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Stock market today: Asian shares slip ahead of key US economic reports

Published Fri, 07 Feb 2025 10:27:48 GMT

TOKYO (AP) — Asian shares declined Tuesday on heavy selling of property and technology shares. U.S. futures slipped and oil prices were little changed. Hong Kong’s Hang Seng dropped 2.4% to 16,238.79, while the Shanghai Composite lost 1.7% to 2,972.30 as worries flared over weakness in the Chinese economy. Japan’s benchmark Nikkei 225 slipped 1.4% to finish at 32,775.82. Australia’s S&P/ASX 200 dipped 0.9% to 7,061.60. South Korea’s Kospi shed 0.8% to 2,494.28. A key report on Japanese inflation showed core consumer prices in Tokyo, which excludes volatile food prices, rose 2.3% from a year ago, slowing from previous months’ increases. On Monday, the S&P 500 closed 0.5% lower. The benchmark index was coming off its best month in more than a year, and reached its highest level since March 2022 on Friday.The Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite dropped 0.8%.Treasury yields rose broadly, putting some pressure on stocks. T...

UN agency cites worrying warming trend as COP28 summit grapples with curbing climate change

Published Fri, 07 Feb 2025 10:27:48 GMT

DUBAI, United Arab Emirates (AP) — The United Nations weather agency is reporting that glaciers shrank more than ever from 2011 and 2020 and the Antarctic ice sheet lost 75 percent more compared to the previous ten years, as it released its latest stark report about the fallout on the planet from climate change.The World Meteorological Organization served up more evidence of what scientists already know – the Earth is heating – on Tuesday, but this time looking at the trend over a longer period with its latest Decadal State of the Climate report.“Each decade since the 1990s has been warmer than the previous one and we see no immediate sign of this trend reversing,” its secretary-general, Petteri Taalas, said. “We are losing the race to save our melting glaciers and ice sheets.”Warming oceans and melting of ice sheets caused the rate of sea-level rise to nearly double in less than a generation, he said, and WMO says that bodes ill for low-lying coastal regions and countries.Experts a...

Live updates | Israel pushes deeper south after calling for evacuations in southern Gaza

Published Fri, 07 Feb 2025 10:27:48 GMT

Israel’s military pushed deeper south Tuesday in Gaza after it called for more evacuations in the southern portion of the enclave in its pursuit to wipe out the territory’s Hamas rulers. The war has already killed more than 15,000 Palestinians and displaced over three-fourths of Gaza’s 2.3 million residents, who are running out of safe places to go.The Health Ministry in Hamas-run Gaza said the death toll in the territory since Oct. 7 has surpassed 15,890, with more than 41,000 wounded. The ministry does not differentiate between civilian and combatant deaths, but said 70% of the dead were women and children. Israel says it targets Hamas operatives and blames civilian casualties on the militants, accusing them of operating in residential neighborhoods. The United States, Qatar and Egypt, which mediated the earlier cease-fire, say they are working on a longer truce. But hopes for another temporary truce faded after Israel called its negotiators home over the weekend...

COP28 EU Energy Days focus on implementing the clean energy transition after launch of Global Pledge on Renewables and Energy Efficiency 

Published Fri, 07 Feb 2025 10:27:48 GMT

Yesterday and today (4-5 December), the European Commission is hosting the EU Energy Days at the United Nations Climate Change Conference (COP28) in Dubai. For the first time, this high-level conference will take place over two days and feature 9 sessions, broadcasted from the EU Pavilion in Dubai.The events take place after 121 countries signed up to the Global Pledge on Renewables and Energy Efficiency, an initiative launched jointly by the EU and COP28 presidency and presented by President von der Leyen at the World Climate Action Summit over the weekend. The pledge sets global targets to triple the global installed capacity of renewable energy and double the global rate of energy efficiency improvements by 2030 compared to the previous decade. Delivering these targets will support the transition to a decarbonised energy system, and help to phase out unabated fossil fuels. The Commission President also announced this weekend €175 million of support the Methane Finance Sprint, and...

Papua New Guinea’s prime minister says he will sign a security pact with Australia

Published Fri, 07 Feb 2025 10:27:48 GMT

CANBERRA, Australia (AP) — Papua New Guinea Prime Minister James Marape said Tuesday he will sign a bilateral security pact with Australia during a visit this week.Marape said the agreement to be signed with his Australian counterpart Anthony Albanese on Thursday will involve Australian police officers working under the command of Papua New Guinea Police Commissioner David Manning.“The security arrangement is in the best interest of Papua New Guinea and also for Australia and its regional security interests,” Marape said in a statement.“Cabinet will fully endorse the finer details before Prime Minister Albanese and I sign off,” Marape added.Albanese’s office did not immediately respond to a request for comment on Tuesday.A security treaty between Australia and its nearest neighbor, which is strategically crucial in the U.S. partners’ battle against China for regional influence, had been expected to be signed in June.But after a security agreement that Papua New Guinea signed with th...

Munich Airport suspends all flights on Tuesday morning due to freezing rain

Published Fri, 07 Feb 2025 10:27:48 GMT

BERLIN (AP) — Munich Airport temporarily suspended flight operations on Tuesday morning due to freezing rain as cold weather continues to affect the region.All flights were either canceled or postponed between 6 a.m. and noon, with the airport warning that many flights scheduled for later in the day might also be affected by the severe weather conditions.The airport, Germany’s second biggest, announced the temporary shutdown on Monday night as a result of weather forecasts for Tuesday.“The operating areas will be de-iced in the first half of the day. The plan is to allow air traffic to resume from midday,” the airport said on its website. “However, it can be assumed that the majority of flights will also have to be canceled during the rest of the day for safety reasons.”Tuesday’s cancellations came after all flights at Munich Airport were grounded on Saturday following heavy snowfall in the city and in Germany’s southern state of Bavaria. Southern Germany as well a...

To phase out or phase down fossil fuels? That is the question at COP28 climate talks

Published Fri, 07 Feb 2025 10:27:48 GMT

DUBAI, United Arab Emirates (AP) — After days of shaving off the edges of key warming issues, climate negotiators Tuesday zeroed in on the tough job of dealing with the main cause of what’s overheating the planet: fossil fuels.As scientists, activists and United Nations officials repeatedly detailed how the world needs to phase-out the use of coal, oil and natural gas, the United Arab Emirates-hosted conference opened “energy transition day” with a session headlined by top officials of two oil companies.Negotiators produced a new draft of what’s expected to be the core document of the U.N. talks, something called the Global Stocktake, but it had so many possibilities in its 24-pages that it didn’t give too much of a hint of what will be agreed upon when the session ends next week. Whatever is adopted has to be agreed on by consensus so it has to be near unanimous.“The central issue of this COP, the global stocktake, is to reach a conclusion about the phasing out of...

Commission holds 7th plenary meeting of the Industrial Forum

Published Fri, 07 Feb 2025 10:27:48 GMT

The Commission held the 7th plenary meeting of the Industrial Forum on 4 December in Brussels. The forum provides expert advice on the implementation of the EU's industrial policy. Internal Market Commissioner Thierry Breton (pictured) opened a session on the future of the EU's single market together with Enrico Letta, former Italian prime minister and president of the Delors Institute, who is drafting a high-level report on the future of the Single Market. The commissioner, Letta and Forum members will then exchange on reporting burden and on single market barriers more broadly.In addition, today's meeting has a session dedicated to the Economic Security Strategy, which will address supply chain resilience, de-risking strategies, and risks related to critical technologies.Other key topics tackled at the forum will include the Foreign Subsidies Regulation, the upcoming Annual Single Market and Competitiveness Report 2024, and the Industrial Forum's workplan.The Industrial Forum's me...

Four-bedroom home sells in San Jose for $2.2 million

Published Fri, 07 Feb 2025 10:27:48 GMT

5503 Copeland Court – Google Street ViewThe spacious property located in the 5500 block of Copeland Court in San Jose was sold on Nov. 9, 2023 for $2,238,000, or $999 per square foot. The house, built in 1968, has an interior space of 2,241 square feet. This two-story home offers a capacious living environment with its four bedrooms and three baths. Inside, a fireplace enhances the ambiance of the living area. Additionally, the house provides a two-car garage, granting ample space for parking and storage purposes.Additional houses have recently been sold nearby:In August 2023, a 2,069-square-foot home on Bobbywood Avenue in San Jose sold for $2,007,000, a price per square foot of $970. The home has 3 bedrooms and 2 bathrooms.A 2,035-square-foot home on the 5500 block of Del Oro Place in San Jose sold in January 2023, for $1,550,000, a price per square foot of $762. The home has 3 bedrooms and 3 bathrooms.On Del Oro Place, San Jose, in July 2023, a 2,035-square-foot home was sold for...

Michel to cut China trip short as Orbán issues fresh threat over Ukraine’s EU bid

Published Fri, 07 Feb 2025 10:27:48 GMT

European Council President Charles Michel will cut his trip to Beijing short, according to an EU official, as Hungarian Prime Minister Viktor Orbán threatens to derail an end-of-year EU leaders’ summit.Michel, who is traveling to China for the first in-person EU-China summit since 2019, “will return to Brussels to continue his discussions with leaders on a way forward,” the official told POLITICO’s Brussels Playbook.In a letter dated December 4 and obtained by Playbook, Orbán urged Michel to take accession negotiations with Ukraine off the agenda at the upcoming European Council summit. “I respectfully urge you not to invite the European Council to decide on these matters in December as the obvious lack of consensus would inevitably lead to failure,” Orbán wrote.The Hungarian leader has adamantly opposed opening accession negotiations with Kyiv, after the European Commission approved the start of membership talks in November, and has threatened to veto a planned €50 bill...