Wall Street gains amid optimism about trade deals
The White House's deal with the European Union would include a broad tariff of 15 per cent on EU goods imported into the US, two diplomats said.
The rate, which could also extend to cars, would mirror the framework agreement the US has struck with Japan.
The benchmark S&P 500 has now climbed about 8.0 per cent in 2025 while the Nasdaq has gained almost 9.0 per cent.
Shares of GE Vernova surged to 14.6 per cent an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and beat Wall Street estimates for second-quarter profit.
GE Vernova has gained more than 80 per cent so far in 2025, with power consumption on track to hit record highs due to growing demand from AI and cryptocurrency data centres.
Heavyweight AI chipmaker Nvidia climbed 2.25 per cent and fuelled gains in the S&P 500 and Nasdaq.
Tesla edged up 0.14 per cent ahead of its quarterly report due after the closing bell.
Investors will focus on the electric vehicle maker's analyst conference call.
They have braced for Tesla to report a steep drop in revenue related to mounting competition, a lack of new car models and a consumer backlash against CEO Elon Musk.
"What you will hear is an awful lot of discussion about the future and a broad acknowledgement that this was a terrible quarter," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia.
Alphabet dipped 0.58 per cent, with the Google parent also set to report results after the close of trading.
The S&P 500 climbed 0.78 per cent to end the session at 6,358.91 points, the Nasdaq gained 0.61 per cent to 21,020.02 points and the Dow Jones Industrial Average rose 1.14 per cent to 45,010.29 points - just short of its December 4 record high close.
Volume on US exchanges was relatively heavy, with 19.1 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 sessions.
Wall Street's "fear gauge," the CBOE Volatility Index, dipped to its lowest level in over five months.
Analysts on average expect S&P 500 companies to report a 7.5 per cent increase in earnings for the second quarter, according to LSEG I/B/E/S.
Microsoft, Nvidia and other technology heavyweights that have seen their valuations soar due to their leadership in AI are expected to drive much of that quarterly earnings growth.
Medical equipment maker Thermo Fisher surged more than 9.0 per cent after beating Wall Street's estimates for second-quarter profit and revenue.
Texas Instruments tumbled 13 per cent after its quarterly profit forecast pointed to weaker-than-expected demand for its analogue chips and underscored tariff-related uncertainty.
Texas Instruments' report weighed on other analogue chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor losing between 1.0 per cent and 4.6 per cent.
In economic data, US existing home sales fell more than expected in June.
Focus now shifts to Thursday's weekly jobless claims numbers and S&P Global's flash PMI data to gauge economic health in the wake of tariff uncertainties.
Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week.
Odds for a September reduction stand at about 58 per cent, according to the CME FedWatch tool.
Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio.
The S&P 500 posted 50 new highs and 2 new lows; the Nasdaq recorded 96 new highs and 20 new lows.
The S&P 500 and Nasdaq have notched record high closes, lifted by Nvidia and GE Vernova, as the European Union and the United States appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.
The White House's deal with the European Union would include a broad tariff of 15 per cent on EU goods imported into the US, two diplomats said.
The rate, which could also extend to cars, would mirror the framework agreement the US has struck with Japan.
The benchmark S&P 500 has now climbed about 8.0 per cent in 2025 while the Nasdaq has gained almost 9.0 per cent.
Shares of GE Vernova surged to 14.6 per cent an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and beat Wall Street estimates for second-quarter profit.
GE Vernova has gained more than 80 per cent so far in 2025, with power consumption on track to hit record highs due to growing demand from AI and cryptocurrency data centres.
Heavyweight AI chipmaker Nvidia climbed 2.25 per cent and fuelled gains in the S&P 500 and Nasdaq.
Tesla edged up 0.14 per cent ahead of its quarterly report due after the closing bell.
Investors will focus on the electric vehicle maker's analyst conference call.
They have braced for Tesla to report a steep drop in revenue related to mounting competition, a lack of new car models and a consumer backlash against CEO Elon Musk.
"What you will hear is an awful lot of discussion about the future and a broad acknowledgement that this was a terrible quarter," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia.
Alphabet dipped 0.58 per cent, with the Google parent also set to report results after the close of trading.
The S&P 500 climbed 0.78 per cent to end the session at 6,358.91 points, the Nasdaq gained 0.61 per cent to 21,020.02 points and the Dow Jones Industrial Average rose 1.14 per cent to 45,010.29 points - just short of its December 4 record high close.
Volume on US exchanges was relatively heavy, with 19.1 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 sessions.
Wall Street's "fear gauge," the CBOE Volatility Index, dipped to its lowest level in over five months.
Analysts on average expect S&P 500 companies to report a 7.5 per cent increase in earnings for the second quarter, according to LSEG I/B/E/S.
Microsoft, Nvidia and other technology heavyweights that have seen their valuations soar due to their leadership in AI are expected to drive much of that quarterly earnings growth.
Medical equipment maker Thermo Fisher surged more than 9.0 per cent after beating Wall Street's estimates for second-quarter profit and revenue.
Texas Instruments tumbled 13 per cent after its quarterly profit forecast pointed to weaker-than-expected demand for its analogue chips and underscored tariff-related uncertainty.
Texas Instruments' report weighed on other analogue chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor losing between 1.0 per cent and 4.6 per cent.
In economic data, US existing home sales fell more than expected in June.
Focus now shifts to Thursday's weekly jobless claims numbers and S&P Global's flash PMI data to gauge economic health in the wake of tariff uncertainties.
Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week.
Odds for a September reduction stand at about 58 per cent, according to the CME FedWatch tool.
Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio.
The S&P 500 posted 50 new highs and 2 new lows; the Nasdaq recorded 96 new highs and 20 new lows.
The S&P 500 and Nasdaq have notched record high closes, lifted by Nvidia and GE Vernova, as the European Union and the United States appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.
The White House's deal with the European Union would include a broad tariff of 15 per cent on EU goods imported into the US, two diplomats said.
The rate, which could also extend to cars, would mirror the framework agreement the US has struck with Japan.
The benchmark S&P 500 has now climbed about 8.0 per cent in 2025 while the Nasdaq has gained almost 9.0 per cent.
Shares of GE Vernova surged to 14.6 per cent an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and beat Wall Street estimates for second-quarter profit.
GE Vernova has gained more than 80 per cent so far in 2025, with power consumption on track to hit record highs due to growing demand from AI and cryptocurrency data centres.
Heavyweight AI chipmaker Nvidia climbed 2.25 per cent and fuelled gains in the S&P 500 and Nasdaq.
Tesla edged up 0.14 per cent ahead of its quarterly report due after the closing bell.
Investors will focus on the electric vehicle maker's analyst conference call.
They have braced for Tesla to report a steep drop in revenue related to mounting competition, a lack of new car models and a consumer backlash against CEO Elon Musk.
"What you will hear is an awful lot of discussion about the future and a broad acknowledgement that this was a terrible quarter," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia.
Alphabet dipped 0.58 per cent, with the Google parent also set to report results after the close of trading.
The S&P 500 climbed 0.78 per cent to end the session at 6,358.91 points, the Nasdaq gained 0.61 per cent to 21,020.02 points and the Dow Jones Industrial Average rose 1.14 per cent to 45,010.29 points - just short of its December 4 record high close.
Volume on US exchanges was relatively heavy, with 19.1 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 sessions.
Wall Street's "fear gauge," the CBOE Volatility Index, dipped to its lowest level in over five months.
Analysts on average expect S&P 500 companies to report a 7.5 per cent increase in earnings for the second quarter, according to LSEG I/B/E/S.
Microsoft, Nvidia and other technology heavyweights that have seen their valuations soar due to their leadership in AI are expected to drive much of that quarterly earnings growth.
Medical equipment maker Thermo Fisher surged more than 9.0 per cent after beating Wall Street's estimates for second-quarter profit and revenue.
Texas Instruments tumbled 13 per cent after its quarterly profit forecast pointed to weaker-than-expected demand for its analogue chips and underscored tariff-related uncertainty.
Texas Instruments' report weighed on other analogue chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor losing between 1.0 per cent and 4.6 per cent.
In economic data, US existing home sales fell more than expected in June.
Focus now shifts to Thursday's weekly jobless claims numbers and S&P Global's flash PMI data to gauge economic health in the wake of tariff uncertainties.
Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week.
Odds for a September reduction stand at about 58 per cent, according to the CME FedWatch tool.
Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio.
The S&P 500 posted 50 new highs and 2 new lows; the Nasdaq recorded 96 new highs and 20 new lows.
The S&P 500 and Nasdaq have notched record high closes, lifted by Nvidia and GE Vernova, as the European Union and the United States appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.
The White House's deal with the European Union would include a broad tariff of 15 per cent on EU goods imported into the US, two diplomats said.
The rate, which could also extend to cars, would mirror the framework agreement the US has struck with Japan.
The benchmark S&P 500 has now climbed about 8.0 per cent in 2025 while the Nasdaq has gained almost 9.0 per cent.
Shares of GE Vernova surged to 14.6 per cent an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and beat Wall Street estimates for second-quarter profit.
GE Vernova has gained more than 80 per cent so far in 2025, with power consumption on track to hit record highs due to growing demand from AI and cryptocurrency data centres.
Heavyweight AI chipmaker Nvidia climbed 2.25 per cent and fuelled gains in the S&P 500 and Nasdaq.
Tesla edged up 0.14 per cent ahead of its quarterly report due after the closing bell.
Investors will focus on the electric vehicle maker's analyst conference call.
They have braced for Tesla to report a steep drop in revenue related to mounting competition, a lack of new car models and a consumer backlash against CEO Elon Musk.
"What you will hear is an awful lot of discussion about the future and a broad acknowledgement that this was a terrible quarter," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia.
Alphabet dipped 0.58 per cent, with the Google parent also set to report results after the close of trading.
The S&P 500 climbed 0.78 per cent to end the session at 6,358.91 points, the Nasdaq gained 0.61 per cent to 21,020.02 points and the Dow Jones Industrial Average rose 1.14 per cent to 45,010.29 points - just short of its December 4 record high close.
Volume on US exchanges was relatively heavy, with 19.1 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 sessions.
Wall Street's "fear gauge," the CBOE Volatility Index, dipped to its lowest level in over five months.
Analysts on average expect S&P 500 companies to report a 7.5 per cent increase in earnings for the second quarter, according to LSEG I/B/E/S.
Microsoft, Nvidia and other technology heavyweights that have seen their valuations soar due to their leadership in AI are expected to drive much of that quarterly earnings growth.
Medical equipment maker Thermo Fisher surged more than 9.0 per cent after beating Wall Street's estimates for second-quarter profit and revenue.
Texas Instruments tumbled 13 per cent after its quarterly profit forecast pointed to weaker-than-expected demand for its analogue chips and underscored tariff-related uncertainty.
Texas Instruments' report weighed on other analogue chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor losing between 1.0 per cent and 4.6 per cent.
In economic data, US existing home sales fell more than expected in June.
Focus now shifts to Thursday's weekly jobless claims numbers and S&P Global's flash PMI data to gauge economic health in the wake of tariff uncertainties.
Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week.
Odds for a September reduction stand at about 58 per cent, according to the CME FedWatch tool.
Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio.
The S&P 500 posted 50 new highs and 2 new lows; the Nasdaq recorded 96 new highs and 20 new lows.
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The Advertiser
2 hours ago
- The Advertiser
Trump arrives in Scotland for golf and diplomacy
US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters
News.com.au
12 hours ago
- News.com.au
Defence, Foreign Ministers sign new 50-year UK-Australia ‘Geelong Treaty' military pact
Defence and Foreign Ministers from the United Kingdom and Australia have signed a new 50-year military pact designed to underpin Australia's acquisition of nuclear-powered submarines. The deal was signed in Geelong on Saturday, the hometown of Australia's Defence Minister, and dubbed 'The Geelong Treaty'. Officials from Australia and the UK have been forced to voice renewed enthusiasm for the AUKUS agreement, amid a US review of the deal. America's defence and foreign minister-equivalents have not been part of AUKUS meetings in Australia this week. Donald Trump and UK Prime Minster Keir Starmer and expected to meet in Scotland this week. At Geelong on Saturday, Australian Defence Minister Richard Marles said the new pact meant jobs and military security. 'It's a treaty which will last for 50 years,' Mr Marles said during a signing ceremony with his UK counterpart. 'It is a bilateral treaty which sits under the trilateral AUKUS framework, itself embodied in a trilateral treaty that was signed that I signed in Washington, DC., in August of last year. 'In doing this, AUKUS will see 20,000 jobs in Australia. It will see, in building submarines in this country, the biggest industrial endeavour in our nation's history, bigger even than the Snowy Hydro scheme,' Mr Marles said. 'In military terms, what it will deliver is the biggest leap in Australia's military capability, really, since the formation of the navy back in 1913.' Alongside Mr Marles, UK Secretary of State for Defence John Healey dubbed the Geelong Treaty a powerful agreement. 'It is a treaty that will support tens of thousands of jobs in both Australia and the UK,' Mr Healey said. 'It is a treaty to build the most advanced, most powerful attack submarines either of our nations have ever had. It is a treaty that will fortify the Indo-Pacific. 'It will strengthen NATO and we're the politicians signing it today; But this is a treaty that will define the relationship between our two nations and safeguard the security of our country for our children and our children's children to come. 'So this is a historic day.' The two ministers have been joined in a series of meetings by Foreign Minster Penny Wong and UK Foreign Secretary David Lammy this week. The treaty signing also comes as the largest British flotilla in 30 years arrives in Darwin, with the HMS Prince of Wales aircraft carrier docking in Darwin on Wednesday. It was the first time a British aircraft carrier visited Australia since 1997, and brought troops to take part in the massive Talisman Sabre exercises, which run annually across northern Queensland and PNG.
Perth Now
14 hours ago
- Perth Now
China's premier proposes global co-operation on AI
Chinese Premier Li Qiang has proposed establishing an organisation to foster global co-operation on artificial intelligence, calling on countries to coordinate on the development and security of the fast-evolving technology. Speaking at the opening of the annual World Artificial Intelligence Conference (WAIC) in Shanghai on Saturday, Li called AI a new engine for growth, but adding that governance is fragmented and emphasising the need for more coiordination between countries to form a globally recognised framework for AI. The three-day event brings together industry leaders and policymakers at a time of escalating technological competition between China and the United States - the world's two largest economies - with AI emerging as a key battleground. "Currently, overall global AI governance is still fragmented. Countries have great differences particularly in terms of areas such as regulatory concepts, institutional rules," Li said. "We should strengthen co-ordination to form a global AI governance framework that has broad consensus as soon as possible," he said. Washington has imposed export restrictions on advanced technology to China, including the most high-end AI chips made by companies such as Nvidia and chipmaking equipment, citing concerns that the technology could enhance China's military capabilities. Despite these restrictions, China has continued making AI breakthroughs that have drawn close scrutiny from US officials. Li did not name the United States in his speech, but he warned that AI could become an "exclusive game" for a few countries and companies, and said challenges included an insufficient supply of AI chips and restrictions on talent exchange. China wanted to share its development experience and products with other countries, especially those in the Global South, Li said. WAIC is an annual government-sponsored event in Shanghai that typically attracts major industry players, government officials, researchers and investors. Tesla CEO Elon Musk, who has in past years regularly appeared at the opening ceremony both in-person and via video, did not speak this year. Besides forums, the conference also features exhibitions where companies demonstrate their latest innovations. This year, more than 800 companies are participating, showcasing more than 3000 high-tech products, 40 large language models, 50 AI-powered devices and 60 intelligent robots, according to organisers. The exhibition features predominantly Chinese companies, including tech giants Huawei and Alibaba and startups such as humanoid robot maker Unitree. Western participants include Tesla, Alphabet and Amazon.
