TSMC posts 60% jump in quarterly profit, handily beats market forecast
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Mint
17 minutes ago
- Mint
Australian shares flat as tech, energy offset losses in miners, gold stocks
July 24 (Reuters) - Australian shares were little changed on Thursday, as gains in tech and energy stocks offset losses in gold and mining counters, while Fortescue jumped on record quarterly shipments and Macquarie fell after posting a drop in first-quarter profit. The S&P/ASX 200 index was flat at 8,735.90 points as of 0028 GMT, after rising 0.7% on Wednesday. Energy stocks added 0.3%, with Woodside Energy up 1.5%. Oil prices advanced on hopes that progress in talks between the U.S. and its key trade partners ahead of the August 1 deadline would ease pressure on the global economy, while a drop in U.S. crude stocks last week signalled solid demand. Technology stocks rose 0.5%, mirroring gains in overseas peers. ASX-listed shares of Xero grew 0.3%, while those of NEXTDC rose 0.8%. Bucking the trend, gold stocks shed more than 2.5% to lead the benchmark lower, as bullion prices weakened. Northern Star Resources dropped 3%, while Genesis Minerals lost 1.3%. Financials slid 0.2%, with Macquarie slipping 5% after reporting a first-quarter net profit decline and announcing the departure of Chief Financial Officer Alex Harvey. The top investment bank was the biggest laggard on the sub-index. Miners eased 0.2%, as iron ore prices fell. Rio Tinto dropped 0.4%. In contrast, Fortescue gained more than 5% after fourth-quarter shipments hit the top end of its fiscal 2025 guidance. In company news, Lynas Rare Earths reported fourth-quarter revenue beat. The world's largest producer of rare earth minerals outside China said it had entered into a magnet manufacturing deal with Korea's JS Link. Shares grew more than 4%. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 12,823.99. (Reporting by Roshan Thomas in Bengaluru; Editing by Sumana Nandy)


Time of India
17 minutes ago
- Time of India
‘Only America can lead this': Trump declares war on weak AI models, signs sweeping tech order
US President Donald Trump delivered bold remarks at the DC AI Summit, vowing US dominance in the global artificial intelligence race. He signed an executive order to accelerate AI infrastructure and streamline federal permitting. Trump called for a return to patriotic innovation in tech, warning against 'woke' ideology in Silicon Valley. He stressed that true AI leadership demands nationalism, risk-taking, freedom, and American values rooted in merit and strength. Show more Show less


Time of India
an hour ago
- Time of India
Trump to visit Federal Reserve on Thursday, White House says
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel U.S. President Donald Trump, a strong critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, the White House has lambasted Powell repeatedly for not cutting U.S. interest rates more aggressively, referring to him as a "numbskull" on Tuesday and musing publicly about firing White House said on Wednesday in a schedule it released to the media that Trump would visit the Federal Reserve at 4:00 p.m. ET (2000 GMT) on schedule did not say whether Trump would be meeting with Powell.A Federal Reserve official did not immediately respond to a request for House deputy chief of staff James Blair said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would visit represents an acceleration of the pressure he and his advisers have put on Powell and the bank, traditionally viewed as an independent institution.