Stocks down with eyes on Mideast, dollar hit by Trump Fed comment
Uncertainty over the US president's trade war was also keeping sentiment subdued, with most countries still not reaching deals with Washington to avert the reimposition of steep tariffs ahead of a July 9 deadline.
With a shaky peace between Iran and Israel holding for now, Trump said he would hold nuclear talks with Tehran next week, even after insisting that US strikes had set its atomic programme back "decades".
"We may sign an agreement. I don't know," he told reporters.
Iranian President Masoud Pezeshkian had said Tuesday his country was willing to return to negotiations but that it would continue to "assert its legitimate rights" to the peaceful use of nuclear energy.
Crude prices, which tanked Monday and Tuesday after the ceasefire was announced, edged up for a second day, though gains were capped by the possibility that OPEC and other key producers will lift output.
"While the Israel-Iran conflict is now de-escalating, we still believe that geopolitical risks remain where the ceasefire could easily fall apart," wrote Kai Wang, Asia equity market strategist at Morningstar.
"While this possibility remains elevated, we do not believe that there would be a restriction on oil supply even under a re-escalating scenario. Given that oil has retreated to preconflict price levels, we believe that any future increase in oil price is likely to be short-lived."
Equity markets were mostly down, with Hong Kong, Shanghai, Sydney, Singapore, Seoul, Jakarta and Wellington in the red but Tokyo and Taipei in positive territory.
That came after a tepid lead from Wall Street, where the Nasdaq was the standout after chip titan Nvidia shot up more than four percent to a record high, giving it a market valuation of around $3.76 trillion. That makes it more valuable than Microsoft, Apple and other tech giants.
The dollar held losses after Trump's latest salvo against Powell and suggestion that he was already lining up his replacement.
Since returning to the White House the president has constantly hit out at the Fed boss for not cutting rates, questioning his intelligence and stoking worries about the bank's independence.
"I know within three or four people who I'm going to pick," he told reporters after a NATO summit.
"I mean he goes out pretty soon fortunately because I think he's terrible," Trump said of Powell, whose term ends in May next year.
Trump added that Powell was "average mentally" and had "low IQ for what he does".
The Wall Street Journal reported that the Republican was considering making an announcement in September or October, with Treasury Secretary Scott Bessent, economic adviser Kevin Hassett and former Fed governor Kevin Warsh among the contenders.
Trump's remarks came days after Powell told lawmakers the bank needed to see the impact of the president's tariffs on the economy before making a move.
"Trump's nomination will amp up the pressure, to the point where we could have a shadow Fed chair before Powell steps down in May next year," said National Australia Bank's Rodrigo Catril.
"We think it's fair to suggest that the pressure on Powell to cut rates will increase, and that's adding to selling pressure on the dollar."
Key figures at around 0230 GMT
Tokyo - Nikkei 225: UP 1.1 percent at 39,349.85 (break)
Hong Kong - Hang Seng Index: DOWN 0.6 percent at 24,334.44
Shanghai - Composite: DOWN 0.1 percent at 3,451.62
Euro/dollar: UP at $1.1685 from $1.1656 on Wednesday
Pound/dollar: UP at $1.3692 from $1.3664
Dollar/yen: DOWN at 144.74 yen from 145.32 yen
Euro/pound: UP at 85.34 from 85.26 pence
West Texas Intermediate: UP 0.5 percent at $65.23 per barrel
Brent North Sea Crude: UP 0.4 percent at $67.92 per barrel
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France 24
34 minutes ago
- France 24
US to offer new defense of strikes on Iran nuclear sites
After waves of Israeli attacks on nuclear and military sites and retaliatory missile fire from Iran since June 13, the United States bombed three key Iranian atomic facilities at the weekend. The extent of the damage in Iran, where Israel said it had acted to stop an imminent nuclear threat, has become the subject of profound disagreement in the United States. An initial classified assessment, first reported by CNN, was said to have concluded that the strike did not destroy key components and that Iran's nuclear program was set back only months at most. Another key question raised by experts is whether Iran, preparing for the strike, moved out some 400 kilogram (880 pounds) of enriched uranium -- which could now be hidden elsewhere in the vast country. The US administration has hit back furiously, with Trump repeatedly saying the attack "obliterated" Iran's nuclear facilities, including the key site of Fordo buried inside a mountain. "I can tell you, the United States had no indication that that enriched uranium was moved prior to the strikes, as I also saw falsely reported," White House Press Secretary Karoline Leavitt told Fox News. "As for what's on the ground right now, it's buried under miles and miles of rubble because of the success of these strikes on Saturday evening," she said. Trump said that Hegseth, whom he dubbed "war" secretary, would hold a news conference at 8 am (1200 GMT) on Thursday to "fight for the dignity of our great American pilots". CIA chief John Ratcliffe said in a statement on Wednesday that "several key Iranian nuclear facilities were destroyed and would have to be rebuilt over the course of years". The Israeli military said it had delivered a "significant" blow to Iran's nuclear sites but that it was "still early" to fully assess the damage. Israeli Prime Minister Benjamin Netanyahu announced that "we have thwarted Iran's nuclear project". "And if anyone in Iran tries to rebuild it, we will act with the same determination, with the same intensity, to foil any attempt," he said. Nuclear talks? Iranian foreign ministry spokesman Esmaeil Baqaei told Al Jazeera that "nuclear installations have been badly damaged, that's for sure". After the war derailed nuclear talks between Iran and the United States, Trump said Washington would hold discussions with Tehran next week, with his special envoy Steve Witkoff expressing hope "for a comprehensive peace agreement". Trump told reporters that Israel and Iran were "both tired, exhausted", before going on to say that talks were planned with Iran next week. "We may sign an agreement. I don't know," he added. Iran has systematically denied seeking a nuclear weapon while defending its "legitimate rights" to the peaceful use of atomic energy. It has also said it was willing to return to nuclear negotiations with Washington. In both Iran and Israel, authorities have gradually lifted wartime restrictions. Iran on Wednesday reopened the airspace over the country's east, without allowing yet flights to and from the capital Tehran. In the Israeli coastal hub of Tel Aviv, 45-year-old engineer Yossi Bin welcomed the ceasefire: "Finally, we can sleep peacefully. We feel better, less worried... and I hope it stays that way." State funeral While Iran and Israel have been locked in a shadow war for decades, their 12-day conflict was by far the most destructive confrontation between them. The Israeli strikes on Iran killed at least 627 civilians, Tehran's health ministry said. Iran's attacks on Israel killed 28 people, according to official figures. Instead, a state funeral will be held on Saturday in Tehran for top commanders including Salami and nuclear scientists killed in the war. © 2025 AFP
Euronews
an hour ago
- Euronews
Sharp dressed man: Ukraine's Volodymyr Zelenskyy and the sartorial switch for NATO
US rock band ZZ Top stormed the charts in 1983 with a song about a "Sharp Dressed Man," lyrics that this week could apply to Ukraine's President Volodymyr Zelenskyy. Zelenskyy is currently in The Hague attending this year's NATO summit in a bid to ensure continued Western military support for his country, which, more than three years since Russia's full-scale invasion, is still trying to repel Moscow's forces. And this time around, the Ukrainian president looks more formal than he has been since Russia's all-out war against Ukraine started in early 2022. Gone are the army fatigues Zelenskyy has worn since then; in their place is a blazer (albeit with military overtones), dress pants, and a dress shirt, sans necktie. But why the switch? There are several possible reasons. But first, let's take a quick look at why Zelenskyy ditched the more usual presidential attire of suit, dress shirt and tie in the first place. Between his election to the Ukrainian presidency in 2019 and the Russian full-scale invasion, Zelenskyy dressed much like any other head of state: he was clean-shaven and wore tailored suits, dress shoes, shirts and ties. But after the 2022 invasion, Zelenskyy opted for a sartorial switch, favouring instead sweatshirts, cargo pants and work boots. He has also worn a military-style vyshyvanka — a traditional Ukrainian embroidered shirt that is part of the country's cultural heritage. The choice of clothes partly reflects the fact that he is Ukraine's commander-in-chief and is also a sign of solidarity with Ukraine's armed forces. "Zelenskyy dresses demonstratively. But the only message he wants to convey with his clothing is: 'In my country, there is a war,'" Ukrainian fashion historian Zoya Zvynyatskivska told The Kyiv Independent newspaper. "Everyone wants to forget. Everyone wants to move on. But he keeps reminding them." The Trump factor One occasion where no one was allowed to forget Zelenskyy's choice of clothes was a disastrous meeting with US President Donald Trump at the White House on 28 February. That meeting started then got worse. Trump and his Vice President JD Vance were in confrontational mode, berating Zelenskyy in front of journalists for not being grateful enough for US military support for the war effort and for "gambling with World War III." Zelenskyy was encouraged by Trump's team prior to the Oval Office meeting to wear a formal suit, something he declined to do, a decision that reportedly offended Trump. When Zelenskyy arrived at the White House, Trump greeted him with "You're all dressed up today." And Zelenskyy's combat attire was raised again by a journalist in the Oval Office. "Why don't you wear a suit? You're at the highest level in this country's office and you refuse to wear a suit," Brian Glenn, chief White House correspondent for Real America's Voice TV channel asked. "Do you own a suit? A lot of Americans have problems with you not respecting the office," Glenn continued. Zelenskyy replied simply: "I will wear (a suit) after this war finishes." Royal reception Another reason for Zelenskyy's more formal attire in The Hague may be related to the Dutch royal family. Prior to the start of the summit, NATO delegates were welcomed at the Huis ten Bosch royal palace for an official dinner with King Willem-Alexander and Queen Maxima. There, Zelenskyy sported a military-style black jacket and dress shirt, perhaps seen as more appropriate to the setting than the olive-green sweatshirt and combat pants he tends to wear. But this type of black jacket, Zelenskyy has worn in public at least twice before. The first time was in April when he headed to Rome for the funeral of Pope Francis. In keeping with the solemnity of that occasion, Zelenskyy chose to wear a formal dress shirt underneath the jacket. It was seen again just two days ago, when he was invited to a private meeting and lunch with King Charles III at Windsor Castle. Zelenskyy wore the jacket again for that meeting, but interestingly, it was absent the first time he met the king at Sandringham in March. At that meeting, Zelenskyy chose only to wear a black sweatshirt. High-stakes summit A final reason for Zelenskyy's more formal choice of clothing may be the importance being attributed to this NATO summit. Several media outlets have already called it the most consequential meeting of NATO allies in the alliance's 76-year history. Defence spending, the threat from Russia and Trump's commitment to European security are all seen as hot-button topics this year, and several delegates will be wary of upsetting the famously unpredictable Trump. However, Trump may well go into this summit in a more benign mood than usual. He'll be riding high on the back of what he sees as a successful ceasefire deal ending 12 days of fighting between Iran and Israel and trumpeting that Iran's nuclear facilities have been "completely and totally obliterated." Prior to his arrival in The Hague, Trump shared a series of gushing text messages he'd received from NATO Secretary General Mark Rutte praising him for his military action against Iran and putting pressure on the alliance's allies to raise defence spending to 5% of GDP. "Mr President, dear Donald, congratulations and thank you for your decisive action in Iran, that was truly extraordinary, and something no one else dared to do. It makes us all safer," one of the messages read. Zelenskyy's position at the summit and whether he will be able to secure continued American support for Ukraine remain unclear, but he would certainly be mindful of that February meeting at the White House and be more inclined to dress to impress. Clothes may not make the man, but this time around, they may make all the difference.
AFP
an hour ago
- AFP
Social media posts claiming 'UAE sent aid to Israel' share unrelated footage
The 35-second clip starts with an Etihad Airways plane landing at an airport, then switches to footage of pallets of aid being loaded into a plane with "UAE Aid" stickers on them. "Food aid sent by the United Arab Emirates (UAE) from Dubai directly to Tel Aviv, Israel to be distributed to Israelis affected by the war," reads a Malay-language Facebook post on June 21, 2025 which has been viewed more than 459,000 times. The post goes on to criticise the UAE for sending aid to Israel while "people in Gaza don't have enough food", Image Screenshot of the false post taken on June 25, 2025 with a red X added by AFP The videos surfaced as Iran and Israel exchanged devastating strikes after Israel launched an unprecedented bombing campaign targeting Iranian nuclear and military facilities on June 13. Iran's health ministry said Israeli strikes have killed at least 610 civilians, while official figures from Israel said 28 people were killed in strikes across the country (archived link). The US military bombed three Iranian nuclear sites in what Trump said on June 21 was a "very successful attack", before Iran responded by launching missiles at the Al Udeid Air Base in Qatar -- the biggest US military facility in the Middle East (archived link). The UAE denounced the attack by Iran, calling it a "flagrant violation of Qatar's sovereignty and airspace" (archived link). A Israel and Tehran agreed to a US-brokered ceasefire on June 24. The clips circulated along with the false claim elsewhere on Facebook, Threads and TikTok, but they predate the war. There are also no official reports that UAE sent aid to Israel. Unrelated footage A Google reverse image search led to an article on Jordanian news site Roya News on April 6, 2021 with a picture showing the same scene in the false post (archived link). The report says it shows the first commercial flight from Etihad Airways arriving in Tel Aviv from Abu Dhabi. AFP also published footage of the landing on the same day, with a caption saying it shows the company's first passenger service on the route (archived link). Image Screenshot comparison of the false clip (left) and the AFP video The second part of the false video matches another clip published by AFP on September 13, 2023 showing the UAE preparing rescue machinery and equipment to be sent to Libya (archived link). It shows one of the planes carrying humanitarian aid from the UAE following Libya's call for international aid after a devastating flood killed thousands of people in the country (archived link). Image Screenshot comparison of the false clip (left) and the AFP video AFP has debunked several other false claims related to the Iran-Israel conflict.
