Italy gives final go-ahead for landmark Sicily bridge
Construction for the 3.7km bridge, projected to be one of the longest in the world, has been talked about since the late 1960s to help develop the impoverished south of Italy.
The right-wing government of Prime Minister Giorgia Meloni made it a priority and has set aside 13.5 billion euros ($A24.09 billion) over the next 10 years for the bridge and surrounding facilities.
The Interministerial Committee for Economic Planning and Sustainable Development (CIPESS) is due to meet later on Wednesday.
The Strait of Messina Bridge Project was awarded to the Eurolink consortium following an international tender. Italy's largest construction company Webuild leads the consortium, which also has Spanish group Sacyr and Japanese group IHI as its members.
According to the Messina Strait Company overseeing the project, the government committee approval would allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
Last week, Infrastructure Minister Matteo Salvini told reporters that validation by the national audit court would be required before the CIPESS resolution could take effect. A source close to the matter said this could take a few weeks.
The bridge has drawn fierce criticism from those who question the wisdom of building it in an earthquake zone and those who say it would be a waste of money, amid fears the Cosa Nostra and 'Ndrangheta criminal gangs based in the area could infiltrate the works to reap huge profits.
Some citizens' groups are campaigning against the bridge, calling it unnecessary, and environmental associations this week filed a complaint with the European Union, flagging serious environmental damage risks.
Yet, the bridge also has strong support from those who believe a fast rail and road connection as an alternative to the current ferry crossing would provide a much-needed boost to Sicily and the rest of Italy's poorer southern regions.
Webuild has estimated the construction could create more than 100,000 jobs.
According to the Messina Strait Company, overseeing the project, Wednesday's approval will allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
The company said the bridge will be completed in 2032.
Italy's government has given final approval to the construction of what will be the world's longest single-span bridge, linking Sicily to the mainland.
Construction for the 3.7km bridge, projected to be one of the longest in the world, has been talked about since the late 1960s to help develop the impoverished south of Italy.
The right-wing government of Prime Minister Giorgia Meloni made it a priority and has set aside 13.5 billion euros ($A24.09 billion) over the next 10 years for the bridge and surrounding facilities.
The Interministerial Committee for Economic Planning and Sustainable Development (CIPESS) is due to meet later on Wednesday.
The Strait of Messina Bridge Project was awarded to the Eurolink consortium following an international tender. Italy's largest construction company Webuild leads the consortium, which also has Spanish group Sacyr and Japanese group IHI as its members.
According to the Messina Strait Company overseeing the project, the government committee approval would allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
Last week, Infrastructure Minister Matteo Salvini told reporters that validation by the national audit court would be required before the CIPESS resolution could take effect. A source close to the matter said this could take a few weeks.
The bridge has drawn fierce criticism from those who question the wisdom of building it in an earthquake zone and those who say it would be a waste of money, amid fears the Cosa Nostra and 'Ndrangheta criminal gangs based in the area could infiltrate the works to reap huge profits.
Some citizens' groups are campaigning against the bridge, calling it unnecessary, and environmental associations this week filed a complaint with the European Union, flagging serious environmental damage risks.
Yet, the bridge also has strong support from those who believe a fast rail and road connection as an alternative to the current ferry crossing would provide a much-needed boost to Sicily and the rest of Italy's poorer southern regions.
Webuild has estimated the construction could create more than 100,000 jobs.
According to the Messina Strait Company, overseeing the project, Wednesday's approval will allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
The company said the bridge will be completed in 2032.
Italy's government has given final approval to the construction of what will be the world's longest single-span bridge, linking Sicily to the mainland.
Construction for the 3.7km bridge, projected to be one of the longest in the world, has been talked about since the late 1960s to help develop the impoverished south of Italy.
The right-wing government of Prime Minister Giorgia Meloni made it a priority and has set aside 13.5 billion euros ($A24.09 billion) over the next 10 years for the bridge and surrounding facilities.
The Interministerial Committee for Economic Planning and Sustainable Development (CIPESS) is due to meet later on Wednesday.
The Strait of Messina Bridge Project was awarded to the Eurolink consortium following an international tender. Italy's largest construction company Webuild leads the consortium, which also has Spanish group Sacyr and Japanese group IHI as its members.
According to the Messina Strait Company overseeing the project, the government committee approval would allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
Last week, Infrastructure Minister Matteo Salvini told reporters that validation by the national audit court would be required before the CIPESS resolution could take effect. A source close to the matter said this could take a few weeks.
The bridge has drawn fierce criticism from those who question the wisdom of building it in an earthquake zone and those who say it would be a waste of money, amid fears the Cosa Nostra and 'Ndrangheta criminal gangs based in the area could infiltrate the works to reap huge profits.
Some citizens' groups are campaigning against the bridge, calling it unnecessary, and environmental associations this week filed a complaint with the European Union, flagging serious environmental damage risks.
Yet, the bridge also has strong support from those who believe a fast rail and road connection as an alternative to the current ferry crossing would provide a much-needed boost to Sicily and the rest of Italy's poorer southern regions.
Webuild has estimated the construction could create more than 100,000 jobs.
According to the Messina Strait Company, overseeing the project, Wednesday's approval will allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
The company said the bridge will be completed in 2032.
Italy's government has given final approval to the construction of what will be the world's longest single-span bridge, linking Sicily to the mainland.
Construction for the 3.7km bridge, projected to be one of the longest in the world, has been talked about since the late 1960s to help develop the impoverished south of Italy.
The right-wing government of Prime Minister Giorgia Meloni made it a priority and has set aside 13.5 billion euros ($A24.09 billion) over the next 10 years for the bridge and surrounding facilities.
The Interministerial Committee for Economic Planning and Sustainable Development (CIPESS) is due to meet later on Wednesday.
The Strait of Messina Bridge Project was awarded to the Eurolink consortium following an international tender. Italy's largest construction company Webuild leads the consortium, which also has Spanish group Sacyr and Japanese group IHI as its members.
According to the Messina Strait Company overseeing the project, the government committee approval would allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
Last week, Infrastructure Minister Matteo Salvini told reporters that validation by the national audit court would be required before the CIPESS resolution could take effect. A source close to the matter said this could take a few weeks.
The bridge has drawn fierce criticism from those who question the wisdom of building it in an earthquake zone and those who say it would be a waste of money, amid fears the Cosa Nostra and 'Ndrangheta criminal gangs based in the area could infiltrate the works to reap huge profits.
Some citizens' groups are campaigning against the bridge, calling it unnecessary, and environmental associations this week filed a complaint with the European Union, flagging serious environmental damage risks.
Yet, the bridge also has strong support from those who believe a fast rail and road connection as an alternative to the current ferry crossing would provide a much-needed boost to Sicily and the rest of Italy's poorer southern regions.
Webuild has estimated the construction could create more than 100,000 jobs.
According to the Messina Strait Company, overseeing the project, Wednesday's approval will allow the start of preliminary works, including archaeological and geological surveys. Land expropriations will also be authorised.
The company said the bridge will be completed in 2032.
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Hiroshima's shadow over Gaza: what have we learned?
On August 6, the world pauses to remember. We think about the blinding flash over Hiroshima, the mushroom cloud that became a symbol of human destruction, and the immense suffering of people. We said "Never Again". We observe another Hiroshima Day amid the ongoing devastation in Gaza, the connections between 1945 and 2025 are striking. Similarities lie in the systematic erasure of civilian humanity. The atomic bombings weren't just military attacks, they were acts of mass destruction aimed at entire populations. The logic prioritised strategic goals over the value of innocent life. In Gaza, we see a similar calculation using conventional weapons. The civilian death toll, more than 46,000 Palestinians killed, mostly women and children, shows this is not about isolated accidents. It reflects a relentless campaign in populated areas. Homes, hospitals and vital infrastructure destroyed. Collateral damage, a term often used to dehumanise civilians caught in a war zone. Before Hiroshima, propaganda portrayed the Japanese as subhuman fanatics. Narratives to destroy empathy, making the intolerable appear acceptable. Palestinians in Gaza experience a similar process. Grouped together, stripped of individual stories and pain, reduced to numbers or abstract threats. Their suffering is downplayed, their deaths justified, and their right to exist questioned. This dehumanisation creates the emotional distance necessary for inflicting and accepting immense suffering. The faces of children pulled from rubble resemble the haunting images of burned children in Hiroshima, the moral disconnect should shatter this distance. Yet, too often, it hasn't. The destruction the weaponisation of the environment is another similarity. Hiroshima was more than a bombing, it was an environmental disaster, leaving radioactive scars for generations. Gaza now faces a man-made environmental crisis. Basic necessities, food, water, medicine, are a daily struggle. It's not just warfare; its a violation of human dignity. Hiroshima Day urges us to confront the risk of unchecked power. The bomb symbolised technological dominance used without effective restraint. Today we look on, paralysed, as one of the most powerful militaries operates in Gaza with impunity. Calls for ceasefires ignored, UN resolutions unenforced, rulings from the ICJ demanding the prevention of a genocide disregarded. The frameworks established after World War II to stop atrocities and uphold humanitarian law appear weak, if not completely broken. The lesson that absolute power needs absolute accountability remains unlearned. Hiroshima is a stark warning about nuclear weapons. Unlike Hamas, Israel has a significant undeclared nuclear arsenal. The existence of these weapons casts a long shadow. The potential for escalation, the temptation in extreme situations, and the terror they induce raise the stakes dramatically. Remembering Hiroshima is not just about looking back, it's a plea to prevent any future use of these weapons of destruction. The ongoing violence in Gaza, fuelled by deep trauma and unresolved injustice, emphasises how dangerously close the world remains to the brink that Hiroshima revealed. What does Hiroshima Day call for today?: 1. An immediate, sustained ceasefire and unimpeded humanitarian access. The killing must stop. 2. Violations of international humanitarian law by any party must be thoroughly investigated, and consequences imposed. Justice is essential for any future peace. 3. International Humanitarian Law must be defended and it must be strengthened. 4. Lasting peace requires tackling the ongoing injustices: occupation, blockade, displacement, and the denial of Palestinian self-determination. 5. Australia must sign the 2017 UN Treaty on the Prohibition of Nuclear Weapons. The victims of Hiroshima were sacrificed at the end of a war. The victims of Gaza are being sacrificed in an endless conflict, with the same toxic mix of dehumanisation and unchecked power. Hiroshima Day honours our past. Its also a critique of our failures. The images from 1945 and 2025 aren't separate tragedies, they are parts of our struggle to recognise humankind's sacred value. "Never Again" is not just a memorial statement. It is a call to act before Gaza becomes another Hiroshima in our shared conscience. On August 6, the world pauses to remember. We think about the blinding flash over Hiroshima, the mushroom cloud that became a symbol of human destruction, and the immense suffering of people. We said "Never Again". We observe another Hiroshima Day amid the ongoing devastation in Gaza, the connections between 1945 and 2025 are striking. Similarities lie in the systematic erasure of civilian humanity. The atomic bombings weren't just military attacks, they were acts of mass destruction aimed at entire populations. The logic prioritised strategic goals over the value of innocent life. In Gaza, we see a similar calculation using conventional weapons. The civilian death toll, more than 46,000 Palestinians killed, mostly women and children, shows this is not about isolated accidents. It reflects a relentless campaign in populated areas. Homes, hospitals and vital infrastructure destroyed. Collateral damage, a term often used to dehumanise civilians caught in a war zone. Before Hiroshima, propaganda portrayed the Japanese as subhuman fanatics. Narratives to destroy empathy, making the intolerable appear acceptable. Palestinians in Gaza experience a similar process. Grouped together, stripped of individual stories and pain, reduced to numbers or abstract threats. Their suffering is downplayed, their deaths justified, and their right to exist questioned. This dehumanisation creates the emotional distance necessary for inflicting and accepting immense suffering. The faces of children pulled from rubble resemble the haunting images of burned children in Hiroshima, the moral disconnect should shatter this distance. Yet, too often, it hasn't. The destruction the weaponisation of the environment is another similarity. Hiroshima was more than a bombing, it was an environmental disaster, leaving radioactive scars for generations. Gaza now faces a man-made environmental crisis. Basic necessities, food, water, medicine, are a daily struggle. It's not just warfare; its a violation of human dignity. Hiroshima Day urges us to confront the risk of unchecked power. The bomb symbolised technological dominance used without effective restraint. Today we look on, paralysed, as one of the most powerful militaries operates in Gaza with impunity. Calls for ceasefires ignored, UN resolutions unenforced, rulings from the ICJ demanding the prevention of a genocide disregarded. The frameworks established after World War II to stop atrocities and uphold humanitarian law appear weak, if not completely broken. The lesson that absolute power needs absolute accountability remains unlearned. Hiroshima is a stark warning about nuclear weapons. Unlike Hamas, Israel has a significant undeclared nuclear arsenal. The existence of these weapons casts a long shadow. The potential for escalation, the temptation in extreme situations, and the terror they induce raise the stakes dramatically. Remembering Hiroshima is not just about looking back, it's a plea to prevent any future use of these weapons of destruction. The ongoing violence in Gaza, fuelled by deep trauma and unresolved injustice, emphasises how dangerously close the world remains to the brink that Hiroshima revealed. What does Hiroshima Day call for today?: 1. An immediate, sustained ceasefire and unimpeded humanitarian access. The killing must stop. 2. Violations of international humanitarian law by any party must be thoroughly investigated, and consequences imposed. Justice is essential for any future peace. 3. International Humanitarian Law must be defended and it must be strengthened. 4. Lasting peace requires tackling the ongoing injustices: occupation, blockade, displacement, and the denial of Palestinian self-determination. 5. Australia must sign the 2017 UN Treaty on the Prohibition of Nuclear Weapons. The victims of Hiroshima were sacrificed at the end of a war. The victims of Gaza are being sacrificed in an endless conflict, with the same toxic mix of dehumanisation and unchecked power. Hiroshima Day honours our past. Its also a critique of our failures. The images from 1945 and 2025 aren't separate tragedies, they are parts of our struggle to recognise humankind's sacred value. "Never Again" is not just a memorial statement. It is a call to act before Gaza becomes another Hiroshima in our shared conscience. On August 6, the world pauses to remember. We think about the blinding flash over Hiroshima, the mushroom cloud that became a symbol of human destruction, and the immense suffering of people. We said "Never Again". We observe another Hiroshima Day amid the ongoing devastation in Gaza, the connections between 1945 and 2025 are striking. Similarities lie in the systematic erasure of civilian humanity. The atomic bombings weren't just military attacks, they were acts of mass destruction aimed at entire populations. The logic prioritised strategic goals over the value of innocent life. In Gaza, we see a similar calculation using conventional weapons. The civilian death toll, more than 46,000 Palestinians killed, mostly women and children, shows this is not about isolated accidents. It reflects a relentless campaign in populated areas. Homes, hospitals and vital infrastructure destroyed. Collateral damage, a term often used to dehumanise civilians caught in a war zone. Before Hiroshima, propaganda portrayed the Japanese as subhuman fanatics. Narratives to destroy empathy, making the intolerable appear acceptable. Palestinians in Gaza experience a similar process. Grouped together, stripped of individual stories and pain, reduced to numbers or abstract threats. Their suffering is downplayed, their deaths justified, and their right to exist questioned. This dehumanisation creates the emotional distance necessary for inflicting and accepting immense suffering. The faces of children pulled from rubble resemble the haunting images of burned children in Hiroshima, the moral disconnect should shatter this distance. Yet, too often, it hasn't. The destruction the weaponisation of the environment is another similarity. Hiroshima was more than a bombing, it was an environmental disaster, leaving radioactive scars for generations. Gaza now faces a man-made environmental crisis. Basic necessities, food, water, medicine, are a daily struggle. It's not just warfare; its a violation of human dignity. Hiroshima Day urges us to confront the risk of unchecked power. The bomb symbolised technological dominance used without effective restraint. Today we look on, paralysed, as one of the most powerful militaries operates in Gaza with impunity. Calls for ceasefires ignored, UN resolutions unenforced, rulings from the ICJ demanding the prevention of a genocide disregarded. The frameworks established after World War II to stop atrocities and uphold humanitarian law appear weak, if not completely broken. The lesson that absolute power needs absolute accountability remains unlearned. Hiroshima is a stark warning about nuclear weapons. Unlike Hamas, Israel has a significant undeclared nuclear arsenal. The existence of these weapons casts a long shadow. The potential for escalation, the temptation in extreme situations, and the terror they induce raise the stakes dramatically. Remembering Hiroshima is not just about looking back, it's a plea to prevent any future use of these weapons of destruction. The ongoing violence in Gaza, fuelled by deep trauma and unresolved injustice, emphasises how dangerously close the world remains to the brink that Hiroshima revealed. What does Hiroshima Day call for today?: 1. An immediate, sustained ceasefire and unimpeded humanitarian access. The killing must stop. 2. Violations of international humanitarian law by any party must be thoroughly investigated, and consequences imposed. Justice is essential for any future peace. 3. International Humanitarian Law must be defended and it must be strengthened. 4. Lasting peace requires tackling the ongoing injustices: occupation, blockade, displacement, and the denial of Palestinian self-determination. 5. Australia must sign the 2017 UN Treaty on the Prohibition of Nuclear Weapons. The victims of Hiroshima were sacrificed at the end of a war. The victims of Gaza are being sacrificed in an endless conflict, with the same toxic mix of dehumanisation and unchecked power. Hiroshima Day honours our past. Its also a critique of our failures. The images from 1945 and 2025 aren't separate tragedies, they are parts of our struggle to recognise humankind's sacred value. "Never Again" is not just a memorial statement. It is a call to act before Gaza becomes another Hiroshima in our shared conscience. On August 6, the world pauses to remember. We think about the blinding flash over Hiroshima, the mushroom cloud that became a symbol of human destruction, and the immense suffering of people. We said "Never Again". We observe another Hiroshima Day amid the ongoing devastation in Gaza, the connections between 1945 and 2025 are striking. Similarities lie in the systematic erasure of civilian humanity. The atomic bombings weren't just military attacks, they were acts of mass destruction aimed at entire populations. The logic prioritised strategic goals over the value of innocent life. In Gaza, we see a similar calculation using conventional weapons. The civilian death toll, more than 46,000 Palestinians killed, mostly women and children, shows this is not about isolated accidents. It reflects a relentless campaign in populated areas. Homes, hospitals and vital infrastructure destroyed. Collateral damage, a term often used to dehumanise civilians caught in a war zone. Before Hiroshima, propaganda portrayed the Japanese as subhuman fanatics. Narratives to destroy empathy, making the intolerable appear acceptable. Palestinians in Gaza experience a similar process. Grouped together, stripped of individual stories and pain, reduced to numbers or abstract threats. Their suffering is downplayed, their deaths justified, and their right to exist questioned. This dehumanisation creates the emotional distance necessary for inflicting and accepting immense suffering. The faces of children pulled from rubble resemble the haunting images of burned children in Hiroshima, the moral disconnect should shatter this distance. Yet, too often, it hasn't. The destruction the weaponisation of the environment is another similarity. Hiroshima was more than a bombing, it was an environmental disaster, leaving radioactive scars for generations. Gaza now faces a man-made environmental crisis. Basic necessities, food, water, medicine, are a daily struggle. It's not just warfare; its a violation of human dignity. Hiroshima Day urges us to confront the risk of unchecked power. The bomb symbolised technological dominance used without effective restraint. Today we look on, paralysed, as one of the most powerful militaries operates in Gaza with impunity. Calls for ceasefires ignored, UN resolutions unenforced, rulings from the ICJ demanding the prevention of a genocide disregarded. The frameworks established after World War II to stop atrocities and uphold humanitarian law appear weak, if not completely broken. The lesson that absolute power needs absolute accountability remains unlearned. Hiroshima is a stark warning about nuclear weapons. Unlike Hamas, Israel has a significant undeclared nuclear arsenal. The existence of these weapons casts a long shadow. The potential for escalation, the temptation in extreme situations, and the terror they induce raise the stakes dramatically. Remembering Hiroshima is not just about looking back, it's a plea to prevent any future use of these weapons of destruction. The ongoing violence in Gaza, fuelled by deep trauma and unresolved injustice, emphasises how dangerously close the world remains to the brink that Hiroshima revealed. What does Hiroshima Day call for today?: 1. An immediate, sustained ceasefire and unimpeded humanitarian access. The killing must stop. 2. Violations of international humanitarian law by any party must be thoroughly investigated, and consequences imposed. Justice is essential for any future peace. 3. International Humanitarian Law must be defended and it must be strengthened. 4. Lasting peace requires tackling the ongoing injustices: occupation, blockade, displacement, and the denial of Palestinian self-determination. 5. Australia must sign the 2017 UN Treaty on the Prohibition of Nuclear Weapons. The victims of Hiroshima were sacrificed at the end of a war. The victims of Gaza are being sacrificed in an endless conflict, with the same toxic mix of dehumanisation and unchecked power. Hiroshima Day honours our past. Its also a critique of our failures. The images from 1945 and 2025 aren't separate tragedies, they are parts of our struggle to recognise humankind's sacred value. "Never Again" is not just a memorial statement. It is a call to act before Gaza becomes another Hiroshima in our shared conscience.
The Advertiser
an hour ago
- The Advertiser
Asian stocks climb, dollar droops on Fed easing bets
Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel. Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel. Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel. Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel.
Perth Now
2 hours ago
- Perth Now
Asian stocks climb, dollar droops on Fed easing bets
Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel.
