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Asian stocks mixed, Wall St futures drop as US heads for shutdown
Asian markets stuttered, US futures fell and gold hovered near record highs Wednesday after lawmakers in Washington failed to reach a deal to avert a government shutdown. Gold, a go-to in times of turmoil and uncertainty, was hovering just below its record high of $3,871.72 owing to a weaker dollar, bets on lower borrowing costs and worries about the impact of the shutdown.
South Korea posts record semiconductor exports in September
South Korea recorded its highest ever semiconductor exports in September, official data showed Wednesday, despite growing pressure from US tariffs and other restrictions on the crucial sector. Seoul logged more than $16.6 billion in exports of semiconductors last month, up by more than a fifth from September 2024, according to data from the country's industry ministry.
Nike shares rally on progress in turnaround
Nike reported a surprise increase in quarterly sales Tuesday, pointing to progress on a turnaround as it forecast a bigger cost hit from US tariffs. But Friend lifted the company's estimate of the total cost from US tariffs under President Donald Trump's administration to an annual hit of $1.5 billion from the prior $1 billion.
Stars align for Louis Vuitton, Stella McCartney at Paris Fashion Week
Louis Vuitton showcased a collection of flouncy skirts and sculptural ruffles in front of a star-packed audience while Stella McCartney had war and peace on her mind for her show on day two of Paris Fashion Week on Tuesday. - Anderson debut - A flurry of new appointments at major labels have lent this Paris Fashion Week momentous significance.
Amazon adds AI muscle to connected home lineup
Amazon on Tuesday unveiled the latest generation of connected products, featuring enhanced artificial intelligence capabilities designed to make interactions with AI more frequent and natural. Amazon believes in "ambient" AI, in Panay's words, which "lives naturally in the products themselves."
Trump announces Pfizer deal he says will lower certain drug prices
The Trump administration on Tuesday announced a deal granting Pfizer a three-year reprieve on planned tariffs as the pharmaceutical giant vowed to voluntarily lower the prices of unspecified drugs for US purchase. Asked Tuesday about the timeline for fresh tariffs, Commerce Secretary Howard Lutnick said the Trump administration plans to allow negotiations with companies to play out. bur-mdo/mlm
Board of Spain's Sabadell bank rejects improved BBVA takeover bid
The board of Spanish bank Sabadell on Tuesday rejected larger national rival BBVA's improved hostile takeover bid as 10 days remain for shareholders to make a final decision. BBVA raised its takeover offer by 10 percent last week, but Sabadell said its board had met on Tuesday and, "taking into account all the terms and characteristics of the offer, rejects the offer".
ECB chief says eurozone weathering Trump tariff storm
European Central Bank chief Christine Lagarde said Tuesday US tariffs had not hit the eurozone as badly as feared, but warned new risks could lie ahead in an uncertain world. After bringing rates down from record highs, the central bank has held them steady at its past two meetings, and most analysts do not expect a change soon. sr/jsk/rmb
Spotify founder Daniel Ek to give up CEO role
Spotify co-founder Daniel Ek will step down as CEO on January 1 and become executive chairman, handing the reins to two of his deputies in a leadership shake-up, the music streaming giant said Tuesday. "In my role as executive chairman, I will focus on the long arc of the company and keep the board and our co-CEOs deeply connected through my engagement," Ek said. jll/lth
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