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TikTok said Thursday it has signed a joint venture deal with investors that would allow the company to maintain operations in the United States and avoid a ban over its Chinese ownership.The move caps a lengthy tussle over the hugely successful video-sharing app in the world’s largest economy, where TikTok says it has more than 170 million users.According to an internal memo seen by AFP, TikTok CEO Shou Chew told employees that the social media company and its Chinese owner ByteDance had agreed to the new entity.Oracle, Silver Lake and Abu Dhabi-based MGX are on board as major investors, the memo said. Oracle’s executive chairman Larry Ellison is a longtime ally of US President Donald Trump.”The US joint venture will be responsible for US data protection, algorithm security, content moderation, and software assurance,” Chew said in the memo.”It will also have the exclusive right and authority to provide assurances that content, software, and data for American users is secure.”Chew told staff that half the US venture will be held by a consortium of new investors including Oracle, Silver Lake and MGX — which will have 15 percent each.Affiliates of existing ByteDance investors will own a touch over 30 percent of the venture, with Bytedance retaining just shy of 20 percent, the maximum ownership allowed for a Chinese company under the terms of the law.TikTok Global’s US entities will manage global product interoperability, and certain commercial activities, including e-commerce, advertising, and marketing, according to the memo.Chew noted that there is more work to be done ahead of the January 22 closing date for the deal.- Ellison amassing media? -The new set-up is in response to a law passed under Trump’s predecessor, Joe Biden, that forced ByteDance to sell TikTok’s US operations or face a ban in its biggest market.US policymakers, including Trump in his first presidency, warned that China could use TikTok to mine data from Americans or exert influence through its state-of-the-art algorithm.Trump has delayed enforcement through successive executive orders, most recently extending the deadline into January.The deal largely confirms a September announcement by the White House that said a new venture had been agreed with China and would meet the requirements of the 2024 law.”If I could make it 100 percent MAGA I would, but it’s not going to work out that way unfortunately,” Trump told reporters after the TikTok announcement in September.Trump in September had specifically named Oracle boss Ellison, one of the world’s richest men, as a major player in the arrangement.Ellison has returned to the spotlight through his dealings with Trump, who has brought his old friend into major AI partnerships with OpenAI.Ellison has also financed his son David’s recent takeover of Paramount and is involved in his son’s bidding war with Netflix to take over Warner Bros.- Bytedance impact -Beijing’s foreign ministry spokesman Guo Jiakun did not directly address reports of the deal, reiterating Friday that “China’s position on the TikTok issue is consistent and clear”.Bytedance did not immediately comment, but experts said it was a compromise that had averted the blow of losing access to the lucrative US market.”Keeping the US operation live is itself a victory” for Bytedance, Li Chengdong, founder of Chinese technology consultancy Dolphin, told AFP.Settling the issue allows Bytedance to focus on new ventures including artificial intelligence projects, and could help it move towards an initial public offering (IPO), Li said.Zhang Yi of technology research firm iiMedia said the US market was of “paramount importance to TikTok” but warned the deal did not guarantee smooth sailing going forward.”The US side could still leverage its regulatory power… to impose unfair demands on TikTok,” Zhang said.

The Bank of Japan hiked interest rates to a 30-year high on Friday and indicated more were in the pipeline as it said the economy had shown signs of improvement.The unanimous vote to lift the main borrowing rate to 0.75 percent from 0.5 percent came hours after official data showed the country’s core inflation rate held steady in November but still well above policymakers’ two percent target.The yen weakened slightly against the dollar after the widely expected announcement, which puts rates at their highest since 1995.”Japan’s economy has recovered moderately,” bank officials wrote in a report explaining the decision. “While uncertainties remain regarding the US economy and the impact of trade policy in each jurisdiction, these uncertainties have declined.”As long as economic activity and prices continued to improve, they added, the bank would “continue to raise the policy interest rate and adjust the degree of monetary accommodation”.While Friday’s increase was widely anticipated by analysts, “the board’s hawkish messaging suggests that the tightening cycle has further to run”, said Abhijit Surya of Capital Economics.”Our own view is that the incoming data are more likely than not to surprise to the upside of the BoJ’s expectations,” Surya added, forecasting rates will reach 1.75 percent in 2027.Yields on Japanese government bonds have spiked in recent weeks on worries about Prime Minister Sanae Takaichi’s budget discipline, while the yen has weakened.On Friday the yield on the benchmark 10-year Japanese government bond rose to 2.01 percent, its highest since 1999.The core consumer price index — which excludes volatile fresh food — came in at three percent in November, the same rate as the previous month and in line with expectations. However, it is well above the BoJ’s two percent goal, as it has been for some time.Takaichi, who formally took power in October, has made fighting inflation a major priority.Her government this week succeeded in getting parliament approval for an extra budget worth 18.3 trillion yen ($118 billion) to finance a massive stimulus package.She has long advocated for more government spending and loose monetary policy to spur growth.Since taking office, however, she has said monetary policy decisions should be left to the BoJ.The bank began hiking rates from below zero in March last year as figures signalled an end to the country’s “lost decades” of stagnation, with inflation surging.However, with worries about the global outlook and US tariffs growing, it paused, with the last increase in January taking rates to their highest level in 17 years.The inflation figures for November showed rice prices jumped 37 percent year-on-year, the internal affairs ministry said. The cost of the grain has skyrocketed because of supply problems linked to a very hot summer in 2023 and panic-buying after a “megaquake” warning last year, amongst other factors.Japan’s economy contracted 0.6 percent in the third quarter, but BoJ governor Kazuo Ueda said last week that the impact of US tariffs was less than feared.”So far, US corporates have swallowed the burden of tariffs without fully passing (them) through to consumer prices,” he told the Financial Times.

TikTok boasts over a billion users worldwide, including more than 170 million in the United States, it says — nearly half the country’s population.Here is a closer look at the app, which said Thursday it had signed a deal with investors that would allow it to maintain US operations and avoid a ban threat over its Chinese ownership.- Born in China -TikTok’s surge from niche video-sharing tool to global powerhouse is one of the biggest shifts in digital entertainment since the advent of social media.From friends dancing together to home chefs sharing recipes, TikTok can transform ordinary users into celebrities, revolutionizing the traditional path to stardom.It was launched in 2016 by Chinese tech company ByteDance for the local market, where it is called Douyin. The international version, TikTok, was released in 2017.The app gained massive momentum after merging with Musical.ly, a lip-synching app, a year later.- ‘For You’ page -The so-called secret sauce in TikTok’s rapid expansion has been its innovative recommendation algorithm.Instead of showing content from accounts that users already follow, the endless scroll of TikTok’s “For You” page is based on viewing habits, engagement patterns and sophisticated content analysis.A video from a complete unknown can reach millions of people if the algorithm determines it engaging enough — a model that the app’s rivals have been quick to follow.TikTok’s focus on short clips also helps keep users hooked.It was initially limited to uploads of 15 seconds, but this was later expanded to up to 10 minutes, and now some users can post videos as long as 60 minutes.- Political suspicions -TikTok’s mass appeal means its rise has been controversial — mainly over its Chinese ownership and its built-in unpredictability.The platform has faced scrutiny from governments worldwide, particularly in the United States, over data privacy and potential ties to the Chinese government, including accusations of spying and propaganda.India banned TikTok along with other Chinese apps in 2020, citing national security concerns.- Huge fine -A European Union watchdog fined TikTok 530 million euros ($620 million) in May for failing to guarantee its user data was shielded from access by Chinese authorities.The social media giant has appealed the fine, insisting it has never received any requests from Chinese authorities for European users’ data.- Teenage safety fears -In a world first this month, Australia banned under-16s from major social media platforms including TikTok, Instagram and YouTube, with the onus on the tech firms to kick young users off their services.Other countries have expressed concern about the potential effects of TikTok on young users, including accusations it funnels them into echo chambers and fails to contain illegal, violent or obscene content.Albania banned TikTok for a year in March after a 14-year-old schoolboy was killed in the culmination of a confrontation that started on social media.- Sell or be banned -The US Congress passed legislation in 2024 requiring ByteDance to divest control of TikTok in the United States or be banned.On Thursday, according to an internal memo seen by AFP, TikTok CEO Shou Chew told employees that the social media company and its Chinese owner ByteDance had agreed to a new joint venture in the United States.Oracle — whose executive chairman Larry Ellison is a longtime ally of President Donald Trump — Silver Lake and Abu Dhabi-based MGX are on board as major investors.”The US joint venture will be responsible for US data protection, algorithm security, content moderation, and software assurance,” Chew said in the memo.burs-lth/kaf/sla

Nike reported a drop in quarterly profits Thursday, citing a drag from higher US tariffs and continued weakness in China in results that sent shares sharply lower.The sports giant — which plans product rollouts around the Olympics, World Cup and other major 2026 events — stands “in the middle innings of our comeback,” said CEO Elliott Hill, who pointed to revenue gains in North America as a strong point.But Hill cited Greater China, which saw a 17 percent drop in revenues, as in need of further overhaul, saying improvements are “not happening at the pace we like.””It’s going to take a fresh perspective, a new approach,” said Hill, who has reorganized his executive team so that the division’s chief now reports directly to him.”We will return Nike to a beloved, premium and innovative brand in China,” Hill said.Nike reported profits of $792 million, down 32 percent from the year-ago period. Revenues edged up one percent to $12.4 billion during the period, the second quarter of the company’s fiscal 2026 calendar.A robust performance in North America and the running franchise were assets during the quarter, according to Chief Financial Officer Matthew Friend, who said China had made progress that additional actions were needed to “break the cycle that we’ve been managing through,” Friend said.Friend said the company’s inventory position has improved in North America compared with earlier quarters when a glut of merchandise depressed profit margins.But tariffs remained a drag. Friend estimated a full-year tariff hit of $1.5 billion, the same as it projected in September.Neil Saunders, managing director of GlobalData, said Nike’s results show some progress but that the company must find ways to replicate its success in running across other sports.Nike remains “behind the curve” in the casual and fashion areas, while weakness in China “reflects a brand that is not connecting culturally in a way that rivals are,” Saunders said.”All in all, we think Nike is making progress,” Saunders said in the note. “However, this quarter’s results underline how much work remains to be done.”Shares fell 10.5 percent in after-hours trading.

Equity markets mostly rose on Thursday as investors welcomed cool US inflation data while tech stocks bounced and central banks avoided monetary policy surprises.US consumer inflation slowed unexpectedly in November, climbing 2.7 percent from a year ago, coming in considerably below analysts’ predictions of a 3.1-percent uptick.”Although this is just one inflation reading — and admittedly not the Fed’s preferred inflation gauge — easing inflation concerns could open the door to a more accommodative Fed moving forward,” said eToro analyst Bret Kenwell.Wall Street’s three main indices pushed higher, with the tech-heavy Nasdaq Composite finishing up 1.4 percent.Large tech companies bounced following blowout results from chip company Micron Technology, which surged more than 10 percent after reporting that quarterly profits nearly tripled to $5.2 billion as it benefits from the AI boom.Other big AI players also prospered, with Google parent Alphabet, Nvidia and Facebook parent Meta Platforms all winning about two percent or more. Oracle, which endured a bruising session on Wednesday, climbed 0.8 percent.”The sector got a boost from a strong set of quarterly results from Micron Technology,” said Trade Nation analyst David Morrison.”The question now is if today’s bounce is a dip-buying opportunity which morphs into a ‘Santa Rally’, or if it is simply a round of short-covering ahead of another lurch lower,” said Morrison.Hopes for an end-of-year rally, often called a Santa Claus Rally, face potential headwinds this year due to questions about Fed policy and scrutiny of lofty AI equity valuations.The Bank of England, as expected, cut its key interest rate to 3.75 percent after UK inflation eased faster than expected and as the economy weakened.The European Central Bank held rates steady, also as expected, while it raised growth forecasts for this year and next.It was the fourth meeting in a row where the ECB held rates steady following a year-long series of cuts.”The new macroeconomic projections suggest there is little scope for further easing in the short term,” said GianLuigi Mandruzzato, senior economist at EFG Asset Management.ECB chief Christine Lagarde indicated that “all optionalities should be on the table” regarding future interest rate decisions, citing high global “uncertainty.”Both Frankfurt and Paris stocks ended the day higher.Asian stock markets mostly sank Thursday after Wednesday’s sell-off on Wall Street as worries over the tech sector’s colossal spending on artificial intelligence continued to dog investor sentiment.- Key figures at around 2115 GMT -New York – Dow: UP 0.1 percent at 47,951.85 (close)New York – S&P 500: UP 0.8 percent at 6,774.76 (close)New York – Nasdaq Composite: UP 1.4 percent at 23,006.36 (close)London – FTSE 100: UP 0.7 percent at 9,837.77 (close) Paris – CAC 40: UP 0.8 percent at 8,150.64 (close)Frankfurt – DAX: UP 1.0 percent at 24,199.50 (close)Tokyo – Nikkei 225: DOWN 1.0 percent at 49,001.50 (close)Hong Kong – Hang Seng Index: UP 0.1 percent at 25,498.13 (close)Shanghai – Composite: UP 0.2 percent at 3,876.37 (close)Euro/dollar: DOWN at $1.1721 from $1.1741 on WednesdayPound/dollar: UP at $1.3378 from $1.3376Dollar/yen: DOWN at 155.63 yen from 155.69Euro/pound: DOWN at 87.62 pence from 87.72Brent North Sea Crude: UP 0.2 percent at $59.81 per barrelWest Texas Intermediate: UP 0.4 percent at $56.15 per barrelburs-jmb/msp

Europe’s main stock markets rose Thursday ahead of interest-rate decisions from the Bank of England and European Central Bank.The BoE is widely expected to cut its main rate by a quarter point to 3.75 percent as UK inflation has fallen faster than expected. In a later decision Thursday, the ECB is forecast to keep eurozone borrowing costs unchanged.”Risk sentiment is stabilising as we move towards the end of a week that is packed with policy risks and three central bank meetings,” noted Kathleen Brooks, research director at trading group XTB, as traders awaited also Friday’s rate decision from the Bank of Japan.The British pound and euro were both down against the dollar awaiting the central bank updates in Europe. Investors will pore over also US inflation data due Thursday for clues on the outlook for Federal Reserve interest rates.Asian stock markets mostly sank Thursday after Wednesday’s sell-off on Wall Street as worries over the tech sector’s colossal spending on artificial intelligence continued to dog investor sentiment.Hopes for an end-of-year rally have been dealt a blow after the Fed last week hinted that it could pause its rate cuts next month while more questions are being asked about the cash pumped into AI.Those worries were compounded Wednesday by a report that private capital group Blue Owl had pulled out of market giant Oracle’s $10 billion data centre, putting the project in doubt.That came after Oracle and chip giant Broadcom last week unveiled disappointing earnings reports.Oracle’s share price plunged more than five percent Wednesday, while Broadcom and other sector heavyweights — including Nvidia, Alphabet and Advanced Micro Devices — also tumbled.In Europe, shares in BP rose slightly in late morning deals Thursday after the British energy giant appointed a new chief executive and as oil prices flattened.- Key figures at around 1045 GMT -London – FTSE 100: UP 0.3 percent at 9,798.77 pointsParis – CAC 40: UP 0.4 percent at 8,115.00Frankfurt – DAX: UP 0.2 percent at 24,010.31Tokyo – Nikkei 225: DOWN 1.0 percent at 49,001.50 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,447.44 (close)Shanghai – Composite: UP 0.2 percent at 3,876.37 (close)New York – Dow: DOWN 0.5 percent at 47,885.97 (close)Euro/dollar: DOWN at $1.1727 from $1.1743 on WednesdayPound/dollar: DOWN at $1.3352 from $1.3379Dollar/yen: UP at 155.89 yen from 155.70Euro/pound: UP at 87.86 pence from 87.77Brent North Sea Crude: FLAT at $59.69 per barrelWest Texas Intermediate: UP 0.1 percent at $55.86 per barrel

Most Asian markets sank Thursday after another sell-off on Wall Street as worries over the tech sector’s colossal spending on artificial intelligence continued to dog investor sentiment.Hopes for an end-of-year rally have been dealt a blow after the Federal Reserve last week hinted that it could pause its interest rate cuts next month while more questions are being asked about the cash pumped into AI.While the US central bank’s three successive rate reductions have provided a boost to equities in the back end of the year, some fear that support will be taken away.Key US inflation data due later Thursday could provide some idea about officials’ plans after a jobs report Tuesday provided little clarity.Focus is now back on the tech sector amid rising speculation that a bubble has formed and could be close to popping. While software and chip firms have led a surge in markets to record highs this year, a growing number of investors are beginning to wonder whether their valuations have been stretched and are asking when the cash pumped into AI will start to see returns.Those worries were compounded Wednesday by a report that private capital group Blue Owl had pulled out of market giant Oracle’s $10 billion data centre, putting the project in doubt.That came after Oracle and chip giant Broadcom last week unveiled disappointing earnings reports.Oracle plunged more than five percent Wednesday, while Broadcom and other sector heavyweights, including Nvidia, Alphabet and Advanced Micro Devices, also tumbled.The Nasdaq on Wall Street dived 1.8 percent and the broader S&P 500 was off more than one percent.Michael Hewson at CMC Markets said the “surge in valuations has… prompted fears of a bubble in the sector with some wild swings in recent weeks on the back of some end-of-year profit taking”.He added that there was “some chatter that 2026 could prompt a bit of a reset when it comes to AI winners, and AI losers”.Asian markets largely tracked the US losses.Tokyo and Seoul — which have heavy tech presences — led losses, followed by Singapore, Wellington, Taipei, Manila, Bangkok and Jakarta.However, Hong Kong, Shanghai and Mumbai rose while Sydney was flat.European markets were mixed ahead of policy decisions by the Bank of England and European Central Bank.London rose, Paris was flat and Frankfurt edged down.Oil prices rose again after Washington said US forces carried out a strike on a vessel it said was engaged in drug trafficking in the Pacific Ocean, killing four “narco-terrorists”.The move ramped up concerns about Donald Trump’s plans for Venezuela after he ordered a blockade of “sanctioned” oil tankers heading to and leaving the country.The US president’s Venezuelan counterpart Nicolas Maduro claims the White House is seeking regime change instead of its stated goal of stopping drug trafficking.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 49,001.50 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,447.44 (close)Shanghai – Composite: UP 0.2 percent at 3,876.37 (close)London – FTSE 100: UP 0.2 percent at 9,791.00 Euro/dollar: DOWN at $1.1735 from $1.1743 on WednesdayPound/dollar: DOWN at $1.3366 from $1.3379Dollar/yen: UP at 155.89 yen from 155.70Euro/pound: UP at 87.80 pence from 87.77West Texas Intermediate: UP 1.0 percent at $56.51 per barrelBrent North Sea Crude: UP 0.9 percent at $60.20 per barrelNew York – Dow: DOWN 0.5 percent at 47,885.97 (close)

Taiwanese seafood trader Jay Yen used to import 2,000 tonnes of shrimp a year from Honduras before the Central American country cut diplomatic ties with the democratic island in 2023. Now, it is just the odd “container or two”, but that could change if Honduras’s next president acts on an election pledge to forge closer ties with Taiwan.The country’s decision to switch diplomatic recognition from Taipei to Beijing and scrap a free trade agreement with Taiwan was a huge blow for the Honduran shrimp industry.Imports plunged from around 13,000 tonnes in 2022 to nearly 4,000 tonnes in 2024, Taiwanese data shows, as 20 percent tariffs made Honduran shrimp more expensive.  A diplomatic reversal would be a “good thing” for business and Taiwanese consumers, Yen told AFP at the headquarters of his family-run company Yens in Taipei.”For us, we (would) have more choices to source white shrimp… And the end consumer will have more choices.”Nasry Asfura and Salvador Nasralla, who are neck and neck in the presidential race in Honduras, where vote counting is still underway, have both signalled support for switching ties from Beijing to Taipei.China claims Taiwan is part of its territory and has been systematically poaching its few remaining diplomatic allies in an effort to isolate the island. A Honduran switch back would be a rare diplomatic win for Taiwan, but Taiwanese officials are responding cautiously.”We are taking a proactive and open attitude,” Foreign Minister Lin Chia-lung said recently in response to questions from lawmakers.Taiwan was in contact with Asfura and Nasralla’s teams, Lin said, but added: “Whatever we do must be beneficial to them and to us.”- Negotiating tactic? – Honduras’s move in 2023 to end decades of diplomatic relations with Taipei followed negotiations with China on building a hydroelectric dam.Taiwan said at the time that the switch was part of China’s “coercion and intimidation” of Taipei’s allies. China does not allow countries to maintain official ties with both Beijing and Taipei.Since then, China has expanded its economic influence over Honduras, but has drawn criticism for flooding the country with cheap goods, employing Chinese workers on infrastructure projects and failing to buy enough shrimp. It’s also cost tens of thousands of jobs as dozens of companies closed, said Javier Amador, executive director of the National Association of Aquaculturists of Honduras.Amador said shipments to Taiwan were more than six times the volume sent to China “even with the disadvantage of paying tariffs.”On the campaign trail, Nasralla said: “Taiwan has been our great ally for more than 60 years. What has China given us?”But the Honduran presidential candidates’ support for Taiwan could be a “negotiation tactic”, said Fabricio Fonseca, associate professor in the Department of Diplomacy at Taipei’s National Chengchi University. “If China is sensing that they are really serious about this, then, of course, there might be many offers that China can make,” Fonseca said.”If in the end, they (Asfura or Nasralla) decide not to stick to this campaign promise, they have something to show in return.”The United States could be a deciding factor if it were to help Taiwan woo back Honduras, he said.- ‘Good quality’ coffee – Honduran coffee trader Elias Argueta hopes his country renews ties with Taiwan, where he lives with his wife and young daughter.Argueta, 34, began importing beans directly from his parents’ farms in Honduras in 2020 into the Taiwanese market, where coffee from Guatemala and Colombia is popular. Since the diplomatic break-up, it has been harder to secure new customers because Taiwan’s government stopped promoting Honduran coffee beans.If relations are restored, “people will be more open to take Honduran coffee, and definitely the official channels will open again here in Taiwan,” Argueta said.”We do have a very good quality,” he added.Mending ties between Honduras and Taiwan would not mean an immediate snap back in trade volumes, said Yen, the seafood trader.However, it would provide the catalyst.”Even if Taiwan does rebuild the relationship with Honduras and sign a (free trade agreement), it might take at least six months to almost a year for the industry to rebuild, for us to restart the business,” Yen said.”But we’re looking forward to it.”

Asian markets sank Thursday after another sell-off on Wall Street as worries over the tech sector’s colossal spending on artificial intelligence continued to dog investor sentiment.Hopes for an end-of-year rally have been dealt a blow after the Federal Reserve last week hinted that it could pause its interest rate cuts next month while more questions are being asked about the cash pumped into AI.While the US central bank’s three successive rate reductions have provided a boost to equities in the back end of the year, some fear that support will be taken away.Key US inflation data due later Thursday could provide some idea about officials’ plans after a jobs report Tuesday provided little clarity.Focus is now back on the tech sector amid rising speculation that a bubble has formed and could be close to popping. While software and chip firms have led a surge in markets to record highs this year, a growing number of investors are beginning to wonder whether their valuations have been stretched and are asking when the cash pumped into AI will start to see returns.Those worries were compounded Wednesday by a report that private capital group Blue Owl had pulled out of market giant Oracle’s $10 billion data centre, putting the project in doubt.That came after Oracle and chip giant Broadcom last week unveiled disappointing earnings reports.Oracle plunged more than five percent Wednesday, while Broadcom and other sector heavyweights, including Nvidia, Alphabet and Advanced Micro Devices, also tumbled.The Nasdaq on Wall Street dived 1.8 percent and the broader S&P 500 was off more than one percent.Michael Hewson at CMC Markets said the “surge in valuations has… prompted fears of a bubble in the sector with some wild swings in recent weeks on the back of some end-of-year profit taking”.He added that there was “some chatter that 2026 could prompt a bit of a reset when it comes to AI winners, and AI losers”.Asian markets tracked the US losses, led by tech firms including Japan’s Renesas and investment giant SoftBank.Tokyo shed more than one percent along with Seoul, while Hong Kong, Sydney, Singapore, Wellington, Taipei, Manila and Jakarta were also in the red. Shanghai was flat.Oil prices rose more than one percent for a second successive day after Washington said US forces carried out a strike on a vessel it said was engaged in drug trafficking in the Pacific Ocean, killing four “narco-terrorists”.The move ramped up concerns about Donald Trump’s plans for Venezuela after he ordered a blockade of “sanctioned” oil tankers heading to and leaving the country.The US president’s Venezuelan counterpart Nicolas Maduro claims the White House is seeking regime change instead of its stated goal of stopping drug trafficking.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 49,006.89 (break)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 25,414.87Shanghai – Composite: FLAT at 3,870.37Euro/dollar: DOWN at $1.1739 from $1.1743 on WednesdayPound/dollar: DOWN at $1.3367 from $1.3379Dollar/yen: UP at 155.78 yen from 155.70Euro/pound: UP at 87.82 pence from 87.77West Texas Intermediate: UP 1.7 percent at $56.90 per barrelBrent North Sea Crude: UP 1.6 percent at $60.61 per barrelNew York – Dow: DOWN 0.5 percent at 47,885.97 (close)London – FTSE 100: UP 0.9 percent at 9,774.32 (close)

Tech shares suffered another bout of weakness Wednesday on worries about an AI bubble, hitting US stocks as oil prices advanced following a US announcement of a blockade of tankers to Venezuela.The Nasdaq led major Wall Street indices lower following reports questioning the financing of an Oracle project to build a data center in Michigan.Art Hogan of B. Riley Wealth Management described Oracle as “probably the poster child” for questions about AI project financing and profitability. “Investors are starting to be more differentiated and looking at the potential winners and the potential time frame before return on invested capital,” Hogan said. “That doesn’t mean we’re anywhere close to the final innings of artificial intelligence. It just means investors are being more discerning.”Besides Oracle, which fell 5.4 percent, other AI players such as Nvidia, Google parent Alphabet and Broadcom all lost more than three percent.While technology and communications services were among the sectors to retreat, energy led the winners among sectors moving higher.Oil prices rallied after US President Donald Trump ordered a blockade of “sanctioned” oil tankers heading to and leaving Venezuela.The commodity later pared some of its gains, but finished the day up more than one percent.Venezuela, which has the world’s largest proven oil reserves, shrugged off the threat of more pain, insisting that it was proceeding with business as usual.”Export operations for crude and byproducts continue normally. Oil tankers linked to PDVSA operations continue to sail with full security,” state oil company Petroleos de Venezuela (PDVSA) said.In Europe, London’s stock market rallied as the pound faltered on expectations of cuts to Bank of England interest rates, after data showed UK inflation falling faster than forecast.Britain’s annual inflation rate slowed to 3.2 percent in November, cementing expectations that the Bank of England will cut its main interest rate on Thursday and again on more than one occasion in 2026.Analysts had expected inflation to have cooled only slightly to 3.5 percent from 3.6 percent in October.Eurozone inflation remained at 2.1 percent in November, hovering just above the target set by the European Central Bank, slightly revised official data showed Wednesday.The ECB is expected to hold interest rates steady Thursday for its fourth straight meeting with inflation in check, although debate is heating up about the path forward.Both the Paris and Frankfurt stock markets ended lower. Asian markets were mixed.In corporate news, the share price of Chinese chipmaker MetaX Integrated Circuits Shanghai soared more than 550 percent on its home-city debut Wednesday.Shares in Netflix climbed 0.2 percent after Warner Bros. Discovery rejected a hostile takeover bid by Paramount in favor of being acquired by the streaming giant.Shares in Warner Bros. Discovery shed 2.4 percent and shares in Paramount tumbled 5.4 percent.- Key figures at around 2115 GMT -New York – Dow: DOWN 0.5 percent at 47,885.97 (close)New York – S&P 500: DOWN 0.8 percent at 6,721.43 (close)New York – Nasdaq Composite: DOWN 1.8 percent at 22,693.32 (close)London – FTSE 100: UP 0.9 percent at 9,774.32 (close)Paris – CAC 40: DOWN 0.3 percent at 8,086.05 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,960.59 (close)Tokyo – Nikkei 225: UP 0.3 percent at 49,512.28 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,468.78 (close)Shanghai – Composite: UP 1.2 percent at 3,870.28 (close)Euro/dollar: DOWN at $1.1743 from $1.1747 on TuesdayPound/dollar: DOWN at $1.3379 from $1.3423Dollar/yen: UP at 155.70 yen from 154.72Euro/pound: UP at 87.77 pence from 87.51Brent North Sea Crude: UP 1.3 percent at $59.68 per barrelWest Texas Intermediate: UP 1.2 percent at $55.94 per barrelburs-jmb/sla