2026-01-05 05:43

Xi emphasises mutual respect, win-win outcomes with Ireland Xi urges Ireland to aid China-EU relations during EU presidency Ireland acknowledges China's global role, stresses open trade importance Martin's visit follows China's tariffs on EU dairy products China seeks cooperation in AI, digital economy, pharmaceuticals BEIJING, Jan 5 (Reuters) - China is keen on expanding economic and trade cooperation with Ireland while aiming for mutually beneficial results, Chinese President Xi Jinping told the Irish prime minister on Monday, positioning stronger bilateral ties as a way to also boost relations with the European Union. Xi emphasised mutual respect and achieving win-win outcomes as "valuable experiences" for long-term and stable development of China-Ireland ties in his opening remarks at a meeting with Prime Minister Micheal Martin at the Great Hall of the People, a media pool report showed. Sign up here. China has shown growing interest in engaging with European Union countries individually as ties with Brussels remain frosty. Beijing has also treated bilateral meetings as a means for conveying its views on relations with the EU. China and the EU should focus on the long term, take an objective and rational approach to their differences, and look towards win-win cooperation, Xi told Martin, according to state news agency Xinhua. "It is hoped that Ireland will play a constructive role in the healthy and stable development of China-EU relations," Xi said, referencing Ireland assuming the rotating presidency of the EU Council in the latter half of this year. China is interested in cooperating with Ireland in fields such as artificial intelligence, digital economy, pharmaceuticals as well as tourism, Xinhua reported citing Xi, who also urged more coordination and cooperation in international affairs to advocate for multilateralism and international justice. Martin, the first Irish Taoiseach to visit Beijing in 14 years, said that Ireland acknowledged China's "indispensable role" in the world, highlighting its role in peacekeeping efforts. He also stressed Ireland's stance on open trade, a topic that could feature in his discussions with Chinese leaders. "We believe it's fundamental that we try and work towards open trade, recognising the interdependence of the world," the Taoiseach said of trade ties with China. Martin's trip comes two weeks after Beijing announced tariffs on EU dairy products, imposing provisional duties of up to 42.7%, the latest in a series of measures against EU exports widely seen as retaliation for the bloc's electric vehicle tariffs. Ireland is among Europe's largest exporters of dairy products, with farms shipping more than 90% of their output, worth about 6 billion euros ($7.02 billion). It was among the EU nations that voted in favour of tariffs on Chinese EVs. Martin will travel to Shanghai before his state visit ends on Thursday. https://www.reuters.com/world/china/china-seeks-closer-ties-with-ireland-xi-tells-martin-beijing-2026-01-05/

2026-01-05 05:34

Gold jumps to one-week high US captures Venezuelan President Maduro over weekend Silver, platinum, palladium all jumped over 3% earlier Jan 5 (Reuters) - Gold prices climbed Monday along with other precious metals, after the United States captured Venezuelan President Nicolas Maduro over the weekend, escalating geopolitical tensions and fueling safe-haven demand. As of 0742 GMT, spot gold rose 2.2% to $4,424.17 per ounce, a one-week high. U.S. gold futures for February delivery gained 2.4% to $4,434.20. Sign up here. "The kidnapping of a foreign head of state naturally leads to high degrees of instability, and in this environment, gold and silver are viewed as a solid hedge against uncertainty," said Tim Waterer, KCM Trade's chief market analyst. On Saturday, the U.S. captured Maduro in an attack that was Washington's most controversial intervention in Latin America since the invasion of Panama 37 years ago. Vice President Delcy Rodriguez has taken over as interim leader and said that Maduro remains president. Geopolitical tensions, combined with interest rate cuts, robust central bank purchases and inflows into exchange-traded funds contributed to bullion's 64% gains last year, its biggest annual gain since 1979. It hit a record high of $4,549.71 on December 26, 2025. Federal Reserve Bank of Philadelphia President Anna Paulson said on Saturday that further rate cuts could be some way off after an active campaign of easing last year. Her comments come as investors still expect at least two Fed rate cuts this year. Meanwhile, investors are focused on non-farm payroll data, which is due Friday, for more cues into potential Fed rate cuts, Waterer added. Non-yielding assets tend to do well in a low-interest-rate environment and during geopolitical or economic uncertainties. Spot silver added 3.9% to $75.50 per ounce, after hitting an all-time high of $83.62 on December 29. The metal ended its best ever year on record 147% higher. Silver was propelled to fresh highs by its designation as a critical U.S. mineral last year and on supply constraints in the face of rising industrial and investment demand. Spot platinum rose 3.9% to $2,226.24 per ounce after touching an all-time high of $2,478.50 last Monday. It gained more than 5% in early Asia hours to a one-week high. Palladium climbed 1.6% to $1,664.40 per ounce. https://www.reuters.com/world/india/gold-surges-us-capture-venezuela-president-spurs-safe-haven-demand-2026-01-05/

2026-01-05 05:30

KYIV, Jan 5 (Reuters) - An overnight Russian air attack on Kyiv and its region killed two people, Ukraine’s authorities said on Monday, in what appeared to be the first reported deaths in Russian strikes on the Ukrainian capital this year. Ukraine’s State Emergency Service said the strike set ablaze a medical facility in the Obolonskyi district in Kyiv's northern sector, where an inpatient ward was operating. After the fire was extinguished, a body was found inside, the service added. Sign up here. A woman was also injured and 25 people were evacuated, the service said on the Telegram messaging app. It released a nighttime photo showing emergency responders carrying a body on a stretcher past an ambulance outside a building, with snow on the ground. Russia also hit towns and villages across the Kyiv region, damaging homes and critical infrastructure, and killing a civilian in the Fastiv district, just southwest of the capital, the region’s governor Mykola Kalashnyk said on Telegram. Small parts of the region were left without power, Kalashnyk added. There was no immediate comment from Russia. Both sides deny targeting civilians in their attacks. Russia has repeatedly attacked Kyiv and other Ukrainian cities with missiles and drones during the nearly four-year-old war, saying it strikes military targets, while Ukraine says civilians and civilian infrastructure are often hit. https://www.reuters.com/world/europe/ukraine-military-says-russian-strike-kyiv-kills-civilian-2026-01-05/

2026-01-05 05:07

SEOUL, Jan 5 (Reuters) - South Korea's top economic policymakers on Monday vowed efforts to stabilise the currency market as the won's recent declines defied economic fundamentals. "We will closely monitor financial and foreign exchange markets and make efforts to resolve the structural demand-supply imbalance in the foreign exchange market," Finance Minister Koo Yun-cheol said in remarks prepared for a New Year's event. Sign up here. The won was down 0.3% at 1,448.6 per dollar on Monday, extending losses for a fourth straight session, following a sharp rebound in late December from eight-month lows on policy efforts to reverse the trend. Koo also said the government would prepare tax incentives for long-term investment in domestic stocks. At the event hosted for the financial sector, Bank of Korea Governor Rhee Chang-yong said the central bank and the government, as well as relevant agencies, had to cooperate to address recent depreciating trends in the won that did not align with economic fundamentals. Looking ahead, Rhee said monetary policy would be operated more delicately as there would be bigger trade-offs in considering growth, inflation and financial stability. https://www.reuters.com/world/asia-pacific/skorea-finance-minister-central-bank-governor-vow-efforts-stabilise-wobbly-won-2026-01-05/

2026-01-05 02:28

MUMBAI, Jan 5 (Reuters) - The Indian rupee is likely to remain under pressure this week, with traders warning that a move past 90 could spur dollar demand from importers, while government bonds may fall following higher-than-expected state debt supply. The rupee settled at 90.1950 on Friday, falling 0.4% for the week. It slipped past the 90 during Friday's session, despite the Reserve Bank of India providing support by selling dollars at that level, according to traders. Sign up here. The drop past 90 "has, in a way, shifted the balance", and will likely lead to a pick up in dollar demand, a currency trader at a bank said. "We have to see what the new equilibrium is," he said. Underlying dollar demand has continued to weigh on the rupee, keeping the RBI's handling of depreciation pressures firmly in focus, similar to much of 2025. "If the pressure on rupee continues, it will be interesting to see if RBI defends a particular level in a steadfast manner again," said Abhishek Goenka, CEO at FX advisory firm India Forex and Asset Management. "The RBI's ability to intervene may be constrained by its forward (dollar) short positions." Meanwhile, investors largely shrugged off the U.S. raid in Venezuela and President Nicolas Maduro's capture, with the dollar index and oil prices slightly higher, while U.S. equity futures and Treasury yields remained largely unchanged. A slew of U.S. economic data is due for release this week, which analysts say may shape expectations for the Federal Reserve's policy path in 2026. BONDS The 10-year benchmark 6.48% 2035 yield settled at 6.6062%, up 5 basis points on the week. Traders expect the yield to move in a 6.56%–6.65% range, with continued attention on the overall demand-supply scenario after the release of the state debt schedule and foreign flows. Indian states will borrow 5 trillion rupees in January-March, which would be their highest ever quarterly borrowing, and also push annual debt sale to an all-time high. Traders have continued selling bonds over the last few weeks, as they remained unsure about how the supply would be absorbed at a time when demand from most investor segments is easing. The 10-year bond yield declined only 17 basis points in 2025, even as the RBI slashed repo rate by 125 basis points and conducted bond purchases, dollar-rupee swaps and cash reserve ratio reduction, leading to an aggregate inflow of 11.7 trillion rupees. In focus will be the next set of actions from foreign investors, after they sold more than 123 billion rupees of index-linked bonds on a net basis in December - a record high - citing the drop in the rupee. "Currency impact aside, we see good value in rupee bonds as yields have been largely stable," said Yifei Ding, senior portfolio manager, fixed income at Invesco. KEY FACTORS: India ** December HSBC services PMI - January 5, Monday (10:30 a.m.) U.S. ** December ISM manufacturing PMI - January 5, Monday (8:30 p.m. IST) ** December S&P Global composite PMI final - January 6, Tuesday (8:15 p.m. IST) ** December S&P Global services PMI final - January 6, Tuesday (8:15 p.m. IST) ** October Factory orders - January 7, Wednesday (8:30 p.m. IST) ** December ISM non-manufacturing PMI - January 7, Wednesday (8:30 p.m. IST) ** October international trade - January 8, Thursday (7:00 p.m. IST) ** Initial weekly jobless claims for week to January 3 - January 8, Thursday (7:00 p.m. IST) ** December non-farm payroll and unemployment rate - January 9, Friday (7:00 p.m. IST) ** December U Mich Sentiment prelim - January 9, Friday (8:30 p.m. IST) https://www.reuters.com/world/india/rupee-set-face-pressure-after-90-breach-higher-state-debt-hit-bonds-2026-01-05/

2026-01-05 00:52

Dow hits record high, energy stocks surge after US strikes Venezuela European stocks also higher, while energy shares and oil prices gain Gold rises on safe-haven demand NEW YORK, Jan 5 (Reuters) - Major stock indexes and oil prices gained on Monday, with energy shares climbing and investors reacting mostly calmly to potential market ramifications after a U.S. military strike that captured Venezuelan President Nicolas Maduro. The Dow Jones Industrial Average hit a record high. The S&P 500 energy index (.SPNY) , opens new tab rose to its highest since March 2025, with Sign up here. After the dramatic events in Venezuela at the weekend, U.S. President Donald Trump said he was putting the South American nation under temporary American control and that he could order another strike if Venezuela did not cooperate with U.S. efforts to open up its oil industry and stop drug trafficking. He also threatened military action in Colombia and Mexico. Trump is planning to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production, Reuters reported, citing a source familiar with the matter. Oil prices were also higher as traders assessed the possible impact on crude flows from Venezuela, home of the biggest global oil reserves. "It's a reasonable reaction from the markets to largely ignore the geopolitics around Venezuela, with the exception of a handful of oil companies, which are spiking," said Oliver Pursche, senior vice president, advisor at Wealthspire Advisors in Westport, Connecticut. "Venezuela's GDP has virtually no impact on global GDP... so the market should ignore it," he said, noting that U.S. economic data this week will be key to the outlook for interest rates. The Dow Jones Industrial Average (.DJI) , opens new tab rose 594.79 points, or 1.23%, to 48,977.18, the S&P 500 (.SPX) , opens new tab rose 43.58 points, or 0.64%, to 6,902.05 and the Nasdaq Composite (.IXIC) , opens new tab rose 160.19 points, or 0.69%, to 23,395.82. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 8.38 points, or 0.82%, to 1,028.02. The pan-European STOXX 600 (.STOXX) , opens new tab index rose 0.94%. Emerging market stocks (.MSCIEF) , opens new tab rose 21.63 points, or 1.51%, to 1,451.11. Brent crude futures rose $1.01 to settle at $61.76 a barrel, while U.S. West Texas Intermediate crude gained $1 to settle at $58.32. US MILITARY ACTION SPURS SAFE-HAVEN DEMAND Gold rose to a one-week high on bullion's safe-haven appeal. Spot gold hit its highest level since December 29. U.S. gold futures for February delivery gained 2.8% to settle at $4,451.5 an ounce. The dollar index was down slightly after hitting a near-four-week high against a range of currencies following a weak December, with traders focused on this week's raft of key economic data and largely shrugging off events in Venezuela. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.24% to 98.32. Traders readied for new data that should offer fresh clues on the state of the U.S. economy and the likely path of Federal Reserve policy, culminating in the release of the jobs report for December on Friday. U.S. Treasury yields eased. The yield on benchmark U.S. 10-year notes fell 2.4 basis points to 4.165%, from 4.189% late on Friday. https://www.reuters.com/world/china/global-markets-wrapup-1-2026-01-05/