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LR Health & Beauty boekt sterke omzetgroei van 7,2%Wall Street stocks surged to fresh records Wednesday on hopes about easing US monetary policy, shrugging off political upheaval in South Korea and France. All three major US indices scored records, with the Dow Jones Industrial Average finishing above 45,000 for the first time. "The market at this point is looking for excuses to go up, and there's not really anything that might work against that narrative," said Steve Sosnick of Interactive Brokers. "Over the last couple of days, it's managed to ignore all sorts of inconvenient things and decided that the situation in France doesn't matter for them," Sosnick said of the stock market. "The situation in Korea doesn't matter." South Korea's stock market fell less than feared and the won rebounded from earlier losses after President Yoon Suk Yeol swiftly reversed a decision to impose martial law. In Europe, Paris stocks managed to advance as France's government faced looming no-confidence votes. Late Wednesday in Paris, French lawmakers voted to oust the government of Prime Minister Michel Barnier after just three months in office, pushing the country further into political uncertainty. For the first time in over sixty years, the National Assembly lower house toppled the incumbent government, approving a no-confidence motion that had been proposed by the hard left but which crucially was backed by the far-right headed by Marine Le Pen. "Political turmoil in both France and South Korea provide a uncertain backdrop for global markets, with the likely removal of both Barnier and Yoon bringing the potential for both countries to find a fresh direction," said Joshua Mahony, chief market analyst at Scope Markets. Thomas Mathews, head of Asia-Pacific markets at Capital Economics, said the losses in Seoul could have been "much worse" had the president not aborted his plan. "Rarely does a combined sell-off in a country's stocks, bonds and currency feel like a relief rally," he said. Oil prices turned lower after surging around 2.5 percent Tuesday, mainly after the United States sanctioned 35 companies and ships it accused of involvement with Iran's "shadow fleet" illicitly selling Iranian oil to foreign markets. Major producers at the OPEC+ grouping led by Saudi Arabia and Russia were set to meet Thursday to discuss extending output limits. Back in New York, major indices were led by the Nasdaq, which piled on 1.3 percent to finish at a third straight record. Wednesday's gains came after payroll firm ADP said US private-sector hiring in November came in at a lower-than-expected 146,000 jobs, while a survey from the Institute for Supply Management showed weaker sentiment than expected in the services sector. But the lackluster data boosts expectations that the Federal Reserve will cut interest rates later this month. At a New York conference, Federal Reserve Chair Jerome Powell refrained from tipping his hand, but he "didn't say anything that would scare the market," said Briefing.com analyst Patrick O'Hare. O'Hare noted that Wednesday's gains were led by large tech names such as Nvidia and Microsoft, which are major AI players. The boost followed strong results from Salesforce, which was the biggest gainer in the Dow with an 11 percent jump. New York - Dow: UP 0.7 percent at 45,014.04 (close) New York - S&P 500: UP 0.6 percent at 6,086.49 (close) New York - Nasdaq Composite: UP 1.3 percent at 19,735.12 (close) London - FTSE 100: DOWN 0.3 percent at 8,335.81 (close) Paris - CAC 40: UP 0.7 percent at 7,303.28 (close) Frankfurt - DAX: UP 1.1 percent at 20,232.14 (close) Seoul - Kospi Index: DOWN 1.4 percent at 2,464.00 (close) Tokyo - Nikkei 225: UP 0.1 percent at 39,276.39 (close) Hong Kong - Hang Seng Index: FLAT at 19,742.46 (close) Shanghai - Composite: DOWN 0.4 percent at 3,364.65 (close) Euro/dollar: UP at $1.0510 from $1.0509 on Tuesday Pound/dollar: UP at $1.2702 from $1.2673 Dollar/yen: UP at 150.56 yen from 149.60 yen Euro/pound: DOWN at 82.71 from 82.92 pence Brent North Sea Crude: DOWN 1.8 percent at $72.31 per barrel West Texas Intermediate: DOWN 2.0 percent at $68.54 per barrel burs-jmb/jgc
Tweet Facebook Mail Russian President Vladimir Putin has approved a record-breaking defence budget, setting aside a staggering third of the government's total spending as the war in Ukraine drains resources from both sides nearly three years on. The budget for next year, which was published on Sunday, allocates about $US126 billion ($194 billion) to national defence – amounting to 32.5 per cent of government spending. The defence budget is about $43 billion higher than the previous record set this year. READ MORE: Billionaire brings $150,000 grocery giveaway to Sydney Russian President Vladimir Putin has approved a round of record defence spending. (Vladimir Astapkovich, Sputnik, Kremlin Pool Photo via AP) (AP) The new three-year budget forecasts a slight reduction in military spending for 2026 and 2027. Legislators in both houses of the Russian parliament approved the budget. Russia's war in Ukraine is the biggest conflict in Europe since World War II. Moscow is currently making gains at key spots along the front lines and fighting a counteroffensive in Kursk region – the site of Kyiv's only major military success this year. But the slow, grinding war – often called a war of attrition, where both sides are trying to wear down the other – has drained both countries' resources. Ukraine has always been on the back foot when it comes to both material and manpower, though it has received billions of dollars in help from its Western allies, including more than half a billion in new military equipment pledged by Germany on Monday. How much aid will continue to come from the US once president-elect Donald Trump takes office remains to be seen. READ MORE: 'Lost my eyesight': Elton John reveals ongoing sight loss at musical Spending on the Russian armed forces will climb to a third of total government spending. (AP) Meanwhile, Russia has more weapons, more ammunition and more personnel – but the strain on its economy and population is growing. Russia has massively increased its military spending over the past two years and its economy is showing signs of overheating: inflation is running high, and companies are facing labour shortages. Trying to control the situation, the Russian Central Bank raised interest rates to 21 per cent in October, the highest in decades. North Korea recently sent an influx of soldiers to help Russia fight on the front lines. The staggering sums countries spend on defending themselves View Gallery The Ukrainian government said last month that about 11,000 North Korean soldiers were in Kursk. Some of Russia's weaponry is also North Korean, accounting for almost a third of the ballistic missiles fired at Ukraine this year, according to Ukrainian defence officials and CNN's tally of attacks. The North Korean troops may help Russia's efforts for some time – but the material losses could be harder to make up for. DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .
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