Headline

Global Markets Plunge As US Tariffs Loom, Gold Hits Record High

Published

3 months ago

March 31, 2025

Tokyo led another plunge across Asian markets on Monday while gold hit a record high as investors steel themselves for a wave of US tariffs this week that has fuelled recession fears.

Equities across the planet have been hammered in recent weeks ahead of Donald Trump’s “Liberation Day” on Wednesday, when his administration will unveil a series of levies against friend and foe alike, citing what he says are unfair trading practices.

His announcement last week that he would also impose 25 percent duties on imports of all vehicles and parts ramped up the fear factor on trading floors, hammering car giants including Japan’s Toyota, the world’s biggest.

Governments around the world have pushed back against Trump’s tariffs, and could announce more countermeasures, while Canadian Prime Minister Mark Carney told Trump on Friday that he will implement retaliatory tariffs to protect his country’s workers and economy.

Adding to the dour mood was data showing the Federal Reserve’s preferred gauge of inflation rose more than expected last month over worries Trump’s tariffs will fan price rises and further dent hopes for interest rate cuts.

Markets fell across the board on Monday, with firms in all sectors feeling the pain.

Japan’s Nikkei 225 index plunged more than four percent, extending last week’s slide, as automakers Toyota, Nissan and Mazda shed between three and four percent, while tech investment titan SoftBank tanked more than five percent.

The index’s drop put it in a correction, having fallen more than 10 percent from its peak in December.

Zensho Holdings, which owns several Japanese restaurant franchises, plunged 3.9 percent after its beef bowl chain Sukiya said it would temporarily shut nearly all of its roughly 2,000 branches after a rat was found in a miso soup and a bug in another meal.

Seoul was also sharply lower.

“Within the Asia-Pacific region, the car levies will hit Japan and South Korea the hardest. About six percent of Japan’s total exports are cars shipped to the US. In South Korea’s case, it’s four percent,” Moody’s Analytics economists wrote.

“Such a sizeable tariff hike will undermine confidence, hit production and reduce orders. Given the long and complex supply chains in car manufacturing, the impact will ripple through these countries’ economies.

“Back-of-the-envelope calculations suggest the action could shave 0.2 to 0.5 percentage points from growth in each.”

There were also losses in Sydney, Shanghai, Wellington, Taipei and Manila.

Hong Kong suffered another big selloff, with conglomerate CK Hutchison shedding 3.2 percent following reports billionaire Li Ka-shing might delay signing a multi-billion-dollar deal to offload its ports operations, including those in the Panama Canal.

The firm has come under pressure from China since it agreed to offload the business to a US-led consortium after pressure from Trump. Beijing confirmed on Friday antitrust regulators will review the deal, likely preventing the parties from signing it as planned on Wednesday.

Bangkok dropped more than one percent as trade got back under way after being suspended on Friday following the deadly quake that hit the Thai capital. The stock market was already under pressure, having dived more than 15 percent since the turn of the year on worries about the Thai economy.

London, Paris and Frankfurt opened sharply lower.

Gold, a safe haven in times of uncertainty and turmoil, hit a record high of $3,127.92.

The selling followed a hefty selloff on Wall Street, where the Dow tumbled 1.7 percent, the S&P 500 lost 2.0 percent and the Nasdaq dived 2.7 percent.

US investors were jolted by figures showing the core personal consumption expenditures (PCE) index came in above forecasts in February.

Analysts said that while the reading was not a blowout, its timing amid a period of uncertainty added to the sense of gloom when traders had been hoping for a little reassurance.

“Markets will now be fully at the mercy of an impending deluge of tariff-related headlines, while highly reactive to any US economic data that accelerates the thematic of slower economic activity and higher expected inflation,” said Chris Weston at Pepperstone.

– Key figures –

Tokyo – Nikkei 225: DOWN 4.1 percent at 35,617.56 (close)

Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,140.50

Shanghai – Composite: DOWN 0.5 percent at 3,335.75 (close)

London – FTSE 100: DOWN 0.8 percent at 8,591.09

Euro/dollar: UP at $1.0843 from $1.0838 on Friday

Pound/dollar: UP at $1.2964 from $1.2947

Dollar/yen: DOWN at 148.95 yen from 149.72 yen

Euro/pound: DOWN at 83.63 pence from 83.68 pence

West Texas Intermediate: DOWN 0.1 percent at $69.30 per barrel

Brent North Sea Crude: FLAT at $73.64 per barrel

New York – Dow: DOWN 1.7 percent at 41,583.90 (close)

AFP

Headline

Former NBA Player Ben McLemore Convicted Of Raping Incapacitated Woman

Published

12 hours ago

July 4, 2025

Editor

An Oregon jury found former Houston Rockets guard Ben McLemore guilty on Thursday of raping a woman in while playing for the Portland Trail Blazers in 2021.

Deliberations lasting around 10 hours after an 11-day trial concluded with the jury in Clackamas County finding McLemore, 32, guilty on one charge of first-degree rape, one charge of first-degree unlawful sexual penetration and one count of second-degree sexual abuse. He was found not guilty on an additional count of second-degree sexual abuse.

McLemore pleaded not guilty to all four counts before the verdict. His sentencing is scheduled for 10:30 a.m. Wednesday, July 9.

The charges stem from a report of sexual assault in Lake Oswego, Oregon, on Oct. 3, 2021. McLemore was identified as a suspect during a police investigation.

A Clackamas County grand jury heard evidence in the case in February 2024, which included testimony from the woman who said McLemore assaulted her. He was indicted and an arrest warrant was issued, according to Lake Oswego police. McLemore was arrested by U.S. Marshalls two months later.

Clackamas County prosecutor Scott Healy reportedly told jurors the victim found herself being sexually assaulted by McLemore while partially conscious the morning after a party.

Healy said that the victim had been drinking heavily at the party and had passed out on a living room couch at the party around 2 a.m.

McLemore’s attorneys reportedly disputed the victim’s account, claiming she had initiated sexual contact with McLemore and had consented to it. They also claimed that despite the victim and McLemore both being intoxicated, the victim was sober enough to consent.

McLemore played parts of two seasons with the Rockets from 2019-2021. He was the seventh pick in the 2013 draft out of Kansas and played for five teams across nine NBA seasons. After playing the 2021-2022 season with the Trail Blazers, McLemore went overseas to continue his playing career. He has played for teams in China, Greece, Spain and Turkey over the last three years.

Headline

Russia Launches Largest Assault On Ukraine

Published

12 hours ago

July 4, 2025

Editor

The Kremlin said on Friday that it sees no immediate diplomatic way out of the war in Ukraine, hours after launching its largest ever drone and missile barrage of the invasion.

The hours-long bombardments across Ukraine came just after a telephone call between the US and Russian presidents ended without any breakthrough.

AFP journalists in Kyiv heard drones buzzing over the capital and explosions ringing out throughout the night as Ukrainian air defence systems fended off the attack.

“We are interested in achieving our goals in the course of the special military operation and it is preferable to do it by political and diplomatic means,” Kremlin spokesman Dmitry Peskov told reporters, referring to its invasion, launched in February 2022.

“But as long as that is not possible, we are continuing the special operation,” he said in a briefing, including with AFP.

US President Donald Trump had said he made no progress in discussions one day earlier with President Vladimir Putin on ending the war, while the Kremlin vowed to pursue its war aims.

A senior Ukrainian official told AFP that Trump and Ukrainian leader Volodymyr Zelensky were planning to speak later on Friday.

Tymur, a Kyiv resident who said he had experienced previous Russian attacks, told AFP that the assault in the early hours of Friday was different.

“Nothing like this attack had ever happened before. There have never been so many explosions,” he said.

– ‘War and terror’ –
Zelensky said air alerts had begun echoing out across the country as the Trump-Putin call was getting underway.

“Yet again, Russia is showing it has no intention of ending the war and terror,” Zelensky said on social media.

“All of this is clear evidence that without truly large-scale pressure, Russia will not change its dumb, destructive behaviour.”

He urged the United States in particular to increase pressure on Moscow, which on Friday announced fresh territorial gains on the front line with the capture of a village in the Donetsk region.

Poland said its embassy building in Kyiv had been damaged in the attack but that staff were unharmed.

Germany’s foreign ministry meanwhile said that the timing of the attack — just after the leaders’ call — showed that Moscow “continues to rely on brute force”.

“Ukraine needs more to defend itself, not less,” the ministry said on social media.

A government spokesman said Germany was exploring the possibility of purchasing more Patriot air defence systems from the United States for Ukraine.

Zelensky said 23 people were wounded in the barrage, which the air force said comprised 539 drones and 11 missiles.

A representative of Ukraine’s air force told Ukrainian media that the attack was the largest of the Russian invasion, launched in February 2022.

– ‘Complete disregard’ –

Overnight Russia attacks have escalated over recent weeks.

An AFP tally found Moscow launched a record number of drones and missiles at Ukraine in June when direct peace talks between Kyiv and Moscow appeared to stall.

In Kyiv, AFP journalists saw dozens of residents of the capital taking shelter in a metro station.

Yuliia Golovnina, who said she shelters at the metro regularly, described to AFP the worry that comes with hearing an explosion during an attack.

“Will there be another one? Will something collapse on you?” the 47-year-old said.

“So in those seconds, you just hold your breath and wait to see what happens next,” she added.

In Kyiv, concerns mount over whether the US will continue delivering military aid, which is key to Ukraine’s ability to fend off the drone and missile barrages.

The US announced this week it was reducing some of its aid deliveries.

European Commission President Ursula von der Leyen said this was a clear signal that the 27-nation European Union needed to “step up”.

Ukraine has also ramped up its retaliatory strikes in Russia, where a woman was killed when a Ukrainian drone crashed into an apartment building, the acting regional governor in Rostov said.

Talks, spearheaded by the United States to secure a ceasefire, have stalled but Ukraine and Russia announced a fresh swap of prisoners of war with Ukraine.

The two sides said it was part of agreements reached during talks in Istanbul last month.

AFP

Headline

We’re Ready To Start Gaza Ceasefire Talks ‘Immediately’ – Hamas

Published

12 hours ago

July 4, 2025

Editor

Hamas said Friday it was ready to start talks “immediately” on a proposal for a ceasefire with Israel in Gaza, after holding consultations with other Palestinian factions.

“The movement is ready to engage immediately and seriously in a cycle of negotiations on the mechanism to put in place” the terms of a draft truce proposal received from mediators, the militant group said in a statement.