United News of Bangladesh

Asian stocks mostly advanced on Tuesday after U.S. markets moved higher, as anticipation of President Donald Trump’s imminent “Liberation Day” on Wednesday caused global market fluctuations. Instead of equities, investors have been favouring traditionally safer assets amid economic uncertainty. Gold climbed early Tuesday, reaching $3,172.80 per ounce. Petroleum fuel prices to remain unchanged in April Tokyo’s Nikkei 225 inched up by 0.1% to 35,663.86, as Prime Minister Shigeru Ishiba urged Trump to refrain from increasing auto tariffs on Japan, a longstanding U.S. ally. Meanwhile, a central bank survey indicated deteriorating business sentiment among major manufacturers. Hong Kong’s Hang Seng gained 1.1% to 23,363.96, while China’s Shanghai Composite Index added 0.6% to 3,355.31. In South Korea, the Kospi surged 1.8% to 2,525.44, and Australia’s S&P/ASX 200 climbed 1% to 7,919.50. Taiwan’s Taiex soared 2.6%, whereas India’s Sensex dipped 0.2%. Thailand’s SET rose 1.1%. On Monday, the S&P 500 gained 0.6% to close at 5,611.85. However, the index ended March with a 4.6% decline for the first quarter of the year, marking its worst performance in two-and-a-half years. The Dow Jones Industrial Average advanced 1% to 42,001.76, while the Nasdaq Composite edged down 0.1% to 17,299.29, weighed down by declines in Tesla, Nvidia, and other major tech stocks. Such dramatic swings have become a frequent occurrence on Wall Street due to uncertainty surrounding Trump’s tariff policies and their potential impact on inflation and economic growth. Monday’s global sell-off stemmed from mounting concerns over the repercussions of the tariffs, which Trump claims will revitalise U.S. manufacturing jobs. On Wednesday, the United States is expected to implement what Trump describes as “reciprocal” tariffs, aimed at balancing the perceived trade burden imposed by different countries, including adjustments for value-added taxes. However, details remain unclear regarding the exact measures to be enacted on “Liberation Day.” Goldman Sachs economists anticipate Trump will impose an average reciprocal tariff of 15%. Consequently, they have revised their projections, increasing their inflation forecast while lowering their outlook for U.S. economic growth by year-end. They now estimate a 35% likelihood of a recession in the coming year, up from a previous 20%, citing slower growth, declining confidence, and statements from White House officials signalling a readiness to endure economic strain, according to Goldman Sachs economist David Mericle. Gold prices reach record high in Bangladesh ahead of Eid If the tariffs announced on April 2 turn out to be less severe than feared—such as excluding additional levies on Chinese imports—stocks may rally. However, a worst-case scenario could erode business confidence, prompting workforce reductions and triggering further market declines. Moreover, April 2 may not resolve the prevailing uncertainty. Even if the tariffs prove to be milder than anticipated, lingering ambiguity could lead U.S. households and businesses to curtail spending, potentially dampening economic activity. Tesla fell 1.7% on Monday, extending its year-to-date decline to 35.8%. It remains one of the worst-performing stocks in the S&P 500, largely due to concerns that the electric vehicle maker’s reputation is too closely linked to its CEO, Elon Musk. Musk has spearheaded U.S. government cost-cutting initiatives, making him a focal point of political controversy. As a result, Tesla showrooms have been the site of mounting protests. On a brighter note, Mr. Cooper surged 14.5% after announcing it would be acquired by mortgage company Rocket in an all-stock transaction valued at $9.4 billion. This comes shortly after Rocket’s acquisition of real estate listing firm Redfin, though Rocket’s shares slid 7.4%. Warren Buffett’s Berkshire Hathaway advanced 1.2%, contributing to the S&P 500’s gains. Meanwhile, Newsmax soared 735% on its first day of trading, experiencing such extreme volatility that trading was temporarily halted a dozen times throughout the session. In commodity markets early Tuesday, U.S. benchmark crude rose 17 cents to $71.65 per barrel, while Brent crude, the global standard, climbed 19 cents to $74.96 per barrel. In currency trading, the U.S. dollar weakened to 149.57 Japanese yen from 149.97 yen, while the euro edged up to $1.0825 from $1.0817.

Global automakers are bracing for severe financial strain as U.S. President Donald Trump prepares to impose a 25% tariff on imported cars, a move experts say could disrupt global supply chains, increase prices for American consumers, and trigger retaliatory measures from trade partners. The tariffs, set to take effect on April 3, target both imported vehicles and auto parts, which were valued at $197 billion last year. While the Trump administration argues the measures will boost domestic manufacturing and create jobs, industry experts and policymakers warn of significant economic fallout. Global Impact and Industry ConcernsAutomakers across Japan, South Korea, Mexico, Canada, and Europe employ millions of workers who depend on U.S. buyers, who collectively spend over $240 billion annually on imported cars and light trucks. “The impact will be really huge and very disruptive,” said Sigrid de Vries, director general of the European Automobile Manufacturers’ Association. She and other critics argue that American car shoppers will face higher prices as costs rise. The tariffs have already affected global stock markets, with major automakers such as Toyota, Mercedes-Benz, Kia, and BMW seeing their shares decline. Trump places 25% tariff on imported autos, expecting to raise $100 billion in tax revenues Even U.S. automakers, which export only 2% of their production to the European Union, saw stocks fall due to their reliance on cross-border auto parts trade—though Tesla’s stock price rose as the company relies less on foreign supply chains. Retaliation and Trade TensionsGovernments around the world are weighing countermeasures. The European Union, which counts the U.S. as its largest auto export market, is considering re-imposing tariffs on American goods such as jeans, bourbon, and motorcycles. “We have our plans ready,” said EU foreign affairs representative Kaja Kallas, though she noted that negotiations could still prevent a trade war. Japanese Prime Minister Shigeru Ishiba urged Trump to exempt Japanese automakers, while Canada’s Prime Minister Mark Carney vowed to protect his country’s auto industry. Canadian union leader Lana Payne called for retaliation, stating, “If U.S. automakers want to sell in Canada, they should be required to build in Canada.” Economic Fallout and UncertaintyEconomists warn the tariffs could backfire, driving up costs for American consumers and potentially reducing overall trade. “There’s a risk of retaliatory tariffs and then a tit-for-tat, and then we end up with significant barriers to trade and we all lose out,” said David Bailey, a business economics professor at the University of Birmingham. Analysts at Sanford C. Bernstein estimate that if the tariffs remain long-term, they could add up to $12,000 per imported vehicle in the U.S., though automakers will decide whether to pass on the full cost to consumers or absorb some of the losses. Despite Trump’s claim that the tariffs are “permanent,” industry observers believe they may not last, as previous trade disputes—such as the U.S.-China auto tariff escalation in 2018—were short-lived due to economic pressures. European automakers, already struggling with a shrinking domestic market and rising competition from Chinese electric vehicle makers, now face an additional challenge. “This would deliver a substantial blow to a sector that not only sustains millions of jobs but also contributes to a large proportion of the bloc’s GDP,” said Clarissa Hahn, an analyst at Oxford Economics. Vermont businesses feel impact of Trump's tariffs on Canada As the April 3 deadline approaches, the global auto industry remains on edge, awaiting potential negotiations or countermeasures from affected nations. Source: With input from agency 

The US economy expanded at an annual rate of 2.4% in the final quarter of 2024, buoyed by a surge in consumer spending towards the end of the year, according to a government report released on Thursday. This marks a slight upward revision from the previous estimate of fourth-quarter growth. Bangladesh Bank re-fixed MFS transaction limit However, uncertainty remains regarding the country’s ability to maintain steady growth, as President Donald Trump pursues trade wars, undertakes mass dismissals in the federal workforce, and vows to deport undocumented immigrant workers. The Commerce Department reported that the gross domestic product (GDP) — the total output of goods and services in the nation — slowed from a 3.1% growth rate recorded between July and September 2024. For the entirety of 2024, the world's largest economy expanded by 2.8%, a slight decrease from the 2.9% growth seen in 2023. Consumer spending increased at a 4% rate, up from 3.7% in the third quarter of 2023. However, business investment declined, primarily due to an 8.7% drop in spending on equipment. A reduction in business inventories subtracted 0.84 percentage points from fourth-quarter GDP growth. A specific GDP component that reflects the economy’s fundamental strength rose at an annual rate of 2.9% in the fourth quarter, down from the earlier estimate of 3.2% and the third quarter’s 3.4%. This measure includes consumer spending and private investment while excluding more volatile elements such as exports, inventories, and government expenditure. The report released on Wednesday highlighted ongoing inflationary pressures at the end of 2024. The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures (PCE) price index, climbed at an annual rate of 2.4%, rising from 1.5% in the third quarter and surpassing the Federal Reserve’s 2% target. When excluding volatile food and energy costs, core PCE inflation stood at 2.6%, compared to 2.2% in the previous quarter. Thursday’s release represents the government’s third and final assessment of fourth-quarter GDP. NBR preparing stricter tax exemption policy Looking ahead, the economic outlook appears more uncertain. Trump's recent decision to impose tariffs on various imports, including a newly announced 25% tax on foreign automobiles, may drive up inflation and discourage investment, potentially hindering economic growth.

Asian markets made modest gains on Wednesday following a subdued session on Wall Street, where buying activity slowed after a broad rally the previous day. This rally had been driven by optimism that President Donald Trump’s tariffs might not be as extensive as initially feared. Tesla sales fall by 49% in Europe even as the EV market grows Hong Kong’s Hang Seng increased by 0.3% to 23,403.40, while the Shanghai Composite index dipped by less than 0.1% to 3,367.98. Tokyo’s Nikkei 225 climbed 0.7% to 38,027.29. Meanwhile, South Korea’s Kospi rose 1.1% to 2,643.94, and Australia’s S&P/ASX 200 advanced 0.7% to 7,999.00. On Tuesday, the S&P 500 edged up by 0.2% to 5,776.65, following a 1.8% surge on Monday—one of its strongest performances in the past year. The Dow Jones Industrial Average gained 4 points, or less than 0.1%, to 42,587.50, while the Nasdaq composite added 0.5% to 18,271.86. U.S. stocks have recouped some of their losses after declining 10% below their all-time high earlier this month, marking their first “correction” since 2023. The S&P 500 is now down 6% from its peak, making the market appear less overvalued than before—a key concern after its rapid growth in previous years. However, Wall Street strategists caution that further volatility is likely, with an April 2 deadline approaching. This date, which Trump has dubbed “Liberation Day,” marks the implementation of tariffs on trading partners that he claims impose a disproportionate burden on the U.S. Monday’s market rally was fueled by hopes that these “reciprocal” tariffs may be more targeted than initially feared. Even if the tariffs are less severe than expected, the uncertainty surrounding them has already shaken confidence among U.S. consumers and businesses, potentially leading to reduced spending and slowing economic growth. A report released on Tuesday revealed worsening sentiment among American households. The Conference Board’s consumer confidence index fell more than anticipated, largely due to a steep decline in short-term economic expectations. This measure hit its lowest point in 12 years, remaining “well below the threshold of 80 that typically signals an impending recession.” Similar to other recent surveys, the data indicated that U.S. households are more concerned about the economy’s future than its current state. Despite this pessimism, economic activity and the job market have so far remained resilient. On Wall Street, Trump Media & Technology Group surged 8.9% after announcing a partnership with Crypto.com to launch a series of “America-First” investment funds. These exchange-traded funds (ETFs) will include bitcoin and other digital assets, as well as stocks in U.S.-focused industries like energy. Crypto.com will provide the technology infrastructure, custody, and cryptocurrency supply for these ETFs, which will operate under TMTG’s Truth.Fi brand. BYD reports 2024 revenue over $100b, topping Tesla's sales Tesla gained 3.4%, fluctuating between minor gains and losses after weak sales data from Europe. Despite this, the stock remains down nearly 29% for 2025. Homebuilder KB Home fell 5.2% after reporting lower-than-expected profit and revenue for the latest quarter. Homebuilders, already struggling, may face rising costs due to tariffs, which could be passed on to homebuyers. A report on Tuesday indicated that U.S. new home sales in the previous month were slightly weaker than economists had predicted. In early trading on Wednesday, U.S. benchmark crude oil rose 31 cents to $69.31 per barrel, while Brent crude, the global benchmark, gained 30 cents to $72.69 per barrel. The U.S. dollar strengthened to 150.47 Japanese yen from 149.86 yen on Tuesday, while the euro slipped to $1.0784 from $1.0790.

European sales of Tesla electric vehicles tumbled 49% in the first two months of the year compared with a year earlier even as overall sales of EVs grew, according to the European Automobile Manufacturers' Association. There have been complaints about an aging lineup of vehicles from Tesla and also a significant backlash against CEO Elon Musk and his affiliation with the Trump administration in the U.S. In Europe, Musk's endorsement of Germany's far-right Alternative for Germany party in last month's national election drew broad condemnation. Tesla faces increasing competition from major automakers as they ramp up EV production, including China's BYD. On Tuesday, BYD reported a record 777.1 billion yuan ($107 billion) in revenue for 2024 as sales of its electric and hybrid vehicles jumped 40%. Earlier this month, BYD announced an ultra fast EV charging system that it says is nearly as quick as a fill up at the gas pump. BYD reports 2024 revenue over $100b, topping Tesla's sales Tesla sales for January and February slumped to 19,046 from 37,311 in the same period in 2024. That comes against the background of a 28.4% increase in sales of all battery-electric cars in Europe. German politicians and opinion media sharply criticized Musk over his support for the AfD, while Tesla vehicles and dealerships have been the target of protesters in the U.S. and Europe over the AfD endorsement and his role advising U.S. President Donald Trump in drastically reducing the size of the US federal government. Tesla sales are falling globally, however. The company posted its first annual sales drop in more than a dozen years in January. Tesla's new Cybertruck has had multiple recalls including last week, when the company recalled nearly all of them because panels that run along the left and right side of the windshield can fly off when driving. It was the eighth recall of the Cybertruck since deliveries to customers began just over a year ago.

Chinese electric vehicle maker BYD logged a record 777.1 billion yuan ($107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40%. The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan, a mid-sized model similar to Tesla's Model 3 but at just over half the price. Tesla’s 2024 revenue was nearly $97.7 billion. BYD’s net profit last year was about 40 billion yuan ($5.6 billion), up 34% from the year before. Last week, the company announced it was rolling out a super fast EV charging system that it says is nearly as quick as a fill up at the pumps. BYD’s Hong Kong-traded shares fell 3.2% on Tuesday, despite its upbeat earnings report. Asian shares mostly lower after tech-driven Wall Street gain The lion's share, nearly 80%, of BYD's sales last year were related to its automotive businesses. BYD reported it sold about 4.3 million pure electric and hybrid vehicles last year. Nearly 29% of the company's sales were in markets outside Greater China, including Hong Kong and Taiwan, last year, up slightly from 27% the year before. The automaker has rapidly expanded its exports, though it has yet to try to sell in the U.S., where U.S. President Donald Trump has pledged to raise tariffs on car imports. BYD faces a 17% tariff on exports of EVs to the European Union.

Asian stock markets were mostly lower on Monday, following a tech-driven rally that helped Wall Street break a four-week losing streak. U.S. stock futures rose as investors looked ahead to developments concerning President Donald Trump’s tariffs. Reports indicated that Trump may narrow his broad tariff approach to focus on countries with significant trade surpluses with the U.S., many of which are in Asia. Deepal signs agreement with Crack Platoon for nationwide EV charging network President Trump has set April 2 as a deadline for imposing additional tariffs on trading partners, following a series of prior deadlines that had been postponed, sometimes at the last moment. During a meeting with business leaders and U.S. Senator Steve Daines, the first U.S. Congress member to visit Beijing since Trump’s inauguration, Chinese Premier Li Qiang adopted a conciliatory tone. Li stated that relations between the two countries had reached a crucial point and emphasized the need for dialogue over confrontation and win-win cooperation instead of zero-sum competition. He expressed China’s hope for joint efforts with the U.S. to ensure steady and sustainable relations between the two nations. The meeting also involved leaders from major American businesses, including FedEx CEO Raj Subramaniam, Boeing Senior VP Brendan Nelson, Qualcomm CEO Cristiano Amon, and Pfizer CEO Albert Bourla. IG’s Junrong Yeap noted that Trump administration officials had hinted that the list of affected countries may not be universal, and existing tariffs, such as those on steel, might not necessarily be cumulative. This sparked optimism that Trump’s tariff plans might be more posturing than substantial. Despite this, Chinese markets remained sluggish. Hong Kong's Hang Seng Index dropped 0.3% to 23,613.50, while the Shanghai Composite Index fell 0.3% to 3,356.50. In Tokyo, the Nikkei 225 remained mostly flat at 37,676.97, after a preliminary manufacturing report showed the fastest decline in output in a year, with new orders falling at an even quicker rate. Taiwan’s Taiex rose by 0.1%. On Friday, the S&P 500 edged up by 0.1% to 5,667.56, marking a 0.5% weekly gain, though it remains down 4.8% for the month. The Dow Jones Industrial Average gained 0.1% to 41,985.35, while the Nasdaq composite rose 0.5% to 17,784.05. Technology stocks led the charge, helping to offset broader declines in the S&P 500. The tech sector, which has been central to the market's recent sell-offs after a strong performance in the previous year, includes some of Wall Street’s most valuable stocks. Apple rose by around 2%, and Microsoft added 1.1%. However, Nvidia fell by 0.7%, while Micron Technology saw an 8% drop, marking the biggest decline among S&P 500 stocks. Johnson & Johnson plans $55b in US investments over the next 4yrs Stocks have been struggling for weeks due to concerns about the U.S. economy's direction. A trade war with key U.S. trading partners threatens to exacerbate inflation, impacting both consumers and businesses. Inflation remains persistently above the Federal Reserve’s 2% target, and tariffs could undermine the central bank's efforts to control inflation. Recent economic data on home sales, industrial production, and unemployment suggested the economy remains resilient, while other reports on consumer sentiment and retail sales revealed growing caution among consumers. Businesses have been warning investors about the negative impacts of tariffs, inflation, and uncertainty on costs. Homebuilder Lennar dropped by 4% after issuing a weaker-than-expected forecast for new orders and average sales prices in the current quarter. The company attributed the decline to high interest rates, inflation, and decreased consumer confidence, which are all impacting the already challenging housing market. In other markets, U.S. benchmark crude oil declined by 22 cents to $68.06 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, fell by 30 cents to $71.86 per barrel. The U.S. dollar rose to 149.78 Japanese yen from 149.37 yen, while the euro edged up to $1.0823 from $1.0816.

Oleg Gordievsky, the Soviet KGB officer who played a crucial role in shaping the course of the Cold War by secretly passing intelligence to Britain, has died at the age of 86. Gordievsky passed away on March 4 in England, where he had lived since defecting in 1985. Police confirmed Saturday that his death is not being treated as suspicious. Historians regard Gordievsky as one of the most significant spies of the Cold War era. His intelligence, particularly in the 1980s, helped prevent a dangerous escalation of nuclear tensions between the Soviet Union and the West. From KGB Insider to British SpyBorn in Moscow in 1938, Gordievsky joined the KGB in the early 1960s, serving in Moscow, Copenhagen, and eventually London, where he became the agency’s station chief. Disillusioned with the Soviet regime—particularly after the USSR crushed Czechoslovakia’s Prague Spring in 1968—he was recruited by Britain’s MI6 in the early 1970s. In his 1990 book KGB: The Inside Story, co-authored with British intelligence historian Christopher Andrew, Gordievsky wrote that he believed “the Communist one-party state leads inexorably to intolerance, inhumanity, and the destruction of liberties.” He saw working for the West as his way of fighting for democracy. For over a decade, he provided critical intelligence to Britain and its allies during some of the Cold War’s most tense moments. Belgian actor Émilie Dequenne dies at 43 from cancer Preventing Nuclear EscalationIn 1983, Gordievsky warned the U.S. and U.K. that Soviet leaders were so convinced of an imminent Western nuclear attack that they were considering a preemptive strike. Amid heightened tensions during a NATO military exercise in Germany, his intelligence helped reassure Moscow that the exercise was not a precursor to war—potentially averting catastrophe. Shortly afterward, U.S. President Ronald Reagan took steps to ease nuclear tensions with the USSR. Gordievsky also played a key role in shaping early interactions between Britain and Mikhail Gorbachev. In 1984, he briefed both Gorbachev—then a rising Soviet leader—before his visit to the U.K. and the British government on how to approach him. The meeting between Gorbachev and Prime Minister Margaret Thatcher was a major success, paving the way for future diplomacy. Ben Macintyre, author of The Spy and the Traitor, a book about Gordievsky’s life, told the BBC that the double agent “secretly helped launch the beginning of the end of the Cold War.” A Daring Escape to the WestIn 1985, Gordievsky was summoned back to Moscow—a call he feared meant his double life had been exposed. He was interrogated and drugged but not immediately charged. Britain soon launched a covert operation to extract him from the USSR, successfully smuggling him across the Finnish border in the trunk of a car. He became the highest-ranking Soviet spy to defect to the West. Declassified documents from 2014 revealed that Britain considered Gordievsky so valuable that Thatcher offered Moscow a deal: If his wife and daughters were allowed to join him in London, Britain would refrain from expelling all the KGB agents he had exposed. The Soviet government refused. In response, Thatcher ordered the expulsion of 25 Russian agents, triggering diplomatic tit-for-tat expulsions but no permanent rupture in relations. Gordievsky’s family remained under KGB surveillance for six years before finally being allowed to join him in 1991. Grammy-nominated R&B singer Angie Stone dies in car crash Life in Britain and Continued RisksIn Russia, Gordievsky was sentenced to death for treason—a sentence that remains in force. In Britain, he was honored for his service, receiving the title of Companion of the Order of St. Michael and St. George in 2007, an accolade also held by the fictional spy James Bond. Despite living under U.K. protection in the quiet town of Godalming, he believed he remained a target. In 2008, he claimed he had been poisoned and spent 34 hours in a coma after taking sleeping pills given to him by a Russian associate. His fears were underscored in 2018 when former Russian intelligence officer Sergei Skripal and his daughter were poisoned with a Soviet-developed nerve agent in Salisbury, England. Death Not Considered SuspiciousSurrey Police said officers responded to a call at a residence in Godalming on March 4, where they found an 86-year-old man deceased. Counterterrorism officers are leading the investigation, but authorities say there is “nothing to suggest any increased risk to members of the public.” Gordievsky's extraordinary life—from KGB insider to one of Britain’s most valuable Cold War spies—left an enduring impact on history. Source: With input from agency

Johnson & Johnson says it will invest more than $55 billion within the United States over the next four years, including four new manufacturing plants. A number of companies have highlighted investments in the U.S. in recent months, a focus of Trump administration. J&J rival Eli Lilly and Co. announced in late February that it planned to build four new factories in the U.S. Both Lilly and J&J cited tax cut legislation passed in 2017 as factors in their U.S. investments. Johnson & Johnson said Friday that it is a 25% increase in investment compared with the prior four years and estimates the U.S. economic impact will be more than $100 billion a year. “Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting edge medicines to treat patients in America and around the world,” Chairman and CEO Joaquin Duato said in a statement. The North Carolina plant is in Wilson, just east of Raleigh. The locations of the other three facilities were not disclosed. Aside from building four new plants, Johnson & Johnson said that it will expand several existing sites. The company is also planning to make investments in research and development infrastructure and technology. Johnson & Johnson's efforts are among several companies pledging to enhance their manufacturing in the U.S. Earlier this month chip giant Taiwan Semiconductor Manufacturing Co. said that it plans to invest $100 billion in the U.S., on top of $65 billion in investments the company had previously announced. Asian shares mixed as Wall St dips on US uncertainty In February Apple announced that it plans to invest more than $500 billion in the U.S. over the next four years, including plans to hire 20,000 people and build a new server factory in Texas. Apple outlined several concrete moves in its announcement, the most significant of which is the construction of a new factory in Houston — slated to open in 2026 — that will produce servers to power Apple Intelligence, its suite of AI features.

Asian stocks displayed mixed performance on Friday after Wall Street declined, unsettled by uncertainties stemming from US President Donald Trump. U.S. futures remained largely unchanged, while oil prices edged higher. Chinese markets fell for the second consecutive day. Hong Kong’s Hang Seng plunged 2% to 23,733.02 after China maintained its key lending rates. Investors have been selling off technology stocks following recent gains. The Shanghai Composite Index declined 0.9% to 3,376.96. In Tokyo, the Nikkei 225 gained 0.5% to 37,933.13 as markets resumed trading after a holiday on Thursday. Japan’s core inflation rate dropped less than anticipated, partly driven by rising rice prices due to supply shortages. Elsewhere in Asia, South Korea’s Kospi inched up 0.1% to 2,643.59, while Australia’s S&P/ASX 200 advanced 0.4% to 7,947.30. Bangkok’s SET increased 0.5%, whereas Taiwan’s Taiex declined 0.4%. On Thursday, the S&P 500 slipped 0.2% to 5,662.89, while the Dow Jones Industrial Average dipped by less than 0.1% to 41,953.32. The Nasdaq Composite dropped 0.3% to 17,691.63. Wall Street has been experiencing volatility for weeks, with stock prices fluctuating due to uncertainty over the economic consequences of Trump’s trade war. Markets received a boost on Wednesday when Federal Reserve Chair Jerome Powell stated that the economy remains strong enough to justify keeping interest rates unchanged. Additional data released Thursday reinforced this outlook. One report indicated that slightly fewer U.S. workers filed for unemployment benefits last week than analysts had anticipated. Another report revealed stronger-than-expected sales of previously owned homes last month, while a third suggested that manufacturing growth in the mid-Atlantic region exceeded economists’ forecasts. Powell emphasised on Wednesday that exceptionally high uncertainty makes economic forecasting challenging—not only due to the trade war but also because of potential repercussions from efforts to shrink the U.S. federal government. The recent decline in the broader U.S. stock market, which brought it more than 10% below its all-time high within weeks, may have been inevitable after stock prices surged at a pace that outstripped corporate profit growth, making valuations appear overly expensive. On Wall Street, Darden Restaurants rose 5.8% after reporting quarterly profits in line with analysts’ projections, despite what the company—owner of Olive Garden, Ruth’s Chris Steak House, and other chains—described as a “challenging environment.” Accenture suffered one of the market’s steepest losses on Thursday, even though the consulting and professional services firm posted slightly better-than-expected quarterly profit and revenue. Concerns arose over potential revenue impacts from U.S. government budget cuts, with Elon Musk leading efforts to curb federal spending. The federal government accounted for 17% of Accenture’s North American revenue last fiscal year, causing its stock to drop 7.3%. Meanwhile, Britain’s FTSE 100 fell 0.1% on Thursday after the Bank of England left its main interest rate unchanged. In early trading on Friday, U.S. benchmark crude oil rose by 31 cents to $68.38 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the global benchmark, gained 27 cents to $72.27 per barrel. The U.S. dollar strengthened to 149.40 Japanese yen from 148.78 yen late Thursday, while the euro dipped to $1.0831 from $1.0854.