BUSINESS

Traders were also assessing the impact of a new, cheaper Chinese generative AI program amid claims it can outperform big-name rivals and worries that a recent surge in the sector may be called into question.

Just days after beginning his second term in the White House last week, Trump said he would impose a 10 percent levy on all Chinese products from February 1, while leaving the door open for negotiations.

Automotive CEOs and European officials are expected to discuss the sector's troubles on Thursday in the first meeting held under a new initiative chaired by EU chief Ursula von der Leyen.

The well-flagged 25-basis-point rise to 0.5 percent comes as data indicates the Japanese economy is developing in line with BoJ expectations and follows another bumper inflation reading.

The European country's fourth-biggest bank announced on Wednesday it would return to the wealthy northeastern region because "the circumstances that motivated its move over seven years ago no longer exist".

The surprise move comes amid a flurry of recent activity within Italy's banks including potential mergers and acquisitions.

Widely viewed as one of the "godfathers" of AI, he also judged as "a little unrealistic" a $500 billion AI bazooka announced by US President Donald Trump this week.

British fashion house Burberry announced Friday a further decline in sales, hit by weak demand in China, but the troubled group is showing signs of recovery under new leadership.

China has warned that there are "no winners" in a trade war and vowed to defend its economic interests.

Taking aim at an "inflation crisis" which he said was driven by rising energy prices, Trump vowed: "Today I will also declare a national energy emergency. We will drill, baby, drill."

Shanghai led the winners, eating into year-to-date losses after China unveiled a fresh batch of measures aimed at boosting the country's stock markets as part of Beijing's moves to provide support to the stuttering economy.

Company executives credited steady investments in shows and films with helping power growth at the streaming behemoth, while announcing it is increasing prices in Argentina, Canada, Portugal and the United States

Trump's executive order on "Unleashing American Energy" on Monday included steps to ensure a "level" playing field for gasoline-powered motors and halt federal funding to build new EV charging stations.

Software investment giant SoftBank soared more than nine percent -- leading Tokyo-listed chipmakers higher -- after the American president said it was included in a new $500-billion venture to build infrastructure for artificial intelligence in the United States.

The new US president's announcement that the country's closest neighbors could be hit with 25 percent levies as soon as February 1 also jolted currency markets, with the Mexican peso and Canadian dollar tumbling.

A total of 1.99 million battery electric vehicles were sold in Europe last year, a drop of 1.3 percent from 2023, according to data from the European Automobile Manufacturers Association (ACEA).

Bitcoin hit a record high above $109,000 on Monday as Donald Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president.

TikTok restored service in the United States Sunday after briefly going dark, as a law banning the wildly popular app on national security grounds came into effect.

A sense of caution has permeated trading floors ahead of the tycoon's inauguration later in the day after he warned he would impose hefty tariffs on imports, fanning fears of another debilitating trade war between the economic superpowers.

Musk, who will be a part of Donald Trump's incoming administration in the United States, has angered Europe with a series of attacks on the continent's leaders as well as support for Germany's far-right AfD party before next month's vote.

China posted one of its slowest rates of economic growth in decades Friday, as leaders nervously eye a potential trade standoff with incoming US president Donald Trump.

The five percent expansion was in line with the target set by Beijing but the weakest since 1990 -- excluding the pandemic years -- as leaders fought to address weak consumption and a painful debt crisis in the vast property sector.

Lawmakers across the EU spectrum have voiced outrage at Musk's stance towards the bloc -- from his incendiary backing for the German far right, to his outbursts over alleged censorship by Brussels regulators.

Hino used altered emissions test data to get approval to import and sell more than 110,000 diesel engines to the US.

Taiwan Semiconductor Manufacturing Company is the world's largest contract maker of chips that are used in everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence hardware.

Strong earnings from Wall Street banking titans and a ceasefire deal between Israel and Hamas added to the optimistic mood on trading floors.

As Donald Trump's looming return to the White House promises to boost cryptocurrencies, a German stock exchange is on a mission to anchor them firmly in the staid world of traditional finance.

Analysts had forecast no change in the Consumer Prices Index (CPI) from the 2.6 percent figure in November.

Tuesday's announcement in the United States, which also pertains to Russian technology, came as outgoing President Joe Biden wrapped up efforts to step up curbs on China, and after a months-long regulatory process.