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Global stock markets were mostly soft on Monday as investors avoided risks ahead of this week’s Federal Reserve meeting, which may yield clues to the direction of interest rates in coming months.A bid by Paramount for Warner Bros. Discovery, meanwhile, brought the tech and entertainment sectors to life, as the market braced for a bidding war with Netflix.A monetary easing at Wednesday’s Fed meeting is fully priced into stock prices, analysts said, but investors will scour the central bank’s statement and news conference for insights into how many rate reductions might be on the cards next year, against a backdrop of stubborn inflationary pressures.”Investors have priced in that rate cut already and now are anxiously waiting for the tone of the Fed,” said Art Hogan of B. Riley Wealth Management, who noted “a divide” among Fed policy makers that adds to uncertainty about 2026 monetary policy.Analysts said stocks could pull back if Powell seems to close the door to further cuts next year.”Investors want Fed Chair (Jerome) Powell to at least imply that they are still open to an additional cut in January,” said Sam Stovall of CFRA Research. “They don’t want it to just be one and done.”Frankfurt outperformed other European markets after German industrial production unexpectedly jumped in October — another sign that Europe’s crisis-wracked top economy may be turning a corner.In New York, Warner Bros. Discovery shares jumped 4.4 percent after Paramount countered last week’s Netflix bid for the company with an all-cash offer worth $108.4 billion.Netflix fell 3.4 percent faced with the big-gun competitive bid.Paramount Skydance surged by 9.0 percent in what was seen as a relief rally after analysts had predicted last week that a Netflix/Warner linkup could pose a major threat to Paramount’s business.The hostile offer sets up a bidding war between Paramount — whose CEO is David Ellison, the son of Larry Ellison, an ally of Donald Trump — and streaming behemoth Netflix.Stock in Walt Disney — also seen in the crosshairs of a future Netflix/Warner behemoth — rose by more than two percent. Meanwhile, Boeing advanced 2.2 percent after announcing that it completed the takeover of supplier Spirit AeroSystems, saying the move will allow for more seamless operations and enhance quality control.The deal is worth $8.3 billion, including Spirit debt assumed by Boeing.IBM climbed 0.4 percent as it unveiled a deal to purchase US data management company Confluent for $11 billion, seeking to expand its footprint into the increasingly important field of real-time data for AI.- Key figures at around 2115 GMT -New York – Dow: DOWN 0.5 percent at 47,739.32 (close)New York – S&P 500 – DOWN 0.4 percent at 6,846.51 (close)New York – Nasdaq – DOWN 0.1 percent at 23,545.90 (close)London – FTSE 100: DOWN 0.2 percent at 9,645.09 (close)Paris – CAC 40: DOWN 0.1 percent at 8,108.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,046.01 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)Euro/dollar: DOWN at $1.1640 from $1.1642 on FridayPound/dollar: FLAT at $1.3328 Dollar/yen: UP at 155.86 yen from 155.33 yenEuro/pound: DOWN at 87.34 pence from 87.35 penceBrent North Sea Crude: DOWN 2.0 percent at $62.49 per barrelWest Texas Intermediate: DOWN 2.0 percent at $58.88 per barrelburs-jmb/msp

Global stock markets were mostly soft on Monday as investors avoided risks ahead of this week’s Federal Reserve meeting, which may yield clues to the direction of interest rates in coming months.A surprise bid by Paramount for Warner Bros. Discovery brought the tech and entertainment sectors to life, however, as the market braced for a bidding war with Netflix.A monetary easing at Wednesday’s Fed meeting is fully priced into stock prices, analysts said, but investors will scour the central bank’s statement and news conference for insights into how many rate reductions might be on the cards next year, against a backdrop of stubborn inflationary pressures.”A rate cut (Wednesday) when inflation remains well above target, should be a one-off,” predicted Kathleen Brooks, research director at traders XTB.The “market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the appetite for more cuts”, she added.This meant that investors would be on the lookout for any signs that further US monetary easing is not off the table, to justify their current exposure.”Investors want Fed Chair (Jerome) Powell to at least imply that they are still open to an additional cut in January,” said Sam Stovall of CFRA Research. “They don’t want it to just be one and done.”Frankfurt outperformed other European markets after German industrial production unexpectedly jumped in October — another sign that Europe’s crisis-wracked top economy may be turning a corner.In New York, Warner Bros Discovery shares were about five percent higher on the Nasdaq at $27.34, while short of an early high of over $28, after Paramount countered last week’s Netflix bid for the company with an all-cash offer worth $108.4 billion.Netflix stock slumped more than four percent, faced with the big-gun competitive bid.Paramount Skydance rose by over seven percent in what was seen as a relief rally after analysts had predicted last week that a Netflix/Warner linkup could pose a major threat to Paramount’s business.Stock in Walt Disney — also seen in the crosshairs of a future Netflix/Warner behemoth — rose by more than one percent. – Key figures at around 1645 GMT -New York – Dow: DOWN 0.3 percent at 47,792.25New York – S&P 500 – DOWN 0.4 percent at 6,844.55New York – Nasdaq – DOWN 0.2 percent at 23,527.68London – FTSE 100: DOWN 0.2 percent at 9,645.09 (close)Paris – CAC 40: DOWN 0.1 percent at 8,108.43 (close)Frankfurt – DAX: UP 0.1 percent at 24,046.01 (close)Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)Euro/dollar: DOWN at $1.1623 from $1.1642 on FridayPound/dollar: DOWN at $1.3315 from $1.3329Dollar/yen: UP at 155.91 yen from 155.32 yenEuro/pound: DOWN at 87.30 pence from 87.35 penceBrent North Sea Crude: DOWN 1.5 percent at $62.76 per barrelWest Texas Intermediate: DOWN 1.6 percent at $59.12 per barrelburs-jh/sbk

Major stock markets mostly rose Monday as investors geared up for an expected cut to US interest rates and clues over how many more reductions, if any, could happen next year as inflation stays high.A cut to American borrowing costs Wednesday is almost certain following comments from key decision-makers and data pointing to a weak US labour market.However, after US inflation data Friday suggested prices remain elevated, chances of several more reductions to rates in 2026 have subsided.”A rate cut (Wednesday) when inflation remains well above target, should be a one-off,” predicted Kathleen Brooks, research director at traders XTB.The “market is underpricing the uncertainty in the outlook for the Fed next year, which could lead to a big market reaction if the Fed does not have the appetite for more cuts”, she added.The London and Paris stock markets dipped in late morning deals on Monday, while most other European indices gained.Frankfurt won 0.2 percent after official data showed German industrial production unexpectedly jumped in October — the latest sign that Europe’s crisis-wracked top economy may be turning a corner.On the corporate front, shares in The Magnum Ice Cream Company — whose demerger from Unilever was completed at the weekend — rose nearly one percent as its main listing began trading in Amsterdam.In Asia on Monday, Shanghai closed up 0.5 percent after official figures showed Chinese exports rose in November at a forecast-beating pace, pushing the country’s trade surplus past $1 trillion for the first time.The surge came despite a plunge in shipments to the United States last month, with below-par imports highlighting the battle Beijing faces in trying to kickstart consumer activity and economic growth.Traders are keeping an eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have cooled since Japan’s Prime Minister Sanae Takaichi last month suggested that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft in international waters near Okinawa over the weekend.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.All three main indices on Wall Street ended last week on a positive note.- Key figures at around 1045 GMT -London – FTSE 100: DOWN 0.1 percent at 9,659.44 pointsParis – CAC 40: DOWN 0.1 percent at 8,102.20Frankfurt – DAX: UP 0.2 percent at 24,068.79Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)New York – Dow: UP 0.2 percent at 47,954.99 (close)Euro/dollar: UP at $1.1651 from $1.1642 on FridayPound/dollar: DOWN at $1.3322 from $1.3329Dollar/yen: UP at 155.46 yen from 155.32 yenEuro/pound: UP at 87.45 pence from 87.35 penceBrent North Sea Crude: DOWN 0.8 percent at $63.22 per barrelWest Texas Intermediate: DOWN 0.9 percent at $59.55 per barrelburs-bcp/ajb/sbk

Most markets rose Monday as investors gear up for an expected US interest rate cut this week, with debate centring on the likelihood the Federal Reserve will continue easing monetary policy further into the new year.The reduction has been well baked into traders’ plans following a string of comments from key decision-makers since last month and data indicating the labour market continues to deteriorate.However, with the latest round of inflation figures suggesting there is plenty of work to do to get prices under control, and confidence among consumers softening, there are worries the central bank might not have room to keep cutting.The latest, and delayed, reading on September personal consumption expenditure (PCE) — the Fed’s preferred gauge of inflation — came in slightly above August, though the core reading was unchanged.The data did little to move the needle on rate expectations but showed that it remains stubbornly above officials’ target.Economists at Bank of America said that a blackout period for Fed members commenting on policy would end on Thursday and “we’ll be on the lookout for what potential dissenters have to say”.With the backlog from the government shutdown being cleared, the BoA team pointed out that there were several key releases between Wednesday’s decision and the next meeting in January.That includes three non-farm payrolls prints, two unemployment reports, two inflation releases and retail sales for October, November and maybe December. “We look for two or three substantive changes in the (policy board) statement. The description of labour market conditions is likely to omit the language that the unemployment rate ‘remained low’, to reflect the 32-basis-point uptick over the last three months,” they wrote.  “The forward guidance language might also be tweaked to indicate that the bar for additional cuts has risen. This would be a nod to the hawks.”Markets are looking for a hawkish cut, in the sense that they’re pricing under eight basis points of cuts in January and less than a full 25 points in the first three meetings of 2026 (after which Jerome Powell’s term as Chair ends).”All three main indexes on Wall Street ended last week on a positive note, but Asia struggled to match.Tokyo rose with Shanghai, Seoul and Taipei, while Hong Kong, Sydney, Singapore, Mumbai and Bangkok were in the red. Wellington was flat. London advanced at the open, but Frankfurt and Paris fell.There was little major reaction to data showing Chinese exports rose in November at a forecast-beating pace to push the country’s trade surplus past $1 trillion for the first time.The surge came despite a plunge in shipments to the United States last month, with below-par imports highlighting the battle Beijing faces in trying to kickstart consumer activity and economic growth.Traders are also keeping a wary eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have chilled since Japan’s Prime Minister Sanae Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier on Saturday twice locked radar on Japanese aircraft in international waters near Okinawa.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 50,581.94 (close) Hong Kong – Hang Seng Index: DOWN 1.2 percent at 25,765.36 (close)Shanghai – Composite: UP 0.5 percent at 3,924.08 (close)London – FTSE 100: UP 0.2 percent at 9,688.54Dollar/yen: DOWN at 155.34 yen from 155.32 yen on FridayEuro/dollar: UP at $1.1660 from $1.1642Pound/dollar: DOWN at $1.3326 from $1.3329Euro/pound: UP at 87.49 pence from 87.35 penceWest Texas Intermediate: UP 0.2 percent at $60.17 per barrelBrent North Sea Crude: UP 0.2 percent at $63.86 per barrelNew York – Dow: UP 0.2 percent at 47,954.99 (close)

China’s towering annual trade surplus surpassed $1 trillion for the first time last month, data showed Monday, as a sharp drop in shipments to the United States was offset by surging exports to other major markets.Presidents Xi Jinping and Donald Trump reached a tentative truce to their fierce trade war when they met in late October, agreeing a pause to painful measures that included lofty tit-for-tat tariffs.Exports have served as a key economic lifeline for China as trade and relations with the United States and others have fluctuated in recent years.That has helped temper a prolonged debt crisis in the country’s vast property sector and sluggish domestic spending, which have weighed on growth and are among the most pressing issues facing Beijing.Exports climbed 5.9 percent year-on-year in November, reversing the slight decline recorded in October, the General Administration of Customs said.The reading was also above a Bloomberg forecast of four percent growth.The jump came despite a continued downturn in shipments to the United States, which sank 28.6 percent to $33.8 billion in November, the data showed.”Weakness in exports to the United States was more than offset by shipments to other markets,” Zichun Huang of Capital Economics wrote in a note.”Exports are likely to remain resilient, thanks to trade rerouting and rising price competitiveness as deflation pushes down China’s real effective exchange rate,” Huang said.The surge in shipments last month added to the country’s ballooning annual trade surplus for the first 11 months of the year, which the Customs data showed hit $1.08 trillion in November.”China’s trade surplus this year has already surpassed last year’s level, and we expect it to widen further next year,” Huang wrote.But the imbalance has long been a sticking point for major Western trading partners.French President Emmanuel Macron threatened in remarks published Sunday to impose tariffs on China if Beijing fails to reduce its massive trade surplus with the European Union.Macron — who concluded a state visit to China last week — warned in business daily Les Echos that “Europeans will be forced to take strong measures in the coming months”.In a further sign of China’s weak domestic consumption, the data showed Monday that imports rose 1.9 percent on-year in November — slower than the three percent increase predicted by Bloomberg.”The rebound of export growth in November helps to mitigate the weak domestic demand,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, wrote in a note.”The economic momentum slowed in the fourth quarter partly driven by the continued weakness in the property sector,” he said.Xi and Trump agreed at the October meeting in South Korea to scale back sky-high tariffs on each other’s goods and blistering export controls that had sent shockwaves across global industries.The detente is due to expire late next year, allowing time for officials to reach a permanent deal — though experts warn such a breakthrough will be challenging.”There’s no guarantee this uneasy truce will last that long,” Lynn Song, ING chief economist for Greater China, said last week.”A lot needs to go right for the agreement to hold for the full year,” he wrote, adding that “it seems prudent to expect a softer external demand backdrop for next year.”China’s leaders — who are targeting overall growth this year of five percent — are expected to convene a key meeting this week focused on economic planning.

Hong Kong’s leader said Monday that the fresh crop of lawmakers who will take office after the “patriots only” legislative election will drive institutional reform, following the city’s deadliest fire in decades.The Chinese finance hub on Sunday held its second contest under electoral rules that Beijing imposed in 2021, which slashed directly elected seats and tightened political vetting for candidates.Some 1.32 million of the 4.14 million registered voters cast ballots, slightly fewer than in the 2021 race. However, the turnout rate edged up from last time’s record-low 30.2 percent to 31.9 percent thanks to a smaller population of voters.A government publicity blitz for the election was halted in late November after a blaze tore through the housing blocks of Wang Fuk Court in northern Hong Kong, killing at least 159 people and displacing thousands.City leader John Lee said Monday those who voted had shown “support for the government’s commitment to recovery and reform following the tragedy, and for electing capable and committed (lawmakers) to drive institutional reform”.The new legislators, expected to start work early next year, will “join hands with the (government) to undertake support and recovery work following the tragedy”, Lee added.A spokesperson for Beijing’s office overseeing Hong Kong affairs hailed the outcome and said the turnout “significantly exceeded” the previous iteration.”The successful conclusion of this election fully reflects the collaborative, determined and united ‘Lion Rock’ spirit of Hong Kong society,” the Hong Kong and Macao Work Office said in a statement.Newcomers make up just over 40 percent of the winners, which included Olympic champion fencer-turned-tourism sector representative Vivian Kong.- Beijing-imposed overhaul -Legislature elections in Hong Kong used to feature boisterous clashes between pro-Beijing and pro-democracy camps, with the latter often winning around 60 percent of the popular vote.But Beijing overhauled Hong Kong’s electoral system in 2021 after the city saw huge and sometimes violent pro-democracy protests two years before.Sunday’s race featured 161 government-vetted candidates and was once again devoid of the two largest pro-democracy parties: the Civic Party disbanded in 2023 and the Democratic Party, which is winding down.Political scientist John Burns said the vote reflects “continuing polarisation” and “the disappointment and anger of citizens on seeing the alleged negligence of the government” over the fire.”The election raises questions about the legitimacy of the post-2021 political system and the stability of Hong Kong,” said Burns, an emeritus professor at the University of Hong Kong.As of Sunday, Hong Kong’s anti-corruption watchdog had arrested a total of 11 people for telling others not to vote or to cast invalid ballots.Authorities have also warned against crimes that “exploit the tragedy” and arrested a 71-year-old man for sedition, following earlier reports of three fire-related sedition arrests.China’s national security agency in Hong Kong summoned representatives from international media, including AFP, for a meeting on Saturday to warn them “not cross the legal red line” during their coverage of the fire and the election.

Asian equities drifted Monday as investors gear up for an expected US interest rate cut this week, with debate centring on the likelihood the Federal Reserve will continue easing monetary policy further into the new year.The reduction has been well baked into traders’ plans following a string of comments from key decision-makers since last month and data indicating the labour market continues to deteriorate.However, with the latest round of inflation figures suggesting there is plenty of work to do to get prices under control, and confidence among consumers softening, there are worries the central bank might not have room to keep cutting.The latest, and delayed, reading on September personal consumption expenditure (PCE) — the Fed’s preferred gauge of inflation — came in slightly above August, though the core reading was unchanged.The data did little to move the needle on rate expectations but showed that it remains stubbornly above officials’ target.Economists at Bank of America said that a blackout period for Fed members commenting on policy would end on Thursday and “we’ll be on the lookout for what potential dissenters have to say”.With the backlog from the government shutdown being cleared, the BoA team pointed out that there were several key releases between Wednesday’s decision and the next meeting in January.That includes three non-farm payrolls prints, two unemployment reports, two inflation releases and retail sales for October, November and maybe December. “We look for two or three substantive changes in the (policy board) statement. The description of labour market conditions is likely to omit the language that the unemployment rate ‘remained low’, to reflect the 32-basis-point uptick over the last three months,” they wrote.  “The forward guidance language might also be tweaked to indicate that the bar for additional cuts has risen. This would be a nod to the hawks.”Markets are looking for a hawkish cut, in the sense that they’re pricing under eight basis points of cuts in January and less than a full 25 points in the first three meetings of 2026 (after which Jerome Powell’s term as Chair ends).”All three main indexes on Wall Street ended last week on a positive note, but Asia struggled to match.Tokyo was marginally lower while Hong Kong, Sydney and Singapore were in the red. Shanghai, Seoul, Wellington and Taipei rose.Traders are also keeping a wary eye on China-Japan tensions following news that Tokyo summoned Beijing’s ambassador after Chinese military aircraft locked radar onto Japanese jets.Relations have chilled since Japan’s Prime Minister Sanae Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on Taiwan.Tokyo said J-15 jets from China’s Liaoning aircraft carrier on Saturday twice locked radar on Japanese aircraft in international waters near Okinawa.China’s navy said Tokyo’s claim was “completely inconsistent with the facts” and told Japan to “immediately stop slandering and smearing”.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: FLAT at 50,473.84 (break) Hong Kong – Hang Seng Index: DOWN 0.6 percent at 25,919.77Shanghai – Composite: UP 0.6 percent at 3,925.12Dollar/yen: DOWN at 154.96 yen from 155.32 yen on FridayEuro/dollar: UP at $1.1653 from $1.1642Pound/dollar: UP at $1.3333 from $1.3329Euro/pound: UP at 87.38 pence from 87.35 penceWest Texas Intermediate: FLAT at $60.07 per barrelBrent North Sea Crude: FLAT at $63.74 per barrelNew York – Dow: UP 0.2 percent at 47,954.99 (close)London – FTSE 100: DOWN 0.5 percent at 9,667.01 (close)

French President Emmanuel Macron said he has threatened China with tariffs if Beijing fails to take steps to reduce its massive trade surplus with the EU, in remarks published Sunday.”I told them that if they don’t react, we Europeans will be forced to take strong measures in the coming months,” Macron told business daily Les Echos after returning from a state visit to China.Such measures could be modelled on steps taken by the United States, he said, “such as tariffs on Chinese products, for example”.The EU’s trade deficit with China — the world’s second-largest economy after the United States — exceeded 300 billion euros ($350 billion) in 2024, Les Echos said.The 27 European Union members cannot set trade policy, including tariffs, individually, instead being represented by the EU Commission.Macron, whose country is the EU’s second-largest economy after Germany, acknowledged that it was a challenge to get consensus on the China tariff question across the bloc.Germany, with its strong presence in China, he said, “is not yet entirely aligned with our position”.US President Donald Trump’s administration slapped tariffs of 57 percent on Chinese products this year, although this was cut to 47 percent as part of a deal between both countries reached in October.”China wants to pierce the heart of the European industrial and innovation model, which has been historically based on machine tools and the automobile,” Macron said.US protectionism had aggravated the problem for the EU, Macron said, since China was “massively” re-directing products initially earmarked for America towards Europe.”We are caught in the middle today,” Macron said. “This is a question of life and death for European industry.”During his visit to China, Macron said the EU needed to accept more Chinese direct investment as part of efforts to reduce the trade deficit.”We cannot always be importing, Chinese companies must come to Europe,” he told Les Echos, adding, however, that Chinese businesses could not be allowed to act like “predators” with “hegemonic objectives”.The EU needed to combine protection for its most vulnerable sectors, such as the car industry, with a boost to competitiveness, he urged.

The humble pocket calculator may not be able to keep up with the mathematical capabilities of new technology, but it will never hallucinate.The device’s enduring reliability equates to millions of sales each year for Japan’s Casio, which is even eyeing expansion in certain regions.Despite lightning-speed advances in artificial intelligence, chatbots still sometimes stumble on basic addition.In contrast, “calculators always give the correct answer,” Casio executive Tomoaki Sato told AFP.But he conceded that calculators could one day go the way of the abacus.”It’s undeniable that the market for personal calculators used in business is on a downward trend,” Sato said in Tokyo.Smartphones and web browsers can handle everyday sums, while AI models achieved gold-level scores for the first time this year at a prestigious global maths contest.But calculators are more affordable than phones, and run on batteries and solar power — a plus for schools in developing countries, a potential growth area for Casio, Sato said.And people who do buy calculators prefer the way they feel, he argued.Thitinan Suntisubpool, co-owner of a shop selling red bags and beckoning cats in Bangkok’s Chinatown, said she loves how durable her big calculator is, having dropped it several times.”It’s more convenient in many ways,” the 58-year-old told AFP.”We can use it to press the numbers and show the customer,” avoiding language-barrier misunderstandings.But at a nearby street stall selling clocks, torches and calculators, the vendor, who gave her name as Da, said calculator sales were “quiet”.- ‘Optimised tools’ -At a Casio factory in Thailand, assembly line workers slotted green circuit boards into place and popped cuboid buttons labelled “DEL” from a plastic tub onto pastel-blue calculator frames.”Calculators are still in demand,” said Ryohei Saito, a general manager for Casio in Thailand.”Not everywhere in the world has smartphone connectivity, and calculators are optimised tools focused on necessary functions,” he said.In the year to March 2025, Casio sold 39 million calculators, general and scientific, in around 100 countries.That compares to 45 million in 2019-20, but is still up from the 31 million that sold the following year after the Covid-19 pandemic hit.The company has come a long way from the 1957 invention of the desk-sized “14-A”, which it says was the first compact all-electric calculator.Calculator history even made headlines recently when Christie’s suspended the Paris sale of an early calculating machine, “La Pascaline”, after a court said it could not be taken abroad.The auction house called the ebony-decorated 1642 device “the first attempt in history to substitute the human mind with a machine”.Those attempts have accelerated with AI.- Scoring gold -In July, AI models made by Google, OpenAI and DeepSeek reached gold-level scores at the annual International Mathematical Olympiad (IMO).But neither attained full marks at the annual contest for under-20s, unlike five human participants who achieved perfect scores.IMO president Gregor Dolinar called the progress of artificial intelligence in the field “fascinating”.”When we talk about scientific calculators, in the past you needed them, but nowadays it’s easier to just ask AI,” he told AFP.”If you pose the question in the right way,” artificial intelligence can crunch abstract, logical questions and show how it reached its conclusion, Dolinar said.Dolinar, a professor in engineering at the University of Ljubljana, thinks physical calculators are likely to “slowly disappear”.Something that has already happened for his students.”They can calculate everything on a phone,” he said.

World stock markets gave a mixed picture on Friday, with sentiment underpinned by hopes for sustained US central bank rate cuts, but nagging inflationary worries limiting the gains in bourses that advanced.Market optimists now expect the Federal Reserve to cut rates not just this month, but also on several more occasions throughout next year.Such expectations are, however, contingent on tame inflation in the United States.On that front, Friday’s personal consumption expenditures (PCE) price index — the Fed’s preferred gauge of inflation — was less than reassuring, analysts said.The PCE reading, which came in line with forecasts, “should cement a rate cut at next week’s Fed meeting,” said Bret Kenwell, US Investment Analyst at eToro, a trading firm.But, he cautioned, “it continues to point toward a sticky inflation situation.”Optimism on a series of 2026 rate cuts has been mostly based on reports reinforcing the view that the US jobs market is softening.Friday’s PCE report rose to 2.8 percent on an annual basis in September from 2.7 percent in August, a release delayed by the lengthy US government shutdown.US markets largely shrugged off the inflation report. All three major indices in New York finished modestly higher, with the S&P 500 climbing 0.2 percent.- Netflix takeover -Netflix’s takeover of Warner Bros. Discovery, announced before Wall Street’s opening, upstaged other business stories.The $83 billion deal represents the biggest consolidation in the entertainment sector this decade but could, according to analysts, run into regulatory problems because of its size.The deal also sparked opposition on Capitol Hill and in Hollywood, where Variety’s front-page headline read: “Is Netflix Trying to Buy Warner Bros. or Kill It?”Netflix shares finished down around three percent, while Warner Bros. Discovery shares jumped 6.3 percent.Earlier Friday in Asia, Mumbai equities won a boost from a rate cut by the Indian central bank.The rupee, which this week hit a record low against the dollar, rose.On the corporate front in Asia, shares in Chinese group Moore Threads Technology, which makes chips for the artificial intelligence sector, soared more than 500 percent on its market debut in Shanghai after the company raised $1.1 billion in an initial public offering.”This IPO has become a barometer for faith in China’s next-gen AI‑chip ambitions,” said Dilin Wu, research strategist at Pepperstone.In Europe, shares in Swiss Re were down more than six percent at the close after the reinsurance giant’s profit target for 2026 and plans for share buybacks disappointed financial analysts.- Key figures at around 2115 GMT -New York – Dow: UP 0.2 percent at 47,954.99 (close)New York – S&P 500: UP 0.2 percent at 6,870.40 (close)New York – Nasdaq: UP 0.3 percent at 23,578.13 (close)London – FTSE 100: DOWN 0.5 percent at 9,667.01 (close)Paris – CAC 40: DOWN 0.1 percent at 8,114.74 (close)Frankfurt – DAX: UP 0.6 percent at 24,028.14 (close)Tokyo – Nikkei 225: DOWN 1.1 percent at 50,491.87 (close) Hong Kong – Hang Seng Index: UP 0.6 percent at 26,085.08 (close)Shanghai – Composite: UP 0.7 percent at 3,902.81 (close)Euro/dollar: DOWN at $1.1642 from $1.1644 on ThursdayPound/dollar: UP at $1.3329 from $1.3327Dollar/yen: UP at 155.32 yen from 155.10 yenEuro/pound: DOWN at 87.35 pence from 87.37 penceBrent North Sea Crude: UP 0.8 percent at $63.75 per barrelWest Texas Intermediate: UP 0.7 percent at $60.08 per barrelburs-jmb/aha