing out of,” a former senior US official told AFP, asking not to be named.Another former US official who worked on the country’s previous UPR engagements warned the move was a “dangerous” signal.”We’re losing our legitimacy globally on human rights leadership… It’s a hard pill to swallow.”The US absence sparked outrage among civil society, which typically participates in reviews, providing analysis and recommendations.Denied the UPR platform, numerous groups, academics and local US officials were nonetheless intent on making their concerns known.They listed a string of alarming developments, including repression of dissent, militarised immigration crackdowns, national guards sent into US cities, crackdowns on universities and art institutions, and lethal strikes on alleged drug boats in the Caribbean and Pacific.- Need for ‘sunlight’ -Many urged the international community to speak out and support their work to hold the US government in check.”It’s the Human Rights Council, the United Nations system and a community of nations committed to human rights and democracy who can bring necessary sunlight to these abuses,” said Chandra Bhatnagar, head of the American Civil Liberties Union (ACLU)’s southern California branch.Robert Saleem Holbrook, head of the Abolitionist Law Center agreed, insisting that as “we see our civil liberties being decimated, these forums are going to take on increasing importance in the future”.The United States is set to become one of the only two countries to fail to show up for their own review since the inception of the UPR system in 2008.While some countries have requested postponements, only Israel has previously been a no-show, in early 2013, although it eventually underwent a postponed review 10 months later.Observers warned the US absence could serve as a bad example.”We hope this doesn’t risk normalising withdrawal from the council,” Sanjay Sethi, co-head of the Artistic Freedom Initiative, told AFP.

Stocks on Friday tracked Wall Street losses propelled by investors weighing weak US jobs data against signals the Federal Reserve won’t again cut interest rates this year.Growing worries that valuations, particularly among tech companies, are far too high following this year’s blockbuster rally added to the sense of unease on trading floors.A rollercoaster week looked set to end on a negative note after a report by outplacement firm Challenger, Gray & Christmas showed layoff US announcements hit the highest level in 22 years last month.The report found that this year has been the worst for layoffs since 2020, when the labour market was decimated by the pandemic.Investors have been forced to use private data as a guide to the state of the world’s biggest economy owing to the longest-running government shutdown that has closed numerous departments.While the latest jobs figures came a day after news that private hiring had increased, it sparked fresh concerns about the labour market and put pressure on the Fed to cut borrowing costs for a third successive meeting in December.However, comments from central bank officials suggested another reduction was not certain, echoing boss Jerome Powell’s warning last week.While stabilising the jobs market is one half of the Fed’s dual mandate, some decision-makers said they were more concerned about the other: keeping a cap on inflation.Fed Cleveland chief Beth Hammack said she remained “concerned about high inflation and believe policy should be leaning against it”.”To me, comparing the size and persistence of our mandate misses and the risks, inflation is the more pressing concern,” she said Thursday in prepared remarks for an event in New York. She called the current setting “barely restrictive”.Chicago Fed boss Austan Goolsbee told CNBC he was concerned about making decisions during the shutdown without the full data, adding that such a move made him “even more uneasy.And their St Louis counterpart said cutting rates would take away the downward pressure that was still needed on inflation.All three main indexes on Wall Street ended down as tech firms, which have been at the forefront of the surge to record highs this year, took the brunt of the selling.The Nasdaq shed 1.9 percent and S&P 500 more than one percentAsia fared barely any better, with Tokyo and Seoul off more than one percent, having recently hit all-time highs.Hong Kong, Shanghai, Sydney, Singapore, Taipei, Mumbai, Bangkok and Manila were also down, though Wellington and Jakarta rose.London opened lower but there were gains in Paris and Frankfurt.Traders have in recent weeks been taking stock of this year’s rally, which has sent several markets to all-time highs and valuations soaring — chip giant Nvidia last week became the first $5 trillion company.The gains have been fanned by a mind-boggling flood of investment into all things artificial intelligence as well as hopes for US rate cuts and an easing of trade tensions.But there is growing talk — even among some top CEOs — that a bubble has formed and stocks could be in for a pullback or even a correction in which they lose about 10 percent from their recent peaks.”Sentiment remains very fragile indeed, be that as a result of continued jitters over the AI frenzy, those warnings about a pullback from bank CEOs… or potentially just a reflection of the market at large having come a very long way, in a very short space of time,” wrote Pepperstone’s Michael Brown.But he added: “My belief remains that the fundamental bull case is a strong one, with the policy backdrop becoming increasingly loose, earnings growth robust, and the underlying economy resilient.”- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 50,276.37 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,241.83 (close)Shanghai – Composite: DOWN 0.3 percent at 3,997.56 (close)London – FTSE 100: DOWN 0.1 percent at 9,724.94 Euro/dollar: DOWN at $1.1533 from $1.1548 on ThursdayPound/dollar: DOWN at $1.3124 from $1.3135Dollar/yen: UP at 153.42 yen from 153.04 yenEuro/pound: DOWN at 87.88 pence from 87.91 penceWest Texas Intermediate: UP 1.1 percent at $60.07 per barrelBrent North Sea Crude: UP 1.0 percent at $64.02 per barrelNew York – Dow: DOWN 0.8 percent at 46,912.30 (close)

World leaders will meet for a second day of climate talks in the Brazilian Amazon on Friday after fiery speeches and renewed criticism of Big Oil marked the opening session.Dozens of ministers and several heads of state and government, including those of Spain, Germany and Namibia, will meet in Belem just before the United Nations’ (UN) annual two-week conference, COP30, which starts on Monday.Evidence of the climate crisis, driven largely by the burning of fossil fuels and deforestation, has never been clearer: the past 11 years have been the hottest on record and marked by intensifying hurricanes, heat waves and wildfires.UN chief Antonio Guterres and a series of national leaders said on Thursday that the world will fail to keep global warming below 1.5C, the Paris Agreement’s primary target set a decade ago, but said they have not yet given up on its fallback goal of 2C.The absence of leaders from the world’s biggest polluters, including the United States, where President Donald Trump has dismissed climate science as a “con job,” cast a shadow over talks, but also catalyzed calls for greater mobilization.Countries made an unprecedented pledge to “transition away” from oil, gas and coal at COP28 in Dubai two years ago.However, the issue has since slipped down the agenda as nations grapple with economic pressures, trade disputes and wars, and the Trump administration aggressively pushing for more fossil fuels.- ‘Roadmap’ calls praised -Brazilian President Luiz Inacio Lula da Silva’s call in his opening address for a “roadmap” to halt deforestation, reduce dependence on fossil fuels, and mobilize the financial resources needed to achieve those goals was met with applause.The coalition backing Lula’s call includes European nations and numerous small island states whose very survival is threatened by stronger cyclones and rising sea levels.Gaston Browne, the prime minister of Antigua and Barbuda, railed against the “large polluters (who) continue to deliberately destroy our marine and terrestrial environments with their poisonous fossil fuel gases.”The idea of phasing out hydrocarbons is also gaining traction in Europe. Despite their divisions, EU countries noted that they have reduced greenhouse gas emissions for more than three decades and are aiming for a 90 percent cut by 2040.”COP30 must send a clear message that the green transition is here to stay, and that fossil fuels have no future,” said Finnish President Alexander Stubb.Marta Salomon of the Brazilian think tank Politicas Climaticas do Instituto Talanoa told AFP: “When the president talks about a roadmap to reduce dependence on fossil fuels, we understand it as a favorable sign for this discussion to take place during COP.”Lula had already hinted at his plan in an interview this week with AFP and other outlets, though he cautioned “it’s not easy” to reduce fossil fuels.Indeed, Brazil has just authorized its state oil company to begin offshore exploration in the Amazon.A formal anti-fossil fuel decision in Belem is seen as highly unlikely, given the requirement for consensus among nearly 200 countries attending the conference.Still, COP30 will put a spotlight on countries’ voluntary pledges and their implementation, which could lead to fresh announcements on methane — a “super pollutant” and the main component of natural gas, prone to leaking from pipelines and installations.”The world must pull the methane brake,” said Mia Mottley, prime minister of Barbados and a highly respected voice in global climate diplomacy.