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London’s benchmark FTSE 100 index reached an all-time high Friday as global equities rallied and the dollar climbed on renewed optimism for the global economy.The index jumped to 8,490.84 points, surpassing an intra-day record achieved in May last year of 8,474.41. Around 1015 GMT, it stood at 8,484.67 points, up 1.1 percent compared with Thursday’s close.”After years of trying, and failing, to play catch up (with peers), the FTSE 100 appears to have finally caught the ball of investor enthusiasm,” noted Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Although fresh volatility is expected on global markets after President (Donald) Trump returns to the White House, there may be more appetite to shelter in the resilience of the UK market.”Trump completes an extraordinary comeback Monday when he is inaugurated for a second term as US president.While a strong US economy and earnings are helping to lift equities, there are concerns that Trump’s planned tariffs and tax cuts could fire up inflation once more.He has set his eyes on hitting in particular Chinese imports, which risks not only strong retaliation but further weakening China’s economy, the world’s second biggest after the United States.Chinese share indices closed higher Friday after data showed China’s economy grew slightly quicker than expected last year.The five percent expansion was in line with the target set by Beijing but the weakest since 1990 — excluding the pandemic years — as leaders fought to address weak consumption and a painful debt crisis in the vast property sector.A surge in the final quarter was helped by a string of stimulus measures and a boost in retail sales.”Amid a relentless barrage of economic pessimism, China’s economy defied expectations with a robust five percent growth last year, nailing the government’s ambitious target,” said independent analyst Stephen Innes. “Although slightly outpacing analyst forecasts, this growth fell just shy of the 5.2 percent expansion seen in 2023, painting a picture of an economy with both promising highs and undeniable challenges,” Innes added.- UK concerns -In London, stocks have been boosted in recent days by a drop in UK government bond yields after a spike in state borrowing costs last week sent the pound tumbling.Sterling was lower Friday, reflecting ongoing strains for the British economy, which is struggling to grow despite falling inflation. Official data Friday revealed a surprise drop to UK retail sales in December.The FTSE 100 contains numerous multinationals whose revenues are largely earned in dollars, enabling them to profit from a falling pound.”Weakness of sterling, which makes overseas earnings more valuable on repatriation, has led to the UK’s primary index… (gaining) favour with investors,” said Richard Hunter, head of markets at Interactive Investor.London and its European peers — along with Wall Street — have won support this week also as traders forecast more interest-rate cuts this year from major central banks.Indices have rallied also thanks to some positive company earnings and easing geopolitical concerns.Oil prices rose slightly as Israel’s security cabinet met Friday to vote on a Gaza ceasefire and hostage release deal that should take effect this weekend.- Key figures around 1015 GMT -London – FTSE 100: UP 1.1 percent at 8,484.67 pointsParis – CAC 40: UP 1.1 percent at 7,719.74Frankfurt – DAX: UP 1.1 percent at 20,874.76Tokyo – Nikkei 225: DOWN 0.3 percent at 38,451.46 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,584.06 (close)Shanghai – Composite: UP 0.2 percent at 3,241.82 (close)New York – Dow: DOWN 0.2 percent at 43,153.13 (close)Euro/dollar: DOWN at $1.0301 from $1.0306 on ThursdayPound/dollar: DOWN at $1.2202 from $1.2237Dollar/yen: UP at 155.64 yen from 155.17 yenEuro/pound: UP at 84.41 pence from 84.18 penceBrent North Sea Crude: UP 0.1 percent at $81.39 per barrelWest Texas Intermediate: UP 0.2 percent at $78.05 per barrelburs-bcp/ajb/lth

China posted one of its slowest rates of economic growth in decades Friday, as leaders nervously eye a potential trade standoff with incoming US president Donald Trump.Beijing has announced in recent months its most aggressive support measures in years in a bid to reignite an economy suffering on multiple fronts, including a prolonged property market debt crisis and sluggish consumer spending.However, calls for even further policy help came after official figures showed the Chinese economy grew five percent in 2024.While the reading from Beijing’s National Bureau of Statistics (NBS) was slightly above the 4.9 percent forecast in an AFP survey of analysts, it was still short of the 5.2 percent increase recorded in 2023.The growth took place in the face of a “complicated and severe environment with increasing external pressures and internal difficulties”, the NBS said.Retail sales, a key gauge of consumer sentiment, rose 3.5 percent — a major slump from the 7.2 percent growth seen in 2023 — although industrial output increased 5.8 percent from 4.6 percent the previous year.However, the 5.4 percent jump in economic growth seen in the final four months far outpaced the five percent forecast in a Bloomberg survey and was much better than the same period in 2023.The data provided “mixed messages”, said Zhiwei Zhang, president of Pinpoint Asset Management.Beijing’s recent policy shift had “helped the economy to stabilise in (the fourth quarter), but it requires large and persistent policy stimulus to boost economic momentum and sustain the recovery”, he said.Zichun Huang, China economist at Capital Economics, said she expected growth to “continue accelerating in the coming months”.”The government’s property support measures seem to be providing some relief, with the pace of house price falls slowing and new home sales showing some recovery,” she said.- Trouble ahead? -The GDP growth rate is the lowest recorded by China since 1990, excluding the financially tumultuous years of the Covid-19 pandemic.Analysts surveyed by AFP estimated growth could fall to 4.4 percent in 2025, and even drop below four percent the following year.China has so far failed to rebound from the pandemic, with domestic spending mired in a slump and indebted local governments dragging on growth.In a rare bright spot, official data this week showed that exports reached a historic high last year.But gathering storm clouds over China’s massive trade surplus mean Beijing may not be able to count on overseas shipments to boost an otherwise lacklustre economy.Trump, who will begin his second term next week, has promised to unleash heavy trade sanctions on China.NBS data also showed on Friday that output from thermal plants — fuelled primarily by coal — increased 1.5 percent year-on-year in 2024.China’s production of fossil fuels, including coal and natural gas also jumped, the data showed, casting doubt on hopes that the country’s emissions began to decline last year.Beijing has introduced a series of measures in recent months to bolster the economy, including cutting key interest rates, easing local government debt and expanding subsidy programmes for household goods.- Confidence ‘crisis’ -Observers were closely watching Friday’s data release for signs those measures had succeeded in reviving activity.China’s central bank has hinted that it will cut rates further in 2025, part of a key shift characterised by a “moderately loose” monetary policy stance.However, analysts warn more efforts are needed to boost domestic consumption as the outlook for Chinese exports becomes more uncertain.”Monetary policy support alone is unlikely to right the economy,” Harry Murphy Cruise of Moody’s Analytics told AFP.”China is suffering from a crisis of confidence, not one of credit,” he wrote.Ting Lu, Chief China Economist at Nomura, wrote that Beijing, “encouraged” by its achievement of last year’s goal, was unlikely to change its annual growth goal of around five percent for the year ahead.”We are concerned that Beijing may not ramp up its efforts enough in carrying out the hard work after seeing some short-term green shoots,” Lu wrote.”Despite today’s sanguine data, now is not the time for Beijing to rest on its laurels.”

Consumers pinching pennies, businesses seeing fewer customers, and a pervading sense that the economy just isn’t bouncing back — the mood was grim in Beijing as China posted some of its lowest growth in decades.Government data on Friday showed the economy grew by five percent in 2024, hitting a much-touted government target but its lowest since 1990 with the exception of the Covid-19 pandemic years.And while officials acknowledged the economy remains beset by “risks and hidden dangers”, they insisted it had “recovered remarkably” and that progress was being made in reversing its steady decline.However, there was little sign of that optimism on the chilly streets of Beijing on Friday morning.”The economy has clearly gone downhill,” Yang Aihua, a 35-year-old tea vendor from central Hubei province, told AFP.”There’s a fear of consuming and spending money because there is no money,” she said.She said she had noticed a clear decline in custom in her shop, and that those who were coming in were spending less.”For us who do business, it’s obvious that there are much fewer customers coming to our store, and customers’ consumption levels don’t compare to before,” Yang said.- Money fears -Guo Jian, a petroleum and petrochemicals industry worker, agreed, saying there was a clear decline in consumer optimism after a post-pandemic rebound.”Consumption levels are lower than before,” the 54-year-old from northern Shaanxi province told AFP.People were making “cuts to bigger purchases and extra purchases” as a result, Guo said.Low consumption has remained a consistent bugbear for China’s economy as it struggles to regain momentum. Beijing has sought to get consumers spending again, last week expanding a subsidy scheme for common household items from water purifiers and refrigerators to laptops and electric vehicles.But tea seller Yang said she remained worried about spending too much.”I’m afraid of thoughtlessly spending money,” she said.”Before, I might have been willing to spend money on handbags. But now I feel so clearly that I make less, so I can’t spend as much as I used to either.”Another bystander said her low wages meant the consumption slump didn’t concern her too much.”Because we are labourers, we earn the lowest, basic level of income,” cleaner Li Chunyu told AFP.”We don’t think of consuming so much,” she said. – Bleak prospects -Li, who said she had been in Beijing for 10 years, believed there were still many more opportunities in China’s bustling capital than in her hometown in the neighbouring province of Hebei.”If it was so difficult, or if I couldn’t stand it anymore, I wouldn’t stay this long, right?”The Chinese economy’s five percent expansion in 2024 would be the envy of many Western economies that are languishing in the doldrums of growth below one percent.However, it’s a far cry from the double-digit growth that drove China’s rapid rise to a global economic superpower. Officials vowed on Friday the economy would rebound this year despite analysts projecting 2025’s growth could be even lower.Yang agreed that the mood in China remained bleak.”What regular people feel is that they don’t have money.” 

Asian markets were mixed Friday as data showing China’s economy grew slightly quicker than expected last year failed to inspire investors, with Beijing battling to revive consumption and boost the battered property sector.The five percent expansion was in line with the target set by Beijing but the weakest since 1990 — excluding the pandemic years — as leaders fought to address weak consumption and a painful debt crisis in the vast property sector.A survey of 12 economists by AFP forecast growth of 4.9 percent.A surge in the final quarter, helped by a string of stimulus measures, and a boost in retail sales were also unable to inject much optimism onto trading floors, which were already cautious as dealers prepare for Donald Trump’s second term amid fears of another China-US trade war.The 2024 growth figure came in the face of a “complicated and severe environment with increasing external pressures and internal difficulties”, the National Bureau of Statistics said.Beijing has introduced a series of measures in recent months to bolster the economy, including key interest rate cuts, easing local government debt and expanding subsidy programs for household goods.However, analysts surveyed by AFP warned it could fall to just 4.4 percent this year and even drop below four percent in 2026. One of the rare bright spots for the economy last year was trade, with exports hitting a historic high, but its massive trade surplus means Beijing may not be able to count on exports to continue to provide support.Trump, who returns to the White House on Monday, has promised to impose more hefty sanctions on China.”Amid a relentless barrage of economic pessimism, China’s economy defied expectations with a robust five percent growth last year, nailing the government’s ambitious target,” said Stephen Innes at SPI Asset Management. “This surge was fuelled by a vigorous export boom and aggressive stimulus measures that counterbalanced the sluggish domestic demand. Although slightly outpacing analyst forecasts, this growth fell just shy of the 5.2 percent expansion seen in 2023, painting a picture of an economy with both promising highs and undeniable challenges.”- Nintendo fails to impress -Lynn Song, chief economist for Greater China at ING, added: “After the success in reaching the growth target in 2024, the key question for 2025 is where policymakers will set the growth target at the upcoming Two Sessions in March.”Our baseline scenario has policymakers electing to set a target of ‘around five percent’ again or at the least a target of ‘above 4.5 percent’.”The setting of such a growth target despite likely headwinds from tariffs and sanctions would imply that we will see stronger fiscal policy support as well as continued monetary policy easing and would likely be seen by markets as a signal of confidence.”Hong Kong and Shanghai squeezed out small gains, while Seoul, Sydney, Mumbai and Bangkok fell. Singapore, Taipei, Wellington, Jakarta and Manila rose.Tokyo also dropped, with gaming giant Nintendo diving more than four percent — having shed seven percent in the morning — after it failed to impress with a brief video preview of its highly anticipated new Switch 2 console.London, Paris and Frankfurt extended Thursday’s strong gains at the open.The tepid performance in Asia followed a lacklustre day on Wall Street where investors were unable to extend Wednesday’s inflation-sparked rally.US investors were barely moved by the latest dovish comments from a top Federal Reserve official that hinted at a further easing of monetary policy this year.Governor Christopher Waller told CNBC that Wednesday’s below-forecast core inflation data was “very good”, adding that “we had a couple of bumpy months in September and October but it looks like it’s getting back to trend”.”If we continue getting numbers like this, it’s reasonable to think rate cuts could happen in the first half of the year,” he said, indicating he would not rule out a cut in March. He said the number of reductions would be data-dependent.His comments came as figures showed US retail sales grew at a slightly slower pace than expected from November to December but still at a solid increase, while the National Retail Federation forecast a bigger-than-expected rise in US holiday sales.Consumer price index figures on Wednesday fell just short of estimates, which eased concerns the Fed will keep interest rates high. – Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 38,451.46 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,584.06 (close)Shanghai – Composite: UP 0.2 percent at 3,241.82 (close)London – FTSE 100: UP 1.0 percent at 8,471.62Euro/dollar: DOWN at $1.0286 from $1.0306 on ThursdayPound/dollar: DOWN at $1.2173 from $1.2237Dollar/yen: UP at 155.59 yen from 155.17 yenEuro/pound: UP at 84.48 pence from 84.18 penceWest Texas Intermediate: UP 0.9 percent at $79.35 per barrelBrent North Sea Crude: UP 0.6 percent at $81.81 per barrelNew York – Dow: DOWN 0.2 percent at 43,153.13 (close)

Nintendo shares tumbled as much as seven percent on Friday after the Japanese games giant failed to impress with a teaser video of its hotly awaited Switch 2 console.The brief clip released Thursday showed a gadget that is bigger but broadly similar in appearance to the original hybrid Switch, which can be handheld or connected to a television.Nintendo gave no technical specifications such as screen resolution or processing power for the machine, which will be on sale — for an undisclosed price — at some point in 2025.This kept gamers and analysts guessing until a live-streamed presentation on April 2 and subsequent real-world “experience” events in major cities worldwide.The stakes were high for the announcement, with gaming websites in recent weeks reporting on “industry whispers” and glimpses of purported prototypes.The first Switch has sold more than 146 million units since its launch in 2017, making it the world’s third-bestselling console after Sony’s PlayStation 2 and Nintendo’s DS.”Because of all the information that was already out there, maybe people were just like, ‘this is what I expected’,” said former Nintendo employee turned podcaster Krysta Yang in a YouTube reaction video.Nintendo shares closed 4.3 percent lower in Tokyo on Friday. Their value had risen strongly in recent months, gaining more than 12 percent in the last half-year.- Investor concerns -The Switch 2’s screen is larger, as are the overhauled detachable “Joy-Con” controllers that snap on — possibly with magnets — rather than sliding into position as before.Eagle-eyed gaming websites noted what they said appeared to mouse-like functionality for the Joy-Con, a mysterious extra button and a new USB-C port.Key will be the games, and Nintendo’s two-minute trailer also showed off a new version of the long-running Mario Kart series both on the new console’s built-in screen and on a TV.The previous instalment of the game, “Mario Kart 8”, has sold more than 64 million copies.Bloomberg Intelligence technology analyst Nathan Naidu said while the new Mario Kart was a “bright spot”, investors may fear that the gadget will hit shelves too late.”As Switch 2’s release will be at least three months behind its predecessor, it might fail to top the 15 million units the Switch achieved in its first full year,” he warned.Nintendo had promised to unveil its next console by the end of March, saying it would also run games for the previous Switch.On Thursday the company cautioned that “certain Nintendo Switch games may not be supported on or fully compatible with Nintendo Switch 2”, with further details to come.- No pressure -“There was really no pressure from gamers for Nintendo to reinvent the wheel,” Serkan Toto from Tokyo consultancy Kantan Games told AFP.”Gamers are surely not blown away by the reveal like they were when the original Switch was shown for the first time, but I think year-one demand at least will be very high.”But Switch fans in Tokyo’s gaming hub of Akihabara were upbeat.”They’ve obviously listened to fans and what has to be improved,” said Camden Voysey, 21, a tourist from Australia.”I’m not really fussed on finding out every detail so far. It’s just a nice little sneak peek,” he added.Daniel Nguyen, a 34-year-old from Canada, said it was “nice to know that they’ve made a lot of improvements, especially to the controller ergonomics and the bigger screen size”.”I’m definitely looking forward to playing a lot of my old Switch games at a higher resolution.”Nintendo has been diversifying into theme parks and funding films based on its characters such as the huge 2023 live-action hit “The Super Mario Bros. Movie”.But the Kyoto-based firm “still generates approximately 91 percent of its revenue from its Nintendo Switch business, which shows the importance of the Switch 2,” said Darang Candra of industry research firm Niko Partners.

Nintendo shares tumbled as much as seven percent on Friday after the Japanese games giant failed to impress with a teaser video of its hotly awaited Switch 2 console.The brief clip released Thursday showed a gadget that is bigger but broadly similar in appearance to the original hybrid Switch, which can be handheld or connected to a television.Nintendo gave no technical specifications such as screen resolution or processing power for the sleek-looking machine, which will be on sale — for an undisclosed price — at some point in 2025.This kept gamers and analysts guessing until a live-streamed presentation on April 2 and subsequent real-world “experience” events in the following days in major cities worldwide.The stakes are high for the eagerly awaited announcement, with gaming websites in recent weeks reporting on “industry whispers” and glimpses of purported prototypes.The first Switch has sold more than 146 million units since its launch in 2017, making it the world’s third-bestselling console after Sony’s PlayStation 2 and Nintendo’s DS.Krysta Yang of the Kit & Krysta Podcast said in a YouTube reaction video that the flood of unofficial previews and rumours may have spoiled the surprise.”I guess because of all the information that was already out there, maybe people were just like, ‘this is what I expected’,” she said.”I’m sure there’s going to be more details that are fun and exciting, hopefully, and more games obviously, that we’ll see in the coming months.”Nintendo’s share price had also risen strongly in recent months, gaining more than 12 percent in the last half-year.- Investor concerns -The Switch 2’s screen is larger, as are the overhauled detachable “Joy-Con” controllers that snap on — possibly with magnets — rather than sliding into position as before.Eagle-eyed gaming websites noted what they said appeared to mouse-like functionality for the Joy-Con, a mysterious extra button and a new USB-C port.Key will be the games, and Nintendo’s two-minute trailer also showed off a new version of the long-running Mario Kart series both on the new console’s built-in screen and on a TV.The previous instalment of the game, “Mario Kart 8”, has sold more than 64 million copies.The company said the new machine “plays Nintendo Switch 2 exclusive games, as well as both physical and digital Nintendo Switch games” — which would fulfil a November promise on backwards compatibility.But it added that “certain Nintendo Switch games may not be supported on or fully compatible with Nintendo Switch 2”, promising further details to come.Bloomberg Intelligence technology analyst Nathan Naidu said while the new Mario Kart game was a “bright spot”, investors could be concerned about the release timeline.”As Switch 2’s release will be at least three months behind its predecessor, it might fail to top the 15 million units the Switch achieved in its first full year,” he said.With sales of the original Switch falling, Nintendo had promised to unveil the new console by the end of March.- No pressure -Serkan Toto from Tokyo firm Kantan Games said that making the Switch 2 “just a bigger and better version of the original console… might be all that Nintendo needs”.”There was really no pressure from gamers for Nintendo to reinvent the wheel,” Toto told AFP.”Gamers are surely not blown away by the reveal like they were when the original Switch was shown for the first time, but I think year-one demand at least will be very high.”The Kyoto-based company has been diversifying into theme parks and funding films based on its characters such as the huge 2023 live-action hit “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.In afternoon trade, Nintendo shares were down 4.84 percent, having pared its earlier steep losses.

The US Trade Representative said Thursday that its probe into China’s practices in the shipbuilding, maritime and logistics sectors found that Beijing’s undermining of fair competition warranted “urgent action.”The conclusion comes after the USTR launched an investigation last year, responding to a petition by five unions.”Beijing’s targeted dominance of these sectors undermines fair, market-oriented competition, increases economic security risks, and is the greatest barrier to revitalization of US industries,” USTR Katherine Tai said in a statement.Tai added that the findings, under Section 301 of the Trade Act, “set the stage for urgent action to invest in America and strengthen our supply chains.”Beijing’s commerce ministry hit back Friday, saying it was “strongly dissatisfied and firmly opposes” the probe, adding that its conclusions were “full of false accusations against China.”A Section 301 investigation was a key tool President-elect Donald Trump’s first administration used to justify tariff hikes on Chinese goods.Tai said Thursday that the United States builds fewer than five ships each year — a sharp decline from in the 1970s — while China builds more than 1,700.The USTR investigation found China’s efforts to dominate the sector “unreasonable” as they displace foreign firms and create dependencies on the world’s second biggest economy.The USTR added that Beijing also has “extraordinary control over its economic actors and these sectors.”In its Friday response, Beijing’s commerce ministry said that “historically, the decline of the US shipbuilding industry has had nothing to do with China.””China’s shipping market has always been open to the world and has never adopted discriminatory policies against foreign ships and foreign companies,” it said in a statement.It added that “China’s industrial policy is mainly guiding rather than mandatory and treats Chinese and foreign companies equally.””The US 301 investigation is based on domestic political needs and the aim to suppress China’s development,” it said.A decision on what actions to take would be considered in the next stage of the US probe.On Thursday, Alliance for American Manufacturing president Scott Paul applauded the pursuit of the investigation.”Failing to take decisive action will leave our shipbuilding capabilities at the mercy of Beijing’s persistent predatory market distortions,” Paul said.

Nintendo shares tumbled more than seven percent on Friday after the Japanese games giant failed to impress with a brief video preview of its highly anticipated new Switch 2 console.In late morning trade in Tokyo, Nintendo shares were down 7.04 percent after the company released a slick two-minute trailer on Thursday.The new gadget is bigger but broadly similar in design to the original hybrid Switch, which can be handheld or connected to a television screen.Nintendo stopped short of giving other details, including pricing, saying more would be revealed at an April 2 live-streamed event.The stakes were high for the announcement: the first Switch has sold more than 146 million units since its launch in 2017, making it the third-best-selling console ever after Sony’s PlayStation 2 and Nintendo’s DS.Krysta Yang of the Kit & Krysta Podcast said in a YouTube reaction video that a flood of unofficial previews and rumours in recent months may have spoiled the surprise for fans.”Basically every single leak, if we had a checklist… a bingo card of leaks, I think we got bingo, guys,” she said.”I guess because of all the information that was already out there, maybe people were just like, ‘this is what I expected’,” Yang added.”I’m sure there’s going to be more details that are fun and exciting, hopefully, and more games obviously, that we’ll see in the coming months.”Nintendo’s share price had risen strongly in recent months, gaining more than 12 percent in the last half-year.- Investor concerns -The Switch 2’s screen is larger, as are the overhauled “joy-con” controllers that appear to snap into place with magnets rather than sliding into position.Nintendo’s trailer also showed off a new version of the long-running Mario Kart series both on the new console’s built-in screen and on a TV.The previous instalment of the game, “Mario Kart 8”, has sold more than 64 million copies.The company said the new machine “plays Nintendo Switch 2 exclusive games, as well as both physical and digital Nintendo Switch games” — which would fulfil a November promise on backwards compatibility with the old console.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”.Bloomberg Intelligence technology analyst Nathan Naidu said while the new Mario Kart game was a “bright spot”, investors may be concerned about the release timeline for the new console.”As Switch 2’s release will be at least three months behind its predecessor, it might fail to top the 15 million units the Switch achieved in its first full year,” he said.Nintendo said Thursday that several “Nintendo Switch 2 Experience” events would be held around the world starting in early April to give gamers an opportunity to test the new console.With sales of the original Switch falling, Nintendo had promised to unveil the new console by the end of March.At the same time, the Kyoto-based company has been diversifying into theme parks and funding films based on its 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.

Wall Street equities finished lower Thursday following a mixed US retail sales report, while European luxury stocks pushed higher following strong results from Cartier owner Richemont.Major US indices spent part of the day in positive territory but were unable to extend Wednesday’s rally in a session Briefing.com described as “lackluster.”US retail sales grew 0.4 percent from November to December, a slower pace than in November but still a solid increase. In a separate report, the National Retail Federation estimated the growth in US holiday sales at four percent for 2024, topping estimates.The retail figures came on the heels of Wednesday’s consumer price index figures, which eased concerns that the Federal Reserve will keep interest rates high. After major indices gained around two percent Wednesday, all three finished lower on Thursday.But bourses in Europe and Asia pushed higher.The Paris stock market surged more than two percent after Cartier owner Richemont reported record quarterly sales.The Swiss luxury firm ended the day more than 16 percent higher. Sales in Richemont’s Asia-Pacific region fell seven percent in the third quarter, dragged down by an 18 percent drop in China, Hong Kong and Macau.But the company enjoyed double-digit increases in Japan, Europe, the Middle East and Africa.”It seems that despite the challenging situation in China and in watches, Richemont has never been stronger,” said Jean-Philippe Bertschy, analyst at investment firm Vontobel.In Paris, shares of Louis Vuitton, Hermes and Gucci owner Kering rose, while Burberry forged higher in London.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 on Monday. The Republican has promised to ramp up tariffs on imports, and slash taxes and regulations, something that many fear could reignite inflation.- Key figures around 2130 GMT -New York – Dow: DOWN 0.2 percent at 43,153.13 (close)New York – S&P 500: DOWN 0.2 percent at 5,937.34 (close)New York – Nasdaq Composite: DOWN 0.9 percent at 19,338.29 (close)London – 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 $1.0306 from $1.0289 on WednesdayPound/dollar: DOWN at $1.2237 from $1.2242Dollar/yen: DOWN at 155.17 yen from 156.47 yenEuro/pound: UP at 84.18 pence from 84.04 penceWest Texas Intermediate: DOWN 1.7 percent at $78.68 per barrelBrent North Sea Crude: DOWN 0.9 percent at $81.29 per barrelburs-jmb/dw