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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

World stock markets gave a mixed picture Friday, with sentiment underpinned by hopes for sustained US central bank rate cuts, but nagging inflationary worries sparking some pre-weekend selling.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 US.On that front, Friday’s personal consumption expenditures (PCE) 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.- Netflix takeover -Netflix’s takeover of Warner Bros. Discovery, announced before Wall Street’s opening, caught investor attention in New York business.The deal represents the biggest consolidation in the entertainment sector this decade but could, according to analysts, run into regulatory problems because of its size.Netflix shares were around three percent lower in late-morning New York trading, while Warner Bros. Discovery shares rose by almost the same percentage.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 1655 GMT -New York – Dow: UP 0.2 percent at 47,942.10 pointsLondon – 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 $1.1634 from $1.1648 on ThursdayPound/dollar: DOWN at $1.3325 from $1.3335Dollar/yen: UP at 155.29 yen from 155.03 yenEuro/pound: UP at 87.33 pence from 87.00 penceBrent North Sea Crude: UP 0.6 percent at $63.61 per barrelWest Texas Intermediate: UP 0.5 percent at $59.95burs-jh/jj

India’s aviation ministry on Friday rolled back a new policy of weekly rest for pilots after chaos caused by hundreds of flight cancellations by the country’s biggest airline, IndiGo.Airports across India have been in disarray since Monday, with the private carrier blaming the disruption on “unforeseen operational challenges”.On Thursday, IndiGo admitted to aviation regulators that “misjudgement and planning gaps” in adapting to new rules led to the operational meltdown, even though it had two years to prepare for the switch.The new rules came into effect last month with the aim of giving pilots more rest periods to enhance passenger safety.India’s civil aviation minister Ram Mohan Naidu said the “Flight Duty Time Limitations” rules “have been placed in abeyance with immediate effect”.”Without compromising on air safety, this decision has been taken solely in the interest of passengers, especially senior citizens, students, patients, and others who rely on timely air travel for essential needs,” Naidu said in a statement. Naidu said his ministry expected that “flight schedules will begin to stabilise and return to normal by tomorrow”. IndiGo, which cancelled all domestic flights Friday from New Delhi and Chennai, apologised for “the immense inconvenience and distress” caused to travellers. In a video statement, the company’s CEO Pieter Elbers said late Friday the relaxation of the rules was “of great help” but there was “still lots of work in progress”. Friday was the “most severely impacted day” with “well over a thousand” cancellations, Elbers said.He added that the company expected cancellations to fall below 1,000 on Saturday ahead of a return to normal between December 10 and 15.IndiGo, which commands 60 percent of India’s domestic market, operates over 2,000 flights a day.Earlier on Friday, passengers vented their frustration online, including Singapore’s ambassador to India, Simon Wong, who said he was “lost for words”.”I joined the tens of thousands of passengers stranded by #Indigo… My sincere apologies to my young staff waiting for me to attend his #shaadi (wedding). Lost for words,” a post on the embassy’s official X handle said.A passenger at Delhi airport told broadcaster NDTV that he had received no update from the airline for the last 12 hours.Prime Minister Narendra Modi’s main opponent, Rahul Gandhi from the Congress party, blamed the fiasco on the government’s “monopoly model”.”Once again, it’s ordinary Indians who pay the price – in delays, cancellations and helplessness. India deserves fair competition in every sector, not match-fixing monopolies,” he said in a post on X.The crisis is one of the biggest challenges faced by the no-frills airline, which has built its reputation on punctuality.Last week, 200 IndiGo planes were affected when Airbus issued an alert for an urgent upgrade for 6,000 aircraft worldwide.India is one of the world’s fastest growing aviation markets, hitting 500,000 daily flyers last month for the first time.

World stock markets mostly rose Friday as investors speculated that the US central bank will cut rates not just this month, but ease monetary policy again throughout next year.Upcoming key US inflation data could cement such expectations, dealers said, pointing to the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation.A below-forecast reading would be tipped to ramp up expectations of several rate reductions in 2026, following the near-certainty of a cut next week.”With the December rate cut apparently in the bag, thoughts are turning to the pace and level of subsequent reductions next year,” noted Richard Hunter, head of markets at Interactive Investor.Optimism has been underpinned by reports reinforcing the view that the US jobs market is softening.- Netflix takeover -Netflix’s takeover of Warner Bros. Discovery, announced before Wall Street’s opening, caught investor attention in early New York business.The deal represents the biggest consolidation in the entertainment sector this decade but could, according to analysts, run into regulatory problems because of its size.Netflix shares were more than 1.5 percent lower in early New York trading, while Warner Bros. Discovery shares rose 2.5 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 after the reinsurance giant’s profit target for 2026 and plans for share buybacks disappointed financial analysts.- Key figures at around 1445 GMT -New York – Dow: UP 0.3 percent at 47,978.91 pointsLondon – FTSE 100: DOWN 0.2 percent at 9,696.08Paris – CAC 40: UP 0.1 percent at 8,117.18Frankfurt – DAX: UP 0.9 percent at 24,097.02Tokyo – 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: UP at $1.1653 from $1.1648 on ThursdayPound/dollar: UP at $1.3350 from $1.3335Dollar/yen: UP at 155.17 yen from 155.03 yenEuro/pound: UP at 87.27 pence from 87.00 penceBrent North Sea Crude: FLAT at $63.14 per barrelWest Texas Intermediate: DOWN 0.1 percent at $59.61burs-jh/rlp

Major stock markets mostly rose and the dollar gained slightly Friday as investors awaited the release of key US inflation data that could cement expectations that the Federal Reserve will cut interest rates next year.The personal consumption expenditures (PCE) index is the Fed’s preferred gauge of inflation and a below-forecast reading is tipped to ramp up forecasts of several rate reductions in 2026, following an almost certain cut next week.After much of Asia closed out their trading with gains, European indices traded higher around midday. Wall Street ended mixed on Thursday.”With the December rate cut apparently in the bag, thoughts are turning to the pace and level of subsequent reductions next year,” noted Richard Hunter, head of markets at Interactive Investor.”Inflation remains the elephant in the room, however, and the Fed’s hitherto cautious stance on monetary easing has so far been vindicated.”Debate swirls over the bank’s plans for the next 12 months as US inflation remains stubbornly above target.Stock market investors have in recent sessions struggled to match last week’s healthy gains fuelled by comments from Fed officials indicating their preference for more rate cuts.Optimism has been helped, however, by reports reinforcing the view that the US jobs market is softening, including from payrolls firm ADP which said that more than 30,000 posts were lost in November.In Asia on Friday, Mumbai equities won a boost from a cut to interest rates by the Indian central bank, as low inflation provided room to help cushion the economy against US President Donald Trump’s tariff blitz.The rupee, which this week hit a record low against the dollar, rose.On the corporate front, 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.The blockbuster opening — which came after the IPO was more than 4,000 times oversubscribed — suggested there was plenty of confidence in the country’s homegrown AI chip industry.”The noise is real, but so is the signal: 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 slumped by more than seven percent at one point Friday after the reinsurance giant’s profit target for 2026 and plans for share buybacks disappointed financial analysts.”The 2026 group profit target of $4.5 billion is eight percent below our estimate and five percent below consensus,” Vontobel analyst Matteo Lindauer wrote in a note to investors.- Key figures at around 1115 GMT -London – FTSE 100: UP 0.2 percent at 9,729.68 pointsParis – CAC 40: UP 0.5 percent at 8,159.39Frankfurt – DAX: UP 0.7 percent at 24,048.07Tokyo – 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)New York – Dow: DOWN 0.1 percent at 47,850.94 (close)Euro/dollar: DOWN at $1.1647 from $1.1648 on ThursdayPound/dollar: DOWN at $1.3333 from $1.3335Dollar/yen: UP at 155.13 yen from 155.03 yenEuro/pound: UP at 87.37 pence from 87.00 penceBrent North Sea Crude: DOWN 0.1 percent at $63.17 per barrelWest Texas Intermediate: DOWN 0.2 percent at $59.55 per barrelburs-bcp/ajb/rl

Equity markets rose going into the weekend on Friday following a broadly positive lead from Wall Street as a mixed bag of US data did little to change expectations the Federal Reserve will cut interest rates next week.Investors have in recent sessions struggled to match last week’s healthy gains fuelled by comments from central bank officials indicating their preference for a further easing of monetary policy.However, optimism has been helped by reports reinforcing the view that the jobs market is softening, including payrolls firm ADP saying more than 30,000 posts were lost in November.And while figures Thursday on jobless claims and layoffs came in slightly better than expected, markets have priced the chances of a rate cut next Wednesday at around 90 percent.Focus is now on the release later Friday of the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, with a below-forecast reading tipped to ramp up hopes for several more rate reductions in 2026.Data on income and spending is also due to come out.Still, debate continues to swirl over the bank’s plans for the next 12 months as inflation remains stubbornly above target.”While the US labour market is showing signs of slowing with the latest ADP report seeing a decline in hiring, there is a sense that it is still reasonably resilient,” said Michael Hewson at MCH Market Insights.With key jobs creation data not due until after the Fed’s decision, “any further move to cut rates by another 25 basis points could well be a leap of faith on the part of some members of the committee”, he wrote.He warned that “markets are pricing in the likelihood of another cut, which means any delay could prompt a significant adverse reaction”.”Of course, there is another scenario where the Fed cuts rates, but then signals a pause as it looks to assess the effect that three successive rate cuts have had on the US economy.”Meanwhile, Michael Krautzberger, of AllianzGI, said in a commentary: “Despite uncertainty, in our view, recent (policy board) statements, macro data, and market pricing point toward a 25 basis point cut” next week.”Looking further, we maintain our forecast of a total 50 basis points in additional insurance cuts to a Fed funds target range of 3.25-3.5 percent by mid-2026, assuming a non-recessionary base case.”In New York, the S&P 500 and Nasdaq ended slightly higher but the Dow was marginally off.After a slow start in Asia, most markets enjoyed a positive run-in to the weekend.Hong Kong and Shanghai reversed morning losses while there were also gains in Sydney, Seoul, Taipei, Manila and Jakarta.Mumbai got a boost from an interest rate cut by the Indian central bank, as low inflation provided room to help cushion the economy against US President Donald Trump’s tariff blitz. The rupee, which this week hit a record low against the dollar, rose.London, Paris and Frankfurt opened on the front foot.Tokyo shed more than one percent, having jumped more than two percent Thursday, while Singapore and Wellington also slipped.On currency markets the Japanese yen extended gains against the dollar as traders grow increasingly confident the Bank of Japan will hike its own borrowing costs later this month.In corporate news, Chinese artificial intelligence chip maker Moore Threads Technology soared more than 500 percent on its debut in Shanghai after raising $1.1 billion in an initial public offering.The blockbuster opening — which came after the IPO was more than 4,000 times oversubscribed — suggested there was plenty of confidence in the country’s homegrown AI chip industry.”The noise is real, but so is the signal: this IPO has become a barometer for faith in China’s next-gen AI‑chip ambitions,” said Dilin Wu, research strategist at Pepperstone.”Investors are buying into the story of China building a serious homegrown (graphics processing unit) amid global supply constraints,” she said.- Key figures at around 0815 GMT -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)London – FTSE 100: UP 0.2 percent at 9,727.97 Euro/dollar: UP at $1.1660 from $1.1648 on ThursdayPound/dollar: UP at $1.3349 from $1.3335Dollar/yen: DOWN at 154.79 yen from 155.03 yenEuro/pound: UP at 87.34 pence from 87.00 penceWest Texas Intermediate: DOWN 0.2 percent at $59.58 per barrelBrent North Sea Crude: FLAT at $63.27 per barrelNew York – Dow: DOWN 0.1 percent at 47,850.94 (close)

TikTok said Friday it will comply with Australia’s imminent ban on under-16s joining social media on the day it comes into force, but told users the changes “may be upsetting”.Australia’s world-first legislation comes into effect December 10, curbing the world’s most popular social media platforms and websites, including TikTok, Instagram and YouTube.Companies face fines of Aus$49.5 million (US$32 million) if they fail to take “reasonable steps” to comply.TikTok will block under-16s in Australia on the day the law comes into effect, it said, meaning they will no longer be able to hold or create an account.”Teens with an existing account will be notified that they will no longer be able to use their existing account, which will become inactive,” it said.”If they previously published content, it will no longer be available for others to view on TikTok.”The social media giant said youngsters who have been blocked can submit an appeal to prove their age, including by facial images, credit card authorisation or official ID.”We understand that these changes may be upsetting, but they are necessary to ensure that TikTok complies with Australian law,” the company said in a statement.Teens who fall under the law will have a choice of confirming their age, downloading their information, deleting their account, or asking for a reminder to recover their TikTok accounts when they turn 16.TikTok urged parents to “have conversations” with their teens to ensure they are truthful about their age.A week ahead of the ban, Communications Minister Anika Wells said some Australian teens had killed themselves as social media algorithms “latched on” — targeting them with content that drained their self-esteem.”This specific law will not fix every harm occurring on the internet, but it will make it easier for kids to chase a better version of themselves,” she told reporters.An internet rights group last week launched a legal challenge to halt the ban.The Digital Freedom Project said it had challenged the laws in Australia’s High Court, calling them an “unfair” assault on freedom of speech.Australia’s restrictions have generated interest around the world as regulators wrestle with the potential dangers of social media.Malaysia indicated it was planning to block children under 16 from signing up to social media accounts next year, while New Zealand will introduce a similar ban.