China's Shanghai Composite index hits thre year high
The dollar index pulled back slightly after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to counter rising growth and job market risks.
Gold edged up slightly on dollar weakness while oil held a gain on brewing Middle East tensions and data signaling strong U.S. demand.
China's Shanghai Composite index rose half a percent to 3,534.48 amid expectations the government may roll out more stimulus to boost domestic demand.
Meanwhile, according to a statement from the Chinese commerce ministry released today, China has called on the United States to abandon zero-sum thinking and continue to lift "unjustified" trade and economic restrictions.
Hong Kong's Hang Seng index rallied 1.33 percent to 24,825.66 buoyed by a positive outlook from Taiwan Semiconductor and strong earnings from Netflix. Chinese Shanghai Composite index and Hong Kong's Hang Seng index both hit three-year highs today.
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Business Standard
42 minutes ago
- Business Standard
China's Unitree Robotics offers a humanoid robot for under $6,000
The startup, among the frontrunners in Chinese robotics, on Friday announced its R1 bot with a starting price of 39,900 yuan (or $5,900) Bloomberg By Bloomberg News Unitree Robotics is marketing one of the world's first humanoid robots for under $6,000, drastically reducing the entry price for what's expected to grow into a whole wave of versatile AI machines for the workplace and home. The startup, among the frontrunners in Chinese robotics, on Friday announced its R1 bot with a starting price of 39,900 yuan (or $5,900). The machine weighs just 25kg and has 26 joints, the company said in a video posted to WeChat. It's equipped with multimodal artificial intelligence that includes voice and image recognition. The four-figure price tag highlights the ambitions of a new generation of startups trying to leapfrog the US in a groundbreaking technology. Unitree rose to prominence in February after CEO Wang Xingxing joined big names like Alibaba Group Holding Ltd.'s Jack Ma and Tencent Holdings Ltd.'s Pony Ma at a widely publicized summit with Chinese President Xi Jinping. The new robot's launch coincides with China's biggest AI forum, set to kick off this weekend with star founders, Beijing officials and AI-hungry venture investors converging in Shanghai. The World Artificial Intelligence Conference will bring together many of the key figures expected to drive China's efforts around AI, which is finding a physical expression in the rapid development of more humanoid robots. After decades of dominance by American companies like Boston Dynamics, Chinese companies are pushing ahead with humanoids for factories, households and even military use. Pricing is crucial to their proliferation. Unitree's older G1 robot, which found a home in research labs and schools, was priced at $16,000. A more advanced and larger H1 model goes for $90,000-plus. Rival UBTech Robotics Corp. said recently that it planned a $20,000 humanoid robot that can serve as a household companion this year, seeking to expand beyond factories. If it works as advertised, Unitree's new robot would mark a milestone for the robotics industry, particularly when it comes to complex humanoids. Morgan Stanley Research estimates that the cost of the most-sophisticated humanoid in 2024 was around $200,000.
Indian Express
42 minutes ago
- Indian Express
Trump says chances of EU trade deal are ‘50-50 or less'
US President Donald Trump said on Friday that the United States has a '50-50 chance' or possibly even less of reaching a trade deal with the European Union, although he believes the EU wants an agreement. 'We're working very diligently with Europe, the EU,' Trump told reporters as he left the White House for a trip to Scotland. 'I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU.' When asked again, he said, 'That's the big one right now … I think the EU has a pretty good chance of making a deal right now,' according to Reuters. The European Commission said on Thursday that a deal with the US was still possible, even as EU countries approved counter-tariffs on €93 billion (about $109 billion) worth of American goods if negotiations break down. The EU's main goal is to avoid the 30% import tariffs that Trump has said will take effect on 1 August if talks do not succeed. Trump said the EU would have to 'buy down' the tariff rate, though he did not give any details. Some EU diplomats believe a deal might involve a 15% tariff on EU goods entering the US, similar to an agreement the US reached with Japan. But the White House said such reports were speculative. The trade deal between the United States and Japan, announced earlier this week by Trump, may already be facing difficulties, with reports on Friday indicating disagreements over how to divide profits from Japan's planned $550 billion investment in the US. The deal includes a 15% reciprocal tariff on imported goods and was presented by Trump as a model for future trade agreements. But according to Reuters, Japan is pushing for profit-sharing based on investment contribution, while the US wants to retain 90% of the returns. Despite the tension, the agreement may have set a new benchmark for Washington's trade policy. Trump has said tariff rates will now range between 15% and 50%, with tougher trading partners facing the higher end of that scale. His 'Liberation Day' tariff plan in April had initially set a 10% base rate on all US trade partners. As part of his broader trade strategy, Trump said on Friday that formal letters detailing tariff rates for over 200 countries would be issued soon. He added that his administration was pushing to finalise trade agreements with key partners, including the European Union, India, and Canada. 'We haven't had a lot of luck with Canada,' Trump said, suggesting the US might go ahead with 35% tariffs on Canadian goods not covered by the USMCA trade deal, as reported by Fox news. Trump also said that talks with China were progressing. 'We have the confines of a deal,' he said, adding that US and Chinese negotiators are expected to meet again next week. Trump's trade adviser Peter Navarro told Bloomberg News that the EU's statements 'should be taken with a grain of salt'. It is not yet clear what the EU is willing to offer. One EU diplomat told Reuters that, unlike Japan, the bloc is not looking at promising investment in the US as part of the deal.
The Print
an hour ago
- The Print
Stock markets fall for 2nd day; Sensex tanks 721 pts dragged by Bajaj Finance, foreign fund outflows
The 50-share NSE Nifty dropped 225.10 points or 0.90 per cent to a month's low of 24,837. The 30-share BSE Sensex tanked 721.08 points or 0.88 per cent to settle at over a month's low of 81,463.09. During the day, it plunged 786.48 points or 0.95 per cent to 81,397.69. Mumbai, Jul 25 (PTI) Stock markets declined for the second day in a row on Friday, with the Sensex tumbling 721 points due to heavy selling in financial, IT and oil & gas shares amid persistent foreign fund outflows. Analysts said a weak trend in Asian and European markets also dented investors' sentiment. Vinod Nair, Head of Research, Geojit Investments Limited, said, 'Subdued corporate results and lacklustre global cues triggered a broad-based sell-off across domestic equities. Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, added to the downward pressure.' Among Sensex firms, Bajaj Finance declined 4.73 per cent post its June quarter earnings announcement. Power Grid, Infosys, Tech Mahindra, Bajaj Finserv, Trent, Tata Motors, NTPC and Adani Ports were also among the laggards. However, Sun Pharma and Bharti Airtel emerged as gainers. 'Markets extended their decline on Friday, losing nearly a per cent amid weak global cues. Benchmark indices remained under pressure from the outset, largely due to disappointing earnings, with the situation worsening as the session progressed. 'The recent correction reflects growing concerns around earnings disappointments and cautious management commentary, which are weighing heavily on investor confidence. Additionally, continued selling by FIIs is exacerbating the pressure,' Ajit Mishra – SVP, Research, Religare Broking Ltd, said. The BSE smallcap gauge tanked 1.88 per cent and midcap index dropped 1.46 per cent. Utilities slumped 2.37 per cent, power tumbled 2.36 per cent, oil & gas (2.11 per cent), industrials (1.88 per cent), capital goods (1.83 per cent), IT (1.65 per cent) and metal (1.64 per cent). BSE healthcare emerged as the only gainer. As many as 2,892 stocks declined while 1,117 advanved and 145 remained unchanged on the BSE. On the weekly front, the BSE benchmark gauge declined 294.64 points or 0.36 per cent, and the Nifty dipped 131.4 points or 0.52 per cent. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,133.69 crore on Thursday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,617.14 crore. In Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower while South Korea's Kospi ended in positive territory.. European markets were trading lower. The US markets ended on a mixed note on Thursday. India and the UK signed a landmark free trade agreement on Thursday, which, starting next year, will see 99 per cent of Indian exports enter the UK duty-free, while reducing tariffs on British products such as cars and whisky. The deal, which comes days ahead of the US moratorium on higher tariffs coming to an end, aims to double the USD 56 billion trade between the world's fifth and sixth largest economies by 2030. Global oil benchmark Brent crude climbed 0.32 per cent to USD 69.40 a barrel. On Thursday, the Sensex tanked 542.47 points or 0.66 per cent to settle at 82,184.17. The Nifty dropped 157.80 points or 0.63 per cent to 25,062.10. PTI SUM MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
