TSMC makes the most advanced chips in the world, and has pledged to invest $65 billion in the greater Phoenix area. The chipmaker initially held discussions with the city of Phoenix in 2016, when it was looking to grow its advanced chip manufacturing beyond Taiwan. In order to secure the bid, the Greater Phoenix Economic Council spent three years conceptualizing a science and technology park to meet the needs of the company. The project, once complete, expects to bring in about 62,000 jobs surrounding and including TSMC.
"They're basically duplicating the science park concept that was pioneered in Taiwan," said Rick Cassidy, chairman of TSMC Arizona. "It solves lots of problems for our smaller suppliers. They can actually rent space and just plug in."
Self-driving cars are another hallmark of the city's tech scene. Uber, Cruise and Alphabet's Waymo have all tested autonomous vehicles in the city. The infrastructure in Phoenix, with its gridded streets and consistent weather, made it an "optimal" place to roll these out, according to Bain's Hoecker.
Arizona's policy has been welcoming to self-driving technology. Former Arizona Governor Doug Ducey enacted several executive orders to reduce barriers for autonomous testing. Waymo began testing in Phoenix in 2017 and is the biggest player in the market. The company's robotaxi service now operates across 315 square miles in the city.
Drones have been another technology putting the city on the map. In November, Amazon received regulatory approval to launch its Prime Air drone program in Tolleson, a suburb in west Phoenix. The plan is to scale the program to 500 million deliveries per year, according to Amazon. The company says thousands of packages have been delivered so far.
"It's about scaling around the U.S. and around the world, said David Carbon, vice president and general manager of Amazon Prime Air, adding that more is coming in 2025. "This is just the beginning."
Under Zhao's leadership, Honor has aggressively launched smartphones with a focus on international markets. Zhao focused on high-end devices, including foldable smartphones, as he looked for Honor to look beyond China and challenge the likes of Samsung and Apple.
Honor's market share in China has risen from 9.8% in 2020 to over 15% in 2024, according to Counterpoint Research. Outside of China, Honor's market share hit 2.3% in 2024, compared to under 1% in 2020.
The company has looked to keep pace with rivals by launching artificial intelligence features on its device.
Neil Shah, partner at Counterpoint Research, said the company's focus on high-end devices and technology is likely to continue under the new leadership.
"Honor's focus on premiumization should continue if the brand wants to continue building its brand equity and differentiation point vs existing competitors, especially in premium markets such as Europe," Shah told CNBC.
"The focus on innovative foldable designs and advanced AI features and close partnerships with leading component suppliers would be key."
Zhao's successor Li will be tasked with trying to expand Honor's presence overseas amid fierce competition, with a focus on making the brand more recognizable.
"Many don't know Honor" outside of China, Counterpoint's Shah said. "Building brand equity is tough and the company needs more time, money and differentiation points."
"We're really trying to build this compliance program, but it's so complex. I think that's the challenge. We saw this too with GDPR and other broad legislation that is subject to interpretation — what does it actually mean to comply? It means different things to different people," he said.
This lack of a common understanding of what qualifies as robust compliance with DORA has in turn led many institutions to ramp up security standards to the level that they're actually surpassing the "baseline" of what's expected of most firms, Jang added.
Under DORA, financial firms will be required to undertake rigorous IT risk and incident management, classification and reporting, operational resilience testing, intelligence sharing on cyber threats and vulnerabilities, and measures to manage third-party risks.
Firms will be also be required to conduct assessments of "concentration risk" related to the outsourcing of critical or important operational functions to external companies.
A Censuswide survey of 200 U.K. chief information security officers commissioned by Orange Cyberdefense, the cybersecurity division of French telecoms firm Orange, showed that 43% of financial institutions in Britain aren't yet in full compliance with DORA.
That's a concern because, even though the U.K. falls outside the European Union now, DORA applies to all financial entities operating within EU jurisdictions — even if they're based outside the bloc.
"Whilst it is clear that DORA has no legal reach in the U.K., entities based here and operating or providing services to entities in the EU will be subject to the regulation," Richard Lindsay, principal advisory consultant at Orange Cyberdefense, told CNBC.
He added that the main challenge for many financial institutions when it comes to achieving DORA compliance has been managing their critical third-party IT providers.
"Financial institutions operate within a multi-layered and hugely complex digital ecosystem," Lindsay said. "Tracking and ensuring that all parts of this system evidentially comply with the relevant elements of DORA will require a new mindset, solutions and resources."
Banks are also adding higher levels of scrutiny in their contract negotiations with tech suppliers due to DORA's strict requirements, Jang said.
The Cisco chief privacy officer told CNBC that he thinks there is alignment when it comes to the principles and the spirit of the law. However, he added, "any legislation is a product of compromise and so, as they get more prescriptive, then it becomes challenging."
"The principles we agree with, but any legislation is a product of compromise, and so as as they get more prescriptive, then it becomes challenging."
Still, despite the challenges, the broad expectation among experts is that it won't be long until banks and other financial institutions achieve compliance.
"Banks in Europe already comply with significant regulations which cover the majority of the areas that fall under DORA," Fabio Colombo, EMEA financial services security lead at Accenture, told CNBC.
IT providers can also be fined under DORA. The rules threaten levies of as much as 1% of average daily worldwide revenue for up to six months.
"These sanctions are necessary," Brian Fox, chief technology officer of software supply chain management firm Sonatype, told CNBC. "They are a powerful motivator, pushing leaders to take compliance and operational resilience more seriously than ever."
Orange Cyberdefense's Lindsay said there's a risk longer term that financial services firms end up moving their critical security functions and services in-house.
"Advances in technology may allow financial institutions to move services back in-house, simplifying this aspect and reducing the risk of non-compliance," he said.
"Either way, existing contracts will need to be updated to ensure compliance is contractually mandated and monitored between entity and provider," Lindsay added.
Meanwhile, there are several other cybersecurity-focused regulations that organizations will have to come to terms, such as the Network and Information Security Directive 2, or NIS 2, and the Cyber Resilient Act. The former entered into force in October.
"As with any new regulation, there will certainly be a transitionary period as organisations adjust to new requirements and standards," Sonatype's Fox told CNBC. "This is the start of a long journey toward improving software security and resilience."
US stock futures edged higher on Friday, with contracts on the three major indexes gaining approximately 0.4%, following a losing session on Thursday that ended a three-day winning streak for both the Dow Jones and the S&P 500. Investors continue to assess the Fed's potential to implement further rate cuts this year, supported by this week’s softer-than-expected core inflation, PPI, and retail sales data. Markets are also looking ahead to Monday's inauguration of President-elect Trump for potential clarity on forthcoming policy changes. Additionally, corporate updates are in focus: Truist Financial shares climbed over 2% in premarket trading after the company reported earnings and revenue that exceeded expectations. Meanwhile, Apple shares rose 0.9%, partially recovering from Thursday’s 4% drop following news that Apple had fallen to third place in smartphone sales in China last year. For the week, the S&P 500 is up 1.9%, the Dow has surged 2.9%, and the Nasdaq has gained 0.9% so far.
The Nikkei 225 Index fell 0.31% to close at 38,451, while the broader Topix Index lost 0.33% to 2,679 on Friday, hitting intraday levels which were their lowest in at least a month. The declines followed losses on Wall Street overnight, driven by a sell-off in megacap technology stocks. Investor focus also shifted to the upcoming Bank of Japan monetary policy decision, as Governor Kazuo Ueda indicated on Wednesday that the central bank would consider raising interest rates at its next meeting. In corporate news, Nintendo saw a sharp 4.3% drop after announcing the launch of its Switch 2 console later this year. Other notable losses included Disco Corp (-0.5%), Advantest (-0.4%), Mitsubishi UFJ (-1.2%), Toyota Motor (-1.7%), and SoftBank Group (-1.3%). For the week, the Nikkei and Topix indexes declined 1.9% and 1.3%, respectively, for their third consecutive weekly losses.
The FTSE 100 climbed about 0.9% on Friday, nearing record levels, fueled by optimism over potential interest-rate cuts from the Bank of England, as weak December retail sales strengthened the case for monetary easing to support the UK economy. Traders are now pricing in three rate cuts this year, up from one earlier this week. Miners played a significant role in driving the index higher, with Glencore shares rallying over 3%, reaching a one-month high after reports of past discussions about a potential merger with Rio Tinto. Although talks between the two mining giants reportedly ended late last year, the news boosted sentiment, with Rio Tinto shares also gaining in London. Additionally, oil majors Shell and BP supported the index amid rising crude prices.
The DAX advanced 0.6% on Friday, marking its fourth consecutive day of gains and setting fresh record highs. Risk-on sentiment dominated global markets amid ongoing robust corporate earnings and as cooling inflation in both sides of the Atlantic fueled expectations for continued rate cuts. Additionally, stronger-than-expected growth data from China contributed to the positive sentiment. Meanwhile, traders turned their focus to President-elect Donald Trump's inaugural speech on Monday. Among single stocks, top gainers included Siemens Energy, Fresenius and Henkel, rising between 1.8% and 2%, while Brenntag (-1.2%) and Santorius (-0.9%) posted the biggest losses. For the week, the DAX was poised for a nearly 3% gain.
The CAC 40 rose 0.8% to 7,696 on Friday, marking its fourth consecutive session of gains and reaching its highest level since September 2024. Positive sentiment prevailed in global markets, as softening inflation in Europe and the U.S. raised hopes for further rate cuts. Investors are now expecting a more accommodative stance from the ECB than from the Fed. Stellantis NV surged 3.8%, despite reporting a 9% year-on-year decline in Q4 2024 shipments. Other notable gainers included STMicroelectronics, Renault, Veolia Environnement, Sanofi, and Teleperformance, with shares rising between 1.6% and 3.3%. In contrast, luxury stocks LVMH and Hermès were the only laggards, falling 0.7% and 0.3%, respectively. Meanwhile, investors remained cautious ahead of Donald Trump’s upcoming inauguration as U.S. President on January 20, amid concerns over potential tariffs that could weigh on European economies. For the week, the CAC 40 is on track to secure its second consecutive week of robust gains.
The FTSE MIB rose by 0.6% in early trading on Friday, extending gains for a fourth consecutive day and hovering at its highest level since January 2008. Signs of cooling inflation in both Europe and the U.S. rekindled hopes for further rate cuts this year, with a more accommodative policy stance from the European Central Bank compared with the Federal Reserve. However, concerns linger around the incoming Donald Trump administration's potential tariffs and their impact on European economies. Among individual stocks, Stellantis was the standout performer, leading the market upturn with a 3.8% jump. Other notable gainers included STMicroelectronics (1.8%), Prysmian (1.7%), and Bper Banca (1.9%). The index is on track for its second consecutive weekly gain.
The main stock market index in Spain (ES35) increased 311 points or 2.68% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks this benchmark index from Spain.
The S&P/ASX 200 Index shed 0.2% to close at 8,310 on Friday, giving back some gains from the previous session following a weak session on Wall Street overnight as megacap technology names came under pressure. Despite the decline, the benchmark index still posted a modest weekly gain, bolstered by a surprise slowdown in US core inflation, which fueled expectations of further Federal Reserve interest rate cuts this year. Domestically, traders are anticipating that the Reserve Bank of Australia will begin cutting rates as soon as next month, with an April rate reduction now fully priced in. Financial stocks led the retreat, with Commonwealth Bank (-1.2%), Westpac Banking (-1.5%), ANZ Group (-1.8%), and National Australia Bank (-1.7%) all posting losses. Energy stocks were also under pressure amid weaker oil prices, while mining shares saw a mixed performance.
The Shanghai Composite rose 0.18% to close at 3,242, while the Shenzhen Component gained 0.6% to 10,161 on Friday, with both benchmarks finishing the week higher in response to positive economic data. China’s economy grew 5.4% year-on-year in the fourth quarter of 2024, accelerating from a 4.6% expansion in the third quarter and surpassing expectations of 5%. Industrial production and retail sales also outperformed forecasts in December, while new home prices declined at a slower pace. Although the latest data offered no clear indication that Beijing will introduce further stimulus measures soon, state media reported that China’s central bank may cut the reserve requirement ratio for banks ahead of the Spring Festival later this month. Notable stock performers included ZTE Corp (+3.3%), Suzhou TFC Optical (+5.2%), Greatoo Intelligent (+10%), Hithink Royalflush (+2.5%), and Gigadevice Semiconductor (+5.1%).
The BSE Sensex finished about 0.6% lower at 76,619.3 on Friday, halting gains in the prior three sessions, mid concerns over slowing earnings and foreign fund outflows. Market sentiment was further dampened by uncertainty surrounding the incoming Trump administration and rising crude prices. IT stocks weighed heavily on the index, with Infosys dropping 5.8% as the worst performer after multiple brokerages raised concerns about the quality of its quarterly results, citing a higher proportion of third-party items in its deal pipeline. HCLTech also missed revenue expectations, while Axis Bank dropped nearly 5% after its earnings report, as brokerages revised their price targets downward, putting pressure on the banking sector. On the upside, Zomato (+2.8%) was the top gainer, followed by Reliance (+2.6%), after it topped Q3 profit estimates. For the week, India's stock market fell roughly 1%, notching the 2nd consecutive weekly decline.
The S&P/TSX Composite Index edged up 0.2% to close at 24,846 on Thursday, marking its third consecutive session of gains, buoyed by financial and tech stocks, which continued to benefit from dovish expectations for the US Federal Reserve. Notable contributors included RBC, Brookfield, Constellation Software, and CIBC, with gains ranging from 0.8% to 1.7%. However, energy stocks weighed on the index, as Canadian Natural, Suncor, and Cenovus fell between 1.3% and 2.2% amid declining oil prices. In contrast, Imperial Oil gained 1% to C$98.8, bolstered by Zacks Research’s upgraded FY2024 earnings forecast to $8.44 per share from $8.4 and analyst upgrades, including price target increases from JPMorgan Chase (C$100) and Royal Bank of Canada (C$101). Meanwhile, Canada Mortgage and Housing Corporation reported that housing starts plunged 13.35% month-over-month to 231,500 units in December, marking a three-month low and falling short of market expectations of 245,000 units.
The MOEX Russia Index rose to 2,875 in January, the highest level in five months, to hold the surge from December triggered by the Bank of Russia’s unexpected decision to not extend its interest rate hiking cycle. The decision preceded reports that CBR Governor Nabiullina met with politicians and business leaders that have warned the central bank against warning interest rates. Despite the hold at 21%, the central bank raised inflation forecasts, and markets expect the inflation rate to have reached a near two-year high at the end of the year. The hold drove heavyweights Sberbank, Rosneft, and Lukoil to rebound sharply from their near 18-month lows from the mid-December. On the other hand, Gazprom remained relatively close to its record low after gas flows from Russia to Europe through Ukraine at the turn of the year. Also, Surgut and Gazpromneft, major seaborne exporters for oil and fuel, recorded sharp losses since the start of January after being sanctioned by the US.
The Ibovespa hovered above the flatline at the 121,300 level on Friday, setting the São Paulo exchange on track for a weekly gain of over 2% as investors digested a range of external economic data, including stronger-than-expected fourth-quarter GDP figures from China, while also adjusting positions ahead of Donald Trump's inauguration as the next U.S. president. Chinese demand-linked equities, notably mega-cap Vale, gained over 1%, buoyed by data showing China's economy grew robustly in the final quarter of 2024, meeting the government's annual growth target of 5%. Meanwhile, markets remain cautious to Trump's imminent return to the White House, with expectations of a flurry of executive orders upon his swearing-in on Monday. On the downside, Ambev, B3, and Localiza led decliners, with losses ranging from 1.7% to 2.5%.
he yield on the 10-year US Treasury note held its recent decline to around 4.61% on Friday, on track for its largest weekly decline since late November. The drop followed a surprise decline in US core inflation, which bolstered expectations for further Federal Reserve interest rate cuts this year. Fed Governor Christopher Waller also indicated on Thursday that three or four rate reductions remain possible if economic data weakens further. Additionally, December’s US retail sales came in below expectations, though they still pointed to solid consumer spending. Markets are now pricing in a total of 41 basis points in total easing from the Fed this year, a notable increase from the 27 basis points priced in earlier this month. Still, the Fed is widely expected to hold rates steady later this month.
The yield on the UK’s 10-year gilt fell to 4.65%, retreating further from its recent peak of 4.9%, as weaker-than-expected retail sales in December reinforced expectations for aggressive monetary easing by the Bank of England. Official data showed a 0.3% monthly decline in retail sales, defying forecasts of a 0.4% increase. This marked the latest in a string of disappointing economic indicators, including GDP growth of just 0.1% in November, below expectations of 0.2%, and stagnation in the three months to November. In response, traders now anticipate three rate cuts from the BoE this year, up from just one expected earlier this week, as the central bank faces mounting pressure to stimulate the economy. Inflation also eased to 2.5% in December, in line with BoE projections but below market expectations, adding to the case for rate cuts. Meanwhile, concerns persist over the UK’s debt levels and the government’s ability to manage public finances effectively.
Japan’s 10-year government bond yield traded around 1.19% on Friday, pulling back from near 14-year highs, in line with a drop in US Treasury yields following a surprise slowdown in US core inflation. This shift supported a dovish outlook for Federal Reserve monetary policy. Despite the retreat, Japanese government bond yields remain underpinned by rising speculation that the Bank of Japan could raise interest rates again next week. BOJ Governor Kazuo Ueda and Deputy Governor Ryozo Himino have hinted at the possibility of a rate hike at the upcoming meeting, reaffirming the BOJ’s commitment to raising borrowing costs if the economy performs as expected. Strong inflation and wage data further support this outlook, with Ueda expressing growing confidence in wage increases, citing positive feedback from multiple industries.
Australia’s 10-year government bond yield fell slightly to 4.54%, tracking a decline in U.S. bond yields after recent U.S. economic data suggested that the Federal Reserve might continue easing monetary policy this year. Meanwhile, domestic investors are still implying around a 70% chance that the Reserve Bank of Australia will cut rates at its February meeting, despite latest data pointing to a strong job market. In December, the economy added a remarkable 56,300 jobs, far exceeding the expected 15,000 and the previous month’s figure of 28,200. The unemployment rate edged up to 4% from November’s 3.9%, in line with forecasts. Overall, the data highlighted the labor market’s resilience, despite challenges posed by high interest rates. The upcoming quarterly inflation report and retail sales data, both set to be released before the RBA's decision, will offer further insights into the health of the economy and be crucial for investors in assessing the central bank’s next policy move.
Germany’s 10-year Bund yield eased to 2.6%, slightly down from a six-month high, after data showed the German economy contracted by 0.2% in 2024, marking a second consecutive annual slowdown, as expected. Investors remain cautious, particularly after a report revealed that President-elect Donald Trump’s incoming economic team is considering a gradual increase in trade tariffs. The strategy being discussed involves monthly tariff hikes of 2% to 5%, rather than sudden, large increases, which could help prevent inflation spikes. Rising yields reflect reduced expectations for central bank rate cuts, with investors now focusing on the ECB’s December meeting minutes and upcoming Eurozone inflation data for clues on future policy.
!summarize #redfin #zillow #realestate #layoffs
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!summarize #joebiden #farewell #president
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TSMC makes the most advanced chips in the world, and has pledged to invest $65 billion in the greater Phoenix area. The chipmaker initially held discussions with the city of Phoenix in 2016, when it was looking to grow its advanced chip manufacturing beyond Taiwan. In order to secure the bid, the Greater Phoenix Economic Council spent three years conceptualizing a science and technology park to meet the needs of the company. The project, once complete, expects to bring in about 62,000 jobs surrounding and including TSMC.
"They're basically duplicating the science park concept that was pioneered in Taiwan," said Rick Cassidy, chairman of TSMC Arizona. "It solves lots of problems for our smaller suppliers. They can actually rent space and just plug in."
!summarize #nymets #petealonso #freeagency #mlb
Self-driving cars are another hallmark of the city's tech scene. Uber, Cruise and Alphabet's Waymo have all tested autonomous vehicles in the city. The infrastructure in Phoenix, with its gridded streets and consistent weather, made it an "optimal" place to roll these out, according to Bain's Hoecker.
Arizona's policy has been welcoming to self-driving technology. Former Arizona Governor Doug Ducey enacted several executive orders to reduce barriers for autonomous testing. Waymo began testing in Phoenix in 2017 and is the biggest player in the market. The company's robotaxi service now operates across 315 square miles in the city.
!summarize #china #german #auto #factories #industry
Drones have been another technology putting the city on the map. In November, Amazon received regulatory approval to launch its Prime Air drone program in Tolleson, a suburb in west Phoenix. The plan is to scale the program to 500 million deliveries per year, according to Amazon. The company says thousands of packages have been delivered so far.
"It's about scaling around the U.S. and around the world, said David Carbon, vice president and general manager of Amazon Prime Air, adding that more is coming in 2025. "This is just the beginning."
!summarize #petealonso #nymets #mlb
Under Zhao's leadership, Honor has aggressively launched smartphones with a focus on international markets. Zhao focused on high-end devices, including foldable smartphones, as he looked for Honor to look beyond China and challenge the likes of Samsung and Apple.
Honor's market share in China has risen from 9.8% in 2020 to over 15% in 2024, according to Counterpoint Research. Outside of China, Honor's market share hit 2.3% in 2024, compared to under 1% in 2020.
The company has looked to keep pace with rivals by launching artificial intelligence features on its device.
!summarize #china #economic #miracle
Neil Shah, partner at Counterpoint Research, said the company's focus on high-end devices and technology is likely to continue under the new leadership.
"Honor's focus on premiumization should continue if the brand wants to continue building its brand equity and differentiation point vs existing competitors, especially in premium markets such as Europe," Shah told CNBC.
"The focus on innovative foldable designs and advanced AI features and close partnerships with leading component suppliers would be key."
!summarize #washingtonpost #jeffbezos #media
Zhao's successor Li will be tasked with trying to expand Honor's presence overseas amid fierce competition, with a focus on making the brand more recognizable.
"Many don't know Honor" outside of China, Counterpoint's Shah said. "Building brand equity is tough and the company needs more time, money and differentiation points."
!summarize #woke #stevepirce #australia #culture
"We're really trying to build this compliance program, but it's so complex. I think that's the challenge. We saw this too with GDPR and other broad legislation that is subject to interpretation — what does it actually mean to comply? It means different things to different people," he said.
This lack of a common understanding of what qualifies as robust compliance with DORA has in turn led many institutions to ramp up security standards to the level that they're actually surpassing the "baseline" of what's expected of most firms, Jang added.
!summarize #bigtech #economy #elites #wef
Under DORA, financial firms will be required to undertake rigorous IT risk and incident management, classification and reporting, operational resilience testing, intelligence sharing on cyber threats and vulnerabilities, and measures to manage third-party risks.
Firms will be also be required to conduct assessments of "concentration risk" related to the outsourcing of critical or important operational functions to external companies.
A Censuswide survey of 200 U.K. chief information security officers commissioned by Orange Cyberdefense, the cybersecurity division of French telecoms firm Orange, showed that 43% of financial institutions in Britain aren't yet in full compliance with DORA.
!summarize #petealonso #mlb #nymets
That's a concern because, even though the U.K. falls outside the European Union now, DORA applies to all financial entities operating within EU jurisdictions — even if they're based outside the bloc.
"Whilst it is clear that DORA has no legal reach in the U.K., entities based here and operating or providing services to entities in the EU will be subject to the regulation," Richard Lindsay, principal advisory consultant at Orange Cyberdefense, told CNBC.
He added that the main challenge for many financial institutions when it comes to achieving DORA compliance has been managing their critical third-party IT providers.
"Financial institutions operate within a multi-layered and hugely complex digital ecosystem," Lindsay said. "Tracking and ensuring that all parts of this system evidentially comply with the relevant elements of DORA will require a new mindset, solutions and resources."
Banks are also adding higher levels of scrutiny in their contract negotiations with tech suppliers due to DORA's strict requirements, Jang said.
The Cisco chief privacy officer told CNBC that he thinks there is alignment when it comes to the principles and the spirit of the law. However, he added, "any legislation is a product of compromise and so, as they get more prescriptive, then it becomes challenging."
!summarize #china #market #crash #economy #protests
"The principles we agree with, but any legislation is a product of compromise, and so as as they get more prescriptive, then it becomes challenging."
Still, despite the challenges, the broad expectation among experts is that it won't be long until banks and other financial institutions achieve compliance.
"Banks in Europe already comply with significant regulations which cover the majority of the areas that fall under DORA," Fabio Colombo, EMEA financial services security lead at Accenture, told CNBC.
!summarize #media #lafd #losangeles #dei
!summarize #china #developers #realestate #economy #land
!summarize #anduril #ohio #plant #unitedstates
IT providers can also be fined under DORA. The rules threaten levies of as much as 1% of average daily worldwide revenue for up to six months.
"These sanctions are necessary," Brian Fox, chief technology officer of software supply chain management firm Sonatype, told CNBC. "They are a powerful motivator, pushing leaders to take compliance and operational resilience more seriously than ever."
Orange Cyberdefense's Lindsay said there's a risk longer term that financial services firms end up moving their critical security functions and services in-house.
!summarize #jordanpeterson #canada #justintrudeau
!summarize #trump #cabinet #senate #hearings
"Advances in technology may allow financial institutions to move services back in-house, simplifying this aspect and reducing the risk of non-compliance," he said.
"Either way, existing contracts will need to be updated to ensure compliance is contractually mandated and monitored between entity and provider," Lindsay added.
Meanwhile, there are several other cybersecurity-focused regulations that organizations will have to come to terms, such as the Network and Information Security Directive 2, or NIS 2, and the Cyber Resilient Act. The former entered into force in October.
"As with any new regulation, there will certainly be a transitionary period as organisations adjust to new requirements and standards," Sonatype's Fox told CNBC. "This is the start of a long journey toward improving software security and resilience."
US stock futures edged higher on Friday, with contracts on the three major indexes gaining approximately 0.4%, following a losing session on Thursday that ended a three-day winning streak for both the Dow Jones and the S&P 500. Investors continue to assess the Fed's potential to implement further rate cuts this year, supported by this week’s softer-than-expected core inflation, PPI, and retail sales data. Markets are also looking ahead to Monday's inauguration of President-elect Trump for potential clarity on forthcoming policy changes. Additionally, corporate updates are in focus: Truist Financial shares climbed over 2% in premarket trading after the company reported earnings and revenue that exceeded expectations. Meanwhile, Apple shares rose 0.9%, partially recovering from Thursday’s 4% drop following news that Apple had fallen to third place in smartphone sales in China last year. For the week, the S&P 500 is up 1.9%, the Dow has surged 2.9%, and the Nasdaq has gained 0.9% so far.
The Nikkei 225 Index fell 0.31% to close at 38,451, while the broader Topix Index lost 0.33% to 2,679 on Friday, hitting intraday levels which were their lowest in at least a month. The declines followed losses on Wall Street overnight, driven by a sell-off in megacap technology stocks. Investor focus also shifted to the upcoming Bank of Japan monetary policy decision, as Governor Kazuo Ueda indicated on Wednesday that the central bank would consider raising interest rates at its next meeting. In corporate news, Nintendo saw a sharp 4.3% drop after announcing the launch of its Switch 2 console later this year. Other notable losses included Disco Corp (-0.5%), Advantest (-0.4%), Mitsubishi UFJ (-1.2%), Toyota Motor (-1.7%), and SoftBank Group (-1.3%). For the week, the Nikkei and Topix indexes declined 1.9% and 1.3%, respectively, for their third consecutive weekly losses.
The FTSE 100 climbed about 0.9% on Friday, nearing record levels, fueled by optimism over potential interest-rate cuts from the Bank of England, as weak December retail sales strengthened the case for monetary easing to support the UK economy. Traders are now pricing in three rate cuts this year, up from one earlier this week. Miners played a significant role in driving the index higher, with Glencore shares rallying over 3%, reaching a one-month high after reports of past discussions about a potential merger with Rio Tinto. Although talks between the two mining giants reportedly ended late last year, the news boosted sentiment, with Rio Tinto shares also gaining in London. Additionally, oil majors Shell and BP supported the index amid rising crude prices.
The DAX advanced 0.6% on Friday, marking its fourth consecutive day of gains and setting fresh record highs. Risk-on sentiment dominated global markets amid ongoing robust corporate earnings and as cooling inflation in both sides of the Atlantic fueled expectations for continued rate cuts. Additionally, stronger-than-expected growth data from China contributed to the positive sentiment. Meanwhile, traders turned their focus to President-elect Donald Trump's inaugural speech on Monday. Among single stocks, top gainers included Siemens Energy, Fresenius and Henkel, rising between 1.8% and 2%, while Brenntag (-1.2%) and Santorius (-0.9%) posted the biggest losses. For the week, the DAX was poised for a nearly 3% gain.
The CAC 40 rose 0.8% to 7,696 on Friday, marking its fourth consecutive session of gains and reaching its highest level since September 2024. Positive sentiment prevailed in global markets, as softening inflation in Europe and the U.S. raised hopes for further rate cuts. Investors are now expecting a more accommodative stance from the ECB than from the Fed. Stellantis NV surged 3.8%, despite reporting a 9% year-on-year decline in Q4 2024 shipments. Other notable gainers included STMicroelectronics, Renault, Veolia Environnement, Sanofi, and Teleperformance, with shares rising between 1.6% and 3.3%. In contrast, luxury stocks LVMH and Hermès were the only laggards, falling 0.7% and 0.3%, respectively. Meanwhile, investors remained cautious ahead of Donald Trump’s upcoming inauguration as U.S. President on January 20, amid concerns over potential tariffs that could weigh on European economies. For the week, the CAC 40 is on track to secure its second consecutive week of robust gains.
The FTSE MIB rose by 0.6% in early trading on Friday, extending gains for a fourth consecutive day and hovering at its highest level since January 2008. Signs of cooling inflation in both Europe and the U.S. rekindled hopes for further rate cuts this year, with a more accommodative policy stance from the European Central Bank compared with the Federal Reserve. However, concerns linger around the incoming Donald Trump administration's potential tariffs and their impact on European economies. Among individual stocks, Stellantis was the standout performer, leading the market upturn with a 3.8% jump. Other notable gainers included STMicroelectronics (1.8%), Prysmian (1.7%), and Bper Banca (1.9%). The index is on track for its second consecutive weekly gain.
The main stock market index in Spain (ES35) increased 311 points or 2.68% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks this benchmark index from Spain.
The S&P/ASX 200 Index shed 0.2% to close at 8,310 on Friday, giving back some gains from the previous session following a weak session on Wall Street overnight as megacap technology names came under pressure. Despite the decline, the benchmark index still posted a modest weekly gain, bolstered by a surprise slowdown in US core inflation, which fueled expectations of further Federal Reserve interest rate cuts this year. Domestically, traders are anticipating that the Reserve Bank of Australia will begin cutting rates as soon as next month, with an April rate reduction now fully priced in. Financial stocks led the retreat, with Commonwealth Bank (-1.2%), Westpac Banking (-1.5%), ANZ Group (-1.8%), and National Australia Bank (-1.7%) all posting losses. Energy stocks were also under pressure amid weaker oil prices, while mining shares saw a mixed performance.
The Shanghai Composite rose 0.18% to close at 3,242, while the Shenzhen Component gained 0.6% to 10,161 on Friday, with both benchmarks finishing the week higher in response to positive economic data. China’s economy grew 5.4% year-on-year in the fourth quarter of 2024, accelerating from a 4.6% expansion in the third quarter and surpassing expectations of 5%. Industrial production and retail sales also outperformed forecasts in December, while new home prices declined at a slower pace. Although the latest data offered no clear indication that Beijing will introduce further stimulus measures soon, state media reported that China’s central bank may cut the reserve requirement ratio for banks ahead of the Spring Festival later this month. Notable stock performers included ZTE Corp (+3.3%), Suzhou TFC Optical (+5.2%), Greatoo Intelligent (+10%), Hithink Royalflush (+2.5%), and Gigadevice Semiconductor (+5.1%).
The BSE Sensex finished about 0.6% lower at 76,619.3 on Friday, halting gains in the prior three sessions, mid concerns over slowing earnings and foreign fund outflows. Market sentiment was further dampened by uncertainty surrounding the incoming Trump administration and rising crude prices. IT stocks weighed heavily on the index, with Infosys dropping 5.8% as the worst performer after multiple brokerages raised concerns about the quality of its quarterly results, citing a higher proportion of third-party items in its deal pipeline. HCLTech also missed revenue expectations, while Axis Bank dropped nearly 5% after its earnings report, as brokerages revised their price targets downward, putting pressure on the banking sector. On the upside, Zomato (+2.8%) was the top gainer, followed by Reliance (+2.6%), after it topped Q3 profit estimates. For the week, India's stock market fell roughly 1%, notching the 2nd consecutive weekly decline.
The S&P/TSX Composite Index edged up 0.2% to close at 24,846 on Thursday, marking its third consecutive session of gains, buoyed by financial and tech stocks, which continued to benefit from dovish expectations for the US Federal Reserve. Notable contributors included RBC, Brookfield, Constellation Software, and CIBC, with gains ranging from 0.8% to 1.7%. However, energy stocks weighed on the index, as Canadian Natural, Suncor, and Cenovus fell between 1.3% and 2.2% amid declining oil prices. In contrast, Imperial Oil gained 1% to C$98.8, bolstered by Zacks Research’s upgraded FY2024 earnings forecast to $8.44 per share from $8.4 and analyst upgrades, including price target increases from JPMorgan Chase (C$100) and Royal Bank of Canada (C$101). Meanwhile, Canada Mortgage and Housing Corporation reported that housing starts plunged 13.35% month-over-month to 231,500 units in December, marking a three-month low and falling short of market expectations of 245,000 units.
The MOEX Russia Index rose to 2,875 in January, the highest level in five months, to hold the surge from December triggered by the Bank of Russia’s unexpected decision to not extend its interest rate hiking cycle. The decision preceded reports that CBR Governor Nabiullina met with politicians and business leaders that have warned the central bank against warning interest rates. Despite the hold at 21%, the central bank raised inflation forecasts, and markets expect the inflation rate to have reached a near two-year high at the end of the year. The hold drove heavyweights Sberbank, Rosneft, and Lukoil to rebound sharply from their near 18-month lows from the mid-December. On the other hand, Gazprom remained relatively close to its record low after gas flows from Russia to Europe through Ukraine at the turn of the year. Also, Surgut and Gazpromneft, major seaborne exporters for oil and fuel, recorded sharp losses since the start of January after being sanctioned by the US.
The Ibovespa hovered above the flatline at the 121,300 level on Friday, setting the São Paulo exchange on track for a weekly gain of over 2% as investors digested a range of external economic data, including stronger-than-expected fourth-quarter GDP figures from China, while also adjusting positions ahead of Donald Trump's inauguration as the next U.S. president. Chinese demand-linked equities, notably mega-cap Vale, gained over 1%, buoyed by data showing China's economy grew robustly in the final quarter of 2024, meeting the government's annual growth target of 5%. Meanwhile, markets remain cautious to Trump's imminent return to the White House, with expectations of a flurry of executive orders upon his swearing-in on Monday. On the downside, Ambev, B3, and Localiza led decliners, with losses ranging from 1.7% to 2.5%.
he yield on the 10-year US Treasury note held its recent decline to around 4.61% on Friday, on track for its largest weekly decline since late November. The drop followed a surprise decline in US core inflation, which bolstered expectations for further Federal Reserve interest rate cuts this year. Fed Governor Christopher Waller also indicated on Thursday that three or four rate reductions remain possible if economic data weakens further. Additionally, December’s US retail sales came in below expectations, though they still pointed to solid consumer spending. Markets are now pricing in a total of 41 basis points in total easing from the Fed this year, a notable increase from the 27 basis points priced in earlier this month. Still, the Fed is widely expected to hold rates steady later this month.
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The yield on the UK’s 10-year gilt fell to 4.65%, retreating further from its recent peak of 4.9%, as weaker-than-expected retail sales in December reinforced expectations for aggressive monetary easing by the Bank of England. Official data showed a 0.3% monthly decline in retail sales, defying forecasts of a 0.4% increase. This marked the latest in a string of disappointing economic indicators, including GDP growth of just 0.1% in November, below expectations of 0.2%, and stagnation in the three months to November. In response, traders now anticipate three rate cuts from the BoE this year, up from just one expected earlier this week, as the central bank faces mounting pressure to stimulate the economy. Inflation also eased to 2.5% in December, in line with BoE projections but below market expectations, adding to the case for rate cuts. Meanwhile, concerns persist over the UK’s debt levels and the government’s ability to manage public finances effectively.
Japan’s 10-year government bond yield traded around 1.19% on Friday, pulling back from near 14-year highs, in line with a drop in US Treasury yields following a surprise slowdown in US core inflation. This shift supported a dovish outlook for Federal Reserve monetary policy. Despite the retreat, Japanese government bond yields remain underpinned by rising speculation that the Bank of Japan could raise interest rates again next week. BOJ Governor Kazuo Ueda and Deputy Governor Ryozo Himino have hinted at the possibility of a rate hike at the upcoming meeting, reaffirming the BOJ’s commitment to raising borrowing costs if the economy performs as expected. Strong inflation and wage data further support this outlook, with Ueda expressing growing confidence in wage increases, citing positive feedback from multiple industries.
Australia’s 10-year government bond yield fell slightly to 4.54%, tracking a decline in U.S. bond yields after recent U.S. economic data suggested that the Federal Reserve might continue easing monetary policy this year. Meanwhile, domestic investors are still implying around a 70% chance that the Reserve Bank of Australia will cut rates at its February meeting, despite latest data pointing to a strong job market. In December, the economy added a remarkable 56,300 jobs, far exceeding the expected 15,000 and the previous month’s figure of 28,200. The unemployment rate edged up to 4% from November’s 3.9%, in line with forecasts. Overall, the data highlighted the labor market’s resilience, despite challenges posed by high interest rates. The upcoming quarterly inflation report and retail sales data, both set to be released before the RBA's decision, will offer further insights into the health of the economy and be crucial for investors in assessing the central bank’s next policy move.
Germany’s 10-year Bund yield eased to 2.6%, slightly down from a six-month high, after data showed the German economy contracted by 0.2% in 2024, marking a second consecutive annual slowdown, as expected. Investors remain cautious, particularly after a report revealed that President-elect Donald Trump’s incoming economic team is considering a gradual increase in trade tariffs. The strategy being discussed involves monthly tariff hikes of 2% to 5%, rather than sudden, large increases, which could help prevent inflation spikes. Rising yields reflect reduced expectations for central bank rate cuts, with investors now focusing on the ECB’s December meeting minutes and upcoming Eurozone inflation data for clues on future policy.