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Most stock markets bounced on Monday as hopes for US interest rate cuts rose following a sharp slowdown in jobs growth that raised concerns about the world’s top economy.The broad gains followed a sell-off on Wall Street Friday in reaction to the weak jobs data and news that dozens of countries would be hit with US tariffs ranging from 10 to 41 percent.European indices mostly started the week on the front foot, with Paris gaining 0.8 percent and Frankfurt rising over one percent.”Investors seem to be taking an optimistic view… betting on an increased likelihood of further monetary easing by the Fed after Friday’s employment figures,” said John Plassard, head of investment strategy at Cite Gestion Private Bank.He noted, however, that “uncertainty reigns” as US President Donald Trump’s tariffs are set to take effect on Thursday. Switzerland’s stock market dropped around two percent at Monday’s open, its first session as it returned from a holiday after a tough 39-percent US tariff rate was announced.The index pared some of its losses in early afternoon trading, with hopes the Swiss government can negotiate a reduction in the levy, which is steeper than that imposed on the European Union and Britain.London advanced, lifted by banking stocks after the sector was granted reprieve from the worst of feared compensation claims over controversial car loans dating back to 2007.Lloyds Banking Group rose nearly eight percent, while Close Brothers, listed on the FTSE 250, soared more than 20 percent.Asian investors started the week mixed, with Hong Kong and Shanghai advancing while Tokyo fell.Stocks had struggled Friday as US jobs growth missed expectation in July, with revised data showing the weakest hiring since the Covid-19 pandemic — fuelling concerns that Trump’s tariffs are starting to bite.The president responded to the data by firing the commissioner of labour statistics, accusing her of manipulating employment data for political reasons.Markets reacted more favourably on Monday, as the slowdown boosted hopes of Fed rate cuts to support the economy.”Analysts are betting that rate-setters will prioritise recession avoidance over price controls,” said Derren Nathan, head of equity research at Hargreaves Lansdown.”This is likely the main driver of a rebound in US stock futures in anticipation of a positive market open later today,” he added.Observers also noted that news of Federal Reserve governor Adriana Kugler stepping down six months early gives Trump a chance to increase his influence on the Fed as he pushes for lower rates.Oil prices fell after a sharp output increase by eight OPEC+ countries, with markets anticipating abundant supply.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.3 percent at 9,093.20 pointsParis – CAC 40: UP 0.8 percent at 7,606.20 Frankfurt – DAX: UP 1.3 percent at 23,720.70Tokyo – Nikkei 225: DOWN 1.3 percent at 40,290.70 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 24,733.45 (close)Shanghai – Composite: UP 0.9 percent at 3,583.31 (close)New York – Dow: DOWN 1.2 percent at 43,588.58 (close)Dollar/yen: UP at 147.57 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1574 from $1.1586Pound/dollar: UP at $1.3293 from $1.3276Euro/pound: DOWN at 87.10 pence from 87.25 penceWest Texas Intermediate: DOWN 1.6 percent at $66.25 per barrelBrent North Sea Crude: DOWN 1.5 percent at $68.64 per barrel

A Malaysian hotel tycoon who helped bring Formula One to Singapore pleaded guilty Monday to abetting the obstruction of justice, in a rare corruption case in the city-state that saw a former transport minister jailed last year.Singapore-based billionaire Ong Beng Seng, 79, was charged in October last year with helping former transport minister S. Iswaran cover up evidence in a graft investigation.He was also accused of showering Iswaran with lavish gifts, including tickets to the 2017 Singapore Formula One Grand Prix, flights on a private jet, business class travel and a luxury hotel stay.Ong entered his guilty plea from a glass-encased dock at a district court in downtown Singapore on Monday.Prosecutors sought a two-month jail term after Ong agreed to plead guilty. He will be sentenced on August 15.But prosecutors also agreed with defence lawyers that the court could exercise “judicial mercy” in view of Ong’s poor health — which could further reduce any sentence.Defence lawyers pleaded for clemency, saying their septuagenarian client suffered from a litany of serious ailments, including an incurable form of cancer.They asked for a “stiff fine” instead of actual jail time. “The risks to Mr. Ong’s life increase dramatically in prison,” lawyer Cavinder Bull told the court, saying prison could not give his client sufficient care.”This man is living on the edge,” Bull added.The Attorney General’s Chambers said in a statement that after “considering the medical evidence before the Court”, the prosecutors did not object to imposing a fine instead of jail time.The trial of Malaysia-born Ong had attracted significant media attention due to his links with Iswaran and the affluent city-state’s reputation as one of the world’s least corrupt nations.Ong owns Singapore-based Hotel Properties Limited and is the rights holder to the Singapore Grand Prix Formula One race. He and Iswaran were instrumental in bringing the Formula One night race on a street circuit to Singapore in 2008.In July 2023, Ong was arrested as part of a graft probe involving Iswaran and was subsequently released on bail.In October last year, Iswaran was jailed for 12 months after he pleaded guilty to accepting illegal gifts worth more than Sg$400,000 ($310,000).He was also found guilty of obstructing justice, in the city-state’s first political graft trial in nearly half a century.Iswaran completed his sentence on June 6.

Italy’s competition watchdog said Monday it has fined the company responsible for Shein’s websites in Europe one million euros ($1.15 million) for false and confusing claims about the e-commerce giant’s efforts to be environmentally “green”.The AGCM watchdog accuses the China-founded fast-fashion colossal of having “adopted a misleading communication strategy regarding the characteristics and environmental impact of its clothing products”.The fine was imposed on Infinite Styles Services Co. Ltd, the company responsible for managing Shein’s product trading websites in Europe, the authority said in a statement.The AGCM accused it of “misleading and/or deceptive environmental messages and claims… in the promotion and sale of Shein-branded clothing products”.These were “in some instances, vague, generic, and/or overly emphatic, and in others, misleading or omissive”.In particular, claims about the recyclability of products “were found to be either false or at least confusing”, it said.Consumers could easily be led to believe Shein products were made exclusively from sustainable materials and fully recyclable, “a statement which, given the fibres used and current recycling systems, does not reflect reality”.The AGCM also took issue with the retailer’s claims it would reduce greenhouse gas emissions by 25 percent by 2030 and reach zero emissions by 2050.These “vague” pledges by a company which has seen phenomenal growth in recent years were “contradicted by an actual increase in Shein’s greenhouse gas emissions in 2023 and 2024”, it said.In a statement to AFP, Shein said it had “cooperated fully” with the watchdog’s investigation and “took immediate action” to address the concerns, saying all environmental claims on the website were now “clear, specific and compliant with regulations”.Environmentalists have long warned of the damage wreaked by the fast-fashion sector’s wasteful trend of mass producing low-cost clothes that are quickly thrown away.Fast fashion uses up massive amounts of water, produces hazardous chemicals and clogs up landfills in poor countries with textile waste, while also generating greenhouse gases in production, transport and disposal.

Most stock markets bounced on Monday as the chances of US interest rate cuts following a big miss on US jobs creation offset concerns about the world’s top economy.The broad advances followed a sell-off on Wall Street in reaction to the non-farm payrolls data, which compounded news on Friday that dozens of countries would be hit with levies ranging from 10 to 41 percent.With the date of implementation for the tariffs pushed back to Thursday, focus will be on talks this week between Washington and other capitals on paring down some of the tolls.Traders were taken by surprise by figures showing the US economy created just 73,000 jobs in July — against 104,000 forecast — while unemployment rose to 4.2 percent from 4.1 percent. Job gains from June and May were also revised down by nearly 260,000.The figures stoked concerns that Trump’s tariffs are beginning to bite, with inflation also seen pushing back towards three percent.The reading also saw the president fire the commissioner of labour statistics, accusing her of manipulating employment data for political reasons.Bets on the Federal Reserve cutting interest rates at its September meeting shot up following the jobs numbers, with some analysts predicting it will go for a 50-basis-point reduction, rather than the regular 25 points.Yields on US Treasury bonds fell sharply as investors priced in the cuts.Asian investors started the day on the back foot but fought back as it wore on.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila, Mumbai and Bangkok all rose, though there were losses in Tokyo, Wellington, Taipei and Jakarta.London, Paris and Frankfurt ticked up but Swiss shares sank more than two percent as traders there returned from a long weekend to react to Trump’s 39 percent duty on the country.US futures rose, after Friday’s selloff saw the S&P 500 and Dow each lose more than one percent and the Nasdaq more than two percent — with some also questioning whether a recent rally to multiple records has gone too far.The dollar continued to struggle against its major peers after tanking on the jobs report.George Brown, senior economist at Schroders, said before the jobs reading “all signs pointed to a solid US labour market. But that has been put into question by July’s US jobs report. Concerningly, both May and June were revised down by… the biggest two-month net downward revision outside of the pandemic”.He added: While it is important not to read too much into one data point, especially one as noisy as non-farm payrolls, the news that job creation was below 20,000 in May and June will certainly give the Federal Reserve food for thought.”Our base case had been for the Fed to hold rates for the rest of 2025, but any further fragility could encourage an earlier easing cycle.”Investors will now be keenly awaiting every utterance from Fed boss Jerome Powell leading up to the next policy meeting, not least because of the pressure Trump has put on him to lower rates.Observers said news that governor Adriani Kugler will step down from the bank six months early will give the president a chance to increase his influence on decision-making.”Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight,” said National Australia Bank’s Ray Attrill. “Fed officials, such as New York President John Williams speaking after the data, profess to be open minded about the September Fed meeting, but Mr Market has already decided they are cutting — ending Friday 88 percent priced for a 25-basis-points rate reduction.”Oil were barely moved despite supply worries after OPEC and other key producers agreed Sunday to another output hike and amid signs Trump’s tariffs were impacting the economy. The commodity sank almost three percent Friday.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.3 percent at 40,290.70 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 24,733.45 (close)Shanghai – Composite: UP 0.9 percent at 3,583.31 (close)London – FTSE 100: UP 0.4 percent at 9,106.37Dollar/yen: UP at 147.99 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1556 from $1.1586Pound/dollar: DOWN at $1.3274 from $1.3276Euro/pound: DOWN at 87.05 pence from 87.25 penceWest Texas Intermediate: UP 0.1 percent at $67.41 per barrelBrent North Sea Crude: FLAT at $69.67 per barrelNew York – Dow: DOWN 1.2 percent at 43,588.58 (close)

Asian markets flitted between gains and losses Monday as investors continued to digest last week’s tariff blitz by Donald Trump and a US jobs report that fanned fears about the world’s top economy.News on Friday that dozens of countries would be hit with levies ranging from 10 to 41 percent sent shivers through exchanges amid concern about the impact on global trade.With the date of implementation pushed back to Thursday, focus will be on talks between Washington and other capitals on paring some of the tolls back.The pain was compounded later by figures showing the US economy created just 73,000 jobs in July — against 104,000 forecast — while unemployment rose to 4.2 percent from 4.1 percent. Job gains from June and May were also revised down by nearly 260,000.The figures stoked concerns that Trump’s tariffs are beginning to bite, with inflation also seen pushing back towards three percent.The reading also saw the president fire the commissioner of labor statistics, accusing her of manipulating employment data for political reasons.Bets on the Federal Reserve cutting interest rates at its September meeting shot up following the jobs numbers, with some analysts predicting it will go for a 50-basis-point reduction, rather than the regular 25 points.Yields on US Treasury bonds fell sharply as investors priced in the cuts.Investors will now be keenly awaiting every utterance from Fed boss Jerome Powell leading up to the next policy meeting, not least because of the pressure Trump has put on him to lower rates.Observers said news that governor Adriani Kugler will step down from the bank six months early will give the president a chance to increase his influence on decision-making.”Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight,” said National Australia Bank’s Ray Attrill. “Fed officials, such as New York President John Williams speaking after the data, profess to be open minded about the September Fed meeting, but Mr Market has already decided they are cutting — ending Friday 88 percent priced for a 25-basis-points rate reduction.”Still, Asian investors tried to get back on the horse after Friday’s selloff, with Hong Kong, Shanghai, Singapore and Seoul up, while Tokyo, Sydney, Wellington, Taipei, Manila and Jakarta were all down.The performance was better than New York, where the S&P 500 and Dow each lost more than one percent and the Nasdaq more than two percent — with some also questioning whether a recent rally to multiple records has gone too far.The dollar edged up but held most of its losses against its peers after tanking on the jobs report.And oil extended Friday’s losses of almost three percent, which came after OPEC and other key producers agreed another output hike, fanning oversupply fears owing to the effects of Trump’s tariffs and signs of a weakening economy.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.6 percent at 40,134.97 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 24,607.19Shanghai – Composite: UP 0.3 percent at 3,570.47Dollar/yen: UP at 147.86 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1561 from $1.1586Pound/dollar: DOWN at $1.3262 from $1.3276Euro/pound: DOWN at 87.16 pence from 87.25 penceWest Texas Intermediate: DOWN 0.4 percent at $67.06 per barrelBrent North Sea Crude: DOWN 0.4 percent at $69.36 per barrelNew York – Dow: DOWN 1.2 percent at 43,588.58 (close)London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) 

Global markets reeled Friday after President Donald Trump’s tariffs barrage against nearly all US trading partners as governments looked down the barrel of a seven-day deadline before higher duties take effect.Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 percent.However, implementation will be on August 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike deals with Washington setting more favorable conditions.Neighboring Canada, one of the biggest US trade partners, was hit with 35 percent levies, up from 25 percent, effective Friday — but with wide-ranging, current exemptions remaining in place.The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position, while encouraging domestic manufacturing by keeping out foreign imports.But the muscular approach has raised fears of inflation and other economic fallout in the world’s biggest economy.Stock markets in Hong Kong, London and New York slumped as they digested the turmoil, while weak US employment data added to worries.Trump’s actions come as debate rages over how best to steer the US economy, with the Federal Reserve this week deciding to keep interest rates unchanged, despite massive political pressure from the White House to cut.Data Friday showed US job growth missing expectations for July, while unemployment ticked up to 4.2 percent from 4.1 percent.On Wall Street, the S&P 500 dropped 1.6 percent, while the Nasdaq tumbled 2.2 percent.- Political goals -Trump raised duties on around 70 economies, from a current 10 percent level imposed in April when he unleashed “reciprocal” tariffs citing unfair trade practices.The new, steeper levels listed in an executive order vary by trading partner. Any goods “transshipped” through other jurisdictions to avoid US duties would be hit with an additional 40 percent tariff, the order said.But Trump’s duties also have a distinctly political flavor, with the president using separate tariffs to pressure Brazil to drop the trial of his far-right ally, former president Jair Bolsonaro.He also warned of trade consequences for Canada, which faces a different set of duties, after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.In targeting Canada, the White House cited its failure to “cooperate in curbing the ongoing flood of fentanyl and other illicit drugs” — although Canada is not a major source of illegal narcotics.By contrast, Trump gave more time to Mexico, delaying for 90 days a threat to increase its tariffs from 25 percent to 30 percent.But exemptions remain for a wide range of Canadian and Mexican goods entering the United States under an existing North American trade pact.Carney said his government was “disappointed” with the latest rates hike but noted that with exclusions the US average tariff on Canadian goods remains one of the lowest among US trading partners.- ‘Tears up’ rule book -With questions hanging over the effectiveness of bilateral trade deals struck — including with the EU and Japan — the outcome of Trump’s overall plan remains uncertain.”No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice president of the Asia Society Policy Institute.On Friday, Trump said he would consider distributing a tariff “dividend” to Americans.Notably excluded from Friday’s drama was China, which is in the midst of negotiations with the United States.Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but have agreed to temporarily lower these duties and are working to extend their truce.Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union.Among other tariff levels adjusted in Trump’s latest order, Switzerland now faces a higher 39 percent duty.

Stock markets dived Friday following weak US jobs data that raised doubts about the world’s biggest economy as President Donald Trump moves forward with additional tariffs.Major US indices finished down 1.2 percent or more after spending the entire day in the red. Major indices in Asia and Europe also fell, with Paris and Frankfurt losing nearly three percent.The dollar fell sharply against other key currencies while oil prices plunged on fears that a weakening US economy would sap demand.The Labor Department said the US economy added just 73,000 jobs in July, while the unemployment rate rose to 4.2 percent from 4.1 percent. The department also cut the job gains from June and May by nearly 260,000 jobs.”Investors are getting a bit worried that this economy is softening more rapidly than we earlier thought,” said Sam Stovall of CFRA Research.The report comes at a moment when investors had been questioning whether the market was overvalued following a series of records in recent weeks.”There’s a lot of excuses to do some selling. The primary one today is the payrolls data,” said Briefing.com analyst Patrick O’Hare.Following the jobs data, yields on US Treasury bonds fell sharply as markets price in a weaker US growth outlook and expected cuts in Federal Reserve interest rates. “The market thinks the Fed needs to cut rates and will cut rates in September because of the data,” said O’Hare, who also pointed to “disappointing price action” in the market following generally strong earnings from large tech companies. The jobs data came as Trump’s long-telegraphed August 1 tariff deadline arrived.Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 percent.However, implementation will be on August 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike bilateral deals with Washington setting more favorable conditions.”The US payrolls data has eclipsed news about the latest tariff rates applied to the world’s economies by Donald Trump, and is now dominating markets,” said Kathleen Brooks, research director at XTB trading group.Some trading partners have reached deals with the United States — including Britain, the European Union, Japan and South Korea. China remains in talks with Washington to extend a fragile truce in place since May that is due to expire on August 12.- Key figures at around 2045 GMT -New York – Dow: DOWN 1.2 percent at 43,588.58 (close)New York – S&P 500: DOWN 1.6 percent at 6,238.01 (close)New York – Nasdaq: DOWN 2.2 percent at 20,650.13 (close)London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) Paris – CAC 40: DOWN 2.9 percent at 7,546.16 (close)Frankfurt – DAX: DOWN 2.7 percent at 23,425.97 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)Euro/dollar: UP at $1.1586 from $1.1415 on ThursdayPound/dollar: UP at $1.3276 from $1.3207Dollar/yen: DOWN at 147.427 yen from 150.75 yenEuro/pound: UP at 87.25pence from 86.42 penceWest Texas Intermediate: DOWN 2.8 percent at $67.33 per barrelBrent North Sea Crude: DOWN 2.8 percent at $69.67 per barrel

Stock markets dived Friday after US President Donald Trump announced tariffs on dozens of trading partners and weak US jobs data fuelled the fall.Wall Street’s Dow Jones index dropped more than 1.2 percent, while Paris and Frankfurt tumbled nearly three percent lower.The dollar gave up earlier gains against key currencies while oil prices plunged on fears that a weakening US economy would sap demand.Trump on Thursday unveiled his latest list of sweeping levies on about 70 economies, taking tariffs to their highest levels since the 1930s as he seeks to reshape global trade to benefit the United States.Hours later, the US Labor Department said the US economy added just 73,000 jobs in July — well below market expectations — while revising down the figures for May and June.”The US payrolls data has eclipsed news about the latest tariff rates applied to the world’s economies by Donald Trump, and is now dominating markets,” said Kathleen Brooks, research director at XTB trading group.Earlier, she noted, tariffs had been “the main theme sucking risk sentiment from financial markets”.Economists have warned that high tariffs — touted by Trump as a way to boost US industry — could fuel inflation in the United States and harm its economy.Data on Friday showed US unemployment ticked up to 4.2 percent from 4.1 percent.”The slowdown in jobs started in early Q2 (second quarter) when reciprocal tariffs were announced” at the start of Trump’s initiative, Fawad Razaqzada, market analyst at City Index and FOREX.com, told AFP in an email.”Companies expecting margins to be squeezed by higher duties probably thought twice about hiring workers in order to keep costs down. So, the US labour market has been losing steam fast, undoubtedly due to tariff concerns.”The US Federal Reserve this week held interest rates unchanged, despite massive political pressure from the White House to cut.”The market now seems to think that two months’ worth of weak labour market data is enough for some rapid rate cuts from the Fed” in the coming months, Brooks said.- Blistering tariff rates -Trump has delayed implementation of the tariffs several times — the latest move pushing them back a week to August 7.Some trading partners have reached deals with the United States — including Britain, the European Union, Japan and South Korea. China remains in talks with Washington to extend a fragile truce in place since May that is due to expire on August 12.For those targeted in the latest round, tariff rates range from 10 percent to 41 percent — including a blistering 35-percent rate on Canada and 39 percent on Switzerland.Tariff uncertainty overshadowed earnings from major tech titans this week.In Frankfurt, “even exceptionally strong earnings from Microsoft are failing to provide a boost to the broader market,” said Jochen Stanzl, Chief Market Analyst at CMC Markets.- Key figures at around 1545 GMT -New York – Dow: DOWN 1.2 percent at 43,594.42 pointsNew York – S&P 500: DOWN 1.4 percent at 6,250.54 New York – Nasdaq: DOWN 1.9 percent at 20,731.65London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) Paris – CAC 40: DOWN 2.9 percent at 7,546.16 (close)Frankfurt – DAX: DOWN 2.7 percent at 23,425.97 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)Euro/dollar: UP at $1.1552 from $1.1421 on ThursdayPound/dollar: UP at $1.3259 from $1.3208Dollar/yen: DOWN at 148.07 yen from 150.68 yenEuro/pound: UP at 87.13 pence from 86.43 penceWest Texas Intermediate: DOWN 2.6 percent at $67.45 per barrelBrent North Sea Crude: DOWN 2.71 percent at $69.76

Nintendo on Friday said quarterly revenue had more than doubled year-on-year thanks to the Switch 2, which became the world’s fastest-selling console after its launch in early June.Pent-up demand for the new gadget from the “Super Mario” gamemaker fuelled fan excitement at the release that saw sold-out pre-orders and midnight store openings.Like the hugely popular original Switch, the Switch 2 is a hybrid console that can be handheld or connected to a television, with a bigger screen and more processing power than its predecessor.It smashed industry records by selling 3.5 million units in its first four days, and Nintendo said Friday that the figure had increased to 5.8 million units by the end of June.”Net sales increased significantly in the first quarter, due mainly to the launch of Nintendo Switch 2,” the Japanese company said as it reported a 132 percent on-year jump in sales for April-June, to 572 billion yen ($3.8 billion).Net profit in the quarter rose 19 percent on-year.However, a challenge for Nintendo will be maintaining a supply of hit games for the new system, gaming industry consultant Serkan Toto told AFP.”There are new games from the Pokemon, Metroid and Kirby franchises coming later this year, but some fans have already started to ask for even more titles,” he said.But “the launch of Switch 2 has surpassed many people’s expectations” and it will be hard for another console to match its strong start, Toto added.”Nintendo should be able to comfortably ride on this momentum through the holidays and into 2026,” he predicted.- ‘Major comeback’ -The company expects to sell 15 million Switch 2 units by the end of March 2026 — a target it left unchanged on Friday.Nathan Naidu of Bloomberg Intelligence said Nintendo was “likely” to hike this number, having already sold 40 percent of the target.The Switch 2 launch positions the company “for a major comeback after four straight years of lacklustre top-line momentum… barring punishing US tariffs that might prompt Nintendo to hike hardware prices”, he wrote Friday.While Nintendo is diversifying into hit movies and theme parks, consoles remain at the core of its business.The original Switch soared in popularity during the pandemic with games such as “Animal Crossing” striking a chord during long lockdowns worldwide.It has sold 153 million units since its 2017 release, making it the third best-selling console of all time after Sony’s PlayStation 2 and the Nintendo DS.The Switch 2, which has new features including controllers that can also be used like a desktop computer mouse, costs $449.99 in the United States — more expensive than a launch price of $299.99 for the original.”Once the hardcore Nintendo fans are tapped out, the company will need to get to the next level by convincing mainstream players to make the jump to Switch 2,” Toto noted.But the postponed launch of the hotly anticipated “Grand Theft Auto VI” (GTA6) by US publisher Rockstar Games from this year to May 2026 will be a boon, he said.”If GTA6 (had) launched this year, it would have sucked almost all the oxygen out of the room and made marketing Switch 2 definitely harder for Nintendo.”

Stock markets fell Friday as Donald Trump announced tariffs on dozens of trading partners ahead of a self-imposed deadline, offsetting strong earnings from tech giants.With hours to go before the US president’s deadline for governments to make toll-averting deals, he unveiled a list of sweeping levies he had decided to impose upon those still in talks.However, he did provide a minor reprieve by saying the measures will take effect next week.Governments around the world have been scrambling to cut agreements with the White House since Trump unveiled his bombshell “Liberation Day” tariffs on April 2, which included 10 percent across the board and then targeted “reciprocal” ones.He then delayed implementation of the reciprocals until July 9, and then August 1, and next week.Some countries reached deals, including Japan, the European Union, Britain and recently South Korea, but most are yet to do so. China remains in talks with Washington to extend a fragile truce in place since May.For those in the crosshairs of the latest outburst, the measures range from 10 percent to 41 percent.Canada was singled out for a 35 percent hit, with Trump hitting out at its failure to deal with cross-border drugs issues and earlier at Ottawa’s plan to recognise a Palestinian state.In Ottawa, Prime Minister Mark Carney said he was “disappointed” by Trump’s decision.Taiwan faces 20 percent “temporary” duties, with its President Lai Ching-te saying there was a possibility of reductions should an agreement be reached, while Cambodia welcomed a 19 percent rate as it was well down from the initial 36 percent initially threatened.The Swiss government said Friday it would negotiate to avoid the 39 percent toll it was hit with, which will potentially hammer its key pharmaceutical industry. The new rate is up from the 31 percent previously threatened.Equities went into retreat at the end of the week as traders contemplated the impact on the global economy.Tokyo, Hong Kong, Sydney, Singapore, Shanghai, Mumbai, Bangkok, Wellington and Taipei were all down.Seoul dived nearly four percent as the South Korean government considers higher taxes on corporations and stock investors to shore up revenue.London, Paris and Frankfurt also fell.There were gains in Manila and Jakarta. “Overall, the tariffs are relatively expected for Asia,” said Lorraine Tan, Morningstar director of equity research in Asia.”The fact that the larger export countries such as Korea and Japan are at 15 percent and the Southeast Asian countries are at 19 percent is a fairly reasonable outcome especially after the initial April 2 shock. Hence we think the markets should shrug this news off.”The losses tracked a sell-off on Washington, where traders’ hopes for a September interest rate cut were dented by data showing the Federal Reserve preferred gauge of inflation rose more than expected last month and topped forecasts.The figures came a day after the central bank appeared guarded about the outlook, even as Trump puts pressure on boss Jerome Powell to reduce borrowing costs.”US interest rate traders have lowered the implied probability for a cut from the Fed in September… and as such, the central position is progressively leaning to the Fed keeping rates on hold in the September (policy) meeting,” Chris Weston of Pepperstone said.The tariff uncertainty overshadowed earnings from major tech titans this week that saw Apple on Thursday post double-digit quarterly revenue growth that beat expectations. And Amazon said quarterly profits jumped 35 percent as key major investments in AI technology pay off, though its outlook for the next three months disappointed.Google, Microsoft and Meta have also posted bumper results for the period.”Massive results seen by Microsoft and Meta further validate the use cases and unprecedented spending trajectory for the AI Revolution on both the enterprise and consumer fronts,” Wedbush tech analyst Dan Ives said in a note to investors.On currency markets the Taiwan dollar spiked above 30 to the greenback for the first time since June, while the yen remained under pressure as the Bank of Japan holds off hiking rates and Fed expectations sink.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)London – FTSE 100: DOWN 0.7 percent at 9,066.44Euro/dollar: DOWN at $1.1415 from $1.1421 on ThursdayPound/dollar: DOWN at $1.3193 from $1.3208Dollar/yen: DOWN at 150.55 yen from 150.68 yenEuro/pound: UP at 86.54 pence from 86.43 penceWest Texas Intermediate: FLAT at $69.26 per barrelBrent North Sea Crude: FLAT at $71.72New York – Dow: DOWN 0.7 percent at 44,130.98 (close)