European stocks faced significant losses on Friday as a global downturn swept through the markets. The regional Stoxx 600 index plummeted 2.48% by 3:17 p.m. London time, dipping below the 500 point mark for the first time since April. This downward trend was exacerbated by weak U.S. economic data, sparking fears of an impending recession.
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In a recent earnings call, Meta CEO Mark Zuckerberg highlighted the significant impact that artificial intelligence (AI) has had on the company’s growth in the digital advertising market. Despite skeptics questioning Meta’s massive spending on AI, Zuckerberg emphasized the present benefits of this technology in improving recommendations, enhancing user experience, and increasing advertising effectiveness. Meta
Recently, Japan’s central bank announced an increase in its benchmark interest rate to “around 0.25%” from its previous range of 0% to 0.1%. This adjustment marks the Bank of Japan’s highest interest rates since 2008. Despite this hike, the central bank highlighted that real interest rates are expected to remain “significantly negative,” and that “accommodative
The United Arab Emirates is attracting a significant number of millionaires, positioning itself as the top wealth magnet globally for the third consecutive year, as per the Henley Private Wealth Migration Report. In contrast, the U.K. is projected to witness a decline of 17% in its millionaire population by 2028, according to Swiss bank UBS.
Over the weekend, Asia-Pacific markets saw a positive trend on Monday, with Japan’s Nikkei 225 taking the lead in gains after a key U.S. inflation report was released on Friday. This report raised hopes for a potential interest rate cut, which fueled optimism among investors. The Nikkei surged by 2.26% while the broader Topix index
The United States is set to unveil a significant overhaul of its military command structure in Japan, along with other measures to deepen defense ties with its Asian ally. This revamp is part of an effort to coordinate better with Tokyo on the growing regional threats emanating from China and North Korea. The announcement is
Bank of America recently highlighted Apple as a top buying opportunity in the technology sector. The investment bank raised its price target on the tech giant to $256 from $230, citing a strong performance ahead of the next iPhone cycle. Analyst Wamsi Mohan emphasized that Apple is firing on all cylinders, especially with the anticipated
Apple has been facing tough competition from domestic brands in China, leading to a decline in market share for the tech giant. In the second quarter, Apple dropped out of the top five smartphone vendors list in China, with its market share shrinking to 14%. This marks a decrease from 15% in the first quarter
Japanese stocks took a hit as the Nikkei 225 extended its six-day losing streak by plunging 3%. This decline was led by heavy losses in Nikkei heavyweight SoftBank Group, which nosedived 9%. Additionally, Renesas Electronics saw a more than 14% drop in its stock price. The broader Topix index also fell by 2.24%. Adding to
Britain’s King Charles III is in for a significant pay raise as profits at The Crown Estate have more than doubled, reaching a staggering £1.1 billion ($1.4 billion) in the 2023-24 financial year. This increase in profits has prompted a 50% rise in the taxpayer-funded Sovereign Grant, which supports the official duties of the Royal