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Strong bank earnings failed to sustain a rally on Wall Street, but stocks in Europe and Asia pushed higher.More US banks reported robust earnings Thursday, but US retail sales data disappointed. “There is a good bit of news to digest this morning, including another batch of better-than-expected earnings results from the likes of Bank of America, Morgan Stanley, US Bancorp, and PNC Financial Services,” said Briefing.com analyst Patrick O’Hare.Shares in Morgan Stanley jumped 3.4 percent, but Bank of America and US Bancorp shares retreated.US equities had rallied on Wednesday thanks to strong bank earnings and inflation data that provided a much-needed shot of relief to investors, reviving hopes of further cuts to interest rates.”Wall Street’s relief rally on Wednesday highlights how worried investors have become, particularly about rate cuts and inflation,” said Bret Kenwell, US investment analyst at eToro trading platform.But data released Thursday showed gains in US retail spending had slowed to 0.4 percent in December, missing market expectations of a 0.5 percent gain.European and Asian indices gained after Wednesday’s Wall Street rally. The Paris stock market surged 2.1 percent on big gains for the luxury sector after Cartier owner Richemont reported record quarterly sales.Shares in the Swiss luxury firm ended the day up more than 16 percent.London rose more than one percent even as data showed the UK economy expanded at a slower pace than expected in November. “It is a sea of green in the European equity space…” noted Kathleen Brooks, research director at XTB trading group.”There are threats to inflation down the road, but they are concerns for another day. “For now, stocks are playing catch up, bonds remain stable and the weakening in the dollar in recent days has helped to boost risk sentiment.”Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week. The Republican has promised to ramp up tariffs on imports, and slash taxes and regulations, something that many fear could reignite inflation.Oil prices fell amid uncertainty over a ceasefire deal between Israel and Hamas.Gaza’s civil defence agency said Thursday that Israel had pounded several areas of the Palestinian territory since the announcement of a ceasefire deal, killing at least 80 people and wounding hundreds.Israel accused Hamas of backtracking on parts of the deal announced Wednesday.Crude futures had won strong support since the announcement Friday of fresh US-UK sanctions on Russia’s energy sector — and amid fears Trump will ramp up measures against key producer Iran.- Key figures around 1600 GMT -New York – Dow: FLAT at 43,211.87 pointsNew York – S&P 500: UP less than 0.1 percent at 5,954.97New York – Nasdaq Composite: DOWN 0.2 percent at 19,476.15London – FTSE 100: UP 1.1 percent at 8,391.90 (close) Paris – CAC 40: UP 2.1 percent at 7,634.74 (close)Frankfurt – DAX: UP 0.4 percent at 20,655.39 (close)Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)Euro/dollar: UP at $1.0301 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2232 from $1.2239Dollar/yen: DOWN at 155.27 yen from 156.52 yenEuro/pound: UP at 84.21 pence from 84.08 penceWest Texas Intermediate: DOWN 1.8 percent at $77.27 per barrelBrent North Sea Crude: DOWN 1.7 percent at $80.67 per barrelburs-rl/sbk

Nintendo is betting on the 2025 release of a bigger, better version of its blockbuster Switch console to keep up the success of the third best-selling games machine of all time.But the Japanese giant is keeping players waiting for full details of the successor model, showing off the console’s appearance in a slick video Thursday but delaying any detailed information until an April 2 livestream.In the just over two-minute video, Nintendo shows off a console that looks similar to the original hybrid Switch, which can be handheld or connected to a TV screen.The Switch 2 boasts a larger central tablet-like screen with a kickstand and a similar layout to its predecessor, with paired “joy-con” controllers that clip to its sides with magnets.During the video, the console also shows off a new version of the long-running Mario Kart series both on its built-in screen and on a TV, after the latest instalment, “Mario Kart 8”, sold more than 64 million copies.The company said in a statement Thursday that the new machine “plays Nintendo Switch 2 exclusive games, as well as both physical and digital Nintendo Switch games” — which would fulfil a promise on backwards compatibility with the old console that it made in November.But it added that “certain Nintendo Switch games may not be supported on or fully compatible with Nintendo Switch 2” — adding that further details would come “at a later date”.- ‘Just what folks wanted’ -Nintendo’s announcement was “just what was expected and what folks wanted. A bigger, more powerful Switch,” Mat Piscatella, an analyst at market research firm Circana, posted on Bluesky.”It should sell very well, and be a big boost to the existing market, but (I) don’t see expanded reach,” he added.Nintendo also said that several “Nintendo Switch 2 Experience” events would be held in major cities around the world starting April 4 to give gamers an opportunity to test the new console.Players have long been hungry for news on a follow-up to the original Switch, which has sold more than 146 million units worldwide since hitting shelves in 2017.That makes the Switch the third-best-selling console ever after Sony’s PlayStation 2 and Nintendo’s DS.Mounting speculation had been stoked in recent weeks by leaks about some technical details.Nintendo estimates it has sold 1.3 billion copies of Switch titles, including “Animal Crossing: New Horizons”, which became a must-play among all age groups during Covid-19 lockdowns.- ‘Well-loved franchises’ -With sales of the original Switch falling, Nintendo had promised to unveil the new console by the end of March this year.At the same time, the Kyoto-based company has been diversifying into theme parks around the world and funding films based on its games and characters, like 2023’s global second-place box office performer “The Super Mario Bros. Movie”.”However, Nintendo still generates approximately 91 percent of its revenue from its Nintendo Switch business, which shows the importance of the Switch 2,” said Darang Candra, an analyst with games market research firm Niko Partners.Candra said the long life of the first Switch was Nintendo’s attempt to create a precedent, getting out of the rat-race of rapid updates to hardware.”Development costs and timelines have increased significantly in recent years in a way that may not be sustainable, particularly as the games industry sees a downturn in the last year,” he added.That appears to be in line with expectations from some lovers of Nintendo’s games.”The fans of Nintendo love what Nintendo does at its core — which is creating new content for existing and well-loved franchises that players have played since they were kids,” said LottieRoseGames, a 29-year-old streamer specialising in “Animal Crossing”.

Global equities mostly pushed higher on Thursday as strong earnings and inflation data reassured investors.On Wall Street, both the S&P 500 and Nasdaq pushed higher at the opening bell thanks to robust bank earnings.”There is a good bit of news to digest this morning, including another batch of better-than-expected earnings results from the likes of Bank of America, Morgan Stanley, US Bancorp, and PNC Financial Services,” said Briefing.com analyst Patrick O’Hare.Shares in Bank of America rose 0.7 while those in Morgan Stanley jumped 2.5 percent.Shares in US Bancorp slumped 3.9 percent.US equities had rallied on Wednesday thanks to strong bank earnings and inflation data that provided a much-needed shot of relief to investors, reviving hopes of further cuts to interest rates.”Wall Street’s relief rally on Wednesday highlights how worried investors have become, particularly about rate cuts and inflation,” said Bret Kenwell, US investment analyst at eToro trading platform.Data out Thursday showed gains in US retail spending had slowed to 0.4 percent in December, missing market expectations of a 0.5 percent gain.”Combined with overwhelming negative sentiment, the latest ‘good not great’ retail sales figure might be enough to thread the needle for Wall Street right now and keep Wednesday’s rally intact,” Kenwell added.European and Asian indices gained after a Wall Street rally on Wednesday. It was also driven by strong bank earnings as well as inflation data that provided a much-needed shot of relief to investors and revived hopes of further cuts to interest rates.The Paris stock market surged around two percent on big gains for the luxury sector after Cartier owner Richemont reported record quarterly sales.London rose even as data showed the UK economy expanded at a slower pace than expected in November. “It is a sea of green in the European equity space…” noted Kathleen Brooks, research director at XTB trading group.”There are threats to inflation down the road, but they are concerns for another day. “For now, stocks are playing catch up, bonds remain stable and the weakening in the dollar in recent days has helped to boost risk sentiment.”Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week. He has promised to ramp up tariffs on imports, and slash taxes and regulations, something that many fear could reignite inflation.Oil prices eased despite uncertainty over a ceasefire deal between Israel and Hamas.Gaza’s civil defence agency said Thursday that Israel had pounded several areas of the Palestinian territory since the announcement of a ceasefire deal, killing at least 73 people and wounding hundreds.Israel accused Hamas of backtracking on parts of the deal announced Wednesday.Crude futures had won strong support since the announcement Friday of fresh US-UK sanctions on Russia’s energy sector — and amid fears Trump will ramp up measures against key producer Iran.- Key figures around 1600 GMT -New York – Dow: FLAT at 43,219.04 pointsNew York – S&P 500: UP 0.2 percent at 5,960.99New York – Nasdaq Composite: UP 0.3 percent at 19,577.87London – FTSE 100: UP 0.9 percent at 8,371.95  Paris – CAC 40: UP 2.0 percent at 7,621.56Frankfurt – DAX: UP 0.3 percent at 20,639.21Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)Euro/dollar: DOWN at $1.0275 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2184 from $1.2239Dollar/yen: DOWN at 155.98 yen from 156.52 yenEuro/pound: UP at 84.31 pence from 84.08 penceWest Texas Intermediate: DOWN 0.1 percent at $78.60 per barrelBrent North Sea Crude: DOWN 0.1 percent at $81.95 per barrelburs-rl/jj

The head of one of China’s biggest property firms has been “taken away” by police, state-backed media reported Thursday, as a prolonged housing slump continues to hit the world’s second-largest economy.Zhu Jiusheng, CEO of Vanke, was “taken away by public security authorities”, the Economic Observer reported, citing sources.Hong Kong-listed Vanke, which is part-owned by the government of Shenzhen, was China’s fourth-largest real-estate firm by sales last year, according to research firm CRIC.It reported a net loss of 9.9 billion yuan ($1.35 billion) in the first half of 2024, its revenue plunging as home sales slumped.The Economic Observer reported that “several sources” said Zhu had been taken away, without specifying whether he had been formally detained or what offences he may be alleged to have committed.Calls and messages to Zhu and people close to him had gone unanswered, the outlet said.AFP has contacted Vanke for comment.The company has been caught in a debt crisis in China’s real estate sector that has left developers in financial trouble.In September, rating agency Moody’s downgraded Vanke’s credit rating to B1, signifying it was “highly speculative”.

China said Thursday it would launch a probe into US exports of chips used in everything from cars to home appliances over concerns about alleged dumping and subsidies.Washington has expanded its efforts in recent years to curb exports of state-of-the-art chips to China, concerned that these can be used to advance Beijing’s military systems and other tech capabilities.Beijing has accused Washington of protectionism, vowing to defend its interests and urging Washington to halt its “wrong practices”.And on Thursday China’s commerce ministry said domestic firms had accused the US administration of President Joe Biden of having “provided substantial subsidies to the chip sector”.This, they said, gave “US companies an unfair competitive advantage”.”Companies have been exporting related mature-process chip products to China at low prices, harming the legitimate interests of the domestic industry,” a ministry spokesperson said.”The concerns of China’s domestic industry are reasonable, and they have the right to request a trade remedy investigation,” they said.Beijing did not say when the probe would be launched, nor how long it would take.- Chip for tat -But its launch comes a day after the United States unveiled further export controls on advanced computing semiconductors, increasing due diligence requirements for businesses as it seeks to prevent diversion of tech to China despite existing restrictions.The move also followed US officials announcing fresh curbs on AI chip exports, seeking to make it harder for Beijing to access the advanced technology.With the new rules, foundries and packaging companies that want to export certain advanced chips face broader license requirements unless they meet several conditions.The rules also aim to enhance reporting for transactions involving newer customers “who may pose a heightened risk of diversion,” said the US commerce department.Thursday’s probe focuses on US subsidies of “mature” semiconductors, also known as “legacy” chips.While cutting-edge chips are typically used in critical technologies with sensitive military and defence uses, “legacy” chips are used in household items like broadband and medical devices, according to the CSIS think tank.

Online privacy campaigners said Thursday they had filed complaints in several European countries against six Chinese companies including TikTok, accusing them of “unlawfully” sending Europeans’ personal data to China.Prominent Austria-based privacy campaign group NOYB (None of Your Business) said it has lodged six complaints against TikTok, AliExpress, SHEIN, Temu, WeChat and Xiaomi — in its first such action against Chinese companies. The complaints were filed in Austria, Belgium, Greece, Italy and the Netherlands. Noyb has launched several legal cases against US technology giants such as Meta and Google, often prompting action from regulatory authorities over violations of the EU’s landmark General Data Protection Regulation (GDPR).The GDPR aims to make it easier for people to control how companies use their personal information.”Given that China is an authoritarian surveillance state, it is crystal clear that China doesn’t offer the same level of data protection as the EU,” said NOYB data protection lawyer Kleanthi Sardeli.”Transferring Europeans’ personal data is clearly unlawful –- and must be terminated immediately,” Sardeli said according to a statement.According to the privacy group, AliExpress, SHEIN, TikTok and Xiaomi “transfer data to China”, while Temu and WeChat mention transfers to “third countries”.”As none of the companies responded adequately to the complainants’ access requests, we have to assume that this includes China,” the statement added.Noyb believes that “the rise of Chinese apps opens (up) a new front” for EU data protection law.TikTok declined to comment when contacted by AFP.Noyb said it is seeking administrative fines of up to four percent of the companies’ global sales, which could amount to 1.35 billion euros ($1.39 billion) for Temu.The group began working in 2018 with the advent of the GDPR.

Apple lost its status as the best selling smartphone brand in the crucial Chinese market last year, new data showed Thursday, with a pair of local rivals surpassing it with surging shipments.The California-based tech giant claimed a market share of 15 percent in the world’s number two economy, behind Huawei’s 16 percent and top-ranking Vivo’s 17 percent, according to industry data provider Canalys.Also coming in at 15 percent, with total smartphone sales narrowly behind Apple’s, were Chinese brands Oppo and Honor, the data showed.Apple’s performance in the country is suffering from a slump in iPhone sales, which dropped to 42.9 million in 2024, compared to a market-leading 51.8 million the previous year.”Intense competition has led to a constantly shifting landscape,” said Amber Liu, Research Manager at Canalys, adding that Apple “faced growing competitive pressure from domestic flagship devices”.Top-ranked Vivo showed “strong momentum” last year, Liu said, noting that the firm’s strategy was helping “solidify its position in entry-level to mid-to-high-end segments”.Meanwhile, Huawei, a Shenzhen-based tech giant that was once the target of tough sanctions from Washington due to national security concerns, continued a resurgence in its home market in 2024.The firm achieved a 37 percent year-on-year jump in total smartphone shipments last year, the Canalys data showed.Apple’s iPhone remains popular in China, but many consumers in the vast market have switched to domestic alternatives in recent years as sector competition intensifies.Firm CEO Tim Cook visited China multiple times last year, as the US tech giant sought to shore up slumping sales in the country.Apple’s fourth-quarter smartphone shipments plunged 25 percent, according to Canalys data.The mainland Chinese smartphone market as a whole expanded five percent year-on-year in the fourth quarter, the report added, with total shipments reaching 77.4 million units.And in a further positive signal for the sector, Beijing last week announced that it would roll out subsidies for individual purchases of certain smartphones, part of a discount scheme it hopes will boost spending as the economy wavers.The latest policy “has laid the foundation for this year’s market growth”, said Lucas Zhong, Research Analyst at Canalys, adding that “vendors have already begun preparations for channels and supply”.

Markets extended a global rally Thursday after below-forecast US inflation provided a much-needed shot of relief to investors and revived hopes for interest rate cuts this year.Strong earnings from Wall Street banking titans and a ceasefire deal between Israel and Hamas added to the optimistic mood on trading floors.Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week, having promised to ramp up tariffs on imports, and slash taxes and regulations that many fear could reignite inflation.Data on Wednesday showing core consumer prices rose less than expected in December helped spur a surge in New York-listed stocks led by tech giants including Nvidia, Amazon and Google-parent Alphabet.The S&P 500 and the Dow piled on more than one percent and the Nasdaq more than two percent, putting them back in the green for 2025, with healthy earnings reports from Goldman Sachs, JPMorgan Chase, BlackRock and Bank of New York Mellon also lifting sentiment.The inflation figures tempered worries that the Federal Reserve might not cut rates this year — or possibly even hike them — following a blockbuster jobs report on Friday.Swap traders are now eyeing a reduction in July, having been looking at September or October at best.New York president John Williams also provided some soothing comments, saying “the process of disinflation remains in train”.Preston Caldwell, chief US economist at Morningstar, said: “Data on economic growth has continued to roll in stronger than expected, contributing to the upward revision in our 2024 expectation.”However, strong growth has helped generate a large rise in bond yields. If it persists, higher borrowing costs will seriously degrade (gross domestic product) growth in 2025 and 2026.”Still, we expect the Fed to respond adroitly to decelerating growth in 2025 and 2026 with hefty rate cuts, ultimately triggering a growth rebound in 2027 and 2028.”Asian markets enjoyed a broadly healthy day.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Mumbai, Wellington, Bangkok and Jakarta all advanced, though Manila edged down.Tokyo also edged up but was limited by a pick-up in the yen against the dollar after the inflation data and as investors assess the chances of a rate hike by the Bank of Japan at its meeting next week.London rose even as data showed the UK economy expanded at a slower pace than expected in November. Paris and Frankurt also rose.Oil prices also extended a surge this week fuelled by fresh US-UK sanctions on Russia’s energy sector and amid fears Trump will ramp up measures against key producer Iran when he takes the Oval Office.Meanwhile, data Wednesday showed US inventories fell for an eighth week to their lowest since April 2022, with the International Energy Agency saying a colder winter has pushed global demand higher.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)London – FTSE 100: UP 0.6 percent at 8,351.02 Euro/dollar: UP at $1.0299 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2219 from $1.2239Dollar/yen: DOWN at 156.22 yen from 156.52 yenEuro/pound: UP at 84.28 pence from 84.08 penceWest Texas Intermediate: UP 0.3 percent at $80.24 per barrelBrent North Sea Crude: UP 0.2 percent at $82.18 per barrelNew York – Dow: UP 1.7 percent at 43,221.55 (close)

Taiwanese chipmaking giant TSMC on Thursday announced a better-than-expected net profit for the fourth quarter as it benefits from booming demand for AI technology.Taiwan Semiconductor Manufacturing Company is the world’s largest contract maker of chips that are used in everything from Apple’s iPhones to Nvidia’s cutting-edge artificial intelligence hardware.The firm said net profit for the three months to December jumped 57 percent on-year to NT$374.7 billion (US$11.4 billion).That was better than the NT$369.8 billion forecast by analysts surveyed by Bloomberg News, and underscores expectations for sustained spending on AI infrastructure from the likes of Microsoft and Amazon.Net revenue for the fourth quarter rose 38.8 percent to NT$868.46 billion, TMSC said, beating forecasts.For the full year, net profit reached NT$1.2 trillion, up 40.5 percent. The firm said last week that net revenue rose 33.9 percent to NT$2.9 trillion.”We expect 2025 to be another strong growth year for TSMC” as AI-related demand continues to surge, chairman and chief executive C.C. Wei told an earnings conference.TSMC’s Taiwan shares surged 3.76 percent to close at NT$1,105 ahead of the announcement. The briefing was held as Nvidia boss Jensen Huang visited Taiwan where the government says the US chip giant plans to establish its Asia headquarters.TSMC’s full year revenue was expected to increase “by close to mid-20s percent in US dollar terms”, Wei said. Taiwan’s largest company is at the forefront of the AI revolution but it has been grappling with geopolitical tensions between Beijing and Washington over technology, trade and Taiwan.The United States this week tightened controls on high-end chip exports as it seeks to curb the flow of the advanced technology to China.Wei said the company was still analysing the potential impact from the US restrictions, but it appeared “manageable”.He added that TSMC would apply for “special permits” for customers and the company was confident that those not involved in AI would get “some permission”.TSMC has been under pressure to move more of its production away from Taiwan, where the bulk of its fabrication plants are located.While Taiwan is a self-ruled island, China claims it as part of its territory and has threatened to use force to bring it under its control. TSMC’s new factories overseas include three planned in the United States and one that opened in Japan last year. It is also moving into Europe.The United States will award TSMC up to US$6.6 billion in direct funding to help build “state-of-the-art facilities in Arizona”, officials said in November, finalising the deal before Donald Trump enters the White House.The funding is part of efforts to revive US manufacturing and secure the country’s access to chips.”Let me assure you that we have a very frank and open communication with the current (US) government and with the future one also,” Wei said. TSMC’s expansion overseas drove a surge in Taiwanese foreign direct investment in 2024, Bloomberg reported, citing figures from the Economic Ministry.Bloomberg said the data showed a “decoupling” from China, with investment in Japan and the United States by Taiwanese companies hitting a record as investment in China stagnated.

Beijing is hoping subsidies for rice cookers, microwave ovens and smartphones can boost sluggish spending and help the country weather an economic storm from incoming US president Donald Trump.Policymakers have struggled to get China’s billion-strong army of consumers to inject cash into the economy as a prolonged real estate crisis weighs on confidence.And last week, they expanded a subsidy scheme for common household items, from water purifiers and refrigerators to laptops and electric vehicles.Outside a bustling shopping centre in Sanlitun, one of the capital’s most popular commercial districts, 25-year-old Li Ling told AFP the policy could work as an “incentive”.”If someone’s budget is not very abundant, such policies can support them in their consideration about buying things,” she said.”I think the policy can just be regarded as an incentive,” she said.Beijing is nervously looking to the second administration of Donald Trump, who has vowed brutal tariffs on Chinese goods in retaliation for Beijing’s allegedly unfair trade practices — fuelling fears of another trade war.And experts say the country may need to shift towards a growth model driven largely by domestic consumption as those pressures mount.Under the broadened subsidy scheme, people can get 20 percent off microwave ovens, water purifiers, dishwashers and rice cookers, among other things — with the state covering the discount of up to 2,000 yuan ($275).Gadgets such as smartphones, tablets and smartwatches also now receive subsidies of up to 15 percent.- ‘Saving is meaningless’ -Shopper Yang Boyun told AFP that he recently took advantage of the new deal.”I bought three Xiaomi air conditioners,” he said, referring to one of China’s leading consumer goods brands. “They all only cost 8,000-9,000 yuan. Normally each one would cost more than 4,000 yuan,” he said.But Yang, a worker in the crisis-hit property sector, said much stronger action was needed for the country to reverse its economic malaise.”Only after some changes to the macroeconomic regulation of the country will individuals feel the effects,” he said.Beijing is set to release a tranche of economic data Friday and analysts expect the country to report its weakest growth in decades.In bustling Sanlitun, student Wang Jiaxin said she was prioritising spending on things she enjoyed.”If it’s on food and drinks and buying more beautiful clothes then I’ll spend a bit more,” she said.Next year Wang said she planned to enter China’s job market — beset in recent years with high youth unemployment — rather than continue studying.But she expressed cautious optimism about her chances.”I can definitely find a job. But what kind of job it is really depends,” she said. “I’m not sure I’ll be able to find a good one, but I’ll definitely be able to support myself.”Meanwhile, Yang told AFP his thinking on personal spending had shifted.”In the past I may have saved some money, but now I feel that one small thing may cause debt — like if you get sick, you will be in debt,” he said.”But money is something that should be used to enjoy the present,” he added. “Saving money is meaningless. The most important thing for us now is to be happy.”