WORLDWIDE: HEADLINES
Trump faces calls for removal, possible impeachment after Capitol chaos
WASHINGTON – President Donald Trump faced the threat on Thursday of a second impeachment, a day after his supporters breached the U.S. Capitol in a stunning assault on American democracy as Congress was certifying President-elect Joe Biden’s victory.
As Democratic leaders demanded his ouster, Trump came closer than he ever has to a formal concession, acknowledging a new administration would be sworn in on Jan. 20 and vowing to ensure a “smooth transition” in a video released on Thursday evening.
The president condemned Wednesday’s violence, saying rioters had defiled the seat of American democracy and must be held accountable.
Just a day earlier, Trump had told supporters: “We love you. You’re very special,” as he urged them to go home after they broke into the Capitol.
In his remarks on Thursday, the president said: “We have just been through an intense election, and the emotions are high, but now tempers must be cooled and calm restored.
“We must get on with the business of America,” Trump, a Republican, added, adopting a conciliatory tone seldom seen from the mercurial president.
The statement was a stark reversal for Trump, who has spent months insisting he prevailed in the Nov. 3 election, alleging widespread fraud despite no evidence. As recently as Thursday morning, when he issued a statement via an aide, Trump was still claiming the election had been stolen.
Full coverage: REUTERS
Hyundai Motor says it is in early talks with Apple, shares surge 24%
SEOUL/SAN FRANCISCO – Hyundai Motor Co said it in was in early discussions with Apple after Korea Economic Daily TV reported that the two were in talks to cooperate on electric cars and batteries, sending Hyundai’s shares surging 24%.
“Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” Hyundai Motor said in a statement. The company did not give details about the nature of the talks with Apple and did not mention whether the cooperation involved electric vehicles.
Apple Inc declined to comment.
In December, Reuters reported that the Apple is moving forward with self-driving car technology and is aiming to as early as 2024 produce a passenger vehicle that could include its own breakthrough battery technology.
The two companies work together on CarPlay, Apple’s software for connecting iPhones to vehicles from a variety of automakers.
Full coverage: REUTERS
NYSE to delist three Chinese telecoms in dizzying about-face
The New York Stock Exchange said on Wednesday it will delist three Chinese telecom companies, confirming its latest U-turn on the matter a day after U.S. Treasury Secretary Steve Mnuchin told the NYSE chief he disagreed with an earlier decision to reverse the delistings.
The latest move, which is effective Jan. 11, marks the third time in less than a week the Big Board has ruled on the issue.
The flip-flopping highlights the confusion over which companies were included in an executive order issued by President Donald Trump in November barring U.S. persons from investing in publicly traded companies Washington deems to be tied to the Chinese military.
It also coincides with escalating tensions within Washington on China policy in the final days of the Trump administration.
“There is a unique situation where there is an outgoing administration that is disengaged and (there are) orders sitting out there, so something has to be done, but no one wants to take on responsibility,” said Leland Miller, the CEO of the U.S.-based consultancy China Beige Book.
“I think in future that anyone getting these orders will say: ‘Tell us exactly what you want us to do,’ and force administrations to be more focused.”
Full coverage: REUTERS
WORLDWIDE: FINANCE / MARKETS
Asian stocks jump as revived recovery hopes push Wall St to new highs
NEW YORK – Asian stocks opened higher on Friday, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.
Futures for the S&P 500 jumped 1.48% and Japan’s Nikkei 225 rose 0.84%, hitting its highest level since August 1990.
The broadly upbeat mood came after Wall Street hit record highs on Thursday while bond prices fell as markets bet a new Democrat-controlled government would lead to heavy spending and borrowing to support the U.S. economic recovery.
“We’re sure to see a synchronised global recovery in the second half of this year,” said ING analyst Carsten Brzeski.
“Right now, there’s lots of concern about the virus and noise surrounding the vaccine. But we need to take a slightly longer view.”
Australia’s S&P/ASX 200 gained a more moderate 0.16% after that nation’s Queensland state enforced a three-day lockdown in its capital following the discovery of a case of the more contagious UK variant of COVID-19.
Full coverage: REUTERS
Oil hovers near 11-month highs, sustained by Saudi output cuts pledge
TOKYO – Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains.
Brent crude climbed 2 cents to $54.40 a barrel by 0122 GMT, after closing slightly higher the previous day. It touched $54.90 on Thursday, the highest since February.
U.S. West Texas Intermediate (WTI) also gained 2 cents to $50.85 a barrel. The contract closed up 0.4% on Thursday after also hitting its highest since February at $51.28.
Both benchmarks are on track for gains of about 5% for this week.
“Oil markets are expected to stay in a bullish tone toward February on the back of Saudi’s surprise promise to cut production,” said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
Earlier this week Saudi Arabia, the world’s biggest oil exporter, said it would cut output by an additional 1 million barrels per day (bpd) in February and March.
On Thursday, seven North Sea crude cargoes were bought and sold in the trading window operated by Platts, a record amount that trade sources said may reflect tighter supply after the surprise cut.
Full coverage: REUTERS
Dollar downtrend takes breather amid higher yields as jobs report looms
TOKYO – The dollar held on to its biggest gain in more than two months against major peers on Friday as a rise in U.S. yields triggered some unwinding of bearish bets on the currency.
The greenback bounced off a nearly three-year low, with traders taking profits against the euro in particular, following a slide in the dollar index of nearly 7% in 2020 and as much as 0.9% in the new year amid expectations of U.S. fiscal stimulus.
Democrats won effective control of the Senate this week, giving President-elect Joe Biden scope to push through more spending, which analysts say will be negative for bonds and the dollar.
The benchmark 10-year Treasury yield topped 1% on Wednesday for the first time since March.
Dollar “positioning is stretched and the backup in U.S. yields has some investors nervous,” TD Securities analysts wrote in a client note.
“The (dollar’s) move, however, is more consolidative in tone than it is a sign of a bigger correction.”
Investors now await U.S. nonfarm payrolls later on Friday for clues on whether significantly more stimulus will be needed to keep the economic recovery alive.
The dollar index was little changed at 89.841 in early Asian trading, after dipping to an almost three-year low of 89.206 on Wednesday. It rose more than half a percent on Thursday, but remains on track for a weekly decline.
The euro was mostly flat at $1.22685 following Thursday’s 0.5% drop.
Full coverage: REUTERS
