Asia markets set for a mixed open as U.S.-China tariff truce deadline looms
Happy Monday from Singapore. Asia markets were poised for a mixed open.
Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,768, compared with the index's last close of 8,807.1.
Futures for Hong Kong's Hang Seng Index stood at 24,937, pointing to a higher open compared with the HSI's last close of 24,858.82.
Japan markets are closed for a holiday.
— Lee Ying Shan
Visitors visit the NVIDIA booth at the 3rd China International Supply Chain Expo in Beijing, China, on July 20, 2025.
Nurphoto | Nurphoto | Getty Images
Chip giant Nvidia pushed back Sunday in response to allegations from Chinese state media that its H20 artificial intelligence chips are a national security risk for China.
Earlier in the day, Reuters reported Yuyuan Tantian, an account affiliated with Chinese state broadcaster CCTV, said in an article published on WeChat that the Nvidia H20 chips are not technologically advanced or environmentally friendly.
"When a type of chip is neither environmentally friendly, nor advanced, nor safe, as consumers, we certainly have the option not to buy it," the Yuyuan Tantian article reportedly said, adding that the article said chips could achieve functions including "remote shutdown" through a hardware "backdoor."
In response, a Nvidia spokesperson told CNBC that "cybersecurity is critically important to us. NVIDIA does not have 'backdoors' in our chips that would give anyone a remote way to access or control them."
Nvidia on Tuesday rejected similar accusations.
For more, read here.
— Pia Singh
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
7 minutes ago
- The Hill
Marcos says the Philippines will be pulled into any war over Taiwan, despite China's protest
MANILA, Philippines (AP) — Philippine President Ferdinand Marcos Jr. said Monday his country would inevitably be drawn 'kicking and screaming' into any war over Taiwan due to its proximity to the self-ruled island and the presence of large numbers of Filipino workers there, despite China's strong protest over such remarks. Marcos also told a news conference that the Philippines' coast guard, navy and other vessels defending its territorial interests in the South China Sea would never back down and would stand their ground in the contested waters after the Chinese coast guard on Monday staged dangerous blocking maneuvers and used a powerful water cannon to try to drive away Philippine vessels from the hotly disputed Scarborough Shoal. It's the latest flare-up of long-simmering territorial disputes in the busy waterway, a key global trade route, where overlapping claims between China and the Philippines have escalated in recent years. Vietnam, Malaysia, Brunei and Taiwan also lay claims to parts of the contested waters. Relations between China and the Philippines have been severely strained after Marcos, who took office in mid-2022, and his administration emerged as some of the most vocal critics in Asia of China's increasingly aggressive actions in the South China Sea. The Marcos administration deepened its treaty alliance engagements with the United States and started broadening security alliances with other Western and Asian countries like Japan, Australia, India and some EU member states to strengthen deterrence against Beijing's assertiveness. China protested last week and accused Marcos of interfering in its domestic affairs and violating its 'One China' policy when he told reporters on the sidelines of a visit to India that there was no way the Philippines could stay out of a possible war in Taiwan because of his country's proximity to it and the presence of about 200,000 Filipino workers on the self-ruled island. China claims Taiwan as its own territory and has repeatedly threatened to annex it, by force if necessary. The Chinese Foreign Ministry then said through a spokesperson that ''geographic location' and a 'large volume of Filipinos' in Taiwan should not be used as pretexts to interfere in the internal and sovereign affairs of other countries' and urged the Philippines 'to earnestly abide by the One China principle' and 'refrain from playing fire on issues bearing on China's core interests.' Asked to comment on China's protest, Marcos said he was perplexed and could not understand Beijing's concern. 'I don't know what they're talking about, playing with fire? I was just stating facts. We do not want to go to war, but I think if there is a war over Taiwan, we will be drawn, we will be pulled in whether we like it or not, kicking and screaming,' Marcos said. 'We will be drawn and dragged into that mess. I hope it doesn't happen, but, if it does, we have to plan for it already.' Separately, Philippine Coast Guard Commodore Jay Tarriela said Chinese coast guard ships chased and staged dangerous blocking maneuvers on Monday against Philippine coast guard and fishing vessels in the Scarborough Shoal, a rich fishing atoll in the South China Sea off the northwestern Philippines. A Philippine coast guard ship managed to evade being hit by a Chinese coast guard water cannon during the melee, he said. While chasing a Philippine coast guard vessel, a Chinese coast guard ship accidentally collided with a Chinese navy ship, Tarriela said. The Chinese coast guard ship sustained 'substantial damage' and the Philippine coast guard offered to provide help, including medical assistance, to the Chinese side, he said. There was no immediate comment from Chinese officials on Tarriela's statements. Asked if the Philippine vessels would be instructed to withdraw from the disputed shoal, Marcos said his government would never back away from any fight. 'There is no silver bullet that if you fire it, all our problems would be solved,' Marcos said. 'What will happen is, we will continue to be present, we will continue to defend our territory, we will continue to exercise our sovereign rights and despite any opposition from anyone, we will continue to do that as we have done in the past three years.'
San Francisco Chronicle
7 minutes ago
- San Francisco Chronicle
Marcos says the Philippines will be pulled into any war over Taiwan, despite China's protest
MANILA, Philippines (AP) — Philippine President Ferdinand Marcos Jr. said Monday his country would inevitably be drawn 'kicking and screaming' into any war over Taiwan due to its proximity to the self-ruled island and the presence of large numbers of Filipino workers there, despite China's strong protest over such remarks. Marcos also told a news conference that the Philippines' coast guard, navy and other vessels defending its territorial interests in the South China Sea would never back down and would stand their ground in the contested waters after the Chinese coast guard on Monday staged dangerous blocking maneuvers and used a powerful water cannon to try to drive away Philippine vessels from the hotly disputed Scarborough Shoal. It's the latest flare-up of long-simmering territorial disputes in the busy waterway, a key global trade route, where overlapping claims between China and the Philippines have escalated in recent years. Vietnam, Malaysia, Brunei and Taiwan also lay claims to parts of the contested waters. Relations between China and the Philippines have been severely strained after Marcos, who took office in mid-2022, and his administration emerged as some of the most vocal critics in Asia of China's increasingly aggressive actions in the South China Sea. The Marcos administration deepened its treaty alliance engagements with the United States and started broadening security alliances with other Western and Asian countries like Japan, Australia, India and some EU member states to strengthen deterrence against Beijing's assertiveness. China protested last week and accused Marcos of interfering in its domestic affairs and violating its 'One China' policy when he told reporters on the sidelines of a visit to India that there was no way the Philippines could stay out of a possible war in Taiwan because of his country's proximity to it and the presence of about 200,000 Filipino workers on the self-ruled island. China claims Taiwan as its own territory and has repeatedly threatened to annex it, by force if necessary. The Chinese Foreign Ministry then said through a spokesperson that ''geographic location' and a 'large volume of Filipinos' in Taiwan should not be used as pretexts to interfere in the internal and sovereign affairs of other countries' and urged the Philippines 'to earnestly abide by the One China principle' and 'refrain from playing fire on issues bearing on China's core interests.' Asked to comment on China's protest, Marcos said he was perplexed and could not understand Beijing's concern. 'I don't know what they're talking about, playing with fire? I was just stating facts. We do not want to go to war, but I think if there is a war over Taiwan, we will be drawn, we will be pulled in whether we like it or not, kicking and screaming,' Marcos said. 'We will be drawn and dragged into that mess. I hope it doesn't happen, but, if it does, we have to plan for it already.' Separately, Philippine Coast Guard Commodore Jay Tarriela said Chinese coast guard ships chased and staged dangerous blocking maneuvers on Monday against Philippine coast guard and fishing vessels in the Scarborough Shoal, a rich fishing atoll in the South China Sea off the northwestern Philippines. A Philippine coast guard ship managed to evade being hit by a Chinese coast guard water cannon during the melee, he said. While chasing a Philippine coast guard vessel, a Chinese coast guard ship accidentally collided with a Chinese navy ship, Tarriela said. The Chinese coast guard ship sustained 'substantial damage' and the Philippine coast guard offered to provide help, including medical assistance, to the Chinese side, he said. 'There is no silver bullet that if you fire it, all our problems would be solved,' Marcos said. 'What will happen is, we will continue to be present, we will continue to defend our territory, we will continue to exercise our sovereign rights and despite any opposition from anyone, we will continue to do that as we have done in the past three years.'
Skift
7 minutes ago
- Skift
How Gen Z and Millennials Are Forcing a $19 Billion Timeshare Market to Reinvent Itself
As younger generations continue to shape how and why we travel, vacation ownership is no longer about locking into one resort anymore. It's about choice, access, and ease, things modern travelers care about most. The global market for vacation ownership, or timeshare, is expected to cross $19 billion this year and projected to reach over $26 billion in 2029. Travel and Leisure (earlier known as Wyndham Destinations), said membership in its Club Wyndham Asia program has more than doubled since mid-2023, and 60% of these members are Gen Z or millennials. 'Earlier, we'd probably be saving and buying our house. Today (millennials and Gen Z) would rather focus on experiences,' Barry Robinson, president and MD international operations at Travel and Leisure, told Skift. This change in priorities is also driving a growing interest in fractional ownership, where people can enjoy luxury items — like holiday homes, yachts, or even private jets — without having to own them outright. Travel and Leisure is seeing this shift play out most clearly in Asia. As the region's middle class grows, so does demand for smart, flexible ways to travel without the responsibilities or high costs of traditional ownership. Barry Robinson, president and MD international operations at Travel and Leisure. Flexible Travel for a New Generation The modern model of vacation ownership is typically points-based and has moved far beyond fixed weeks at a single resort. According to Robinson, it's a more fluid, practical way to 'own' a holiday. That adaptability is proving popular, especially with younger travelers, who may not necessarily want the biggest room, but would want the experience. At Skift Global Forum last year, Jason Gamel, president and CEO of ARDA, spoke about how the vacation ownership industry is evolving to align with modern traveler preferences. Talking about how Travel and Leisure has been faring in connecting with this group, Robinson calls it a 'work in progress.' What Changed for Vacation Rentals? Domestic Demand Asia's shared ownership market works differently from North America's, says Robinson. 'We've had to modify our product offering accordingly,' Robinson said. Travel and Leisure has adapted with upgraded amenities, curated local experiences, and a wider range of options — from basic stays to ultra-luxury villas with private chefs and pools. These changes also make the offering more attractive to Asian travelers, who are increasingly traveling within the region. 'In the past, we sold shared ownership to foreigners staying in Phuket, Koh Samui or Pattaya,' Robinson explained. 'Now, we want to be known as a great domestic product in each market.' That shift is now a core part of the company's long-term growth as the approach proved smart during Covid. 'If you don't have a focus on the domestic market, your business can dry up overnight,' Robinson said. The domestic focus also makes the business more resilient, when international travel becomes costly, as has happened recently with rising airfare and hotel prices, he said. The Big Prize: India and China India and China represent enormous growth opportunities for the company and while Travel and Leisure has already entered China and is seeing progress, India remains a complex landscape. 'India is a gold mine for us. We just haven't figured out how to mine it,' Robinson admitted. But he is confident about entering the market, 'India is definitely on our radar. It's definitely a market that we will enter.' And while he did mention the barriers to entering are both financial and legal, still, Robinson believes it's only a matter of time before India becomes a viable market. Accor Vacation Club: A Test Case in Expansion Travel and Leisure acquired Accor's vacation rental business – Accor Vacation Club – last year for $48.4 million. Almost 18 months after the acquisition, Travel and Leisure has started expanding it beyond its traditional South Pacific base. The product recently launched in Bali. 'We've been able to aggressively grow that business. We'll be launching in the Middle East before the end of the year,' Robinson said. 'Slowly, we'll migrate into other markets, such as Thailand.' The rollout has been smooth, according to Robinson, and the brand now gives the company access to Accor's vast loyalty base of over 100 million members. It also gives existing vacation ownership customers access to more destinations and brands. For the business, it means reaching different market segments through multiple brands, similar to how major hotel groups operate. The acquisition is also part of a broader strategy to diversify. With the company launching new vacation ownership experiences, like Sports Illustrated Resorts and Eddie Bauer Adventure Club, Travel and Leisure is mimicking hotel giants like Marriott by targeting different customer segments under different brand names. Technology and the Future Technology is also playing a role in shaping vacation ownership. Travel and Leisure is testing AI tools for handling customer queries, especially in promising markets like Japan where labor is expensive and hard to find. Mobile platforms are improving, and voice recognition is on the roadmap. 'Our platforms are pretty good, but we're still not as simple as we should be,' Robinson said. The integration with loyalty programs means members can convert points between vacation clubs and hotel stays. Robinson said vacation ownership is also evolving beyond beach or ski destinations. Capital cities are becoming more popular, and the company is building out its presence in urban centers. As more people work remotely, Travel and Leisure is also updating its facilities to include workspaces. The goal is to stay relevant to a younger generation that blurs the lines between work and travel, Robinson said.
