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

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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.

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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.

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READ ALSO: Trump’s Tariff War: Airline Travel Between Canada, US ‘Collapsing’

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.

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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.

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“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.”

READ ALSO:Trump Tariffs: Canada To Strike Back At US – PM Carney

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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.

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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.

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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.

READ ALSO: Trump Signs Order Targeting Former Special Counsel’s Law Firm

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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 –

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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)

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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

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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

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Brent North Sea Crude: FLAT at $73.64 per barrel

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

AFP

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Trump Warns Of More Strikes In Nigeria If Attacks On Christians Continue

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US President Donald Trump has warned that he could authorise additional military strikes in Nigeria if attacks against Christians continue, citing the security situation in the West African nation as a key concern.

In an interview with the New York Times on Thursday, Trump was asked whether the Christmas Day strikes in Sokoto State, which targeted Islamist militants, were intended as part of a broader campaign. “I’d love to make it a one-time strike. But if they continue to kill Christians, it will be a many-time strike,” he said.

READ ALSO:Russia, China Afraid Of US Under My Administration — Trump

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Trump’s comments follow his 2025 designation of Nigeria as a “country of particular concern” due to what he described as an “existential threat” to its Christian population. The remarks have drawn criticism from Nigerian officials, who insist that jihadist groups target people regardless of religion. “Muslims, Christians and those of no faith alike” are affected, a government spokesperson said, rejecting claims that Christians are being singled out.

When pressed about reports that most victims of jihadist groups in Nigeria are Muslims, Trump responded, “I think that Muslims are being killed also in Nigeria. But it’s mostly Christians.” Nigeria, with a population exceeding 230 million, is roughly evenly divided between Christians in the south and Muslims in the north.

The December strikes targeted camps run by a jihadist group known as Lakurawa in Sokoto, a largely Muslim region near the border with Niger. Both the US and Nigerian authorities have linked the militants to Islamic State-affiliated groups in the Sahel, although the IS has not formally claimed any association with Lakurawa. Details of casualties from the strikes remain unclear, as neither government has provided official figures.

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Nigeria’s Foreign Minister Yusuf Maitama Tuggar said the operation was a “joint effort” and emphasised that it was not motivated by religion. He confirmed that the strikes had the approval of President Bola Tinubu and included
participation by Nigerian armed forces. Addressing the timing of the strikes, Tuggar added that they were unrelated to Christmas, though Trump described them as a “Christmas present”.

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Science Discovers Why Hungry, Broke Men Prefer Bigger Breasts

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A scientific study has found that men who feel financially insecure or hungry are more likely to find larger female breasts attractive.

The research was published in the peer-reviewed journal PLOS ONE and was conducted by psychologists Viren Swami and Martin J. Tovée.

The study examined whether breast size acts as a signal of fat reserves and access to resources, and whether men facing resource insecurity rate larger breast sizes as more attractive than men who feel economically secure.

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Researchers carried out two separate studies across Malaysia and the United Kingdom.

In the first study, 266 men from three areas in Malaysia were assessed. The locations represented low, medium and high socioeconomic backgrounds. Participants were shown rotating computer-generated images of women with different breast sizes and asked to rate which they found most attractive.

READ ALSO:Wike: Why Removing Fubara Will Be Difficult – Ex-Commissioner

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The findings showed a clear socioeconomic pattern.

Men from low-income rural areas preferred larger breasts.

Men from middle-income towns preferred medium to large breasts.

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Men from high-income urban areas preferred smaller to medium breasts.

PLOS ONE study showing how hunger and financial insecurity affect men’s breast size preferences
Cover page of a PLOS ONE study examining how resource insecurity influences men’s breast size preferences. Source: PLOS ONE

As stated in the study, “Men from relatively low socioeconomic sites rated larger breast sizes as more physically attractive than did participants in moderate socioeconomic sites, who in turn rated larger breast sizes as more attractive than individuals in a high socioeconomic site.”

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The researchers noted that the lower a man’s financial security, the stronger his preference for larger breast size.

The second study focused on hunger rather than income.

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In Britain, 124 male university students were divided into two groups. Sixty-six participants were classified as hungry, while 58 had recently eaten. Both groups viewed the same breast size images under identical conditions.

Hungry men consistently rated larger breasts as more attractive than men who were full.

READ ALSO:‘I Discovered My Husband Was Sterile 5 Yrs After We Got Married’

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According to the researchers, “Hungry men rated a significantly larger breast size as more physically attractive than did the satiated group. Taken together, these studies provide evidence that resource security impacts upon men’s attractiveness ratings based on women’s breast size.”

The researchers explained that these shifts suggest attraction is not fixed but responsive to immediate conditions.

They noted that men experiencing hunger or financial pressure may place greater value on physical traits that signal access to resources or stability.

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The study added that temporary states such as hunger can shape attraction in the same way long-term economic conditions do, reinforcing the idea that social and environmental factors play a key role in how physical attractiveness is judged.

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Man With Lengthy Criminal Record Shoots Nigerian To Death Inside Bus In Canada

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A 40-year-old man with an extensive criminal history has been charged with first-degree murder after a Nigerian national was shot dead on a GO bus at the Yorkdale GO Bus Terminal in Toronto, marking the city’s first homicide of 2026.

Toronto Police, in a statement on their website, said officers were called to the terminal, near Yorkdale Road and Allen Road, at about 7 p.m. on Sunday, January 4, following reports of a shooting. Investigators allege that both the suspect and the victim boarded a GO bus at the terminal, where the suspect shot the victim before fleeing the scene on foot.

According to the statement, officers arrived to find a man suffering from a gunshot wound, but despite carrying out life-saving measures, the Nigerian was pronounced dead at the scene.

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The victim was later identified as Osemwengie Irorere, a 46-year-old man from Nigeria, the Toronto police said in a later statement.

READ ALSO:Canada Flags Nigeria, 16 African Countries As High-risk In New Travel Advisory

Local media reports noted that an eyewitness who was seated just behind the victim said the bus had been dark and crowded as passengers waited to depart when a single gunshot rang out.

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I assumed it was a popped tyre or something, but immediately after, a guy sitting in front of me got up, shoved his hands in his pocket and ran off the bus,” the witness said, requesting anonymity for safety reasons.

“Right after, I stood up and I looked at the seat in front of me and I saw a guy, bleeding,” he added, saying he could smell smoke in the air after the shot was fired.

Police said the suspect was located and arrested a short time later near the Yorkdale subway station, and a firearm was recovered.

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READ ALSO:Nigerian Musician Dies In Canada

The accused has been identified as Tyrel Gibson, 40, of Toronto. He appeared at the Toronto Regional Bail Centre on Monday, January 5.

Court documents show that Gibson has a lengthy criminal record dating back to 2000, with nearly two dozen charges. He has previously been convicted of offences including attempted murder and firearm-related crimes. In 2015, he pleaded guilty to aggravated assault, using a firearm, possession of a firearm with ammunition and possession of an unauthorised firearm and was handed a lifetime weapons prohibition. He was sentenced to eight years in prison in 2017, although it remains unclear how much of that term he served.

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