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India will finalise a “mutually beneficial” free trade deal with the European Union by the end of this year, Prime Minister Narendra Modi said Friday after meeting with EU chief Ursula von der Leyen.”We have asked our teams to work out a mutually beneficial bilateral free trade agreement by the end of this year,” Modi said in New Delhi.Von der Leyen, who is on a two-day visit to India with her college of commissioners, is seeking to hedge against her bloc’s souring relations with the United States and said they were “expecting a lot from our trade negotiators”.Deeper access to India’s rapidly expanding market was at the top of the delegation’s agenda, and the EU chief looked visibly pleased after her meeting with Modi and his ministers.The EU is already India’s largest trading partner, accounting for 124 billion euros ($130 billion) worth of trade in goods in 2023 — more than 12 percent of total Indian trade, according to Brussels.The Indian market offers many opportunities for sectors ranging from defence to agriculture, cars and clean energy. Yet, protected by high tariffs, it currently accounts for only 2.2 percent of EU trade in goods.”We have tasked our teams to build on this momentum and finalise our FTA before the end of the year,” von der Leyen said in a statement after the meeting.Standing beside Modi, the EU chief added: “We told them they should surprise us”. The bloc is pushing for a trade deal that lowers entry barriers for its cars, spirits, wines and other products.India meanwhile hopes for higher EU investments in areas such as clean energy, urban infrastructure and water management.New Delhi is also pushing for easier mobility for its skilled workforce and higher investments for ventures in India.Von der Leyen’s visit, billed as the first of its kind to the world’s fifth-largest economy, comes days after US President Donald Trump announced a slew of tariffs against both friends and foes.- ‘Blueprint’ for the future -The EU also hopes to find common ground with India on their shared concerns over China’s growing influence in the Asia-Pacific, building resilient supply chains, and the governance of new technologies including artificial intelligence.”I can announce that we are exploring a future Security and Defence Partnership with India in the mould of the partnerships we have with Japan and South Korea,” von der Leyen said on Friday before meeting Modi. “This will help us step up our work to counter common threats, whether on cross-border terrorism, maritime security threats, cyber-attacks or the new phenomenon we see: attacks on our critical infrastructure.”New Delhi hopes to gain from coordinated efforts towards building resilient supply chains by wooing businesses looking to move out of China with tax breaks, simplified investment laws, better infrastructure and access to its massive domestic market.Creating enough jobs for millions of workers in the world’s most populous country is one of the biggest challenges for Modi’s government.A joint statement late Friday said that the two leaders also discussed international issues, such as the conflict in the Middle-East and the war in Ukraine.”They expressed support for a just and lasting peace in Ukraine based on respect for international law, principles of the UN charter and territorial integrity and sovereignty,” it said. India has resisted Western pressure to distance itself from Moscow, its traditional supplier of military hardware, following Russia’s invasion of Ukraine.Indian officials said that the two sides discussed expanding defence exchanges, naval exercises, and cooperating on Indian efforts to diversify and localise its military hardware manufacturing.Their joint statement added that they’d also “further deepen” engagement on semiconductor ecosystems, trusted telecommunications, high-performance computing, recycling of batteries for electric vehicles and marine plastic litter.India and the EU “have a shared view on peace, security, stability and prosperity” of the Asia-Pacific region, Modi said after the meeting.This visit “is unprecedented… and we have taken many important decisions on trade, technology, innovation, green growth, security, skilling, and mobility — a blueprint (for future) has been prepared,” he added. 

Asian stock markets slumped and Europe mostly retreated Friday after President Donald Trump’s latest volley of tariffs, though London edged higher amid hopes of a US-UK trade deal.Concerns about the global economy fuelled by fears of a global trade war, coupled with disappointing results this week from AI chip darling Nvidia, have caused an exit from investments seen as risky.One of the most volatile assets currently is bitcoin, which dived below $80,000 on Friday for the first time since November. Its low of $78,225.84 was more than 25 percent off the levels above $109,000 touched last month as Trump entered office.”The countdown to Trump’s tariffs coming into force is now in the final few days and investors have got the jitters,” said Russ Mould, investment director at AJ Bell.After a relatively upbeat month on markets, Trump dealt a fresh blow this week by confirming that 25 percent tariffs on products from Mexico and Canada would be effective from March 4.He also warned the European Union that it could be hit with 25 percent duties.But Trump has held out the prospect of a “great” trade deal with London that could see Britain avoid tariffs.”We’re going to have a great trade agreement, one way or the other,” Trump said at a press conference Thursday with British Prime Minister Keir Starmer at the White House, adding that a new deal could come together “rather quickly”. That contrasted with China, which hit back Friday at a warning of further US measures against its goods, saying they would “seriously impact dialogue” between the two countries on narcotics control.”Tariffs are back in the crosshairs, and a market that had reduced its sensitivity to recent tariff headlines has had to reconsider that reaction function,” said Chris Weston, head of research at the broker Pepperstone.China’s leadership is due to meet next week to map out plans for the economy this year, with Trump high on the agenda along with how to kickstart consumer activity and support the crucial property sector.President Xi Jinping said Friday that the economy faced “numerous difficulties” in an article to be published ahead of the meeting.On trading floors, the tech sector led losses ahead of the weekend pause.Among the worst hit were chip firms, with Samsung and SK hynix dropping in Seoul, Advantest tanking almost nine percent in Tokyo, and Tokyo Electron shedding more than four percent. Japanese tech investor SoftBank was also sharply lower.The losses followed a painful day on Wall Street, where the Nasdaq dived more than three percent as US tech firms led by the so-called Magnificent 7 continued to suffer a pull-back.That followed a long-running rally fuelled by investors’ voracious appetite for all things linked to artificial intelligence.A number of weak economic readings have also stoked concerns that the US economy is slowing down, with many analysts warning that Trump’s plans to slash taxes, regulations and immigration will reignite inflation.- Key figures around 1040 GMT -London – FTSE 100: UP 0.2 percent at 8,771.09 pointsParis – CAC 40: DOWN 0.3 percent at 8,078.03Frankfurt – DAX: DOWN 0.2 percent at 22,504.42 Tokyo – Nikkei 225: DOWN 2.9 percent at 37,155.50 (close)Hong Kong – Hang Seng Index: DOWN 3.3 percent at 22,941.32 (close)Shanghai – Composite: DOWN 1.9 percent at 3,370.52 (close)New York – Dow: DOWN 0.5 percent at 43,239.50 (close)Euro/dollar: UP at $1.0403 from $1.0398 on ThursdayPound/dollar: UP at $1.2602 from $1.2600Dollar/yen: UP at 150.30 from 149.79 yenEuro/pound: UP at 82.54 pence from 82.52 pence West Texas Intermediate: DOWN 1.1 percent at $69.59 per barrelBrent North Sea Crude: DOWN 1.1 percent at $73.23 per barrel

China missed a key climate target in 2024 and emissions in the world’s second-largest economy rose slightly as coal remained dominant despite record renewable additions, official data showed Friday.The figures mean the world’s biggest emitter is off-track on a key commitment under the Paris climate agreement, analysts said.Beijing’s National Bureau of Statistics (NBS) said carbon intensity, which measures emissions of planet-warming carbon dioxide per unit of GDP, fell 3.4 percent in 2024 — short of an official target of 3.9.That also put the country well behind on its goal for an 18-percent reduction from 2020 to 2025.The data showed carbon emissions rose slightly from last year, though far short of previous jumps, as experts speculate about whether China may have reached peak emissions ahead of a 2030 target.Still, the data showed it will be “extremely hard” for China to meet a pledge to reduce carbon intensity by 65 percent of 2005 levels by 2030, said Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air.”Even with optimistic assumptions for 2025, carbon dioxide intensity must fall by 22 percent in (the period) 2026-2030 to meet China’s key Paris target”, Myllyvirta said.”This is a key test of China’s commitment to its pledges under the agreement.”- Coal to decline -Despite being the largest emitter of the greenhouse gases that drive climate change, China is also a renewable energy powerhouse.It plans to peak carbon emissions by 2030 and reach net zero by 2060, and some analysts have speculated that slowing growth and rapid renewable installations mean emissions have already levelled off.Determining an emissions peak is likely to require several more years of data and will only be possible retrospectively.”Regardless of whether it’s a peak or a plateau, I don’t see the structural conditions in place for meaningful (emissions) decline between now and the official peak (target) in 2030″, analyst David Fishman told AFP.Before large amounts of planned nuclear and hydro power come online around 2030, coal will continue to grow, albeit slowly, Fishman, senior manager at the Lantau Group, said.For now, growth in China’s carbon-hungry industrial sector is holding back progress towards its climate goals, said Muyi Yang, senior energy analyst for Asia at think tank Ember.”Rapid industrial growth has driven energy demand to increase at a pace that outstrips the buildup of clean energy infrastructure”, he told AFP.Reforms like increasing flexibility in the energy market and adding clean energy infrastructure are needed to ensure industrial output growth “doesn’t come at the expense of a sustainable energy future”, he added.Total energy consumption was up 4.3 percent over that of 2023, the NBS report said.Coal, a major source of carbon emissions, provided over half the country’s energy, though renewables also saw a sharp jump last year.”China is fast approaching the stage where all incremental electricity demand will be satisfied by renewable sources”, analyst Yang said.Once that threshold is crossed and new demand is covered by solar and other renewables, “coal power will start declining in absolute terms.”  Beijing is due to announce details of its 15th Five-Year Plan — for 2026 to 2030 –- later this year, likely including updated emissions and energy goals.In February, it was also due to submit new emissions targets, known as Nationally Determined Contributions (NDCs), under the Paris Agreement. The submission is meant to update its goals and detail plans through 2035.Like many countries, it missed that deadline, though UN officials have said they expect most NDCs to be submitted this year.

Asian and European markets tumbled on Friday as US President Donald Trump’s volley of tariffs sparked fresh fears about a global trade war that could hammer struggling economies.Disappointing earnings from chip darling Nvidia added to the sense of unease on trading floors, with investors questioning their positions after China’s DeepSeek upended a blockbuster rally in the US tech sector.Economists are increasingly concerned for the world outlook owing to Trump’s insistence on hammering partners blamed for unfair practices, drug trafficking and immigration issues — and warning of levies on key sectors including auto, semiconductors and commodities.That has sent shivers through major exporter countries from the Americas to Europe to East Asia.After a relatively upbeat month on markets, Trump dealt a fresh blow this week, confirming that 25 percent tariffs on Mexico and Canada would go into effect on March 4.He had also warned the European Union that it could be hit with 25 percent duties.China hit back at a warning of further measures against its goods, saying Friday such a move would “seriously impact dialogue” between the two countries on narcotics control and accused Washington of “blackmail”.”Tariffs are back in the crosshairs, and a market that had reduced its sensitivity to recent tariff headlines has had to reconsider that reaction function,” said Chris Weston, of Pepperstone Group.China’s leadership is due to meet next week to map out their plans for the economy this year, with Trump high on the agenda, along with how to kickstart consumer activity and support the crucial property sector.President Xi Jinping said Friday that the economy faced “numerous difficulties” in an article set to be published this week ahead of the meeting.Asian markets ended a volatile week on a painful note.Seoul tanked more than three percent and Tokyo lost 2.9 percent, while Shanghai, Manila and Jakarta were at least two percent lower.Sydney, Mumbai and Bangkok dropped more than one percent, with Singapore also lower.Among the worst-hit were chip firms, with Samsung and SK hynix well down in Seoul, Advantest tanking almost nine percent in Tokyo, and Tokyo Electron shedding more than four percent. Japanese tech investor SoftBank was also sharply lower.Among auto firms, Toyota, Nissan and Suzuki all fell deep into the red in Tokyo.Hong Kong was off more than three percent, with high-flying tech firms also weighed by profit-taking at the end of a blockbuster February that has helped the Hang Seng Index to a three-year high.London, Paris and Frankfurt all opened in the red.Market uncertainty also dealt a blow to the crypto sphere, with bitcoin diving below $80,000 for the first time since November. Its low of $78,956 was more than 25 percent off the levels above $109,000 touched last month.The losses followed a painful day on Wall Street, where the Nasdaq dived more than three percent as US tech firms — led by the so-called Magnificent 7 — continue to suffer a pull-back following a long-running rally that was fuelled by investors’ voracious appetite for all things linked to AI.A number of weak economic readings have recently started to stoke concerns that the world’s top economy is slowing down, and analysts warn that Trump’s plans to slash taxes, regulations and immigration will reignite inflation.”A macro storm is brewing as a barrage of high-stakes economic data collides with escalating trade tensions, putting markets on edge as February draws to a chaotic close,” said Stephen Innes at SPI Asset Management.”The AI darlings that led Wall Street’s charge over the past two years are suddenly looking vulnerable, with macro headwinds shifting sentiment from ‘unstoppable’ to deeply ‘unsettled’,” he added.”Nvidia’s post-earnings sell-off was a canary in the coal mine, signalling that even top-tier growth names are struggling to find footing in this environment.”And Saxo markets’ Charu Chanana said: “While the Magnificent 7 have dominated US markets, China’s tech landscape offers compelling alternatives, particularly as Beijing increases support for the sector. “With regulatory pressures easing and AI, cloud computing, and semiconductors driving growth, investors are looking at China’s version of big tech and beyond.”- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 2.9 percent at 37,155.50 (close)Hong Kong – Hang Seng Index: DOWN 3.3 percent at 22,941.32 (close)Shanghai – Composite: DOWN 1.9 percent at 3,370.52 (close)London – FTSE 100: DOWN 0.3 percent at 8,728.25Euro/dollar: DOWN at $1.0390 from $1.0398 on ThursdayPound/dollar: DOWN at $1.2584 from $1.2600Dollar/yen: UP at 150.35 from 149.79 yenEuro/pound: UP at 82.57 pence from 82.52 pence West Texas Intermediate: DOWN 1.0 percent at $69.64 per barrelBrent North Sea Crude: DOWN 1.0 percent at $73.32 per barrelNew York – Dow: DOWN 0.5 percent at 43,239.50 (close)

Patterned poop bags, frilly dog dresses and exotic animals including minks and meerkats were on display at a bustling pet expo in Beijing, where the industry continues to thrive despite a sluggish economy.China is battling slowing growth as a real-estate crisis, persistently low consumption and high youth unemployment plague the world’s second-biggest economy.Yet the pet industry is one sector that has defied the downturn.This week, throngs of pet lovers packed into large exhibition halls in Beijing’s suburbs, eager to shop for new furry companions and accessories ranging from pearl necklaces for cats to raincoats for dogs. The expo runs until Sunday and has attracted thousands of pet lovers and businesses from all around China. In one section of the fair, vendors showcased an array of exotic pets, including crabs and lizards — drawing in curious visitors.Animal rights groups have raised concerns about the exotic pet trade, often linked to poor welfare standards. The pandemic also sparked fears that animals may be carriers of diseases including Covid-19, which was widely believed to have originated in bats.But exotic pets remain popular in China, particularly among young people, with videos on how to raise them widely shared on local social media platforms.At one booth, shop owner Zhao Tingting displayed colourful beds and transparent handbags, accessories specially designed to carry sugar gliders — a small, nocturnal possum she sells alongside other animals like meerkats.A small crowd gathered around as a sugar glider nestled itself inside a worker’s hoodie, occasionally sticking its head out to peep at the mesmerised onlookers.Zhao cradled a meerkat dressed in a warm shirt in her arms. “Many people, as soon as they see this, feel that it’s soft, cuddly and extremely cute,” she told AFP.”It can melt your heart. There are really a lot of people who want one now,” the 35-year-old said, adding that demand for these exotic pets has grown in recent years.”Our customers start with one, then it becomes two, then three, and some even end up having more than ten or even 20.”-‘Flourishing sector’ – In 2022, China’s pet market reached a revenue of around 493.6 billion yuan ($67.8 billion) and it is expected to double this year, according to a report by research group Daxue Consulting.”The Chinese pet market represents a flourishing sector in the country’s economy,” the report said. By 2030, China’s pet population will be well on its way to doubling that of its young children, according to US investment bank Goldman Sachs.Wandering down aisles lined with transparent enclosures, cat-lover Guo inspected a variety of felines, from hairless Sphynx cats to fluffy Maine Coons.The 50-year-old had flown from the eastern province of Fujian specially for the event, and was on the lookout for a new whiskered friend, specifically a Silver Shaded British Shorthair.”We already have two at home…they are relatively affordable and not too expensive,” Guo told AFP after completing his rounds.While the broader economy “isn’t great at the moment”, people are willing to spend on the things they love, including pets, said Guo, who works in the agri-livestock industry.”You can take a look at the exhibition today — it’s absolutely packed with people.””Having a cat can provide some comfort and emotional support…and can help alleviate people’s negative emotions,” he said.Cat seller Dong has also seen customer numbers rise in recent years.”A few years ago, there seemed to be some resistance when it came to pets but now people are more open-minded,” Dong told AFP, gently stroking a British Longhair while dangling a toy wand in front of it.Some parents who may be reluctant to have more children may opt to get a pet for their child to keep them company, Dong said.And many Chinese people have a “natural love” for animals, she added. “When they see these incredibly cute, fluffy animals, it brings them joy and happiness.”

China’s leadership convenes next week for closed-door meetings to hammer out plans to shield the ailing economy from tariffs and trade threats from US President Donald Trump.The “Two Sessions” gatherings of the country’s parliament and top advisory body are primarily talking shops, rubber-stamping decisions made by the Communist Party while giving a veneer of openness and accountability.But they do offer a rare glimpse into the leadership’s priorities and concerns while facing an unpredictable United States — China’s largest trading partner and strategic rival.Ahead of the meeting, Chinese President Xi Jinping admitted the country’s economy was facing “numerous difficulties”, writing in an article set to be published this week in ruling Communist Party journal Qiushi, state media said.But Xi also stressed “the conditions supporting long-term growth and the overall positive trajectory have not changed”.All eyes will be on Wednesday’s opening of the National People’s Congress parliament, where Premier Li Qiang will lay out economic growth goals for 2025, offering insights into just how optimistic Beijing is about the year ahead, as well as new military spending.Analysts polled by AFP broadly agreed that Beijing will set a goal of around five percent growth — the same as 2024.Many see that as an ambitious objective given the headwinds China is battling, and Beijing’s continued reluctance to inject the economy with the kind of large-scale stimulus observers say it needs.”From the faltering property market to weak household spending, elevated youth unemployment and tariffs, the economy is having a tough time,” Harry Murphy Cruise, head of China and Australia economics at Moody’s Analytics, told AFP.”Any one of those challenges would be a headache for officials; combined, they are a migraine.”- More unpredictable -Likely top of the agenda is Trump, who in just over a month back in the White House has overturned the international order and proven even more unpredictable than in his first term.The US president imposed additional 10 percent duties on products imported from China last month and has threatened more.The move could affect hundreds of billions of dollars in trade and may worsen if the Republican follows through on his threats of even higher customs levies.A US-led push to squeeze China out of international supply chains for high-tech chips and other sensitive technology — spearheaded by the previous administration of Democrat Joe Biden — is also expected to ramp up.That effort has driven Beijing’s policy of technological self-reliance, part of a broader initiative by China’s leadership to develop “new quality productive forces” that it hopes can boost growth.Last May, Beijing poured more than $47 billion into the country’s largest-ever chip investment fund — the third phase of an effort that outpaced the first two phases combined.”Beijing is betting that a massive party-led push for research, innovation, commercialisation, manufacturing and digitalisation can create new economic growth drivers,” analysts Neil Thomas and Jing Qian at the Asia Society said in a note.China hopes it can “replace the real estate sector and generate productivity gains that help mitigate issues related to debt, demographics and dependence on the West”, they added.Analysts also said pressure from Trump could encourage Beijing to step up the kinds of support for the economy seen last year — interest rate cuts, easing local government debt pressure and expanding subsidy programmes for household goods.”We expect China to increase policy support in response to greater external shock from the US,” Wang Tao, chief China economist at UBS, told AFP.And more “will be rolled out later in the year… should there be additional significant tariffs or other external shocks, or should the property downturn turn worse”, she added.- Property crisis -Another key issue is weak domestic consumption.Demand has been a long-running drag on the world’s second-largest economy, fuelling a deflationary spiral that has kept prices stubbornly low.Analysts expect policymakers to broaden the scope of a consumer goods trade-in programme initiated last year that allows shoppers to exchange older home appliances and other items.That, said Louise Loo of Oxford Economics, “could have an immediate, albeit temporary, impact on retail spending”.But they warn much deeper issues are driving a crisis of confidence in the economy, which long enjoyed double-digit growth but has languished since the pandemic.The continued crisis in China’s vast property sector — once a key driver of growth but now beset with sprawling debt — has become emblematic of that malaise.Last month, new home prices in China’s most developed “first-tier” cities fell 3.4 percent year-on-year, according to the National Bureau of Statistics.The slide was even more pronounced in second-tier cities, where new home prices dropped five percent on-year in January, and in third-tier cities where prices fell six percent, the data showed.”Our prognosis of China’s problems continues to lie in housing,” Oxford Economics’ Loo said, pointing to the impact the crisis was having on everything from local government finances to consumer demand.”Overcoming these powerful negative feedback loops in the economy this year would be policymakers’ key task.”

China on Friday vowed to take “all necessary countermeasures” after US President Donald Trump said he would impose an additional 10 percent tariff on Chinese imports — a decision Beijing warned would “seriously impact dialogue”.Trump’s latest move will come into effect on Tuesday alongside sweeping 25 percent levies on Canadian and Mexican imports, intensifying a brewing trade war between the world’s two largest economies.The 10 percent tariff on Chinese imports will come on top of an existing levy of the same rate imposed by Trump on China earlier this month.Trump had announced — then halted — sweeping 25 percent levies on Canadian and Mexican imports this month over illegal immigration and deadly fentanyl, with Canadian energy to face a lower rate.But the month-long pause ends Tuesday.Following reporters’ questions on whether he planned to proceed on the tariffs next week, Trump wrote on social media Thursday that until the problem of fentanyl stops “or is seriously limited”, the proposed levies will happen as scheduled.”China will likewise be charged an additional 10 percent Tariff on that date,” he added, referring to March 4.In response to Trump’s allegations that Beijing is contributing to the fentanyl crisis in the United States, a spokesperson for China’s commerce ministry said Friday that Washington was “shifting the blame”.”China is one of the countries with the strictest and most thorough anti-narcotics policy in the world,” the statement read.”But the US side has always ignored these facts,” it said.”If the US side insists on going its own way, the Chinese side will take all necessary countermeasures to defend its legitimate rights and interests,” it said.The statement also said that the tariff hike “is not conducive to solving (the United States’) own problems”, adding that it would “increase the burden on American companies and consumers, and undermine the stability of the global industrial chain”.Shortly after the statement was published, China’s foreign ministry warned that the new tariffs would “seriously impact dialogue” between the two countries on narcotics control, accusing Washington of “blackmail”.”Pressure, coercion and threats are not the correct way to deal with China. Mutual respect is the basic premise,” foreign ministry spokesman Lin Jian said at a daily press conference.China’s leadership will convene next week to hammer out plans to shield its economy from Trump’s threats.Mexican President Claudia Sheinbaum on Thursday said she hoped to speak with Trump to avoid being hit by his threatened tariffs.A high-level Mexican delegation is in Washington in search of an agreement.And Canadian Prime Minister Justin Trudeau said officials are working around the clock to avert US levies but would have an “immediate” response if measures were imposed next week.Trudeau has repeatedly stressed that less than one percent of the fentanyl and undocumented migrants that enter the United States come through the Canadian border.Trump’s threats have sent shivers through major exporter countries. Asian markets were all well in the red early Friday, with Tokyo briefly shedding three percent.- Reciprocal tariffs -Besides levies over fentanyl, Trump added on his Truth Social platform that an April 2 date for so-called reciprocal tariffs “will remain in full force and effect”.These will be tailored to each US trading partner, with details to come after government agencies complete studies on trade issues which Trump has called for.In a letter this week by Chinese Commerce Minister Wang Wentao to newly confirmed US Trade Representative Jamieson Greer, Wang noted that Trump has called for many trade investigations “aimed at China” and urged both sides to resolve their differences via dialogue.Beijing has pushed back against US fentanyl concerns, saying Washington has to solve the issue itself rather than taking aim at other countries with levies.Rather than the drugs being supplied directly to the United States, a Congressional Research Service report noted last year that US-bound fentanyl appears to be made in Mexico using chemical precursors from China.While some precursors face international controls, others may be made and exported legally from countries like China.In early February, China’s foreign ministry warned that fresh tariffs could hurt counternarcotics cooperation.

Asian markets tracked losses across the world Friday as US President Donald Trump’s volley of tariff measures sparked fresh fears about a global trade war that could hammer struggling economies.Disappointing earnings from chip darling Nvidia added to the sense of unease on trading floors, with investors questioning their positions after China’s DeepSeek upended a blockbuster rally in the US tech sector.Economists are increasingly concerned for the world outlook owing to Trump’s insistence on hammering partners blamed for unfair practices, drug trafficking and immigration issues — and warning of levies on key sectors including auto, semiconductors and commodities.That has sent shivers through major exporter countries from the Americas to Europe to East Asia.After a relatively upbeat month on markets, Trump dealt a fresh blow this week, confirming that 25 percent tariffs on Mexico and Canada would go into effect on March 4, while China would face a further 10 percent levy.He had also warned the European Union that it could be hit with 25 percent duties.”Tariffs are back in the crosshairs, and a market that had reduced its sensitivity to recent tariff headlines has had to reconsider that reaction function,” said Chris Weston, of Pepperstone Group.Asian markets were on course to end a volatile week on a down note.Tokyo briefly shed three percent, while Shanghai, Sydney, Seoul, Singapore, Wellington, Manila and Jakarta were all well in the red.Hong Kong was off more than one percent, with high-flying tech firms also weighed by profit-taking at the end of a blockbuster February that has helped the Hang Seng Index to a three-year high.Market uncertainty has also dealt a blow to the crypto sphere, with bitcoin diving below $80,000 for the first time since November, well off the levels above $109,000 touched last month.The losses followed a painful day on Wall Street, where the Nasdaq dived more than three percent as US tech firms — led by the so-called Magnificent 7 — continue to suffer a pull-back following a long-running rally fuelled by investors’ voracious appetite for all things linked to AI.A number of weak economic readings recently have started to stoke concerns that the world’s top economy is slowing down, just as analysts warn that Trump’s plans to slash taxes, regulations and immigration will reignite inflation.”A macro storm is brewing as a barrage of high-stakes economic data collides with escalating trade tensions, putting markets on edge as February draws to a chaotic close,” said Stephen Innes at SPI Asset Management.”The AI darlings that led Wall Street’s charge over the past two years are suddenly looking vulnerable, with macro headwinds shifting sentiment from ‘unstoppable’ to deeply ‘unsettled’.”Nvidia’s post-earnings sell-off was a canary in the coal mine, signalling that even top-tier growth names are struggling to find footing in this environment.”And Saxo markets’ Charu Chanana added: “While the Magnificent 7 have dominated US markets, China’s tech landscape offers compelling alternatives, particularly as Beijing increases support for the sector. “With regulatory pressures easing and AI, cloud computing, and semiconductors driving growth, investors are looking at China’s version of big tech and beyond.”- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 2.8 percent at 37,182.09 (break)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 23,364.28Shanghai – Composite: DOWN 0.5 percent at 3,370.52Euro/dollar: DOWN at $1.0384 from $1.0398 on ThursdayPound/dollar: DOWN at $1.2584 from $1.2600Dollar/yen: DOWN at 149.52 from 149.79 yenEuro/pound: DOWN at 82.51 pence from 82.52 pence West Texas Intermediate: DOWN 0.5 percent at $70.02 per barrelBrent North Sea Crude: DOWN 0.4 percent at $73.74 per barrelNew York – Dow: DOWN 0.5 percent at 43,239.50 (close)London – FTSE 100: UP 0.3 percent at 8,756.21 (close)

Trading in troubled Australian casino operator Star Entertainment was paused on Friday as the company sought to free up enough cash to keep afloat. Star said it was exploring “possible liquidity solutions” — including last-minute bailout offers — but conceded there was “material uncertainty” clouding its future. The Australian Securities Exchange said trading in Star had been “temporarily paused” just minutes before the stock market opened. The company last traded at Aus$0.12 a share (US$0.07) with a market capitalisation of Aus$344 million. The firm has previously been accused of not adequately policing criminal infiltration and doing little to vet the sources of money coming into the business. Watchdogs found that one patron — a Chinese real estate billionaire barred by the Australian government for being an agent of Chinese influence — had ploughed more than a billion dollars into Star over several years. Another high-rolling patron was allegedly involved in human trafficking. The group was temporarily delisted from the Australian Securities Exchange last year after failing to post its annual financial results.

Global stocks mostly fell Thursday after earnings from artificial intelligence chipmaking leader Nvidia failed to wow the market and US President Donald Trump launched fresh broadsides on trade.While Nvidia reported a staggering $22 billion in quarterly profits, shares finished down 8.5 percent, with investors seemingly wanting more from the company.”Investors have gotten used to having Nvidia blow the door off,” said Jack Ablin of Cresset Capital. “They did well but they didn’t blow the door off.”Ablin also cited remarks from Trump indicating that 25-percent tariffs on Mexico and Canada would go into effect on Tuesday.Major US indices finished decisively lower, with the broad-based S&P 500 losing 1.6 percent.After shooting to records earlier this month, US indices have struggled in recent sessions following a trove of lackluster economic data as Trump presses on with an assertive US trade policy and government job cuts.On Thursday, weekly jobless claims exceeded estimates, while pending home sales also disappointed.European bourses also had a tough session in the aftermath of Trump’s comments Wednesday that he would hit the European Union with 25-percent tariffs.”As concerns swirls about the latest tariff threats emanating from the White House, caution remains the name of the game amid a murky outlook for the global economy,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.The threat against Europe came after Trump went back on the offensive over trade, signing a memo last weekend calling for curbs on Chinese investments in industries including technology and critical infrastructure, healthcare and energy.In Asian trading, Hong Kong went above 24,000 points for the first time since 2022, thanks to another outstanding performance by Chinese tech giants.But traders soon took their cash off the table and the market ended in the red, scenes mirrored elsewhere in Asia. Thursday saw some big share-price movements among major companies.While the Tokyo exchange closed higher, 7-Eleven owner Seven & I tumbled 11 percent after the convenience store giant said its founding family had failed to put together a white-knight buyout.The firm rejected an offer last year worth nearly $40 billion from Canadian rival Alimentation Couche-Tard, which would have been the biggest foreign buyout of a Japanese firm.In London, engine maker Rolls-Royce surged 16 percent while advertising giant WPP slumped 15.8 percent as traders reacted to earnings updates from the pair.Online commerce giant eBay slumped 8.2 percent after the company’s cautious financial outlook added to concerns about its exposure to tariff actions.- Key figures around 2140 GMT -New York – Dow: DOWN 0.5 percent at 43,239.50 (close)New York – Dow: S&P 500: DOWN 1.6 percent at 5,861.57 (close)New York – Nasdaq Composite: DOWN 2.8 percent at 18,544.42 (close)London – FTSE 100: UP 0.3 at 8,756.21 (close)Paris – CAC 40: DOWN 0.5 percent at 8,102.52 (close)Frankfurt – DAX: DOWN 1.1 percent at 22,550.89 (close)Tokyo – Nikkei 225: UP 0.3 percent at 38,256.17 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 23,718.29 (close)Shanghai – Composite: UP 0.2 percent at 3,388.06 (close)Euro/dollar: DOWN at $1.0398 from $1.0485 on WednesdayPound/dollar: DOWN at $1.2600 from $1.2676Dollar/yen: UP at 149.79 from 149.10 yenEuro/pound: DOWN at 82.52 pence from 82.71 pence Brent North Sea Crude: UP 2.1 percent at $74.04 per barrelWest Texas Intermediate: UP 2.5 percent at $70.35 per barrelburs-jmb/aha