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The Star
25 minutes ago
- The Star
Asian stocks slip from highs, dollar gains as markets brace for crucial week
A woman walks past an electronic screen displaying the stock index prices of Asian countries outside a brokerage in Tokyo, Japan April 24, 2025. REUTERS/Issei Kato TOKYO: Asian shares eased from highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes U.S. President Donald Trump's tariff deadline and a host of central bank meetings. The dollar gained against the yen after bouncing off a two-week low on Thursday, helped by some firm U.S. economic data, while Japan's currency was weighed down by political uncertainty amid media reports Prime Minister Shigeru Ishiba will step down. Benchmark Japanese government bond yields hovered just below the highest since 2008. Japan's broad Topix index, which had jumped more than 5% over the previous two sessions to reach an all-time high, pulled back 0.7%. The Nikkei slipped 0.5% from Thursday's one-year high. Hong Kong's Hang Seng lost 0.5% and mainland Chinese blue chips declined 0.2%. Australia's equity benchmark declined 0.5%. At the same time, U.S. S&P 500 futures added 0.2%, after the cash index edged up slightly to a new record closing high overnight, buoyed by robust earnings from Google parent Alphabet. The tech-heavy Nasdaq also marked a record high. MSCI's gauge of stocks across the globe edged down 0.1%, but remained just below an all-time peak from Thursday. The index is on course for a 1.3% weekly advance, buoyed in large part by optimism for U.S. trade deals with the European Union and China, following an agreement with Japan this week. Next week, in the U.S. alone, investors need to contend with Trump's August 1 deadline for trade deals, a Federal Reserve policy meeting, the closely watched monthly payrolls report, and earnings from the likes of Amazon, Apple, Meta and Microsoft. The Bank of Japan has its own policy announcement on Thursday, and Prime Minister Ishiba's Liberal Democratic Party holds a meeting the same day. That's after the European Central Bank held rates steady on Thursday, pausing its easing campaign as it waits to assess any impact from U.S. tariffs. The euro ended the session down 0.2% against a buoyant dollar, and was little changed on Friday at $1.1743. The U.S. currency advanced 0.3% to 147.37 yen, adding to Thursday's 0.4% gain. Trump kept the pressure on Fed Chair Jerome Powell to cut rates after a rare presidential visit to the central bank on Thursday, although he said he did not intend to fire Powell, as he has frequently suggested he would. U.S. 10-year Treasury yields edged down to 4.39% on Friday, effectively erasing an advance on Thursday. Equivalent Japanese government bond yields eased 0.5 basis point to 1.595%, just off this week's high of 1.6%, a level last seen in October 2008. JGB yields have been rising on concerns the political scale is tilting more towards fiscal stimulus, after big gains for opposition parties backing consumption tax cuts in Sunday's upper house election. Pressure is building on the more fiscally hawkish Ishiba to quit after his coalition lost its majority in the vote, after doing the same in lower house elections last October. Gold was flat at around $3,368 per ounce, keeping it on course for a 0.5% rise this week. Brent crude futures gained 0.3% to $69.35 a barrel, while U.S. West Texas Intermediate crude futures added 0.2% to $66.18 per barrel. - Reuters
The Star
25 minutes ago
- The Star
DeepSeek, Trump's plan steer agenda at China's premier AI forum
SHANGHAI: Star founders, Beijing officials and deep-pocketed financiers converge on Shanghai by the thousands this weekend to attend China's most important AI summit. At the top of the agenda: how to propel Beijing's ambitions to leapfrog the US in artificial intelligence - and profit off that drive. The World Artificial Intelligence Conference, which has featured Elon Musk and Jack Ma in years past, was devised to showcase the cutting-edge of Chinese technology. This year's attendance may hit a record as it's taking place at a critical juncture in the US-Chinese tech rivalry. This week, US President Donald Trump unveiled his so-called AI Action Plan - a sort of call to arms to ensure the country keeps its lead in the post-ChatGPT epoch. At the same time, the emergence of DeepSeek in January galvanised a generation of Chinese developers to ride a nationwide investment and innovation wave. From Alibaba Group Holding Ltd. to fledgling firms such as Minimax, the country's AI aspirants have since moved aggressively to try and close the gap with the likes of OpenAI and Google. "While many recognise DeepSeek's achievements, this represents just the beginning of China's AI innovation wave,' said Louis Liang, an AI sector investor with Ameba Capital. "We are witnessing the advent of AI mass adoption, this goes beyond national competition.' The Shanghai conference rundown for now remains largely unknown - as it has in years past just days before kickoff. Chinese Premier Li Qiang will attend, and tech leaders from Tencent Holdings Ltd. to ByteDance Ltd. and startups like Zhipu AI and Moonshot are likely to turn out in force. Here's what we can expect from the summit starting Saturday. DeepSeek's Aura Neither the startup nor its reclusive founder Liang Wenfeng feature in the advance literature for the event. And yet, the two-year-old firm is likely to be one of the topics du jour. Since its low-cost, high-performance AI model humbled much of Silicon Valley, the industry has watched China closely for another seismic moment. In a field notorious for splashing billions of dollars on Nvidia Corp. chips and data centres, DeepSeek's no-frills approach inspired a re-think of traditional models. And it challenged what till then was unquestioned US supremacy in bleeding-edge technology: Xi Jinping himself turned out in public in February to congratulate Liang and his fellow tech entrepreneurs. China craves another big breakthrough. Downloads and usage of DeepSeek models have slowed, as has the pace of new model rollouts that peaked over the spring at once every few days. Now, much of the industry talk centres on why DeepSeek's R2 - the followup to its seminal R1 - hasn't yet emerged. Local media have blamed everything from Liang's perfectionist streak to performance glitches. Trump's, and Xi's, Ambitions The conference gets underway days after the US leader signed executive orders to loosen regulations and expand energy supplies for data centres. "From this day forward, it'll be a policy of the United States to do whatever it takes to lead the world in artificial intelligence,' Trump told executives and lawmakers at a DC event. Among the attendees was Jensen Huang, whose Nvidia is one of the companies at the heart of the global AI movement. Much has been made in Washington of China's seemingly meteoric ascent in AI, with observers saying the country is now perhaps just months behind the US in terms of AI sophistication. That's a wafer-thin margin compared with sectors such as semiconductors, where America is regarded as many years or even generations ahead. Trump's newly announced action plan is likely to spur Chinese companies into accelerating their own plans to go global, in part by aggressively open-sourcing their AI platforms. Beijing wants AI to become a US$100 billion industry by 2030. At the Communist Party's April Politburo study session, Xi emphasised that China must push for breakthroughs in critical areas like high-end chips and AI research. Rise of the Robots Chinese humanoid makers are expected to showcase their most advanced models. Last week, UBTech posted a video of its Walker S2 humanoid walking to a battery station, removing the pack from its back, placing it on the recharge pad before fitting itself with a new battery. While obviously edited and choreographed, it encapsulated the advances that Chinese firms have made in a wide-open field - and their lofty ambitions. Unitree teased a bargain-basement price of under US$10,000 for its androids. It joins the likes of AgiBot and UBTech in collectively driving a promising field in which American companies have so far failed to stake out a clear lead, despite decades of effort. The Chinese companies "are targeting hundreds to thousands of units to be delivered this year, racing to establish the ecosystem,' Morgan Stanley analyst Sheng Wong said in a note this week. Show the Money Venture capitalists and deal-makers will be hunting for emerging tech leaders. And not all of them are Chinese. China's largest venture capital houses are tapping the market for at least US$2 billion in new funds. At least six of the country's most prominent VC firms - including Lightspeed China Partners and Monolith Management - are creating dollar-denominated funds designed to allow overseas investors to pool bets on Chinese companies. That's a wave of fundraising that hasn't been seen among Chinese VCs for years. It's unfolding as global investors reassess the country's startup landscape and economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds. Organizers promise a breakout event that will feature startup pitches and live demos for dealmakers. Startups by the hundreds are expected to fill a 70,000 sq-metre exhibition hall, showing off everything from autonomous delivery drones to machines that dispense toilet paper. Missing Global Touch Attendees are unlikely to spot US companies - at least not in major fashion. In 2024, Tesla Inc. popped up with its Cybertruck and Optimus robot. This year's speaker lineup doesn't (yet) include Musk but does list Yoshua Bengio, the Canadian scientist who pioneered artificial neural networks. With the US-China tech rivalry accelerating, many American companies remain wary of drawing the spotlight. Still, Beijing is likely to take the opportunity to continue pushing its international agenda. One of the conference centerpieces is a "High-Level Meeting on Global AI Governance' to discuss the challenges in deploying AI responsibly. To many observers, it's also emblematic of China's overarching goal of setting global standards. "Since 2018, China has used WAIC to stake its claim on global AI technical and political leadership,' said Tom Nunlist, associate director of the Beijing-based consultancy Trivium. "With the race to AI now neck and neck between the US and China, that play is more compelling than ever.' - Bloomberg
Malay Mail
2 hours ago
- Malay Mail
Macron says France will recognise Palestinian state, drawing Israeli ire
PARIS, July 25 — French President Emmanuel Macron said yesterday his country would formally recognise a Palestinian state during a UN meeting in September, the most powerful European nation to announce such a move. At least 142 countries now recognise or plan to recognise Palestinian statehood, according to an AFP tally—though Israel and the United States strongly oppose the move. Several countries have announced plans to recognise statehood for the Palestinians since Israel launched a bombardment of Gaza in 2023 in response to the October 7 attacks by Islamist militant group Hamas. Macron's announcement drew immediate anger from Israel, with Prime Minister Benjamin Netanyahu saying it 'rewards terror' and poses an existential threat to Israel. Netanyahu said in a statement that the decision 'risks creating another Iranian proxy, just as Gaza became', which would be 'a launch pad to annihilate Israel—not to live in peace beside it'. Senior Palestinian Authority official Hussein al-Sheikh welcomed the move, saying it 'reflects France's commitment to international law and its support for the Palestinian people's rights to self-determination and the establishment of our independent state'. Hamas hailed Macron's pledge as a 'positive step in the right direction toward doing justice to our oppressed Palestinian people and supporting their legitimate right to self-determination'. 'We call on all countries of the world—especially European nations and those that have not yet recognised the State of Palestine—to follow France's lead,' it added. Urgent priority International concern is growing about the plight of the more than two million Palestinians in the Gaza Strip, where the fighting has triggered a dire humanitarian crisis and warnings of mass starvation. Israel has rejected accusations it is responsible for Gaza's deepening hunger crisis, which the World Health Organization has called 'man-made' and France blamed on an Israeli 'blockade'. Macron said the 'urgent priority today is to end the war in Gaza and rescue the civilian population'. 'We must finally build the State of Palestine, ensure its viability and enable it, by accepting its demilitarisation and fully recognising Israel, to contribute to the security of all in the Middle East,' he wrote on social media. On the streets of the occupied West Bank, Palestinians told AFP that they hoped other countries would now follow suit. Mahmoud al-Ifranji called France's pledge 'a moral commitment' and a 'political victory for the Palestinian people'. Another man, Nahed Abu Taima, said he hopes France's decision will help lead to peace. 'This recognition will lead to the recognition of Palestine by a number of countries in Europe and the world,' he added. Path to statehood Macron said he intended to make the announcement at the UN General Assembly in September. While France would be the most significant European power to recognise a Palestinian state, others have hinted they could do the same. Britain's Prime Minister Keir Starmer announced he would hold a call on Friday with counterparts in Germany and France on efforts to stop the fighting, adding that a ceasefire would 'put us on a path to the recognition of a Palestinian state'. Norway, Spain, Ireland and Slovenia all announced recognition following the outbreak of the Gaza conflict, along with several other non-European countries. Spanish Prime Minister Pedro Sanchez, whose country already recognises Palestinian statehood, welcomed Macron's announcement. 'Together, we must protect what Netanyahu is trying to destroy. The two-state solution is the only solution,' the Socialist leader, an outspoken critic of Israel's offensive in Gaza, wrote on X. Saudi Arabia's foreign ministry hailed Macron's announcement as 'historic' and urged other countries to follow suit. Ireland's Foreign Minister Simon Harris in a post on X called France's move 'the only lasting basis for peace and security for Israelis and Palestinians alike'. Israel's military campaign in Gaza has killed 59,587 Palestinians, mostly civilians, according to the health ministry in the Hamas-run territory. Hamas's October 2023 attack on Israel resulted in the deaths of 1,219 people, most of them civilians, according to an AFP tally based on official figures. — AFP
