Europe's main stock markets closed sharply lower on Friday after disappointing data in the US sparked concern about slowing growth and the prospect of recession in the world's biggest economy.
In London the FTSE 100 index lost 2.02 percent to finish at 6,348.50 points, in Paris the CAC 40 fell 1.79 percent to 5,446.79, while in Frankfurt the DAX lost 1.26 percent to end the day at 7,808.69.
"Any hopes of the FTSE finishing the week above the key 6,500 level have seemingly been dashed with some far-worse-than-expected payroll data out of the US," said Jimmy Yates, a dealer at CMC Markets. "Once again as the week draws to a close the prospect of a global recession is going to be dominating the thoughts of many."
The DJ Euro STOXX 50 index of eurozone shares fell 1.45 percent to 4,270.53 points.
In Paris shares in Renault lost 7.58 percent to 86.45 euros, closing at their lowest close since last March after Nissan, of which Renault owns 44 percent, reported that sales for last month fell 2.4 percent.
Elsewhere in Europe, in Madrid the IBEX 35 fell 1.71 percent to 14,856.5 points, in Milan the SP/MIB lost 1.61 percent to 37,450 points, in Amsterdam the AEX lost 1.59 percent to 500.60 points and in Brussels the BEL 20 shed 0.56 percent to 4,094.38 points. The Swiss SMI index plunged 2.27 percent to 8,129.98 points.
SECOND-RATE: Models distilled from US products do not perform the same as the original and undo measures that ensure the systems are neutral, the US’ cable said The US Department of State has ordered a global push to bring attention to what it said are widespread efforts by Chinese companies, including artificial intelligence (AI) start-up DeepSeek (深度求索), to steal intellectual property from US AI labs, according to a diplomatic cable. The cable, dated Friday and sent to diplomatic and consular posts around the world, instructs diplomatic staff to speak to their foreign counterparts about “concerns over adversaries’ extraction and distillation of US AI models.” Distillation is the process of training smaller AI models using output from larger, more expensive ones to lower the costs of training a powerful new
Singapore-based ride-hailing and delivery giant Grab Holdings’ planned acquisition of Foodpanda’s Taiwan operations has yet to enter the formal review stage, as regulators await supplementary documents, the Fair Trade Commission (FTC) said yesterday. Acting FTC Chairman Chen Chih-min (陳志民) told the legislature’s Economics Committee that although Grab submitted its application on March 27, the case has not been officially accepted because required materials remain incomplete. Once the filing is finalized, the FTC would launch a formal probe into the deal, focusing on issues such as cross-shareholding and potential restrictions on market competition, Chen told lawmakers. Grab last month announced that it would acquire
Shares of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) have repeatedly hit new highs, but an equity analyst said the stock’s valuation remains within a reasonable range and any pullback would likely be technical. The contract chipmaker’s historical price-to-earnings (P/E) ratio has ranged between 20 and 30, Cathay Futures Consultant Co (國泰證期) analyst Tsai Ming-han (蔡明翰) told Central News Agency. With market consensus projecting that TSMC would post earnings per share of about NT$100 (US$3.17) this year, supported by strong global demand for artificial intelligence (AI) applications, and the stock currently trading at a P/E ratio of below 25, Tsai said the valuation
The artificial intelligence (AI) boom has triggered a seismic reshuffling of global equity markets, with Taiwan and South Korea muscling past European nations one by one. With its stock market now valued at nearly US$4.3 trillion, Taiwan surpassed the UK, Europe’s biggest market, earlier this month, data compiled by Bloomberg showed. South Korea is about US$140 billion away from doing the same. The tech-heavy Asian markets have shot past Germany and France in the past seven months. The shift is largely down to massive gains in shares of three companies that provide essential hardware for AI: Taiwan Semiconductor Manufacturing Co (TSMC, 台積電),