McDonald's CosMc's shuts down after two-year run, ending bold beverage experiment

European markets rally as Trump delays 50% EU tariffs. Japan's Nikkei rises for second day as trade fears ease, Nippon Steel jumps.

Financials hit new highs on Wednesday, but Rajesh Bhatia of Haitong Bank expects some profit consolidation in the sector this year.

"Financials are at all-time highs. We do expect some profit consolidation in financials this year. The sector is richly valued at 23 times forward earnings. Some outsized gains in select financials may also moderate," Bhatia said.

He added that the service sector recovery is driving private bank earnings and that Paytm's strong performance in the December quarter indicates a continuation of the digital consumption story.

"Private sector bank earnings are being driven by the service sector recovery. Paytm's strong performance in the December quarter indicates a continuation of the digital consumption story," Bhatia said.

European markets rallied on Wednesday as U.S. President Donald Trump delayed 50% tariffs on a range of goods from France, Britain, Germany and Italy.

The pan-European STOXX 600 index rose 0.8%, snapping a two-day losing streak.

France's CAC 40 index and Germany's DAX 30 index both gained 0.7%, while Britain's FTSE 100 index rose 0.6%.

The tariffs, which were due to come into effect on Wednesday, had been threatened by Trump in December as part of a dispute over what he viewed as "unfair" trade practices by the European Union.

The move came after Trump also postponed a decision on whether to impose tariffs on $200 billion worth of Chinese goods.

Meanwhile, Japan's Nikkei stock index rose for a second day on Wednesday as fears over a potential U.S. trade war receded and an upbeat report on private sector activity in December boosted market morale.

The Nikkei share average gained 0.5% to 24,144.19 by the mid-morning break. It had risen 0.4% on Tuesday.

The broader Topix slipped 0.1% to 1,720.88. It had closed flat on Tuesday.

At least seven Nikkei components were trading in the red, with Nippon Steel & Tube advancing 3.8%. The steel maker's shares have soared more than 50% this year.

Bank of Tokyo-Mitsubishi (Tokyo:8302) edged up 0.4%, extending gains after the Nikkei finished at a seven-month high on Tuesday.

The Nikkei is now set to test the 24,271.28 peak hit in May 2018, and a break above that level would take the index to fresh highs reached in 2018.

A report by the Nikkei Economic Research showed Japan's private sector activity expanded in December for a 10th month as surging new orders and production pushed up the composite purchasing managers' index (PMI) to 52.0 from November's 51.0.

The PMI hit a 39-month high of 52.2 in January 2018. A reading above 50 indicates expansion, while one below 50 suggests contraction.

"The December PMI reinforced the view that the economic recovery is continuing. With Trump's tariff threats receding, investors are expected to focus more on domestic demand and corporate earnings," said Masahiro Ichikawa, chief strategist at Sumitomo Mitsui Trust Investment.

"The Nikkei could rise further towards the 25,000 level by the spring if Trump cancels the tariffs on cars and auto parts," Ichikawa added.

Trump's threats to impose tariffs of up to 50% on French wine and Scotch whisky had threatened to derail the global economic recovery and dampen the upbeat mood in the markets.

But the U.S. president said on Tuesday he would hold off on the tariffs, which were due to come into effect on Wednesday.

The president's decision to delay the tariffs was part of a broader move to postpone a decision on whether to impose tariffs on $200 billion of Chinese goods.

Healthscope is in critical condition. The second-biggest private hospital network in Australia is haemorrhaging cash and struggling to stay afloat.

The network, which operates 40 hospitals and day surgery centres across the country, has been hit hard by government cuts to hospital funding and the rising costs of medical technology.

Healthscope is now in the process of selling off some of its assets to try and stay afloat. The network is also in talks with potential investors about a possible takeover.

If Healthscope collapses, it would leave a major gap in the Australian private hospital sector. The network provides essential services to millions of Australians each year.

The network's collapse would also have a significant impact on the economy, as it employs around 10,000 people.

The network's financial distress is a serious concern