Afp Business Asia

Wall Street stocks retreated while the dollar rallied Thursday following stronger than expected US economic data that could delay Federal Reserve interest rate cuts.The US government revised its second-quarter economic growth rate upwards on Thursday to 3.8 percent from 3.3 percent, as consumers spent more than expected.It marks the fastest quarterly growth rate in nearly two years.”Is the US economy much stronger than believed?” queried InvestingLive currency analyst Adam Button, who added in a subsequent note that the US dollar could be poised to rally if there is a “big re-think” on the outlook for the US economy.The greenback rose Thursday against the euro, British pound and Japanese yen.But US equity indices retreated for a third straight day after posting a record on Monday.The stock market “did not like the good economic data we got this morning, because (it) basically calls into question the market’s assumption that the Fed will be cutting rates multiple times before the end of the year,” said Briefing.com analyst Patrick O’Hare.Analysts are focused on Friday’s release of the Fed’s preferred gauge of inflation — the Personal Consumption Expenditure (PCE) index — and next week’s nonfarm payrolls report.The US central bank — citing a weak labor market — last week announced its first rate reduction of the year, and forecast there could be two more by the end of 2025.But expectations were dealt a blow on Tuesday as Powell warned that stocks are “fairly highly valued” and that there was “no risk-free path” on rates.The PCE data “may also shift investor expectations over the speed and depth of additional easing measures from the US central bank,” said David Morrison, senior market analyst at financial services firm Trade Nation.Among individual stocks, Intel shot up nearly nine percent following reports the company has approached Apple about investing in the struggling chipmaker. Apple rose 1.8 percent.Amazon fell 0.9 percent as it reached an agreement to pay $2.5 billion to settle allegations from a US regulator that it used deceptive practices to enroll consumers in Amazon Prime and made it difficult to cancel subscriptions.Starbucks dipped 0.5 percent as it announced it would cut about 900 jobs and shutter some underperforming stores as part of a cost-cutting drive.In Europe, shares in German software giant SAP fell two percent after the EU launched an antitrust probe into the company.European stock markets were down at the close, including Zurich, which fell as the Swiss National Bank held rates at zero percent and warned that US tariffs were weighing on the economy.- Key figures at around 2020 GMT -New York – Dow: DOWN 0.4 percent at 45,947.32 (close)New York – S&P 500: DOWN 0.5 percent at 6,604.72 (close) New York – Nasdaq Composite: DOWN 0.5 percent at 22,384.70 (close)London (close) – FTSE 100: DOWN 0.4 percent at 9,213.98 Paris (close) – CAC 40: DOWN 0.4 percent at 7,795.42Frankfurt (close) – DAX: DOWN 0.6 percent at 23,534.83Tokyo – Nikkei 225: UP 0.3 percent at 45,754.93 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 26,484.68 (close)Shanghai – Composite: FLAT at 3,853.30 (close)Euro/dollar: DOWN at $1.1658 from $1.1738 on WednesdayPound/dollar: DOWN at $1.3335 from $1.3447Dollar/yen: UP at 149.81 yen from 148.90 yenEuro/pound: UP at 87.42 pence from 87.29 penceBrent North Sea Crude: UP 0.2 percent at $69.42 per barrelWest Texas Intermediate: DOWN less than 0.1 percent at $64.98 per barrel

Stock markets fell Thursday despite stronger-than-expected US economic growth data as investors await key inflation figures later this week.Morning trading on Wall Street deepened losses that began earlier this week as Federal Reserve chief Jerome Powell tempered expectations about the pace of interest-rate cuts.The US government revised its second-quarter economic growth rate upwards on Thursday to 3.8 percent from 3.3 percent, as consumers spent more than expected.But analysts are focused on Friday’s release of the Fed’s preferred gauge of inflation — the personal consumption expenditure (PCE) index — and next week’s non-farm payrolls report.”Despite today’s solid GDP results, this week’s major focus is on tomorrow’s PCE report,” said Bret Kenwell, US investment analyst at the trading platform eToro.”Active investors will want to see an in-line or lower inflation result, keeping the Fed on pace for two more rate cuts in 2025.”The US central bank — citing a weak labour market — last week announced its first rate reduction of the year, and forecast there could be two more by the end of 2025.But expectations were dealt a blow on Tuesday as Powell warned that stocks are “fairly highly valued” and that there was “no risk-free path” on rates.The PCE data “may also shift investor expectations over the speed and depth of additional easing measures from the US central bank”, said David Morrison, senior market analyst at financial services firm Trade Nation.Among individual stocks, Apple shares rose slightly even though the European Union rejected the US tech giant’s plea for the bloc to repeal its landmark digital competition law.In Europe, shares in German software giant SAP fell two percent after the EU launched an antitrust probe into the company.European stock markets were down at the close, including Zurich, which fell as the Swiss National Bank held rates at zero percent and warned that US tariffs were weighing on the economy.In Asia, major indices were mixed.- Key figures at around 1530 GMT -New York – Dow: DOWN 0.3 percent at 45,978.42 pointsNew York – S&P 500: DOWN 0.6 percent at 6,601.15 New York – Nasdaq Composite: DOWN 0.6 percent at 22,367.81 London (close) – FTSE 100: DOWN 0.4 percent at 9,213.98 Paris (close) – CAC 40: DOWN 0.4 percent at 7,795.42Frankfurt (close) – DAX: DOWN 0.6 percent at 23,534.83Tokyo – Nikkei 225: UP 0.3 percent at 45,754.93 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 26,484.68 (close)Shanghai – Composite: FLAT at 3,853.30 (close)Euro/dollar: DOWN at $1.1676 from $1.1737 on WednesdayPound/dollar: DOWN at $1.3348 from $1.3445Dollar/yen: UP at 149.74 yen from 148.91 yenEuro/pound: UP at 87.50 pence from 87.29 penceBrent North Sea Crude: DOWN 0.4 percent at $68.19 per barrelWest Texas Intermediate: DOWN 0.5 percent at $64.65 per barreldan-bcp-lth-jxb/rlp

Talks on free trade deals between the European Union and Malaysia, Thailand and the Philippines were “advancing very well”, the EU trade commissioner said on Thursday as the bloc sought to cement commercial ties in Southeast Asia.Maros Sefcovic’s comments came two days after the EU signed a trade deal with Indonesia, the region’s largest economy, after wrapping up nearly a decade of talks.”My message to my partners in ASEAN was that we do not want to stop here,” Sefcovic told journalists before meeting economic ministers from the Association of Southeast Asian Nations in Kuala Lumpur.”We have been advancing very well in our free trade negotiations with Thailand, with the Philippines, but also with Malaysia,” he said.Brussels is seeking to strengthen ties beyond traditional trading partners in what is seen as a strategic response to global trade uncertainties and protectionism, particularly triggered by US President Donald Trump’s tariff policies.Sefcovic said he hoped current trade deals between the 27-nation EU and ASEAN partners would be finalised by 2027, which will mark half a century of negotiations between the two blocs.”It would really cement, I would say, the importance of our relationship,” Sefcovic said.The Indonesia-European Union Comprehensive Economic Partnership Agreement was signed on Tuesday and is expected to be fully implemented by January 2027.The long-awaited trade deal will open investment in strategic sectors such as electric vehicles, electronics, and pharmaceuticals. US Trade Representative Jamieson Greer said on Wednesday Washington expected to finalise trade agreements with more Southeast Asian nations “in the coming months”. However, Greer, who spoke at the start of the ASEAN meeting of economic ministers, did not provide details or the names of countries involved. US President Donald Trump has imposed tariffs of between 10 and 40 percent on ASEAN member states, with Laos and Myanmar facing the highest rate, while Singapore faced a baseline 10 percent levy.

Top-selling carmaker Toyota opened its new high-tech village in Japan on Thursday, an experimental project to test autonomous driving and other futuristic developments.It is touted as a real-life setting in which to trial myriad inventions, from flying taxis to robot pets and drones that escort you home at night.Around 360 Toyota staff and others related to the company will soon move in to smart homes in its “Woven City”.”This is a test course for the future, not just a town,” Toyota’s chairman Akio Toyoda told an opening event, according to national broadcaster NHK.The number of residents in the cluster of homes built on a disused Toyota factory at the base of Mount Fuji is eventually expected to grow to 2,000, the firm says.Toyoda has previously called it a “living laboratory where the residents are willing participants” and inventors can test ideas in a secure environment.”Homes in the Woven City will eventually serve as test sites for future technology, such as in-home robotics, to assist with daily life,” he said in January.One example could be robots that learn how to fold shirts, Toyoda said.The project, first announced in 2020, is led by his son, Daisuke Toyoda.”Much like test drivers for cars… our residents will be the ones who use and experience the new products and services our inventors develop.”The company’s e-Palette self-driving buses will also be tested at Woven City, among other autonomous logistics and driving technologies.

Stocks skidded Thursday as traders continue to pull back from the buying that has propelled markets to record highs in recent months, with upcoming US inflation and jobs data seen as likely to be the next catalysts for action.Investors have been on a buying spree since shares hit deep lows in the wake of Donald Trump’s April global tariff bombshell, with sentiment buoyed by trade agreements and signs that the Federal Reserve was about to resume its interest rate cut programme.The US central bank — citing a weak labour market and inflation that has not spiked — last week announced its reduction, and forecast there could be two more this year.However, while traders have been banking on a period of easing, some Fed officials, including boss Jerome Powell, are trying to take a more cautious approach, citing still-elevated inflation.His remarks this week that stocks are “fairly highly valued” and that there was “no risk-free path” on rates has tempered the euphoria on trading floors.The bank will be keeping watch on the release this week of its preferred gauge of inflation — the personal consumption expenditure index — and next week’s non-farm payrolls report.Tokyo held solidly in positive territory early Thursday, but most other markets trended lower.Hong Kong dropped, with tech titan Alibaba in the red after Wednesday’s gain of more than nine percent in reaction to its chief executive saying it planned to ramp up spending on artificial intelligence. Its US-listed stock piled on more than eight percent.And China’s biggest car exporter Chery Automobile rocketed more than at the start of its 13 percent on its trading debut in the city, having raised about US$1.2 billion in its initial public offering. It ended up 3.8 percent.There were losses in Singapore, Wellington, Taipei, Manila, Mumbai and Jakarta, while Sydney and Bangkok edged up with Shanghai and Seoul barely moved.London, Paris and Frankfurt fell.The tepid day came after a second day of losses in Wall Street for all three main indexes. While there appears to be some unease in recent days over the latest market rally. “With major regions in easy fiscal mode, and with the Fed cutting against a backdrop of broadening and accelerating profits, it’s not hard to argue for a boom in (earnings per share) and GDP growth,” Bank of America analysts wrote.”US (capital expenditure) and revisions are broadening beyond tech, sticky inflation could help sales and thus drive operating leverage. This is the higher probability ‘tail’ in 2026 than stagflation or recession, in our view.”And Pepperstone’s Michael Brown added that “the bull case has been a solid one for quite some time now, with the S&P having gone over 100 days without a daily loss of at least two percent, and remains firmly intact, with the underlying economy resilient and earnings growth robust”.”Furthermore, the Fed’s ‘run it hot’ approach, resulting in a looser policy stance, sooner than expected, tilts risks to the outlook to the upside.”- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 45,754.93 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 26,484.68 (close)Shanghai – Composite: FLAT at 3,853.30 (close)London – FTSE 100: DOWN 0.2 percent at 9,232.69 Euro/dollar: DOWN at $1.1733 from $1.1737 on WednesdayPound/dollar: DOWN at $1.3438 from $1.3445Dollar/yen: DOWN at 148.80 yen from 148.91 yenEuro/pound: UP at 87.32 pence from 87.29 penceWest Texas Intermediate: DOWN 0.4 percent at $64.73 per barrelBrent North Sea Crude: DOWN 0.3 percent at $69.13 per barrelNew York – Dow: FLAT at 46,121.28 (close)

Nickel mining threatens one of the world’s most important marine biodiversity and coral hotspots in Indonesia, despite the government revoking several permits, a report warned Thursday.Analysis of recent and historic mining in the region showed a “domino effect of destruction,” ranging from deforestation on land to sediment run-off smothering coral reefs, the report by NGOs Auriga Nusantara and Earth Insight said.”Post-mining rehabilitation is very poor,” Auriga Nusantara executive director Timer Manurung told AFP. “We worry that the current nickel mining will impact Raja Ampat for decades to come.”Raja Ampat is part of the famed Coral Triangle, beloved by divers for its marine riches.In June, Indonesia’s government revoked permits for four of the five nickel mining companies operating in the cluster of islands and shoals in Southwest Papua Province.That followed an outcry from activists and residents over the impact of mining for the metal used in everything from stainless steel to electric vehicles.In September, the government allowed one company — PT Gag Nikel — to restart operations, arguing the impact “can be properly mitigated.”But NGOs say serious damage has already been done, and there is little sign of clean-up.Images captured by the groups in the region show sediment run-off turning otherwise emerald waters murky brown, downhill from stripped hilltops.They also documented bleached and damaged coral at current and former mining sites, near jetties and areas affected by sediment run-off.While warmer waters caused by climate change have caused coral bleaching in many parts of the world, Timer said coral just 50-100  metres (160-320 feet) away from the surveyed areas remained healthy.The groups also fear mining could restart in the region, noting no formal revocation letter has been published by the government so far.”Even though there is no active mining operation on sites, the staff of the companies and its heavy machinery are still there,” said Timer.Indonesia’s mineral resources ministry did not immediately respond to a request for comment.Until earlier this year, nickel mining concessions covered 22,000 hectares (54,300 acres) of the Raja Ampat region’s 3.66 million hectares, much of it inside a designated UNESCO Global Geopark.These areas are recognised by the UN body for their “international geological significance” and are meant to be “managed with a holistic concept of protection, education and sustainable development,” UNESCO says.Gag Nikel’s operations lie outside the Geopark.Indonesia has the world’s largest nickel reserves and has sought to spur domestic processing to capture more of the value chain.

Stocks moved narrowly Thursday as traders continue to pull back from the buying that has propelled markets to record highs in recent months, with upcoming US inflation and jobs data seen as likely to be the next catalysts for action.Investors have been on a buying spree since shares hit deep lows in the wake of Donald Trump’s April global tariff bombshell, with sentiment buoyed by trade agreements and signs that the Federal Reserve was about to resume its interest rate cut programme.The US central bank — citing a weak labour market and inflation that has not spiked — last week announced its reduction, and forecast there could be two more this year.However, while traders have been banking on a period of easing, some Fed officials including boss Jerome Powell are trying to take a more cautious approach, citing still-elevated inflation.His remarks this week that stocks are “fairly highly valued” and that there was “no risk-free path” on rates has tempered the euphoria on trading floors.The bank will be keeping watch on the release this week of its preferred gauge of inflation — the personal consumption expenditure index — and next week’s non-farm payrolls report.Tokyo held solidly in positive territory early Thursday, but elsewhere flitted between gains and losses.Hong Kong was flat, even as tech titan Alibaba jumped more than one percent to extend Wednesday’s gain of more than nine percent after its chief executive said it planned to ramp up spending on artificial intelligence. Its US-listed stock piled on more than eight percent.And China’s biggest car exporter Chery Automobile rocketed more than 13 percent higher on its trading debut in the city, having raised about US$1.2 billion in its initial public offering. There were also small losses in Shanghai, Sydney and Singapore while Taipei, Seoul and Manila were barely moved.That came after a second day of losses in Wall Street for all three main indexes. While there appears to be some unease in recent days over the latest market rally, economists at Bank of America were upbeat.”With major regions in easy fiscal mode, and with the Fed cutting against a backdrop of broadening and accelerating profits, it’s not hard to argue for a boom in (earnings per share) and GDP growth,” they wrote.”US (capital expenditure) and revisions are broadening beyond tech, sticky inflation could help sales and thus drive operating leverage. This is the higher probability ‘tail’ in 2026 than stagflation or recession, in our view.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 45,719.71 (break)Hong Kong – Hang Seng Index: FLAT at 26,525.03Shanghai – Composite: DOWN 0.1 percent at 3,850.15Euro/dollar: UP at $1.1745 from $1.1737 on WednesdayPound/dollar: UP at $1.3455 from $1.3445Dollar/yen: DOWN at 148.74 yen from 148.91 yenEuro/pound: UP at 87.30 pence from 87.29 penceWest Texas Intermediate: DOWN 0.4 percent at $64.73 per barrelBrent North Sea Crude: DOWN 0.3 percent at $69.09 per barrel

Wall Street stocks retreated for a second straight session Wednesday while oil prices moved higher as Chinese online retail giant Alibaba surged on new AI investments.Major US indices pulled back further from Monday’s record closes following comments Tuesday from Federal Reserve chief Jerome Powell that US stocks are “fairly highly valued.””We’ve given up some ground today,” said FHN Financial’s Chris Low. “It really does look mostly.”Briefing.com described Wednesday’s trading as a shift from the bargain-hunting impulse that has surfaced after other recent dips. But Wednesday’s losses were “modest in the scope of recent gains,” Briefing said in its note.Following a mixed day on European stock markets, the broad-based S&P 500 finished down 0.3 percent.Trade Nation analyst David Morrison characterized Tuesday’s selloff as shallow.”The general feeling is… that any pullback is a buying opportunity,” he said.A key driver of the rally has been expectations that the Fed will continue to cut US interest rates before the end of the year.Investors are awaiting the release on Friday of the personal consumption expenditure (PCE) index, the Fed’s favored gauge of US inflation, and key American jobs figures next week.Crude oil prices rallied for a second day after European officials followed through on US President Donald Trump’s call in Tuesday’s United Nation’s adress to end energy imports from Russia. The EU has already cut around 90 percent of its oil imports from Russia since Moscow’s 2022 invasion, and has announced a plan to phase out the remaining purchases by the end of 2027.EU countries Hungary and Slovakia — both allies of Trump — still import Russian oil via pipeline, and are opposed to any moves to turn off the taps faster.”We will, in due course, present what we have in mind on this,” EU spokesman Olof Gill said Wednesday.Elsewhere, Alibaba CEO Eddie Wu’s unveiling of plans to ramp up AI spending by about $53 billion provided a positive catalyst for tech stocks as well as the Hong Kong and Shanghai stock markets.Alibaba shares surged more than eight percent.”The industry’s development speed far exceeded what we expected, and the industry’s demand for AI infrastructure also far exceeded our anticipation,” Wu told an audience at the firm’s annual developer conference in Hangzhou, China.The Argentine peso rose sharply on Wednesday after Washington said it is in talks with Argentina for a swap line allowing the country access to billions of dollars.- Key figures at around 2050 GMT -New York – Dow: DOWN less than 0.4 percent at 46,121.28 (close)New York – S&P 500: DOWN 0.3 percent at 6,637.97 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 22,497.86 (close)London – FTSE 100: UP 0.3 percent at 9,250.43 (close)Paris – CAC 40: DOWN 0.6 percent at 7,827.45 (close)Frankfurt – DAX: UP 0.2 percent at 23,666.81 (close)Tokyo – Nikkei 225: UP 0.3 percent at 45,630.31 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,518.65 (close)Shanghai – Composite: UP 0.8 percent at 3,853.64 (close)Euro/dollar: DOWN at $1.1737 from $1.1815 on TuesdayPound/dollar: DOWN at $1.3445 from $1.3526Dollar/yen: UP at 148.91 yen from 147.64 yenEuro/pound: DOWN at 87.29 pence from 87.35 penceBrent North Sea Crude: UP 2.5 percent at $69.31 per barrelWest Texas Intermediate: UP 2.5 percent at $64.99 per barrelburs-jmb/jgc

Stock markets were torn Wednesday between optimism over artificial intelligence and a warning from US Federal Reserve chief Jerome Powell on interest rates.Wall Street’s main indices rose at the opening bell after finishing the previous day lower, but wobbled in morning trading.Investors have enjoyed a months-long rally for equities that has pushed some markets to record highs, but the run-up took a pause Tuesday amid talk that the gains may have gone too far.But Trade Nation analyst David Morrison characterised Tuesday’s selloff as shallow.”The general feeling is… that any pullback is a buying opportunity,” he said.A key driver of the rally has been expectations that the Fed will continue to cut US interest rates before the end of the year.However, Powell cooled expectations with a warning Tuesday that cutting rates too aggressively risked stoking inflation, while also noting that stocks are “fairly highly valued”.Investors are awaiting the release on Friday of the personal consumption expenditure (PCE) index, the Fed’s favoured gauge of US inflation, and key American jobs figures next week.Briefing.com analyst Patrick O’Hare noted Powell’s comments that stock valuations are high were not revelatory given that analysts had been talking about the situation for some time.”Yes, stocks are ‘fairly highly valued’, yet the tale of the tape is that the market thinks ‘maybe not’ given the AI boom, the pivot to lower policy rates, and stimulative tax policies,” he said.”Its hopeful view remains supported by the absence of a disillusioning fundamental catalyst,” he added.Alibaba CEO Eddie Wu’s unveiling of plans to ramp up AI spending by about $53 billion provided a positive catalyst for tech stocks as well as the Hong Kong and Shanghai stock markets.Alibaba shares surged more than nine percent.”The industry’s development speed far exceeded what we expected, and the industry’s demand for AI infrastructure also far exceeded our anticipation,” Wu told an audience at the firm’s annual developer conference in Hangzhou, China.Trade Nation’s Morrison pointed out that US chipmaker Micron Technology issued positive forward guidance along with strong sales and earnings figures.”The news helped dispel fears over excessive AI spending, and that has fed through to a recovery in the US majors this morning,” he said.Some early gains for US tech giants evaporated in morning trading.Europe’s main stock markets finished the day mixed.Crude prices firmed Wednesday “after (US President) Donald Trump ramped up further pressure on sanctions on Russian oil”, noted Kathleen Brooks, research director at XTB.Following calls to do so by Trump, the European Commission also indicated it would propose tariffs on imports of Russian oil, which Hungary and Slovakia continue to buy.The Argentine peso rose sharply on Wednesday after Washington said it is in talks with Argentina for a swap line allowing the country access to billions of dollars.Meanwhile Powell’s comments continued to lend support to the dollar, which had come under pressure from rate-cut expectations.- Key figures at around 1530 GMT -New York – Dow: DOWN less than 0.1 percent at 46,255.64 pointsNew York – S&P 500: DOWN less than 0.1 percent at 6,652.62New York – Nasdaq Composite: DOWN less than 0.1 percent at 22,562.71London – FTSE 100: UP 0.3 percent at 9,250.43 (close)Paris – CAC 40: DOWN 0.6 percent at 7,827.45 (close)Frankfurt – DAX: UP 0.2 percent at 23,666.81 (close)Tokyo – Nikkei 225: UP 0.3 percent at 45,630.31 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,518.65 (close)Shanghai – Composite: UP 0.8 percent at 3,853.64 (close)Euro/dollar: DOWN at $1.1740 from $1.1816 on TuesdayPound/dollar: DOWN at $1.3451 from $1.3524Dollar/yen: UP at 148.75 yen from 147.66 yenEuro/pound: DOWN at 87.28 pence from 87.37 penceBrent North Sea Crude: UP 1.7 percent at $68.08 per barrelWest Texas Intermediate: UP 2.1 percent at $64.72 per barrelburs-rl/sbk

Europe’s main stock markets retreated Wednesday following gains in Asia and Wall Street losses, with focus on shares in technology giants and a warning from US Federal Reserve chief Jerome Powell on interest rates.Chinese tech firms stood out, with Alibaba shares rocketing after its chief executive said the e-commerce giant planned to ramp up spending on artificial intelligence.Investors have enjoyed a months-long rally for equities that has pushed some markets to record highs, but the run-up took a pause Tuesday amid talk that the gains may have gone too far.Another key driver has been expectations that the Fed will continue to cut US interest rates before the end of the year.However, Powell cooled expectations with a warning Tuesday that cutting rates too aggressively risked stoking inflation.Powell’s comments lent support to the dollar, which had come under pressure from rate-cut expectations.Investors are awaiting the release on Friday of the personal consumption expenditure (PCE) index, the Fed’s favoured gauge of US inflation, and key American jobs figures next week.On Wednesday, the Hong Kong and Shanghai stock markets rallied thanks to a surge of more than nine percent in Alibaba — which runs some of China’s biggest online shopping platforms — after CEO Eddie Wu unveiled plans to ramp up AI spending by about $53 billion.”The industry’s development speed far exceeded what we expected, and the industry’s demand for AI infrastructure also far exceeded our anticipation,” Wu told an audience at the firm’s annual developer conference in Hangzhou, China. Crude prices firmed Wednesday “after (US President) Donald Trump ramped up further pressure on sanctions on Russian oil”, noted Kathleen Brooks, research director at XTB.- Key figures at around 1100 GMT -London – FTSE 100: DOWN 0.1 percent at 9,217.49 pointsParis – CAC 40: DOWN 0.3 percent at 7,847.15 Frankfurt – DAX: DOWN 0.1 percent at 23,603.69Tokyo – Nikkei 225: UP 0.3 percent at 45,630.31 (close)Hong Kong – Hang Seng Index: UP 1.4 percent at 26,518.65 (close)Shanghai – Composite: UP 0.8 percent at 3,853.64 (close)New York – Dow: DOWN 0.2 percent at 46,292.78 (close)Euro/dollar: DOWN at $1.1752 from $1.1816 on TuesdayPound/dollar: DOWN at $1.3471 from $1.3524Dollar/yen: UP at 148.08 yen from 147.66 yenEuro/pound: DOWN at 87.27 pence from 87.37 penceBrent North Sea Crude: UP 0.8 percent at $67.52 per barrelWest Texas Intermediate: UP 1.0 percent at $64.06 per barrel