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France’s foreign minister criticized “military operations” in the Caribbean at a G7 meeting on Tuesday, as the deployment of a US aircraft carrier strike group escalated an arms buildup in the region.Speaking to reporters at the start of a Group of Seven gathering in Canada, top French diplomat Jean-Noel Barrot said it was crucial to avoid “instability caused by potential escalations,” after Venezuela warned the US deployments could trigger a full-blown conflict.”We have observed, with concern, military operations in the Caribbean region because they disregard international law,” Barrot said, without citing specific US actions.But the comments at the meet near Niagara Falls came after the USS Gerald R. Ford, the world’s largest aircraft carrier, entered an area under control of the US Naval Forces Southern Command, which encompasses Latin America and the Caribbean.President Donald Trump’s administration is conducting a military campaign in the Caribbean and eastern Pacific, deploying naval and air forces for an anti-drugs offensive.Venezuelan President Nicolas Maduro has accused the Trump administration of “fabricating a war” while pursuing a regime change plot in disguise.Barrot said it was essential for the G7 club of industrialized democracies to “work in concert” to confront the global narcotics trade, noting that more than a million French citizens live in the Caribbean and could be impacted by any potential unrest. – Ukraine, Sudan -Canadian Foreign Minister Anita Anand, the meeting host, said bolstering Ukraine would feature prominently at the talks, but has stopped short of promising concrete G7 action to support Kyiv’s efforts against invasion by Russia.As the meeting began, the UK announced £13 million ($17.1 million) of funding to help repair Ukraine’s energy sector, which has sustained massive Russian attacks in recent days.Britain also announced a maritime services ban on Russian liquid natural gas.Foreign Secretary Yvette Cooper said Russian President Vladimir Putin “is trying to plunge Ukraine into darkness and the cold as winter approaches.”At the G7, Cooper plans “to galvanise (Britain’s) closest partners to continue to stand up for Ukraine in the face of Putin’s mindless aggression,” the foreign office said.Anand told reporters that Sudan’s escalating crisis will be addressed Tuesday at a working dinner on global security.She said Canada was “absolutely horrified” by the conflict that has triggered one of the world’s worst humanitarian crises, and that the G7 would work “to support those who are suffering and dying needlessly in Sudan.”Anand is set for a bilateral meeting with US Secretary of State Marco Rubio before the G7 meeting closes on Wednesday. But she said she did not expect to press the issue of Trump’s trade war, which has forced Canadian job losses and squeezed economic growth.”We will have a meeting and have many topics to discuss concerning global affairs,” Anand told AFP.”The trade issue is being dealt with by other ministers.”Trump abruptly ended trade talks with Canada last month — just after an apparently cordial White House meeting with Prime Minister Mark Carney.The president has voiced fury over an ad, produced by Ontario’s provincial government, which quoted former US president Ronald Reagan on the harm caused by tariffs.

Wall Street stocks mostly rose Tuesday as optimism over a likely end to the US government shutdown offset weakness in some leading technology equities.After Monday’s rally, US stocks opened mostly lower on lingering unease about the stratospheric valuation growth of major players in artificial intelligence.Those worries ebbed a bit as the session progressed, with some large tech equities finishing in positive territory. But the tech-heavy Nasdaq Composite was down 0.3 percent, the only one of the three main US indices to retreat. “There’s definitely concern over valuations but that valuations don’t mean the market’s going to sell off,” said Tim Urbanowicz of Innovator Capital Management, adding “it just leaves a lot less room for bad news.”Japan’s SoftBank announced it sold $5.8 billion worth of shares in US chip giant Nvidia last month. SoftBank did not give a reason for the Nvidia stock sale in its earnings statement.Shares in Nvidia, whose processors are prized by companies training and operating AI models, fell 3.0 percent.”For the wider investment community, when big investors cash out of their AI positions, they will take notice, and this is why the stock is declining today,” said Kathleen Brooks, research director at XTB trading group.More broadly, Brooks said tech stocks were no longer providing market momentum.”Without momentum helping US indices move higher, volatility could take hold, so we are not expecting stocks to move in a straight line for now, and the market correction may not be over,” she said in a note to clients.Some market watchers viewed Tuesday’s strong rise in the Dow as evidence of a rotation to industrial names from tech.Investors have been cheered by the progress on legislation on Capitol Hill to reopen the government.On Monday night several Democratic senators broke ranks to join Republicans in a 60-40 vote passing legislation to reopen the government, which would trigger a release of US economic reports on labor, consumer prices and other key benchmarks in the coming weeks.Tuesday’s session was held on Veteran’s Day, a US holiday, resulting in lower volumes than normal.Europe’s main stock markets climbed Tuesday.London’s top-tier FTSE 100 index reached a fresh record high as a weakening pound boosted multi-nationals earning in dollars, while Paris won solid gains in a day that is also a public holiday in France.- Key figures at 2110 GMT -New York – Dow:  UP 1.2 percent at 47,927.96 (close)New York – S&P 500: UP 0.2 percent at 6,846.61 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 23,468.30 (close)London – FTSE 100: UP 1.2 percent at 9,899.60 (close) Paris – CAC 40: UP 1.3 percent at 8,156.23 (close)Frankfurt – DAX: UP 0.5 percent at 24,088.06 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)Euro/dollar: UP at $1.1588 from $1.1557 on MondayPound/dollar: DOWN at $1.3168 from $1.3175Dollar/yen: DOWN at 154.10 yen from 154.15 yenEuro/pound: UP at 87.99 pence from 87.72 penceBrent North Sea Crude: UP 1.7 percent at $65.16 per barrelWest Texas Intermediate: UP 1.5 percent at $61.04 per barrelburs-jmb/jgc

G7 foreign ministers were gathering in Canada on Tuesday for talks expected to focus on Ukraine, as the club of industrialized democracies seeks a path towards ending the four-year-old conflict.Options to fund Kyiv’s war needs against invasion by Russia could feature prominently at the talks in Canada’s Niagara region on the US border.The diplomats are meeting after US President Donald Trump slapped sanctions on Moscow’s two largest oil companies in October, slamming Russian President Vladimir Putin over his refusal to end the conflict.Trump has also pushed other European countries to stop buying oil that he says funds Moscow’s war machine.Ukraine is enduring devastating Russian attacks on its energy infrastructure, but Canadian Foreign Minister Anita Anand stopped short of promising concrete outcomes to aid Kyiv at the Niagara talks.She told AFP a priority for the meeting was broadening discussion beyond the Group of Seven, which includes Britain, Canada, France, Germany, Italy, Japan and the United States.”For Canada, it is important to foster a multilateral conversation, especially now, in such a volatile and complicated environment,” Anand said.Representatives from Saudi Arabia, India, Brazil, Australia, South Africa, Mexico and South Korea will also be at the meeting held a short drive from the iconic Niagara Falls.US Secretary of State Marco Rubio will hold bilateral talks with Anand on Wednesday, the second and final day of the G7 meeting.Anand said she did not expect to press the issue of Trump’s trade war, which has forced Canadian job losses and squeezed economic growth.”We will have a meeting and have many topics to discuss concerning global affairs,” Anand told AFP.”The trade issue is being dealt with by other ministers.”Trump abruptly ended trade talks with Canada last month — just after an apparently cordial White House meeting with Prime Minister Mark Carney.The president has voiced fury over an ad, produced by Ontario’s provincial government, which quoted former US president Ronald Reagan on the harm caused by tariffs.- Sudan, Critical minerals -Italy’s foreign ministry said there will also be discussions on Sudan, gripped by a war since April 2023 that has created one of the world’s worst humanitarian crises.Delivering aid to the war-ravaged African country will be a focus of the talks, which come hours after UN humanitarian coordinator Tom Fletcher met with Sudan’s army chief Abdel Fattah al-Burhan on getting life-saving supplies to civilians. The G7’s top diplomats are meeting two weeks after the grouping’s energy secretaries agreed on steps to counter China’s dominance of critical mineral supply chains, a growing area of concern for the world’s industrialized democracies.Beijing has established commanding market control over the refining and processing of various minerals — especially the rare earth materials needed for the magnets that power sophisticated technologies.The G7 announced an initial series of joint projects last month to ramp up refining capacity that excludes China.While the United States was not party to any of those initial deals, the Trump administration has signaled alignment with its G7 partners.A State Department official told reporters ahead of the Niagara meet that critical mineral supply chains would be “a major point of focus.””There’s a growing global consensus amongst a lot of our partners and allies that economic security is national security,” the official said.

Global stocks turned in a mixed performance on Tuesday as tech shares struggled and a rally on optimism over a deal to end the US government shutdown faded.Wall Street’s main indices were mostly lower in early afternoon trading, with the tech-heavy Nasdaq Composite shedding 0.8 percent. “The go-to explanation is that there is some consternation surrounding the AI trade,” said Briefing.com analyst Patrick O’Hare.Japan’s SoftBank announced earlier it sold $5.8 billion worth of shares in US chip giant Nvidia last month.Shares in Nvidia, whose processors are prized by companies training and operating AI models, fell 3.5 percent.The sale comes amid debate whether the inflated prices of AI stocks have become a bubble.Kathleen Brooks, research director at XTB, noted that Softbank did not address that question, but did not want to take risks given the size of its holding.”For the wider investment community, when big investors cash out of their AI positions, they will take notice, and this is why the stock is declining today,” she said.More broadly, Brooks said tech stocks were no longer providing market momentum.”Without momentum helping US indices move higher, volatility could take hold, so we are not expecting stocks to move in a straight line for now, and the market correction may not be over,” she said in a note to clients.Shares in the so-called Magnificent Seven tech firms that includes Apple, Meta and Google-parent company Alphabet shed 1.1 percent overall. New US economic data also hit sentiment.”US small business optimism weakening to a six-month low and private jobs growth faltering in late October put a dampener on US indices,” said analyst Axel Rudolph at IG trading platform.Europe’s main stock markets climbed Tuesday.London’s top-tier FTSE 100 index reached a fresh record high as a weakening pound boosted multi-nationals earning in dollars.Paris won solid gains during a public holiday in France, which tends to exaggerate share price movements owing to low trading volumes.An Asian rally that began Monday ran out of steam however.Equities generally started the week on the front foot after US lawmakers reached a deal to reopen the government which has been shutdown for more than 40 days, adding to a revival of demand for tech giants despite growing fears of an AI bubble.US senators passed a compromise budget measure on Monday after a group of Democrats broke with their party to side with Republicans on a bill to fund departments through January.It is hoped the bill will pass the Republican-held House of Representatives and head to US President Donald Trump’s desk, with some suggesting the government could reopen Friday.Investors had been concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.The shutdown has also meant key official data, including on inflation and jobs, has not been released, leaving traders to focus on private reports for an idea about the economy.The lack of crucial data has meant the Federal Reserve has been unable to gauge properly whether or not to cut interest rates at its next meeting in December, keeping investors guessing.- Key figures at 1630 GMT -New York – Dow:  UP 0.4 percent at 47,570.52 pointsNew York – S&P 500: DOWN 0.3 percent at 6,813.03New York – Nasdaq Composite: DOWN 0.8 percent at 23,337.34 London – FTSE 100: UP 1.2 percent at 9,899.60 (close) Paris – CAC 40: UP 1.3 percent at 8,156.23 (close)Frankfurt – DAX: UP 0.5 percent at 24,088.06 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)Euro/dollar: UP at $1.1595 from $1.1563 on MondayPound/dollar: DOWN at $1.3169 from $1.3182Dollar/yen: DOWN at 154.00 yen from 154.03 yenEuro/pound: UP at 88.04 pence from 88.00 penceBrent North Sea Crude: UP 1.7 percent at $65.16 per barrelWest Texas Intermediate: UP 1.7 percent at $61.17 per barrelburs-rl/tw

Authorities in Guinea on Tuesday officially launched production at Simandou, a gigantic mining project that they hope will propel the poor west African country into the ranks of the world’s largest iron exporters.The long-awaited launch took place at a ceremony attended by the head of Guinea’s junta, General Mamady Doumbouya, south of Conakry at the port of Morebaya, through which the ore will be shipped.Doumbouya, who came to power in a 2021 coup, declared the day a public holiday, a sign of the importance authorities have attached to the mine.Of the four Simandou mining deposits, two are being developed by Chinese-Singaporean group Winning Consortium Simandou (WCS) and the other two by SimFer, a consortium owned by Rio Tinto and Chinese giant Chinalco.The project will ideally provide a stream of much-needed revenue for the country and has already resulted in the construction of infrastructure that could help diversify the economy. Industrial partners have spent approximately $20 billion building more than 650 kilometres (400 miles) of railways and a massive port.The Simandou project additionally represents several thousand direct jobs.Doumbouya, who was dressed in a white boubou tunic and did not speak at the ceremony, is now able to boast of having finally pushed the project over the finish line.The strongman is running for president in the country’s December 28 elections, despite initially promising to return the government to civilian rule.

Global stocks turned in a mixed performance on Tuesday as a record-long US government shutdown took a step nearer to ending and tech stocks struggled.Wall Street opened mostly lower, with the tech-heavy Nasdaq Composite shedding percent.”The go-to explanation is that there is some consternation surrounding the AI trade,” said Briefing.com analyst Patrick O’Hare.Japan’s SoftBank announced it sold $5.8 billion worth of shares in US chip giant Nvidia last month.Shares in Nvidia, whose processors are prized by companies training and operating AI models, fell 2.5 percent at the start of trading.The sale comes amid debate whether the inflated prices of AI stocks have become a bubble.Kathleen Brooks, research director at XTB, noted that Softbank didn’t address that question, but didn’t want to take any risks given the size of its holding.”For the wider investment community, when big investors cash out of their AI positions, they will take notice, and this is why the stock is declining today,” she said.More broadly, Brooks said tech stocks were no longer providing momentum to the markets.”Without momentum helping US indices move higher, volatility could take hold, so we are not expecting stocks to move in a straight line for now, and the market correction may not be over,” she said in a note to clients.Europe’s main stock markets climbed Tuesday.London’s top-tier FTSE 100 index reached a fresh record high as a weakening pound boosted multi-nationals earning in dollars.Paris won solid gains during a public holiday in France, which tends to exaggerate share price movements owing to low trading volumes.An Asian rally that began Monday ran out of steam.Equities generally started the week on the front foot after US lawmakers reached a deal to reopen the government after more than 40 days, adding to a revival of demand for tech giants despite growing fears of an AI-fuelled bubble.US senators passed the compromise budget measure on Monday after a group of Democrats broke with their party to side with Republicans on a bill to fund departments through January.It is hoped the bill will then pass the Republican-held House of Representatives and head to US President Donald Trump’s desk, with some suggesting the government could reopen Friday.Trump told reporters in the Oval Office that “we’ll be opening up our country very quickly”, adding that “the deal is very good”.Investors had grown increasingly concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.The shutdown has also meant key official data on a range of things, including inflation and jobs, has not been released, leaving traders to focus on private reports for an idea about the economy.The lack of crucial data has meant the Federal Reserve has been unable to gauge properly whether or not to cut interest rates at its next meeting in December, keeping investors guessing.Analysts increasingly expect the Bank of England to cut its main interest rate next month after official data Tuesday showed a bigger-than-expected rise to UK unemployment ahead of the Labour government’s annual budget later this month.The increase to five percent in the third quarter weighed on the pound.- Key figures at 1430 GMT -New York – Dow:  UP 0.2 percent at 47,448.98 pointsNew York – S&P 500: DOWN 0.2 percent at 6,822.48New York – Nasdaq Composite: DOWN 0.5 percent at 23,415.91 London – FTSE 100: UP 0.9 percent at 9,879.01 Paris – CAC 40: UP 1.1 percent at 8,143.82Frankfurt – DAX: UP 0.4 percent at 24,043.73Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)Euro/dollar: UP at $1.1605 from $1.1563 on MondayPound/dollar: DOWN at $1.3174 from $1.3182Dollar/yen: DOWN at 153.82 yen from 154.03 yenEuro/pound: UP at 88.06 pence from 88.00 penceBrent North Sea Crude: UP 1.1 percent at $64.76 per barrelWest Texas Intermediate: UP 1.1 percent at $60.80 per barrelburs-rl/cw

Europe’s main stock markets climbed Tuesday following a largely tepid performance by Asia’s top indices as a record-long US government shutdown took a step nearer to ending.London’s top-tier FTSE 100 index led the way, reaching a fresh record high as a weakening pound boosted multi-nationals earning in dollars.An Asian rally that began Monday on shutdown hopes ran out of steam while US equity futures showed a similar picture ahead of Wall Street reopening.  “Following on from yesterday’s US shutdown-fuelled optimism the gains seen in Europe… look to be a separate phenomenon given the weakness seen in US futures thus far,” noted Joshua Mahony, chief market analyst at Scope Markets.Paris won solid gains during a public holiday in France, which tends to exaggerate share price movements owing to lowing trading volumes.Equities generally started the week on the front foot after US lawmakers reached a deal to reopen the government after more than 40 days, adding to a revival of demand for tech giants despite growing fears of an AI-fuelled bubble.US senators passed the compromise budget measure on Monday after a group of Democrats broke with their party to side with Republicans on a bill to fund departments through January.It is hoped the bill will then pass the Republican-held House of Representatives and head to US President Donald Trump’s desk, with some suggesting the government could reopen Friday.Trump told reporters in the Oval Office that “we’ll be opening up our country very quickly”, adding that “the deal is very good”.Investors had grown increasingly concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.The shutdown has also meant key official data on a range of things, including inflation and jobs, has not been released, leaving traders to focus on private reports for an idea about the economy.The lack of crucial data has meant the Federal Reserve has been unable to gauge properly whether or not to cut interest rates at its next meeting in December, keeping investors guessing.Analysts increasingly expect the Bank of England to cut its main interest rate next month after official data Tuesday showed a bigger-than-expected rise to UK unemployment ahead of the Labour government’s annual budget later this month.The increase to five percent in the third quarter weighed on the pound.- Key figures at 1145 GMT -London – FTSE 100: UP 0.9 percent at 9,876.61 pointsParis – CAC 40: UP 0.6 percent at 8,105.80Frankfurt – DAX: UP 0.1 percent at 23,981.52Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)New York – Dow:  UP 0.8 percent at 47,368.63 (close)Euro/dollar: UP at $1.1573 from $1.1563 on MondayPound/dollar: DOWN at $1.3144 from $1.3182Dollar/yen: UP at 154.23 yen from 154.03 yenEuro/pound: UP at 88.03 pence from 88.00 penceBrent North Sea Crude: UP 0.7 percent at $64.50 per barrelWest Texas Intermediate: UP 0.7 percent at $60.52 per barrel

Chinese shoppers worried about the economy and overwhelmed by near-constant retail promotions are growing weary of the annual “Singles Day” sales bonanza, a discouraging sign as the government tries to boost consumption.”Singles Day” — named for its 11/11 date and first launched by tech giant Alibaba in 2009 — has ballooned into a month-long promotional period for e-commerce platforms.The shopping spree was once an annual opportunity for Alibaba and major rival JD.com to announce new purchase records, but they have withheld detailed sales totals in recent years.”The discounts aren’t as attractive now,” said 29-year-old Shanghai resident Zhang Jing, who told AFP she bought “nothing” during this year’s sales.Zhang said she was discouraged by online platforms’ increasingly complex promotions, which often require shoppers to claim multiple coupons or combine purchases in a specific order before they can enjoy a discount.”I’ve never participated in these complicated rules, not once,” she said.Shi Xuebin, the 42-year-old owner of a clothing boutique, said she bought a new iPhone 17, but only because “I wanted to buy a new phone in the first place”.She told AFP she had bought far fewer Singles Day products compared to last year and that she had noticed a belt-tightening trend among Chinese consumers.- ‘Downgrading consumption’ -“I feel the general economy hasn’t been great this year and people are avoiding buying things that aren’t absolutely necessary,” Shi said.”Before, if you liked something, you’d buy it without much thought… but now, there’s a real sense of downgrading consumption.”China’s leaders have fought to overcome sluggish domestic spending, a protracted crisis in the property sector and a trade war with the United States.The Communist Party’s top brass vowed to “vigorously boost consumption” after a key planning meeting in Beijing last month.Consumer prices have been stagnant or in decline in recent months, although they rose in October after a weeklong national holiday boosted demand for travel and food.Zhu, a 30-year-old Shanghai resident who declined to give his full name, said his mother had taken advantage of November sales to stock up on household products such as laundry detergent and toilet paper. However, outside daily necessities, Zhu said he mostly shopped second-hand instead of buying new versions of the tools and books he needed for his calligraphy hobby.”We’re pretty practical — if I need something I will buy it but if I don’t need it, I just won’t get it no matter how cheap it is,” he told AFP.

Asian markets struggled to maintain early momentum Tuesday as a rally fuelled by hopes for an end to the US government shutdown ran out of gas.Equities started the week on the front foot after US lawmakers reached a deal to reopen the government after more than 40 days, adding to a revival of demand for tech giants despite growing fears of an AI-fuelled bubble.Senators on Capitol Hill passed the compromise budget measure on Monday after a group of Democrats broke with their party to side with Republicans on a bill to fund departments through January.It is hoped the bill will then pass the Republican-held House of Representatives and head to Donald Trump’s desk, with some suggesting the government could reopen Friday.”It appears to us this morning that our long national nightmare is finally coming to an end, and we’re grateful for that,” House Speaker Mike Johnson told reporters.And the US president told reporters in the Oval Office that “we’ll be opening up our country very quickly,” adding that “the deal is very good.”Investors had grown increasingly concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.It has also meant key official data on a range of things, including inflation and jobs, has not been released, leaving traders to focus on private reports for an idea about the economy.The lack of crucial data has also meant the Federal Reserve has been unable to gauge properly whether or not to cut interest rates at its next meeting in December, keeping investors guessing.Asian markets started Tuesday by extending Monday’s gains as well as a rally on Wall Street, but struggled to maintain momentum going into the afternoon.Tokyo, Sydney, Shanghai, Taipei, Manila, Bangkok and Wellington all fell, while Seoul gave up its initial strong gains to sit slightly higher, along with Hong Kong, Mumbai and Singapore.London jumped even as data showed UK unemployment rose more than expected in the third quarter to hit its highest level since the pandemic. The reading comes ahead of the Labour government’s annual budget due November 26.The pound weakened against the dollar and euro after the news.Paris and Frankfurt also opened higher.Sentiment was also weighed by a report in the Wall Street Journal saying China planned to exclude firms linked to the US military from gaining access to rare earths.The report comes after Trump and Chinese counterpart Xi Jinping had agreed a deal to secure supplies of the minerals critical for the defence, automotive and consumer electronics sectors.Beijing’s tightening control over their export this year has snarled supply chains and halted production globally while sweeping measures introduced last month saw the US leader threaten blanket 100 percent tariffs.”The US had handed off a bright baton: government shutdown resolved, liquidity set to re-enter the bloodstream, and equities roaring on cue. Yet Asia hesitated,” wrote Stephen Innes at SPI Asset Management.”It was a reminder that in this cycle, optimism doesn’t always travel well across time zones.”Michael Brown at Pepperstone said reopening the US government would allow markets “to re-focus on what remains a solid bull case of the underlying economy remaining robust, earnings growth proving resilient, the monetary backdrop continuing to loosen and a calmer tone being taken on trade”.But, he warned, “the assumptions underpinning that bull case will now come under the microscope.”In corporate news, Japanese titan Sony soared 5.5 percent after it hiked its full-year profit forecasts thanks to the latest “Demon Slayer” anime blockbuster.It also cited higher expected sales of its PlayStation games console and a smaller-than-expected impact from US tariffs as reasons for the improved outlook.- Key figures at 0810 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 50,842.93 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,696.41 (close)Shanghai – Composite: DOWN 0.4 percent at 4,002.76 (close)London – FTSE 100: UP 0.8 percent at 9,865.19Euro/dollar: DOWN at $1.1553 from $1.1563 on MondayPound/dollar: DOWN at $1.3127 from $1.3182Dollar/yen: UP at 154.18 yen from 154.03 yenEuro/pound: UP at 88.08 pence from 88.00 penceWest Texas Intermediate: DOWN 0.7 percent at $59.70 per barrelBrent North Sea Crude: DOWN 0.6 percent at $63.66 per barrelNew York – Dow:  UP 0.8 percent at 47,368.63 (close)

Japan’s SoftBank Group reported Tuesday that net profit more than doubled in the second quarter thanks to a boom in AI-related share prices that has fuelled fears of a market bubble.The tech investment giant — a major backer of ChatGPT-maker OpenAI — logged a net profit of 2.5 trillion yen ($16.2 billion) in July-September, up from 1.2 trillion yen in the same period last year.SoftBank also announced it sold $5.8 billion worth of shares in US chip giant Nvidia last month, after the quarter had ended.The group’s earnings often swing dramatically because it invests heavily in tech start-ups and semiconductor firms, whose stocks are volatile.In recent months optimism over the promise of AI technology has sparked a rush of multi-billion-dollar deals — sending tech shares soaring worldwide.Wall Street’s tech-rich Nasdaq index has surged 25 percent since May.But that has fed concerns of a market bubble that could eventually burst, like the dot-com boom that imploded at the turn of the millennium.Fears that AI stock valuations are too high sparked a market sell-off last week.Nvidia, whose chips are used to train and power generative AI systems, recently became the world’s first company valued above $5 trillion, though its market cap has since receded to around $4.8 trillion.SoftBank did not give a reason for the Nvidia stock sale in its earnings statement.But Bloomberg News said it could reflect plans by the Japanese company’s flamboyant founder Masayoshi Son to boost his own influence in the AI field.Son, 68, believes “artificial superintelligence” is on the horizon, which will herald a technological revolution with new inventions and medicine.He appeared alongside US President Donald Trump at the White House in January when SoftBank teamed up with OpenAI and cloud giant Oracle to lead the $500 billion Stargate project to build AI infrastructure in the United States.By some estimates, OpenAI has signed approximately $1 trillion worth of infrastructure deals in 2025, including a $300 billion Oracle agreement.SoftBank stock has “had a strong run” itself, said a Jefferies equity research published last month.”The recent surge appears to be driven by excitement around its exposure to OpenAI,” it said.The firm has soared more than 140 percent so far in 2025.But Jefferies also listed some reasons for caution.”While OpenAI has strong consumer visibility, its share in (the) enterprise market is tiny. Its transition from non-profit to for-profit remains unresolved, and its relationship with Microsoft is still evolving,” the note said.And “the competitive landscape is intense, with Google, Anthropic, Grok, and others investing heavily”.SoftBank said last month it would buy Swiss-Swedish firm ABB Robotics for nearly $5.4 billion as part of its plans to develop so-called physical AI.